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Income Tax Appellate Tribunal, DIVISION BENCH’B’, CHANDIGARH
Before: SMT. DIVA SINGH & SHRI B.R.R. KUMAR
IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH’B’, CHANDIGARH
BEFORE SMT. DIVA SINGH, JUDICIAL MEMBER AND SHRI B.R.R. KUMAR, ACCOUNTANT MEMBER
ITA No.640/Chd/2017 Assessment Year: 2010-11
Sh. Rajbir Singh Vs. The ITO S/o Sh. Surinder Singh Ward 1(3) R/o H.No. 1670, Sector-7C Chandigarh Chandigarh
PAN No. AWDPS2536E
(Appellant) (Respondent)
Assessee By : Sh. Navdeep Monga Revenue By : Sh. Manjit Singh
Date of hearing : 21/03/2018 Date of Pronouncement : 22/03/2018
ORDER PER B.R.R. KUMAR A.M.
The present appeal has been filed by the Assessee against the order of the Ld. CIT(A), Chandigarh dt. 19/01/2017.
In the present appeal Assessee has raised the following grounds:
i. That Ld. CIT (Appeals)-I, Chandigarh has erred in law and on facts, in confirming the total addition of Rs 16,36,700/- as against returned income of Rs.1,73,740/-.
ii. That on law, facts and circumstances of the case, the Ld. CIT (Appeals)-I, Chandigarh has erred in calculating the peak credit as Rs 14,04,500/-.
iii. That on law, facts and circumstances of the case, the Ld. CIT (Appeals)-I, Chandigarh has erred in calculating a profit of 5% on alleged total turnover of Rs 58,44,000/- as Rs 2,92,200/-. However, after deducting Rs 60,000/- it would come to Rs 2,32,200 on account of car sale. iv. That the impugned order dated 18.01.2017 passed by the Ld. CIT (A) is highly excessive, unreasonable and unjustified and outside the scope of natural justice. Further, it has been made without resorting to proper provisions of the Income Tax act, 1961.
Ground No.2 & 3 of the assessee pertains to error in the calculation of peak credit and also not giving due benefit to the withdrawals made by the assessee.
During the argument before us, we observe that the benefit of the peak credit, opening balance and the withdrawals have not been given by the Assessing Officer. Thus it is a factual error on the face of the record. Hence the case is being sent back to the file of the Assessing Officer to compute the peak credit correctly after taking into consideration the opening balance and the withdrawals.
In the result, the appeal of the assessee is allowed for statistical purposes.
Order pronounced in the open court.
Sd/- Sd/- (DIVA SINGH) (B.R.R.KUMAR) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated : 22/03/2018 AG Copy to: The Appellant, The Respondent, The CIT, The CIT(A), The DR