ITO, Pune v. Mr Irfan H.Shaikh, Pune

ITA 719/PUN/2010 | 2006-2007
Pronouncement Date: 30-09-2011 | Result: Dismissed

Appeal Details

RSA Number 71924514 RSA 2010
Assessee PAN ADCPS1555R
Bench Pune
Appeal Number ITA 719/PUN/2010
Duration Of Justice 1 year(s) 4 month(s) 20 day(s)
Appellant ITO, Pune
Respondent Mr Irfan H.Shaikh, Pune
Appeal Type Income Tax Appeal
Pronouncement Date 30-09-2011
Appeal Filed By Department
Order Result Dismissed
Bench Allotted A
Tribunal Order Date 30-09-2011
Assessment Year 2006-2007
Appeal Filed On 10-05-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A PUNE BEFORE SHRI SHAILENDRA KUMAR YADAV JUDICIAL MEMBER AND SHRI D. KARUNAKARA RAO ACCOUNTANT MEMBER I.T.A. NO. 719/PN/2010 : A.Y. 2006-07 I.T.O. WARD 4(5) PUNE APPELLANT VS. MR. IRFAN H. SHAIKH 2 MANECK HALL EAST STREET PUNE-411 001 PAN ADCPS 1555R RESPONDENT APPELLANT BY: SHRI HARESHWAR SHARMA RESPONDENT BY: SHRI K. SHRINIVASAN DATE OF HEARING: 28-9-2011 DATE OF PRONOUNCEMENT : 30-9-2011 ORDER PER SHAILENDRA KUMAR YADAV JM THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF CIT(A)-II PUNE DATED 26-2-2010 FOR A.Y. 20 06-07 ON THE FOLLOWING GROUNDS: 1. THE ORDER OF THE LEARNED CIT(A) IS CONTRARY TO LAW AND TO THE FACTS AND CIRCUMSTANCES OF THE CASE. 2. THE LEARNED CIT(A) GROSSLY ERRED IN DELETING AN AMOUNT OF RS. 2 17 50 000/- MADE ON ACCOUNT OF LOAN CLAIMED TO HAVE TAKEN FROM M/S. MAYFAIR BUILDERS AN D DEVELOPERS BY HIMSELF VERIFYING THE BANK ACCOUNTS A ND LEDGER ACCOUNTS OF THE CREDITORS OF THE ASSESSEE AN D WITHOUT PROVIDING THESE ADDITIONAL EVIDENCES TO THE A.O AS WAS MANDATORILY REQUIRED UNDER RULE 46A OF THE I.T. RULES 1962. 3. THE LEARNED CIT(A) GROSS ERRED IN CONFIRMING ONL Y AN AMOUNT OF RS. 7 50 000/- AS UNEXPLAINED CASH 2 ITA NO. 719/PN/2010 IRFAN SHAIKH A.Y. 2006-07 DEPOSIT IN THE BANK ACCOUNT OF THE ASSESSEE BASED O N THE REMAND REPORT OF THE A.O. INSTEAD OF RS. 8 50 000/- AS THE AMOUNT OF CASH DEPOSIT IN THE BAN K WAS RS. 8 50 000/- AND NOT RS. 7 50 000/-. 2. THE ASSESSEE AN INDIVIDUAL IS ENGAGED IN THE HAR DWARE BUSINESS IN THE NAME AND STYLE OF M/S. PRESTIGE HAR DWARE & SANITARY WARES. THE ASSESSING OFFICER MADE AN AD DITION OF RS. 2 17 50 000/-ON ACCOUNT OF LOAN CLAIMED TO H AVE TAKEN FROM M/S. MAYFAIR BUILDERS AND DEVELOPERS WHI CH WAS DELETED BY THE CIT(A). SAME HAS BEEN OPPOSED B EFORE US BY THE REVENUE. 3. AFTER HEARING BOTH THE PARTIES AND PERUSING THE MATERIAL ON RECORD WE FIND THAT THE ORDER OF THE C IT(A) NEEDS NO INTERFERENCE AT OUR HAND. THE ASSESSEE HAS PRODUCED BANK STATEMENTS OF VARIOUS BANKS REFLECTIN G THE LOAN AMOUNT OF RS. 2 17 50 000/- TAKEN FROM M/S. MA YFAIR BUILDERS AND DEVELOPERS. IN VIEW OF THIS WE HOLD THAT THE CIT(A) WAS JUSTIFIED IN DELETING THE ADDITION OF RS . 2 17 50 000/- AND HENCE THE ORDER OF THE CIT(A) IS CONFIRMED ON THIS ISSUE. 4. THE NEXT ISSUE IS WITH REGARDS TO SUSTENANCE OF AMOUNT OF RS. 7 50 000/- INSTEAD OF RS. 8 50 000/-. ON THIS ISSUE AS WELL WE DO NOT FIND ANY INFIRMITY IN THE ORDER OF THE CIT(A). THE CIT(A) FOUND THAT THE ASSESSING OFFICER HAS REPORTED THAT AN AMOUNT OF RS. 7 50 000/- REMAI NED 3 ITA NO. 719/PN/2010 IRFAN SHAIKH A.Y. 2006-07 UNEXPLAINED SINCE THE FIRM GLOBAL ENTERPRISES DID N OT HAVE ENOUGH CASH BALANCE AS ON 4-4-2005 TO PAY THE AMOUN T OF RS. 7 50 000/-. THEREFORE THIS AMOUNT OF RS. 7 50 000/- DEPOSITED IN ASSESSEES BANK ACCOUNT REMAINED UNEXPLAINED OUT OF THE TOTAL CASH DEPOSITS. IN VIE W OF THIS THE ORDER OF THE CIT(A) DOES NOT CALL FOR ANY INTER FERENCE AT OUR HAND. 5. IN THE RESULT THE APPEAL OF THE REVENUE IS DISM ISSED. PRONOUNCED IN THE OPEN ON 30 TH SEPTEMBER 2011. (D. KARUNAKARA RAO) ACCOUNTANT MEMBER SHAILENDRA KUMAR YADAV JUDICIAL MEMBER PUNE DATED THE 30 TH SEPTEMBER 2011 ANKAM COPY OF THE ORDER IS FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT III PUNE 4. CIT(A)-II PUNE 5. THE D.R ITAT PUNE BENCH PUNE 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL PUNE BENCHES PUNE.