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Income Tax Appellate Tribunal, CUTTACK
Before: SHRI N.S SAINI
This is an appeal filed by the assessee against the order of CIT(A)-2,
Bhubaneswar, dated 21.11.2016, for the assessment year 2012-13.
The sole issue involved in this appeal is that the ld CIT(A) erred in
confirming the addition of Rs.5,00,000.00 made by the Assessing Officer
u/s.69 of the Act.
I have heard the rival submissions and perused the orders of lower
authorities and materials available on record. The undisputed facts of the
2 ITA No. 67/ CTK/2017 Asse ssment Year : 20 12- 201 3 case are that the Assessing Officer observed that the assessee has
deposited Rs.5,00,000/- on 31.5.2011 in his saving bank account with
ICICI Bank. The Assessing Officer further observed that the assessee has
tried to explain the cash deposit on the basis of cooked up cash book/cash
account without any documentary evidence. Therefore, he added
Rs.5,00,000/- as unexplained investment u/s.69 of the Act.
On appeal before the CIT(A), the assessee filed cash book for the
period 1.4.2011 to 31.3.2012 relevant to assessment year 2012-13. The
assessee explained that the cash deposit of Rs.5,00,000/- was from the
opening balance as on 1.4.2011 of Rs.5,87,561.57 . The assessee also filed
cash book for the earlier financial year for the period 1.4.2010 to
31.3.2011. He observed that the closing balance as on 31.3.2011 was
Rs.43,202.80 whereas the opening balance as on 1.4.2011 has been taken
by the assessee at Rs.5,87,561/-. The CIT(A) observed that the closing
balance as on 31.3.2011 has to be opening balance as on 1.4.2011 which
has not shown in the cash book of the assessee. Therefore, he held that
cash deposit of Rs.5,00,000/- on 31.5.2011 in ICICI Bank was unexplained
and confirmed the addition made by the Assessing Officer.
Before me, ld A.R. reiterated the submissions made before the
CIT(A).
On the other hand, ld D.R. supported the order of the lower
authorities.
3 ITA No. 67/ CTK/2017 Asse ssment Year : 20 12- 201 3 7. I find that the observation of the CIT(A) in his order that the closing
cash balance as per cash book for the financial year 2010-2011 was
Rs.43,202.80 whereas the assessee has shown opening cash balance as on
1.4.2011 in his cash book at Rs.5,87,561/-. The difference could not be
explained before the CIT(A). Therefore, he confirmed the addition of
Rs.5,00,000/- on account of deposit made in ICICI Bank by the assessee
on 31`.5.2011 as unexplained. Before me no positive material could be
brought on record to controvert the above findings of the CIT(A). Hence, I
confirm the order of the CIT(A) and dismiss the ground of appeal of the
assessee.
In the result, the appeal filed by the assessee is dismissed. Order pronounced in the open court on 26/05/2017 in the presence of parties. Sd/- (N.S Saini) ACCOUNTANT MEMBER Cuttack; Dated 26/05/2017 B.K.Parida, SPS Copy of the Order forwarded to : 1. The Appellant : Meghraj Katela, Flat 2nd No.A/06, floor, Babylon Garden Apartment, 781, Jayadurga Nagar, Bhubaneswar. 2. The Respondent. ITO, Ward 3(3), Bhubaneswar. 3. The CIT(A)-2, Bhubaneswar 4. Pr.CIT-2, Bhubaneswar 5. DR, ITAT, Cuttack 6. Guard file. //True Copy// BY ORDER, SR.PRIVATE SECRETARY ITAT, Cuttack
4 ITA No. 67/ CTK/2017 Asse ssment Year : 20 12- 201 3
Date Initial 1. Draft dictated on 24/05/17 Sr.PS 2. Draft placed before author 24/05/17 (dictation Sr.PS pad has been enclosed along with original file) 3. Draft proposed & placed AM before the second member 4. Draft discussed/approved AM by Second Member. 5. Approved Draft comes to Sr.PS the Sr.PS/PS /PS 6. Kept for pronouncement on Sr.PS 7. File sent to the Bench Clerk Sr.PS 8. Date on which file goes to the H.C. 9. Date on which file goes to the SPS 10. Date of dispatch of Order.