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Income Tax Appellate Tribunal, “A” BENCH, CHENNAI
Before: HON’BLE SHRI MAHAVIR SINGH, VP & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM
आयकर अपीलीय अिधकरण “ए” �ायपीठ चे�ई म�। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, CHENNAI माननीय �ी महावीर िसंह, उपा ! एवं माननीय �ी मनोज कुमार अ%वाल ,लेखा सद( के सम!। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील सं./ (िनधा)रण वष) / Assessment Year: 2017-18) M/s. Annamalaiyar Sankari Cement ACIT बनाम Private Limited Circle-1 21/30, Auxilium College Road, Vellore. / Vs. Gandhi Nagar, Vellore-632 006. �थायीलेखासं./जीआइआरसं./PAN/GIR No. AAFCA-9253-P (अपीलाथ�/Appellant) : (� थ� / Respondent) अपीलाथ�कीओरसे/ Appellant by : Shri Vishwa Padmanabhan (CA)- Ld. AR � थ�कीओरसे/Respondent by : Shri AR V Sreenivasan (Addl.CIT)-Ld. Sr. DR सुनवाईकीतारीख/Date of final Hearing : 14-03-2024 घोषणाकीतारीख /Date of Pronouncement : 14-03-2024 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2017-18 arises out of an passed by learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] on 29-08-2023 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s 143(3) of the Act on 19-12-2019.
The Registry has noted the delay of 32 days in the appeal, the condonation of which has been sought by Ld. AR. Considering the period of delay, the delay is condoned and the appeal is admitted for adjudication on merits. The sole grievance of the assessee is confirmation of addition of Rs.11.27 Lacs which represent cash deposited by the assessee. The assessee is stated to be engaged in manufacturing of cement.
Upon perusal of assessment record, it emerges that the assessee was subjected to survey u/s.133A to verify source of cash deposits of Rs.55.26 Lacs as deposited by the assessee during demonetization period. On the basis of survey findings, the assessment was concluded. It transpired that out of deposits of Rs.55.26 Lacs, the amount of Rs.42 Lacs was deposited in Specified Bank Notes (SBN). As per books of accounts, cash-in-hand as on 08-11-2016 was Rs.30.72 Lacs and accordingly, it was held that the source of deposit of Rs.11.27 Lacs remained unexplained. The assessee offered Rs.10.00 Lacs under PMGKY, 2016 and paid certain taxes under the scheme. The amount of Rs.1.27 Lacs was also admitted subsequently. However, upon verification, it was noted that the assessee failed to deposit Rs.2.5 Lacs i.e. 25% of declared amount of Rs.10.00 Lacs under the scheme within the stipulated period of time. Since the assessee failed to comply with the terms of the scheme, the declaration was held to be void and deemed to be never have been made. Accordingly, the amount of Rs.11.27 Lacs was brought to tax in regular assessment as unexplained cash credit in the books of account u/s. 68 which would be taxable at special rates u/s.115BBE. The Ld. CIT(A) confirmed the same but directed Ld. AO to grant credit of taxes paid by the assessee as available on ITBA portal. Aggrieved, the assessee is in further appeal before us. The Ld. AR has submitted that the credit of amount of Rs.4.99 Lacs as paid under the scheme has not been granted to the assessee.
Accepting the plea of Ld. AR, we direct Ld. AO to grant taxes paid by the assessee under the scheme. The assessee would furnish the copies of challans etc. to substantiate the payment of taxes. The impugned addition being unexplained, stand confirmed. No further interference is warranted in the orders of lower authorities.
The appeal stand partly allowed for statistical purposes. Order pronounced on 14th March, 2024.