ITA No. 286/Bang/2017. Case: B.R. Nanjunda Prasad Vs The Income Tax Officer, Ward - 15(3). ITAT (Income Tax Appellate Tribunal)
| Case Number | ITA No. 286/Bang/2017 |
| Counsel | For Appellant: B.S. Balachandran, Advocate and For Respondents: AR.V. Sreenivasan, JCIT (DR) |
| Judges | Vijay Pal Rao, Member (J) |
| Issue | Income Tax Act, 1961 - Sections 143(3), 263, 68 |
| Judgement Date | March 31, 2017 |
| Court | ITAT (Income Tax Appellate Tribunal) |
Order:
Vijay Pal Rao, Member (J), (ITAT Bangalore 'B' Bench)
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This appeal by the assessee is directed against the order dated 13.01.2017 of CIT(A) for the assessment year 2009-10. The assessee has raised the following grounds:
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The order of the lower authority is contrary to law, evidences and facts on record and is not maintainable in law in so far as the addition of Rs. 20,76,000/- is concerned.
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The learned lower authorities failed to consider and appreciate that the identity of these parties are proved and also the capacity of these parties to advance the money in question in as much as they are all tax payers. And as such the burden cast on the appellant is discharged and therefore the addition made on assumption and presumptions required to be deleted.
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Without prejudice to the above grounds the deposits in the bank account cannot be considered U/s. 68 of the I.T. Act. 1961 as cash credits in the books of the appellant and thus there is a misapplication of mind and improper exercise of discretion, on this ground alone the addition is not sustainable.
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For these are any other grounds of appeal that may be urged at the time of hearing it is prayed that this Honorable Tribunal may be pleased to allow this appeal in the Interest of Equity and Justice.
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The only issue arises in this appeal of the assessee is whether in the facts and circumstances of the case, the AO has erred in making an addition of Rs. 20,76,000/- on account of deposits in bank. The assessee is an individual and employed in ING Vysya Bank. The assessee filed his return of income for the year under consideration on 29.07.2009. The scrutiny assessment u/s. 143(3) was completed on 11.10.2010 wherein the AO made an addition of Rs. 5,051/-. Consequently the commissioner of Income Tax on examination of assessment record noticed that the AO has accepted the explanation of the assessee regarding the sources of cash deposit of Rs. 20,76,000/- in the bank without any material evidences. Accordingly, the commissioner issued a show cause notice u/s. 263 on 01.11.2012 in response, the assessee furnished his reply. The assessment order was set aside with the direction to the A.O. to complete the assessment afresh vide revision order dated 21.01.2013. The A.O. has completed the assessment in pursuant to the order passed u/s. 263 on 28.03.2014 whereby the A.O. made an addition of such amount of Rs. 20,76,000/-. Aggrieved by the action of the A.O. the assessee filed before the...
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