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IN THE INCOME TAX APPELLATE TRIBUNAL
AHMEDABAD BENCH " C " BENCH, AHMEDABAD
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BEFORE SHRI N.S. SAINI, ACCOUNTANT MEMBER And
SHRI KUL BHARAT, JUDICIAL MEMBER
./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
Baroda
. / . / 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
PER SHRI KUL BHARAT, JUDICIAL MEMBER :
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
-2-
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
pressed.
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
-3-
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
(..) ( )
Û
( 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
-4-
/
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
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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
pronouncement......
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..................
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