TALSHIBHAI RAMJIBHAI GOTI,BHAVNAGAR vs. INCOME TAX OFFICER, WARD 1(9), BHAVNAGAR, BHAVNAGAR
Income Tax Appellate Tribunal, “SMC” BENCH, AHMEDABAD
Before: DR. B.R.R. KUMAR, VICE-Ms SUCHITRA KAMBLE
PER DR. B.R.R. KUMAR, VICE-PRESIDENT:-
This appeal is filed by the Assessee against the appellate order dated 22.11.2024 passed by the Commissioner of Income Tax
(Appeals)/National Faceless Appeal Centre, Delhi, relating to the Assessment Year 2017-18. 2. Heard the arguments of both the parties and perused the material available on record.
1 The assessee received monies as under that have been proved by documentary evidences, which are not in dispute :- Asst. Year : 2017-18 - 2–
Sr.
No.
Particulars
Amount of Credit
(Rs.)
Reference
1. Amount received from Marwadi shares and Finance Limited
5,37,487
Para No.3.1
2. Bank Interest Income
5,982
Para No.3.2
3. Dividend Income
1816
Para No.3.3
4. Exchange Traded Fund
(ETF)
52,244
Para No.3.4
5. Loan received back
5,84,500
Para No.3.5
Copy of bank statement for the period under consideration is on record.
2 The details of the amount received from Marwadi Shares and Finance Limited are as under:-
Sr.No.
Date
Amount(Rs.)
1. 26.04.2016
4,495.03
2. 27.07.2016
42,696.58
3. 11.08.2016
23,146.69
4. 07.09.2016
38,342.46
5. 04.02.2017
2,28,806.32
6. 01.03.2017
2,00,000.00
Total
5,37,487.08
3 Said amount can be verified from the bank statement as well as contra ledger account from the books of Marwadi Shares & Finance Limited. Copy of the bank statement and contra ledger of Mr. Talshibhai Rameshbhai Goti from the books of Marwadi Shares and Finance Limited are on record.
4 Further, under the head of Capital Gain, remaining amount Rs.3,37,487/-received from the share broker cannot be considered as an income since the entire amount received from the broker cannot be considered as an income. During the period under consideration, on Talshibhai R Goti Vs. ITO Asst. Year : 2017-18 - 3–
account of the transactions made in securities, assessee has earned profit amounting to Rs. 39,005/-. Copy of the capital gain working is on record.
Therefore, it is hereby held that the Revenue Authorities erred in making an addition of entire amount.
Further, we find the bank interest details which are as under:
Sr.No.
Date
Amount(Rs.)
1. 02.05.2016
739.00
2. 01.08.2016
367.00
3. 02.11.2016
744.00
4. 02.11.2016
4132.00
Total
5,982.00
1 The amount received on account of dividend income is as under:-
Sr.No.
Date
Amount(Rs.)
1. 09.08.2016
112.50
2. 03.10.2016
414.00
3. 15.11.2016
77.00
4. 27.01.2017
1,212.00
Total
1,815.50
2 On, 20.03.2024, the assessee has applied for CPSE ETF FFO wherein amount of Rs. 2,00,000/- was paid. However, on 29.03.2017, partial allotment was done and therefore, amount of Rs. 52,242.25/- was refunded back to the assessee. Therefore, it is nothing but the reversal entry and not the income. Asst. Year : 2017-18 - 4–
With regard to the following credit entries amounting to Rs. 5,84,500/-, the assessee has submitted that the same are unsecured loan transactions with the family members, the details of which are under:-
Sr.No.
Date
Name of family
Member
Amount(Rs.)
1. 26.04.2016
Davalben Goti
20,000.00
2. 04.03.2017
Nareshbhai T Goti
1,94,500.00
3. 04.03.2017
Arshit D Goti
1,95,000.00
4. 13.03.2017
Alpesh Goti
1,75,000.00
Total
5,84,500.00
1 Since the factum of receipt of loan from the family members has not been in dispute and keeping in view the low quantum received from each family member, we hold that no addition is called for.
The Assessing Officer made an addition amounting to Rs. 10,80,500/- on account of the cash deposited in the bank account. Out of Rs. 10,80,500/-, Rs. 10,55,500/- was deposited in the demonetization period. The assessee submitted that out of Rs. 10,55,500/-, amount of Rs. 7,25,500/- was received from his mother viz., Ambaben Ramjibhai Goti. Asst. Year : 2017-18 - 5–
his bank account. The affidavit of Ambaben Ramjibhai Goti affirming the same is on record. Further, the remaining amount of Rs. 3,55,000/- stands to earlier year saving and current year Income. Hence, keeping in view the entire facts and circumstances specific to the instant case which cannot be taken as a precedence in any other case, the appeal of the assessee on this issue is hereby allowed.
In the result, the appeal filed by the assessee is allowed.
The order is pronounced in the open Court on 09.07.2025. (SUCHITRA KAMBLE)
VICE-PRESIDENT
()
Ahmedabad; Dated 09.07.2025
MV
देश की Ůितिलिप अŤेिषत/Copy of the Order forwarded to :
अपीलाथŎ / The Appellant 2. ŮȑथŎ / The Respondent. 3. संबंिधतआयकरआयुƅ / Concerned CIT 4. आयकर आयुƅ(अपील) / The CIT(A)- 5. िवभागीय Ůितिनिध, आयकर अपीलीय अिधकरण, अहमदाबाद / DR, ITAT, Ahmedabad 6. गाडŊ फाईल / Guard file.
आदेशानुसार/ BY ORDER,सहायक पंजीकार (Dy./Asstt.