Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, ‘D’ (SMC
Before: SHRI N.R.S. GANESAN
This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-13, Chennai (hereinafter referred as CIT(A)) dated 16.08.2018 and pertains to the assessment year 2010- 11.
The notice of hearing was served on the assessee and the Registry had placed on record the postal tracking sheet downloaded from the postal department website. Shri N. V. Balaji, the Representative for the assessee filed an application for adjournment. Since there is no sufficient reason for adjournment, the application of the Ld. Counsel is rejected and accordingly, I heard Shri AR.V. Sreenivasan, the Senior Departmental Representative and dispose the appeal on merits.
Shri AR.V. Sreenivasan, the Ld. Departmental Representative, submitted that the Assessing Officer made an addition of Rs.32,04,500/-.
The assessee claimed before ld. Assessing Officer that there was cash withdrawn from NRE account. After considering the deposits of Rs.22,92,500/- in HDFC bank account and Rs.34,65,000/- in SBI bank account, according to the ld. DR, the AO made addition of Rs.32,04,500/- only after reducing cash withdrawal from the NRE account. Therefore, according to the ld. DR, the CIT(A) confirmed the addition made by the Assessing Officer.
Having heard the ld. Departmental Representative, this Tribunal is of the considered opinion that cash withdrawal from the NRE account was taken into account while considering the bank deposits in HDFC bank and SBI. As rightly submitted by the ld. Departmental Representative there was a cash deposit of Rs.22,92,500/- in HDFC bank account on 29.07.2009 and another sum of Rs.34,65,000/- in the SBI account and the assessee had withdrawn Rs.25,53,000/- only from NRE account. After reducing the cash withdrawal from NRE account, the Assessing Officer made an addition of Rs.32,04,500/-. Therefore, I do not find any reason to interfere with the orders of the lower authorities. Accordingly, I confirm the orders of the lower authorities.
In the result, the appeal filed by the assessee in 2010-2011 stands dismissed.
Order pronounced in the court on 3rd February, 2020, camp at Coimbatore.