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Income Tax Appellate Tribunal, RANCHI BENCH “SMC”, RANCHI
Before: SH. S.S.GODARA
IN THE INCOME TAX APPELLATE TRIBUNAL RANCHI BENCH “SMC”, RANCHI
BEFORE SH. S.S.GODARA, JUDICIAL MEMBER
ITA No.216/RAN/2016 [Assessment Year: 2004-05] vs Sanjay Kumar Agrawal, ITO, C/o-Shri Ram Bhandar, Ward-2(1), Hazaribagh. Boddom Bazar, Hazaribagh. PAN-ACWPA4655K (Appellant) (Respondent) Appellant by Sh. Rajiv Ranjan Mittal, CA Respondent by Sh. P.K.Mondal, JCIT Date of Hearing 07.01.2019 Date of Pronouncement 09.01.2019
ORDER PER SH. S.S.GODARA, JUDICIAL MEMBER This assessee’s appeal for AY 2004-05 arises against the order dated 31.05.2016 passed by the CIT(A), Hazaribagh in Appeal No.09/2009- 10/214/JSR/2006-07 in proceedings u/s 143(3) of the Income tax Act, 1961 (in short “the Act”). Heard both the parties. Case file perused. 2. Learned Counsel states during the course of hearing that the assessee’s sole substantive ground raised in the instant appeal challenges correctness of both the lower authorities’ action treating six gifts from Smt. Pushpa Basaevala, Sh. VIkash Basaevala, Sh. Ranjit Kumar Gupta, Sh. Jeeut Prasad Jain, Sh. Sohan Lal Jain & Sh. Jugal Kishore Gupta to Rs.90,000/-, 45,000/-, 1,50,000/-, 1,50,000/-, 1,50,000/- & 2,00,000/- respectively to be unexplained cash credit lacking genuineness and creditworthiness u/s 68 of the Act. I make it clear that both the lower authorities are fair in not disputing donor-donee relationship(s). Although the assessee has filed donor’s confirmation(s), bank statement, income tax records and all other material, the same have not been accepted since the impugned gifts have been precedent by cash deposits in the respective accounts. Both the lower
ITA No.216/RAN/2016 [Assessment Year: 2004-05] authorities hold that the assessee has resorted to arrangement for deploying his own money in business as gifts. I find no merit in departmental representative’s arguments on this reason along as there is no addition made in the donor’s hands regarding the impugned cash deposits or their cash in hand. I therefore direct the Assessing Officer to delete the impugned addition of Rs.7.85 lakhs. 3. This assessee’s appeal is allowed in above terms.
Order pronounced in the open court on 09.01.2019.
Sd/- (S.S.GODARA) JUDICIAL MEMBER
Date:- 09.01.2019 *Amit Kumar*