Shri Sunill Kumar Gupta,Prop.Swarna Kala Mandir, Allahabad v. Income Tax Officer,, Allahabad

ITA 99/ALLD/2011 | 2007-2008
Pronouncement Date: 05-07-2011 | Result: Allowed

Appeal Details

RSA Number 9920714 RSA 2011
Bench Allahabad
Appeal Number ITA 99/ALLD/2011
Duration Of Justice 1 month(s) 19 day(s)
Appellant Shri Sunill Kumar Gupta,Prop.Swarna Kala Mandir, Allahabad
Respondent Income Tax Officer,, Allahabad
Appeal Type Income Tax Appeal
Pronouncement Date 05-07-2011
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted SMC
Tribunal Order Date 05-07-2011
Date Of Final Hearing 05-07-2011
Next Hearing Date 05-07-2011
Assessment Year 2007-2008
Appeal Filed On 16-05-2011
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL ALLAHABAD BENCH: ALLAHABAD (BEFORE SHRI B.P. JAIN HON'BLE ACCOUNTANT MEMBER) I.T.A. NO. 99/A/2011 ASSESSMENT YEAR: 2007-08 SUNIL KUMAR GUPTA -V/S.- THE INCOME TAX O FFICER PROP. SWARNA KALA MANDIR RANGE-II(3) 67 MEERGANJ ALLAHABAD. ALLAHABAD. (APPELLANT) (RESPONDENT) APPELLANT BY : DR. N.C. AGRAWAL C.A. RESPONDENT BY : MISS GARIMA CHAUDHARY DCIT DR O R D E R PER B.P. JAIN THIS APPEAL OF THE ASSESSEE ARISES FROM THE ORDER O F LD. CIT(A) ALLAHABAD DATED 17/03/2011 FOR THE ASSESSMENT YEAR 2007-08. 2. THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS OF APPEAL: 1. BECAUSE THE CIT (A) HAS ERRED IN LAW AND ON FACT S IN CONFIRMING ADDITION OF RS.67 000/- UNDER SECTION 69 OF THE ACT. 2. BECAUSE IN VIEW OF THE FACTS AND CIRCUMSTANCES O F THE CASE NO ADDITION FOR UNEXPLAINED DEPOSIT IN BANK ACCOUNT U/S 69 OF T HE ACT IS LIABLE TO BE MADE. 3. BECAUSE THE CONFIRMATION DONE FOR THE ADDITION M ADE U/S 69 AT RS. 67 000/- IS EXCESSIVE. 4. BECAUSE THE ORDER APPELLED AGAINST IS CONTRARY T O LAW FACTS AND PRINCIPLES OF NATURAL JUSTICE. --2-- 3. THE BRIEF FACTS IN ALL THE GROUNDS OF APPEAL OF THE ASSESSEE IS UNEXPLAINED DEPOSIT U/S 69 OF THE ACT WHICH WERE ADDED OF THE I NCOME OF THE ASSESSEE. THE ASSESSEE IS CARRYING ON THE BUSINESS OF TRADING OF GOLD AND SILVER ORNAMENTS. THE ASSESSEE HAD MADE CERTAIN DEPOSITS IN SAVING BANK A CCOUNT IN VIJAYA BANK WHICH ARE CASH DEPOSIT ON DIFFERENT DATES AS PER DETAILS AVAILABLE ON PAGE 2 OF THE ASSESSMENT ORDER. THE EXPLANATION GIVEN BY THE ASS ESSEE WAS NOT FOUND SATISFACTORY AND THEREFORE THE ADDITION OF RS.33500 /- AND RS.33500/- TOTALING TO RS.67000/- WAS MADE TO THE INCOME OF THE ASSESSEE. THE LD. CIT(A) CONFIRMED THE ACTION OF THE A.O. 4. I HAVE HEARD BOTH THE PARTIES. THE ASSESSEE HAS SUBMITTED THE EXPLANATION THAT HE HAS RECEIVED A LOAN OF RS.18000/- FROM ONE SHRI ARUN KUMAR SRIVASTAVA WHOSE CONFIRMATION WAS SUBMITTED VIDE LETTER AVAILA BLE AT PB-22. THE CASH IN HAND WAS AVAILABLE ON THE DATE OF INVESTMENT WAS FU LLY EXPLAINED AND IS EVIDENT FROM THE SUMMARY OF CASH AVAILABLE AT PB-29 30 AND 31. 5. ON THE OTHER HAND THE LD. DR SUPPORTED THE ACTIO N OF BOTH THE AUTHORITIES BELOW. 6. I HAVE HEARD BOTH THE PARTIES. THE ASSESSEE HAD SUBMITTED THE SOURCES OF THE INVESTMENT BEFORE BOTH THE AUTHORITIES INCLUDING TH E CONFIRMATION FROM SHRI ARUN KUMAR SRIVASTAVA. NO DEFECT IN THE SAME HAS BEEN P OINTED OUT BY ANY OF THE AUTHORITIES BELOW. MOREOVER THE A.O. WAS COMPETEN T TO ISSUE NOTICE U/S 131 TO --3-- MR. ARUN KUMAR SRIVASTAVA TO VERIFY THE GENUINENESS OF THE LOAN RAISED BUT THE SAME WAS NOT DONE. THEREFORE IN THE CIRCUMSTANCES AND FACTS OF THE CASE THE A.O. IS NOT JUSTIFIED TO REJECT THE EXPLANATION GIVEN BY THE ASSESSEE AND THEREFORE THE ORDER OF THE LD. CIT(A) IS DIRECTED TO BE REVERSED. 7. THUS GROUND NO. 1 TO 4 OF THE ASSESSEE ARE ALLOW ED. 8. IN THE RESULT THE APPEAL OF THE ASSESSEE IN I.T.A. NO. 99/A/2011 IS ALLOWED. 9. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 05. 07.2011. SD/- (B.P. JAIN) ACCOUNTANT MEMBER DATE:- 05.07.2011 COPY TO:- 1. APPELLANT 2. RESPONDENT 3. CIT(A) 4. A.O. 5. DR ITAT ALLD. BY ORDER (A.S.) ASSISTANT REGISTRAR