SHRI DEVENDRA SHARMA, Jaipur v. ACIT, Alwar

ITA 781/JPR/2011 | 2002-2003
Pronouncement Date: 18-11-2011 | Result: Allowed

Appeal Details

RSA Number 78123114 RSA 2011
Bench Jaipur
Appeal Number ITA 781/JPR/2011
Duration Of Justice 2 month(s) 16 day(s)
Appellant SHRI DEVENDRA SHARMA, Jaipur
Respondent ACIT, Alwar
Appeal Type Income Tax Appeal
Pronouncement Date 18-11-2011
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted SMC
Tribunal Order Date 18-11-2011
Date Of Final Hearing 09-11-2011
Next Hearing Date 09-11-2011
Assessment Year 2002-2003
Appeal Filed On 02-09-2011
Judgment Text
1 ITA 781-11 IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH SMC JAIPUR BEFORE SHRI R.K. GUPTA JUDICIAL MEMBER ITA NO. 781/JP/2011 ASSTT. YEAR : 2002-03. SHRI DEVENDRA SHARMA VS. THE ACIT CENTRAL CIRCLE 1994 SHYAM BHAWAN IV CROSSING ALWAR. KHEJARO KA RASTA CHANDPOLE BAZAR JAIPUR. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI MANISH AGARWAL RESPONDENT BY : SHRI D.K. MEENA DATE OF HEARING : 09.11.2011 DATE OF PRONOUNCEMENT : 18.11.2011 ORDER DATE OF ORDER : 18/11/2011. PER R.K. GUPTA J.M. THIS IS AN APPEAL BY ASSESSEE AGAINST THE ORDER OF LD. CIT (A) RELATING TO ASSESSMENT YEAR 2002-03. 2. THE ASSESSEE IS OBJECTING IN CONFIRMING THE ADDI TION OF RS. 10 040/- MADE ON ACCOUNT OF UNEXPLAINED INVESTMENT IN HOUSE. 3. ASSESSMENT IN THIS CASE WAS COMPLETED UNDER SECT ION 144 READ WITH SECTION 153A OF THE IT ACT. AN ADDITION OF RS. 59 120/- AND RS. 1 25 450/- WAS MADE ON ACCOUNT OF UNEXPLAINED INVESTMENT IN HOUSE PROPERTY. 2 4. AS OBSERVED BY AO AS PER THE PURCHASE DEED OF H OUSE PROPERTY REGISTERED ON 18.4.2001 IN WHICH ASSESSEE HAS 1/3 RD SHARE HAS BEEN PURCHASED FOR RS. 4 00 000/-. PURCHASE CONSIDERATION OF RS. 3 90 000/- HAS BEEN P AID IN THE YEAR PRECEDING TO THE YEAR UNDER CONSIDERATION. DEED OF PROPERTY WAS REGISTERE D IN THE YEAR UNDER CONSIDERATION AND AO WAS OF THE VIEW THAT ASSESSEE HAS PAID IN CASH A N AMOUNT OF RS. 59 120/-. THE AO FURTHER NOTED THAT ASSESSEE HAS RECEIVED UNSECURED LOAN OF RS. 60 000/- IN CASH FROM FOUR PERSONS DURING THE YEAR. THE AO NOTED THAT SINCE T HE LOAN OF RS. 60 000/- TAKEN IN CASH DURING THE YEAR WAS NOT AVAILABLE WITH THE ASSESSEE FOR EXPENSES OF RS. 59 120/- THEREFORE HE MADE AN ADDITION OF THIS AMOUNT. SIM ILARLY AN ADDITION OF RS. 1 25 450/- WAS ALSO WORKED OUT. 5. DETAILED SUBMISSIONS WERE FILED BEFORE THE LD. C IT (A) WHO AFTER CONSIDERING THE SUBMISSIONS AND PERUSING THE MATERIAL ON RECORD DE LETED THE ADDITION OF RS. 1 25 450/-. 6. OUT OF ADDITION OF RS. 59 120/- THE LD. CIT (A) DELETED THE AMOUNT OF RS. 49 080/- BY ACCEPTING THE EXPLANATION OF THE ASSESSEE. HOWE VER HE SUSTAINED AN ADDITION OF RS. 10 040/- BY NOT ACCEPTING THE EXPLANATION OF THE AS SESSEE. 7. AFTER CONSIDERING THE SUBMISSIONS AND PERUSING T HE MATERIAL ON RECORD I FIND THAT THE ADDITION IS ALSO LIABLE TO BE DELETED. THE LD. CIT (A) WAS SATISFIED WITH THE CASH BOOK MAINTAINED BY ASSESSEE IN RESPECT TO THE AMOUNT OF RS. 49 080/-. IN THE SAID CASH BOOK THERE WAS FURTHER CASH AVAILABLE WITH THE ASSESSEE WHICH WAS MORE THAN RS. 10 000/-. HOWEVER AO & AND LD. CIT (A) HAVE NOT ACCEPTED THE AMOUNT TO THE EXTENT OF RS. 10 040/-. SINCE FROM THE SAME CASH BOOK THE CASH W AS AVAILABLE WITH THE ASSESSEE WHICH 3 WAS MORE THAN RS. 10 000/- THEREFORE THERE IS NO REASON IN NOT ACCEPTING THE SAME. ACCORDINGLY I DELETE THE ADDITION OF RS. 10 040/- SUSTAINED BY LD. CIT (A). 8. IN THE RESULT APPEAL OF THE ASSESSEE IS ALLOWED . 9. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 18. 11.2011. SD/- ( R.K. GUPTA ) JUDICIAL MEMBER JAIPUR D/- COPY FORWARDED TO :- SHRI DEVENDRA SHARMA JAIPUR. THE ACIT CENTRAL CIRCLE ALWAR. THE CIT (A) THE CIT THE D/R GUARD FILE (ITA NO. 781/JP/2011) BY ORDER AR ITAT JAIPUR.