Income Tax Appellate Tribunal - Agra
Manoj Sodani, Gwalior vs Department Of Income Tax on 10 July, 2008
IN THE INCOME TAX APPELLATE TRIBUNAL
AGRA BENCH, AGRA
BEFORE SHRI R.K. GUPTA, JUDICIAL MEMBER AND
SHRI P.K. BANSAL, ACCOUNTANT MEMBER
ITA No.649/Agr/2008
Asst. Year: 2004-05
The Income-tax Officer, Ward 1(1), Vs. Shri Manoj Sodani,
Gwalior. Prop. M/s. R.S. Sodani & Bros.,
Sarafa Bazar, Gwalior.
(PAN : ADOPS 8883 L)
(Appellant) (Respondent)
Appellant by : Shri R.C. Sharma, Jr. D.R.
Respondent by : Shri Mahesh Agarwal, C.A.
ORDER
PER P.K. BANSAL, A.M.:
This appeal has been filed by the Revenue against the order of the CIT(A) dated 10.07.2008 by taking the following effective grounds of appeal :-
"(1) On the facts and in the circumstances of the case the Hon'ble CIT(A) has erred, in law and fact in deleting the addition of Rs.16,20,049/- which was made on account of unexplained and unaccounted investment u/s 69 of the IT Act.
(2) On the facts and in the circumstances of the case the Hon'ble CIT(A) has erred in accepting the contention of the assessee that the assessee has produced the personal sets of books of account during the course of assessment proceedings which he never produced."
2. The only issue involved in this appeal relates to the deletion of addition of Rs.16,20,049/- .
2
3. The brief facts of the case of this addition are that the A.O. noted that the assessee was having opening capital at Rs.16,581/- and he introduced Rs.25,15,508/- as capital from late Shri R.S. Sodani, assessee's father who expired on 28.03.2003. The assessee transferred his father's capital to his account. The A.O. found that the return for the A.Y. 2003-04 of late Shri R.S. Sodani was filed by his son Shri Manoj Sodani on 20.07.2004 declaring total income at Rs.1,55,473/- and the capital account was enclosed along with the return which shows capital of late Shri R.S. Sodani only at Rs.8,95,459/-. He, therefore, confronted the assessee for the difference of Rs.16,20,049/- (25,15,508 minus 8,95,459). The assessee contended that his father expired on 23.03.2003 and as per his registered will dated 09.07.2002 his capital of Rs.23,65,508/- devolves on him through his personal set of books including the capital account of Late Shri R.S. Sodani in the firm's book amounting to Rs.8,95,459/-, a copy of statement of affairs of Late Shri R.S. Sodani for the three years upto 31.03.2003 was also filed. His PAN was also submitted. The balance as per the personal set of books was Rs.23,65,508/- while the balance in the firm's book was Rs.8,95,459/-. Thus, there was no excess capital of Rs.16,20,049/- as unexplained. The A.O. did not agree with the assessee. When the matter went before the CIT(A), the CIT(A) deleted the addition.
4. Ld. D.R. supported the order of the A.O. and vehemently contended that the CIT(A) was not correct in deleting the addition.
5. Ld. A.R., on the other hand, relied on the order of the CIT(A).
6. We have carefully considered the rival submissions and perused the material on record. We noted from the submissions made before the CIT(A) that the assessee has given the details of 3 inherited capital as per the will amounting to Rs.23,65,508/- and has also explained the various assets held by Late Shri R.S. Sodani as on 31.03.2003 at Rs.25,15,508/- consisting of capital of Late Shri R.S. Sodani with M/s. R.S. Sodani & Brother's shares, loans, advances, cash in hand and bank balances. It was also contended that all these assets were duly reflected in the personal set of books of accounts. The personal balance sheet of the father was attached along with the return filed by him. Thus, Late Shri R.S. Sodani was having a capital of Rs.25,15,508/- at the time of death and the assessee has actually received a sum of Rs.23,15,508/- from him. No contrary material was filed before us. The CIT(A) has given the finding of facts on the basis of the material on record. His finding cannot be reversed by us unless and until some contrary material relating thereto is filed by the Revenue. We, therefore, are of the view that no interference is called for in the order of the CIT(A) and accordingly we confirm the order of the CIT(A) deleting the addition of Rs.16,20,049/-.
7. In the result, appeal of the Revenue stands dismissed.
(Order pronounced in the open Court on 25.05.2010).
Sd/- Sd/-
(R.K. GUPTA) (P.K. BANSAL)
Judicial Member Accountant Member
Place: Agra
Date: 25th May, 2010.
PBN/*
Copy of the order forwarded to:
1. Appellant
2. Respondent By Order
3. CIT concerned
4. CIT (Appeals) concerned
5. DR, ITAT, Agra Bench, Agra
6. Guard File Assistant Registrar
Income-tax Appellate Tribunal, Agra
True Copy