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2015 (9) TMI 185 - ITAT KOLKATA

2015 (9) TMI 185 - ITAT KOLKATA - TMI - Undisclosed Receipts - assessee submitted that the income arising out of the entire receipts could not be taxed and prayed that the matter be restored to the file of AO for verifying the bank accounts and determine the net profit in the hands of assessee - Held that:- We find that the Bank accounts, in which the impugned amounts were deposited, have not been examined by the lower authorities. We are in agreement with the plea of the ld. counsel for the ass .....

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is necessary that before arriving at any conclusion, these three bank accounts in which the amount s have been deposited, are examined by the Assessing Officer to arrive at proper conclusion. We, accordingly, set aside the order of ld. CIT(Appeals) and restore the matter back to the file of Assessing Officer for verification of Bank accounts to determine the income arising from the receipts credited in the impugned Bank ac counts. - Decided in favour of assessee for statistical purposes. - I. T .....

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arding agency on behalf of importers and exporters. It had filed it s return of income declaring loss of ₹ 85,578/-. The assessee had claimed credit of TDS of ₹ 2,369/-. From the Profit & Loss Account, the Assessing Officer noticed that the total turnover of the business of the firm for the financial year 2009-10 was ₹ 12,74,780/-, which included commission of ₹ 14,500/-, gross bill of ₹ 10,68,364/-, service charges of ₹ 1,40,700/- and service tax of ͅ .....

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assessee did not disclose the receipt s, received during the year under consideration in its return. Notices under section 133(6) were issued to different parties and they confirmed the transactions and TDS deducted thereon. The Assessing Officer further noticed that Bank accounts were opened using the PAN of the fi rm (AABFT9009R) with Saraswat Cooperative Bank, Camac Bhunder branch at Mumbai bearing Account No. 143100100000165 and Union Bank of India, Bhat Bazar Branch, Mumbai bearing Account .....

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opy of PAN card of the assessee-fi rm to get the account opened. The Assessing Officer issued show-cause notice under section 133(6) to Mr. Chetwani, who in his reply dated 13.10.2012, clearly stated as under:- I am not partner or Proprietor of this Company. I am only working of above company. I do not know anything about of this account of this company. I am only doing the job of outfield staff. Company boss was Mr. Basant Basu. You have any query you can ask Mr. Basant Basu . 3. The representa .....

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of Ruchi Soya Industries ltd. of ₹ 66,805/- and ₹ 1,19,218/- on account of Mcleod Russel India Limited totalling to ₹ 1,86,023/-. 4. Before the ld. CIT(Appeals), the assessee primarily contested the addition being made in its hand, though the accounts were in the name of Mr. Manish Chatwani. The ld. CIT(Appeals) dismissed the assessee s appeal. 5. Being aggrieved with the order of ld. CIT(Appeals), the assessee is in appeal before the Tribunal on the following effective grounds .....

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ioner of Income Tax (Appeal)- 9, Kolkata is wrong in confirming the undisclosed receipt of ₹ 2,31,54,644 excluding the sum of ₹ 1,04,503.00 as income on the basis of appearing in Form No.26AS . Statement for the year under consideration without going through the documents which is unwarranted and against the facts of the case whereas your Appellant submitted all the document s but the Appellate Authority did not give any confrontation for any clarification. 4. For that the Learned Ap .....

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ccounts were used depositing the receipts of ₹ 2,31,54,644.00. Shri Manish Kishorlal Chatwani admitted that he acted and carried out the business without knowledge of Appellant and in this respect, a written submission signed by Shri Manish K Chatawani was submitted before the Learned Commissioner of Income Tax (Appeal)-9 and whereas the Appellate authority did not consider while passing the Appellate Order which is unwarranted and against the facts of the case. 5. For that the Learned App .....

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K Chatani declares by way of Affidavit that the receipts in Mumbai jurisdiction are the fruits of his effort and the income arising out of the same receipts are absolutely his income and should be taxed in his hands. Any penalty or interest or other penal provisions of the Income Tax Act shall be the responsibility of Shri Manish K Chatani. The Photocopy of the said documents were produced before the Appellate Authority but the Appellate Authority did not consider them. The Appellate Authority .....

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passing the Appellate Order. 6. The assessee has al so taken the following additional ground of appeal:- 1. For that, on the facts and in the circumstances of the case, the addition of ₹ 2,31,54,644/- by the Asse ssing Officer do not belong to the appellant and the same should be added in the hands of Mr. Manish K. Chatwani who is assessed by the Income-tax Officer, Ward 22(3) -2, Mumbai in view of the evidences produced by the Appellant. 2. For that, on the facts of the case, even assumin .....

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the grounds and the arguments made on behalf of the Appellant before your honour. 7. ld. counsel for the assessee has effectively pressed Ground No. 2 of the additional ground. At the time of hearing before us, ld. counsel for the assessee submitted that, in any view of the matter, the income arising out of the ent ire receipts could not be taxed and prayed that the matter be restored to the file of Assessing Officer for verifying the bank account s and determine the net profit in the hands of a .....

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fully perused the material available on records. In this case, the Tribunal had granted stay of demand vide its order dated 15.05.2015 in S. P. No 17/Kol/2015 by observing as under:- The assessee in his petition has referred to this fact in para 14, which reads as under: 14. Your petitioner states that the Learned Appellate Authority admitted that the two bank accounts were opened with Saraswat Co-operative Bank, Camac Bhunder Branch at Mumbai vide Account No. 143100100000165 and the Union Bank .....

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t and in this respect, a written submission signed by Shri Manish K Chatawani was submitted before the Learned Commissioner of Income Tax (Appeal)-9 and whereas the Appellate authority did not consider while passing the Appellate Order which is unwarranted and against the facts of the case. 3. The Ld. Counsel for the assessee also referred to the affidavit of Shri Manish K. Chatwani placed in assessee s paper book at page 47 wherein, according to ld. Counsel for the assessee admitted that this a .....

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h K. Chatwani for verification whether he admits this amount belongs to him or not and send the report to the Tribunal within a month s time from the date of receipt of this order . 10. In the affidavit filed by Shri Manish K. Chetwani, contained in page 47 of the paper book, para 3 refers as under:- I Manish Chetwani state that during the financial year 2009-10 I have operated three bank ac counts on behal f of the firm without intimating the partner of fi rm on the strength of power of attorne .....

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