I.T.A. No. 178/Mum/2017. Case: Subhash Jain Vs Income Tax Officer 22(2)(2). ITAT (Income Tax Appellate Tribunal)
| Case Number | I.T.A. No. 178/Mum/2017 |
| Counsel | For Assessee: Kirit Sheth, Ld. AR and For Revenue: Naveen Gupta, Ld. DR |
| Judges | Shri Mahavir Singh, JM and Shri Manoj Kumar Aggarwal, AM |
| Issue | Direct Tax |
| Judgement Date | Friday May 12, 2017 |
| Court | ITAT (Income Tax Appellate Tribunal) |
Order:
Manoj Kumar Aggarwal (Accountant Member)
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The captioned appeal by assessee for Assessment Year [AY] 2010- 11 assails the order of Ld. Commissioner of Income tax (Appeal)-25, [CIT(A)], Mumbai dated 01/11/2016 by raising five grounds of appeal. Ground No. 5 is general in nature. Ground No. 1 & 3 has not been pressed by Ld. Counsel for the assessee during proceedings before us and hence the same are being dismissed as ''not pressed''. Now, we proceed to dispose-off Ground No. 2 & 4 which are related with confirmation of certain cash credit of Rs.71,05,742/- and direction by Ld. CIT(A) to initiate penalty proceedings.
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Briefly stated the assessee, being resident individual engaged in the business of mobiles, was assessed for impugned AY u/s 143(3) at Rs.1,76,01,400/- after certain adjustments / disallowances vide Assessing Officer [AO] order dated 20/03/2013 as against returned income of Rs.9,43,400/- filed by assessee on 01/07/2010. The issue under dispute is related with cash deposit of Rs.89.78 Lacs in one of the current account maintained by the assessee with Syndicate bank. The assessee attributed the same as receipt of loans which were advanced by the assessee in earlier years. To verify the same, the assessee was asked to produce capital account and Balance Sheet of...
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