SHRI MOTI RAM PRAJAPAT, Jaipur v. DCIT, Ajmer

ITA 810/JPR/2011 | 2007-2008
Pronouncement Date: 18-11-2011 | Result: Partly Allowed

Appeal Details

RSA Number 81023114 RSA 2011
Bench Jaipur
Appeal Number ITA 810/JPR/2011
Duration Of Justice 1 month(s) 29 day(s)
Appellant SHRI MOTI RAM PRAJAPAT, Jaipur
Respondent DCIT, Ajmer
Appeal Type Income Tax Appeal
Pronouncement Date 18-11-2011
Appeal Filed By Assessee
Order Result Partly Allowed
Bench Allotted B
Tribunal Order Date 18-11-2011
Date Of Final Hearing 09-11-2011
Next Hearing Date 09-11-2011
Assessment Year 2007-2008
Appeal Filed On 19-09-2011
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH S.M.C. JAIPUR (BEFORE SHRI R.K.GUPTA) ITA NO.810/JP/11 ASSESSMENT YEAR : 2007-08 SHRI MOTI RAM PRAJAPAT VS. THE D.C.I.T. KISHANGARH. CIRCLE-1 AJMER. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI VARUN BANSAL 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 CIT(A) FO R THE ASSESSMENT YEAR 2007-08. 2. BRIEF OF THE CASE ARE THAT THE AO OBSERVED THAT CASH DEPOSITS OF RS.13 06 100/- HAVE BEEN MADE IN BANK ACCOUNT OF APPELLANT MAINTAINED WITH I DBI KISHANGARH BRANCH DURING THE YEAR. THE DEPOSITS HAVE BEEN MADE IN AMOUNTS VARYING FROM RS.10 000/- TO RS.1 50 000/- FROM VARIOUS PLACES. THE AMOUNTS DEPOSITED IN SUCH MANNER HAVE B EEN WITHDRAWN WITHIN SHORT SPAN OF TIME. EVEN THOUGH NO EXPLANATION WAS FURNISHED BY APPELLA NT REGARDING SOURCE OF THESE DEPOSITS AO TREATED THE SAME AS SALE PROCEEDS AND ESTIMATED INC OME ON THE SALE BY APPLYING 20% RATE OF PROFIT. THUS INCOME OF APPELLANT WAS ASSESSED AT RS .2 61 220/-. 3. CIT(A) CONFIRM THE ORDER OF THE A.O. 4. AFTER CONSIDERING THE SUBMISSION AND PERUSING TH E MATERIAL ON RECORD I FIND THAT IN SIMILAR CIRCUMSTANCES IN CASE OF SHRI PUKHRAJ KOTECHA DECIDED IN ITA NO. 1245/JP/10 FOR - 2 - ASSESSMENT YEAR 2005-06 VIDE ORDER DATED 13.05.2011 THE TRIBUNAL HAS CONFIRMED THE ACTION OF CIT(A) WHO APPLIED N.P. RATE OF 10% ON THE GROSS DE POSITS FOUND DEPOSITED IN BANK ACCOUNT OF THAT ASSESSEE. THEREFORE I FEEL THAT N.P. RATE OF 20% APPLIED BY A.O. WHICH IS CONFIRMED BY CIT(A) IS ON HIGHER SIDE. ACCORDINGLY I DIRECT THE A.O. RE-CALCULATE THE INCOME BY APPLYING 10% N.P. RATE ON THE GROSS DEPOSITS. I ORDER ACCORDINGL Y. 5. IN THE RESULT THE APPEAL OF THE ASSESSEE IS ALL OWED IN PART. 6. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 18. 11.2011. SD/- (R.K.GUPTA) JUDICIAL MEMBER DATED : 18.11.2011 *BASANT* COPY FORWARDED TO :- 1. SHRI MOTI RAM PRAJAPAT KISHANGARH. 2. THE D.C.I.T. CIRCLE-1 AJMER. 3. THE CIT BY ORDER 4. THE CIT(A) 5. THE D.R. ITAT JAIPUR. 6. THE GUARD FILE IN ITA NO.810/JP/11 A.R. ITAT. JAIPUR