Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: cpt :: articles on VAT and GST in India :: due date for vat payment :: empanelment :: VAT Audit :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS
« From the Courts »
  Dr. Gautam Sen vs. CCIT (Bombay High Court)
 Dr. Gautam Sen vs. CCIT (Bombay High Court)
 DCIT vs. Shivshankar R. Sharma (ITAT Mumbai)
 ACIT vs. Jawaharlal Agicha (ITAT Mumbai)
 CIT vs. M/s. D. Chetan & Co (Bombay High Court)
 Makes further amendments to Notification no. 157/90-Customs dated 28th March, 1990 regarding temporary admission under the ATA Carnet
 Appointment of Common Adjudicating Authority by DGRI - 2/2016-Customs
 ransfers Of Hon’ble Members Of The ITAT (September 2016)
 M. G. Contractors Pvt. Ltd vs. DCIT (ITAT Delhi)
 Haryana State Road & Bridges Development Corporation Ltd vs. CIT (P&H High Court)
 Dharamshibhai Sonani vs. DCIT (ITAT Ahmedabad)

Shri Arunkumar A.Modi 59, Harinagar Society Chaudhary Marg Gotri Road Baroda VS. The ITO Ward-2(4) Baroda
October, 24th 2013
          ,  Û `',  

    ¢ ^ ..,    ^   , Û  

                ./I.T.A.   No.1446/Ahd/2011
           ( [ [ / Assessment Year : 2007-08)
Shri Arunkumar A.Modi / The ITO
59, Harinagar Society  Vs. Ward-2(4)
Chaudhary Marg              Baroda
Gotri Road
    . /  . / PAN/GIR No.: AAUPM 0015 D
    ( /Appellant)      ..       (× / Respondent)

              / Appellant by        :         Shri Sunil H.Talati
           ×   /Respondent by :              Shri S.C.Tiwari, DR

             / Date of Hearing       : 21/10/2013
             /Date of Pronouncement : 21/10/2013

                            / O R D E R


      This appeal by the Assessee is directed against the order of the
Ld.Commissioner of Income Tax(Appeals)-II, Baroda (`CIT(A)' for
short) dated 10/01/2011 pertaining to Assessment Year (AY) 2007-08.
The assessee has raised the following grounds of appeal:-

       Your appellant being dissatisfied with the order dated 10-01-2011
      passed by the Hon'ble Commissioner of Income Tax (Appeals)-II,
      Baroda presents this appeal against the said order on the following
      amongst other grounds:-
                                                      ITA No1446 /Ahd/2011
                                              Shri Arunkumar A.Modi vs. ITO
                                                         Asst.Year ­ 2007-08

       1.     The order passed by the Honorable Commissioner of Income Tax
              (Appeals) is bad in law, contrary to legal pronouncements and
              same be quashed.
       2.     The Hon'ble CIT(A) has erred in confirming the addition of
              `.500000 made by the AO, without appreciating the facts
              submitted on 26.12.2010 and further facts submitted during the
              course of hearing. The Hon'ble CIT(A) has failed to consider
              the documents submitted (UTI Bank Statement) and confirm the
              addition made by AO. Your appellant therefore submits to delete
              the addition confirmed by Hon'ble CIT(A).
       Your appellant craves for leave to add/alter/amend/withdraw/modify
       and of the above grounds before hearing.

2.     At the outset, ld.counsel for the assessee Shri Sunil H.Talati submitted
that he does not wish to press ground No.1, the same is dismissed as not

3.     The only issue is left for our adjudication is against confirmation of
addition of Rs.5 lacs by the ld.CIT(A).

3.1.   Briefly stated facts are that the case of the assessee was picked up for
scrutiny assessment and the assessment u/s.143(3) of the Income Tax Act,1961
(hereinafter referred to as "the Act") was framed vide order dated 18.10.2009,
thereby the Assessing Officer(AO) made addition of Rs.5 lacs on account of
unexplained investments. The AO observed that the assessee has failed to
furnish the source of investment with supporting evidences, i.e. books of
accounts and bank statement. Against this, assessee filed an appeal before the
ld.CIT(A), who after considering the submissions of the assessee, dismissed
the appeal.

3.2.   Now, the assessee is further in appeal before us. The ld.counsel for the
assessee submitted that the AO has erroneously made addition of Rs.5 lacs and
the ld.CIT(A) confirmed the same on the basis that merely because
                                                        ITA No1446 /Ahd/2011
                                                Shri Arunkumar A.Modi vs. ITO
                                                           Asst.Year ­ 2007-08

investments have been made through banking channel does not mean that they
are explained for taxation purposes. Ld.counsel for the assessee submitted that
the source of the investment is well established.         He submitted that the
investment has been made out of matured securities which were exempt
u/s.10(38) of the Act. Ld.counsel for the assessee drew our attention towars
page Nos.9 & 10 of the paper-book, wherein the details of Rs.3 lacs and
Rs.2,06,543/-    have been given and the same are reflected in the bank
statement of the assessee. On the contrary, ld.Sr.DR supported the orders of
the authorities below.
4.      We have heard the rival submissions, perused the material available on
record and gone through the orders of the authorities below. During the course
of hearing, ld.counsel for the assessee submitted that he has no objection if the
matter is restored back to the file of AO for verification of the details as
submitted by the assessee. After considering all aspects of the matter, in the
interest of justice, this issue is restored back to the file of AO and the order of
the ld.CIT(A) on this issue is hereby set aside. The AO is directed to verify the
claim of the assessee and, accordingly, frame the assessment on this issue.
This ground of assessee's appeal is allowed for statistical purposes only.

5. In the result, assessee's appeal is allowed but for statistical purposes.
     Order pronounced in Open Court on the date mentioned hereinabove

           (..)                                              (  )
        ( N.S. SAINI )                                  ( KUL BHARAT )
     ACCOUNTANT MEMBER                                JUDICIAL MEMBER
Ahmedabad;         Dated       21/ 10 /2013
.., .../T.C. NAIR, Sr. PS
                                                                        ITA No1446 /Ahd/2011
                                                                Shri Arunkumar A.Modi vs. ITO
                                                                           Asst.Year ­ 2007-08

      Copy of the Order forwarded to :
1.          / The Appellant
2.         × / The Respondent.
3.            / Concerned CIT
4.          () / The CIT(A)-II, Baroda
5.          ,   ,  / DR, ITAT, Ahmedabad

6.         [  / Guard file.
                                                                                       / BY ORDER,

                     ×  //True Copy//

                                                                 /  (Dy./Asstt.Registrar)
                                                         ,  / ITAT, Ahmedabad
      1.    Date of dictation .. 21.10.13 (dictation-pad 6- pages attached at the end of this File)
      2.    Date on which the typed draft is placed before the Dictating Member .... 21.10.2013
      3.    Date on which the approved draft comes to the Sr.P.S./P.S.................
      4.    Date on which the fair order is placed before the Dictating Member for
      5.    Date on which fair order placed before Other Member............
      6.    Date on which the fair order comes back to the Sr.P.S./P.S.......21.10.13
      7.    Date on which the file goes to the Bench Clerk.....................21.10.13
      8.    Date on which the file goes to the Head Clerk..........................................
      9.    The date on which the file goes to the Assistant Registrar for signature
            on the order..........................
     10.    Date of Despatch of the Order..................
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions