SUJIT KUMAR BEHERA,BHUBANESWAR vs. ITO, WARD-2(2), BHUBANESWAR

This is an appeal filed by the assessee against the order of CIT(A)-2,

Bhubaneswar, dated 23.3.2016, for the assessment year 2011-12.

“”1. That the order passed by the CIT(A) is arbitrary, excessive, contrary to facts and bad in law. 2. That the CIT(A) is erred in calculating the peak credit without considering the genuine receipt and the opening bank balance in the bank account and withdrawn subsequently to redeposit the said in the said bank account.

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authorities and materials available on record. In the instant case, the

Assessing Officer found that the assessee has made cash deposit in the saving

bank account No.2977000101014291 with Punjab National Bank,

Chandrasekharpur Branch, Bhubaneswar and hence, he treated the same as

unexplained deposit and made an addition of the entire cash deposit of

Rs.33,02,620/- to the income of the assessee.

Rs.24,06,873/- should be treated as undisclosed income of the assessee.

Being aggrieved, the assessee is in appeal before the Tribunal.

amounts should be reduced and the balance amount may be treated as

undisclosed income of the assessee:

Date Amount(Rs.) sources 1.4.2010 5,04,035.18 opening bank balance 28.7.2010 3,30,800 Loan from Sister-Sasmita Behera 5.8.2010 59,272 Loan from friend 5.9.2010 3,003 Bank SB interest 26.10.2010 1,34,494 surrender value of insurance policy 27.1.2011 5,00,000 refund of loan taken by father 2.3.2011 3,519 bank SB interest

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the paper book which is the copy of bank account of the assessee with Punjab

& National Bank, which shows that there was opening balance of

Rs.5,04,035.18. Further, from annexure-4 of the paper book, which is the

copy of bank statement, it is observed that the assessee has earned interest

from bank of Rs.3,003.00. From annexure-5 of the paper book, which is the

copy of first premium receipt of Bajaj Allianz Life Insurance Company Limited,

it is observed that the assessee has paid Rs.30,000/- towards premium

amount. In the subsequent page to this annexure is the bank statement which

shows that on 26.10.2010, Rs.1,34,494/- has been paid by the said Bajaj

Allianz Life Insurance Company Limited. Further, annexure-6 of the paper

book is the passbook of Uco Bank, Bhubaneswar, S.B. Account

No.09230102005904, of Shri Sridhar Behera, father of the assessee, wherein,

it is observed that Rs.5,00,000/- was paid on 7.1.2011 to the assessee.

Further, annexure-7 of the paper book is the copy of pass book of the

assessee, which shows that the credit of interest of Rs.3,519.00. Thus, from

the above evidences, it is observed that the source of deposit for

Rs.11,45,051.18 is explained and the source of deposit of Rs.3,30,800/- being

loan from sister –Sasmita Behera and loan of Rs.59,272/- from friend is not

explained by filing any evidence. In my considered view, out of peak deposit

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of Rs.15,35,123.18, the assessee should be allowed credit for

Rs.11,45,051.18 and addition for balance amount of Rs.12,61,822/- should

be sustained. I, therefore, modify the order of ld CIT(A) and partly allow the

grounds of appeal of the assessee.

Sd/- (N.S Saini) ACCOUNTANT MEMBER

Cuttack; Dated 24/01 /2017 B.K.Parida, SPS Copy of the Order forwarded to : 1. The Appellant : Sri Sujit Kumar Behera, Plot No.A-356, Saheed nagar, Bhubaneswar. 2. The respondent: ITO, Ward 2(2), Bhubaneswar. 3. The CIT(A)-2, Bhubaneswar. 4. Pr.CIT, Bhubaneswar. 5. DR, ITAT, Cuttack 6. Guard file. BY ORDER, //True Copy//

ASST.REGISTRAR, ITAT, Cuttack