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Income Tax Appellate Tribunal, HYDERABAD BENCH “A”, HYDERABAD
Before: SMT. P. MADHAVI DEVI & SHRI S. RIFAUR RAHMAN
IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “A”, HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER ITA No. 1105/Hyd/2015 Assessment Year: 2010-11 ITO, vs. Shri Hitesh Dholakia, Ward – 10(1), Hyderabad. Hyderabad. PAN – ACGPD0690M
(Applicant) (Respondent) Revenue by : Shri P.V Subbaraju Assessee by : Shri Sunil Kumar Jain
Date of hearing : 18-07-2018 Date of pronouncement : 18-07-2018 ORDER PER P. MADHAVI DEVI, J.M.: This is Revenue’s appeal for the A.Y 2010-11 against the order of the Ld. CIT(A)-4, Hyderabad dated 12.06.2015. The Revenue has raised the following grounds of appeal:
“1. The Ld. CIT(A) erred in deleting the addition made towards unexplained cash credits of Rs. 36,40,434/- as the assessee failed to prove that the credits were out of earlier withdrawals from the same bank account. 2. The Ld. CIT(A) erred in deleting the addition of Rs. 14,20,000/- as the assessee has not furnished any evidence in support of source of funds which were invested in the ICICI prudential Mutual Fund in his individual capacity. 3. The Ld. CIT(A) ought to have sustained the addition towards unexplained expenditure incurred on credit card to the extent of Rs. 4,00,625/- as against Rs. 1,65,150/- as claimed by the assessee.
2 ITA.No. 1105/Hyd/2015 Sri Hitesh Dholakia, Hyderabad. 4. Any other ground that may be urged at the time of hearing”. 2. At the time of hearing, the Ld. Counsel for the assessee has brought to our notice the circular No. 03/2018 dated 11.07.2018 issued by the CBDT fixing the monetary limit for filing of the appeals by the Department before the Hon’ble ITAT to be Rs. 20 lakhs. He also brought to our notice that the circular mentions that pending appeals below the specified tax limit in para 3 thereof may be withdrawn / not pressed. He has given the computation of the tax effect in the appeal before us, which is under:
“The tax effect in respect of above additions is as follows:
S.No. Ground Amount involved (Rs.) No. 1 (i) 36,40,434/- 2 (ii) 14,20,000/- 3 (iii) 4,00,625/- Total 54,61,059/- The tax effect on the above even if considered @ 30% tax rate: Total Additions: Rs.54,61,059/- Tax @ 30%: Rs.16,38,317/- Add: Cess @3%: Rs. 49,149/- Total Tax Effec: Rs.16,87,466/-
The Ld. DR also confirmed that the computation made by the assessee is correct. In view of the same, the Revenue’s appeal is dismissed in view of the low tax effect.
3 ITA.No. 1105/Hyd/2015 Sri Hitesh Dholakia, Hyderabad.
In the result, the appeal filed by the Revenue is dismissed.
Pronounced in the open court on 18th July, 2018.
Sd/- Sd/- (S. RIFAUR RAHMAN) (P. MADHAVI DEVI) ACCOUNTANT MEMBER JUDICIAL MEMBER
Hyderabad, Dated: 18th July, 2018 KRK 1) Sri Hitesh Dholakia, F No. 106, Block No. III, DV Colony, Minister Road, Secunderabad. 2) ITO, Ward-10(1) Hyderabad. 3) CIT(A)-4, Hyderabad 4) Addl.CIT, Range-10, Hyderabad. 4) The Departmental Representative, I.T.A.T., Hyderabad. 5) Guard File.