Amiben J.Gajjar, Ahmedabad vs Assessee

आयकर अपील सं./I.T.A. No.1244/Ahd/2011 ( नधा रण वष / Assessment Year : 2007-08) Smt. Amiben J.Gajjar बनाम/ The Dy.CIT 8, Pritikunj Society Vs. Circle-12 Maninagar Ahmedabad Ahmedabad थायी ले खा सं . /जीआइआर सं . / PAN/GIR No. : AJQPG 6571 K (अपीलाथ% /Appellant) .. (&'यथ% / Respondent) अपीलाथ% ओर से / Appellant by : Shri Deepak Thakkar, A.R. &'यथ% क) ओर से/Respondent by : Shri Roop Chand Sr.DR

ु वाई क) तार ख / सन Date of Hearing 04/02/2015 घोषणा क) तार ख /Date of Pronounce ment 12/02/2015

आदे श / 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)-XX, Ahmedabad ('CIT(A)' in short) dated 27/01/2011 pertaining to Assessment Year (AY) 2007-08. The Assessee has raised the following grounds of appeal:-

1.01. That Learned Assessing Officer has erred in making addition of ₹8,42,400/- u/s.68 of the Income Tax Act, 1961 on account of Cash Credit.

ITA No.1244/Ahd/2011 Smt. Amiben J.Gajjar vs. Dy.CIT Asst.Year - 2007-08 -2- 1.02. That various reasons advanced by Learned Assessing Officer in making addition on the ground cash credit are contrary to the facts of the case and evidences on record.

1.03. The appellant therefore submit that the addition ₹8,42,400/- is to be deleted.

2.01. That Learned Assessing Officer has erred in making addition of ₹51,665/- on account of interest.

2.02. That various reasons advanced by Learned Assessing Officer in making addition on the ground interest are contrary to the facts of the case and evidences on record.

2.03. The appellant therefore submit that the addition ₹51,665/- is to be deleted.

3.0. The appellant craves leave to add, amend, alter, edit, delete, modify or any of the grounds of appeal at the time of or before final hearing of the appeal.

2. 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, thereby the Assessing Officer (AO in short) made addition on unexplained cash credit u/s.68 of the Act amounting to Rs.11,81,619/- and interest therein amounting to Rs.51,665/-. Against this, the assessee filed an appeal before the ld.CIT(A), who after considering the submissions, partly allowed the appeal. While allowing the appeal, the ld.CIT(A) reduced the addition from Rs.11,81,619/- to Rs.8,24,200/- and confirmed the addition made on account of interest of Rs.51,665/-. Now, the assessee is further in appeal before us.

3. Ground Nos.1.01 to 1.03 are inter-connected, therefore the same are decided together. The ld.counsel for the assessee submitted that the AO made addition on the entire amount. He submitted that the ITA No.1244/Ahd/2011 Smt. Amiben J.Gajjar vs. Dy.CIT Asst.Year - 2007-08 -3-

authorities below were not justified in making the addition. He submitted that the assessee had received money during the year under consideration and also returned to the persons from whom the money was received. The ld.counsel for the assessee submitted that out of confirmation of Rs.8,24,200/-, the ld.CIT(A) failed to appreciate the fact that during the year Rs.2,97,600/- was returned to the depositors and only a sum of Rs.5,26,600/- remained to closing amount. He submitted that the amount which was not returned during the year can only be treated as unexplained credits. He submitted that the assessee has no objection if such amount is confirmed.

4. On the contrary, ld.Sr.DR supported the orders of the authorities below.

5. We have heard the rival submissions, perused the material available on record and gone through the orders of the authorities below. We have given our thoughtful consideration to the contention of the ld.counsel for the assessee. This contention of the ld.counsel for the assessee requires verification at the end of the AO. Therefore, this ground is restored back to the file of AO for verifying how much amount has been returned out of Rs.8,24,200/- as confirmed by the ld.CIT(A). If he finds the claim of the assessee true that the assessee returned certain sum out of the impugned addition confirmed by the CIT(A), then he would delete such amount. Thus, ground Nos.1.01 to 1.03 of the ITA No.1244/Ahd/2011 Smt. Amiben J.Gajjar vs. Dy.CIT Asst.Year - 2007-08 -4-

assessee's appeal are partly allowed for statistical purposes in the terms indicated above.

6. Apropos to ground Nos.2.01 to 2.03, the ld.counsel for the assessee submitted that he does not wish to press the same, therefore the same are rejected as such.

7. Ground No.3 is general in nature requires no independent adjudication.

8. In the result, assessee's appeal is partly allowed for statistical purposes as indicated above.

Order pronounced in the Court on Thursday, the 12th of February, 2015 at Ahmedabad.

Sd/- Sd/- (अ नल चतव ु द ) (कुल भारत) लेखा सद य या यक सद य ( ANIL CHATURVEDI ) ( KUL BHARAT ) ACCOUNTANT MEMBER JUDICIAL MEMBER Ahmedabad; Dated 12/ 02 /2015 ट .सी.नायर, व. न.स./T.C. NAIR, Sr. PS

आदे श क! " त$ल%प अ&े%षत/Copy of the Order forwarded to :

1. अपीलाथ% / The Appellant

2. &'यथ% / The Respondent.

3. संबं4धत आयकर आयु6त / Concerned CIT

4. आयकर आयु6त(अपील) / The CIT(A)-XX, Ahmedabad

5. 7वभागीय & त न4ध, आयकर अपील य अ4धकरण, अहमदाबाद / DR, ITAT, Ahmedabad

6. गाड; फाईल / Guard file.

आदे शानुसार/ BY ORDER,

स'या7पत & त //True Copy// उप/सहायक पंजीकार (Dy./Asstt.Registrar) आयकर अपील य अ धकरण, अहमदाबाद / ITAT, Ahmedabad