Sanjay Shivdayal Tripathi, Mumbai vs Assessee

आयकर अपील य अ धकरण, मुंबई यायपीठ "ई" मुंबई IN THE INCOME TAX APPELLATE TRIBUNAL" E" BENCH, MUMBAI BEFORE S/SHRI B.R.BASKARAN (AM) AND AMIT SHUKLA, (JM) सव ी बी.आर.बा करन, लेखा सद य एवं अ मत शु ला, या यक सद य के सम

आयकर अपील सं./I.T.A. No.7243/Mum/2012 ( नधारण वष / Assessment Year :2009-10)

Shri Sanjay Shivdayal Tripathi, बनाम/ Income Tax Officer - 24(3)(3), 701, Rajrudram, Vs. Mumbai.

Goluldham Road, Goregaon (E), Mumbai-400062 (अपीलाथ /Appellant) .. ( यथ / Respondent)

थायी ले ख ा सं . /जीआइआर सं . /PAN/GIR No. :ABDPT7980L

अपीलाथ ओर से / Assessees by Shri Rakesh Joshi यथ क ओर से/Revenue by Shri Love Kumar

सन ु वाई क तार ख / Date of Hearing : 20.4.2015 घोषणा क तार ख /Date of Pronouncement : 24.4.2015

आदे श / O R D E R

PER B.R. BASKARAN (AM)

The assessee has filed this appeal challenging the order dated 27- 09-2012 passed by ld CIT(A) confirming the addition of Rs.22,25,700/- relating to aggregate amount deposited into the bank account of the assessee.

2. We heard the parties and perused the record. The assessing officer received AIR information to the effect that the assessee has deposited a 2 I T A N o . 7 2 4 3 / Mu m / 2 0 1 2

sum of Rs.22,25,700/- in his bank account. Before the tax authorities the assessee submitted that the said deposits represent the amounts withdrawn in an earlier occasion, gifts received from his parents and brother. Since the said explanation was not convincing to the tax authorities, the assessing officer added the above said amount as income of the assessee and the same was also confirmed by Ld CIT(A).

3. At the time of hearing, the Ld A.R invited our attention to the paper book showing the details of deposits and withdrawals made into the bank account. He also furnished certain documents in order to substantiate the claim of receipt of gifts from his parents and brother.

4. However, with regard to the claim of depositing the money withdrawn earlier, we find the said explanation reasonable one, since continuous deposits/withdrawals were found in the bank account. In such kind of situation, the earlier withdrawals made from the bank may explain the source for making subsequent deposits. The cash summary is placed at page 66 of the paper book. A perusal of the same would show that the assessee is having opening cash balance of Rs.8,11,500/- and the peak credit of balance available was Rs.11,41,500/- on 03-07-2008. Hence the incremental cash balance works out to Rs.3,30,000/-. Thus, out of the peak credit balance of Rs.11,41,500/-, a sum of Rs.8,11,500/- pertains to the immediately preceding year and hence the fresh deposits made during the year was only Rs.3,30,000/-. Though the assessee has explained that these amounts have been received by him as gifts from parents and brother, we are of the view that the incremental peak credit of Rs.3,30,000/- should be assessed as income of the assessee.

3 I T A N o . 7 2 4 3 / Mu m / 2 0 1 2

5. Accordingly, we modify the order of Ld CIT(A) and direct the assessing officer to assess a sum of Rs.3,30,000/- only as income of the assessee.

6. In the result, the appeal of the assessee is partly allowed.

The above order was pronounced in the open court on 24th Apr, 2015.

घोषणा खल ु े यायालय म दनांकः 24th Apr, 2015 को क गई ।

Sd sd

(अ मत शु ला / AMIT SHUKLA) (बी.आर.बा करन / B.R. BASKARAN) या यक सद य / JUDICIAL MEMBER लेखा सद य / ACCOUNTANT MEMBER

मुंबई Mumbai: 24th Apr,2015.

व. न.स./ SRL , 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. आयकर आयु त(अपील) / The CIT(A)- concerned

4. आयकर आयु त / CIT concerned

5. वभागीय त न ध, आयकर अपील य अ धकरण, मुंबई / DR, ITAT, Mumbai concerned

6. गाड फाईल / Guard file.

आदे शानुसार/ BY ORDER,

True copy सहायक पंजीकार (Asstt. Registrar) आयकर अपील य अ धकरण, मुंबई /ITAT, Mumbai