NINKUJ PANSARI,HOWRAH vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, CUTTACK

आयकर अऩीऱीय अधधकरण, कटक न्यायऩीठ,कटक IN THE INCOME TAX APPELLATE TRIBUNAL CUTTACK BENCH CUTTACK (THROUGH VIRTUAL HEARING) BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER आयकर अऩीऱ सं/ITA No.299/CTK/2023 (ननधाारण वषा / Assessment Year : 2019-2020) Nikunj Pansari, Vs DCIT, Central Circle, Cuttack 2, Watkins Lane, Howrah-711101 PAN No. :ASYPP 4760 A (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee by : None राजस्व की ओर से /Revenue by : Dr. Abani Kanta Nayak, CIT-DR सुनवाई की तारीख / Date of Hearing : 29/11/2023 घोषणा की तारीख/Date of Pronouncement : 29/11/2023 आदेश / O R D E R Per Bench : This is an appeal filed by the assessee against the order of the ld. CIT(A)-2, Bhubaneswar, dated 17.08.2023, passed in Bhubaneswar- 2/10544/2018-19, for the assessment year 2019-2020. 2. None represented on behalf of the assessee. Dr. Abani Kanta Nayak, CIT-DR represented on behalf of the revenue. 3. It was the submission of the ld. CIT-DR that in the course of search silver utensils value of Rs.6,64,200/- had been found and the same has been treated as the undisclosed investment of the assessee u/s.69A of the Act. It was the submission that before the ld. CIT(A), the assessee had claimed that in view of the Instruction issued by the CBDT No.1916, dated 11.05.2019, jewellery found in the course of search to certain limited extent which are not to be seized, was relied upon. It was the

2 ITA No.299/CTK/2023 submission that as such the Instruction related to the jewellery, more specifically, gold jewellery, the same could not be made available to silver utensils. It was the submission that the order of the ld. CIT(A) is liable to be upheld. 4. We have considered the submissions of the ld. CIT-DR. A perusal of the computation of the total income of the assessee shows that the assessee is having a salary income of Rs.79,72,547/- and income from other sources of Rs.7,20,256/-. This is what has been disclosed in the assessment year 2019-2020. Further, a perusal of the assessment order shows that the assessee is deriving income as a Director in the company, namely, Balasore Alloys Limited. The fact that the assessee is having so much of income itself would show that the assessee did have the source for making investments of Rs.6,64,200/-. Just because certain silver utensils were found during the course of search would not make said silver utensils as undisclosed investment especially when the assessee himself is having such large income and is also paying taxes far an excess of Rs.25 lakhs per annum. This being so, considering the principle of preponderance of probabilities, the addition of Rs.6,64,200/- made by the AO and as confirmed by the ld. CIT(A) stands deleted. 5. In the result, appeal of the assessee is allowed. Order dictated and pronounced in the open court on 29/11/2023. Sd/- Sd/- (GIRISH AGRAWAL) (GEORGE MATHAN) ऱेखा सदस्य/ ACCOUNTANT MEMBER न्यानयक सदस्य / JUDICIAL MEMBER कटक Cuttack; ददनाांक Dated 29/11/2023 Prakash Kumar Mishra, Sr.P.S.

3 ITA No.299/CTK/2023 आदेश की प्रनतलऱपऩ अग्रेपषत/Copy of the Order forwarded to : अऩीऱाथी / The Appellant- 1. Nikunj Pansari, 2, Watkins Lane,Howrah-711101 2. प्रत्यथी / The Respondent- DCIT, Central Circle, Cuttack आयकर आयुक्त(अऩीऱ) / The CIT(A), 3. आयकर आयुक्त / CIT 4. ववभागीय प्रतततनधध, आयकर अऩीऱीय अधधकरण, कटक / DR, 5. ITAT, Cuttack गार्ड पाईऱ / Guard file. 6. सत्यावऩत प्रतत //True Copy// आदेशानुसार / BY ORDER,

(Assistant Registrar) आयकर अऩीऱीय अधधकरण, कटक/ITAT, Cuttack