Income Tax Appellate Tribunal - Hyderabad
Dcit, Circle-9(1), Hyd, Hyderabad vs Venkat Narayan Reddy Ayyalapu, Hyd, ... on 16 November, 2016
ITA No 130 of 2016 Sri Venkat Narayana Reddy Ayyalapu Hyderabad
IN THE INCOME TAX APPELLATE TRIBUNAL
Hyderabad ' B ' Bench, Hyderabad
Before Shri J. Sudhakar Reddy, Accountant Member &
Smt. P. Madhavi Devi, Judicial Member
ITA No.130/Hyd/2016
(Assessment Year: 2010-11)
Dy. Commissioner of Vs Sri Venkat Narayana Reddy
Income Tax Ayyalapu
Central Circle 9(1) Hyderabad
Hyderabad PAN: AFCPA 0148 Q
For Revenue: Smt. U. Minichandran, DR
For Assessee: Shri N. Nagaraju
Date of Hearing: 10.11.2016
Date of Pronouncement: 16.11.2016
ORDER
Per Shri J. Sudhakar Reddy, AM
This Revenue's appeal for the A.Y 2011-12 is directed against the order of the learned CIT (A)-7 Hyderabad dated 12.11.2015. Grounds of appeal raised by the Revenue read as follows:
"1. The order of the learned CIT (A) is erroneous in law and on facts.
2. The learned CIT (A) erred in deleting the addition of Rs.1,08,00,000 which was made by the AO based on the deposits in bank account which remained unexplained during the course of assessment proceedings and also during the course of the present appellate proceedings.
3. The learned CIT (A) erred in deciding the issue in favour of the assessee without production of any Page 1 of 3 ITA No 130 of 2016 Sri Venkat Narayana Reddy Ayyalapu Hyderabad evidence whatsoever with regard to the said deposits in bank account.
4. The learned CIT (A) failed to appreciate the fact that the assessee gave a one explanation for the source of the deposits before the AO and a totally different explanation before the learned first appellate authority.
5. The learned CIT (A) ought to have obtained the correct sources of the bank deposits in view of varying explanations of the assessee."
2. After hearing the rival contentions, we find that the learned CIT (A) has categorically stated that the deposits in the banks are nothing but payments received by Sri Surya Educational Society which has paid rent to the assessee. The tax was also deducted at source by the Society on such payments. The assessee has filed a certificate in proof of this fact. This factual finding of the learned CIT (A) could not be controverted by the learned DR. The deposit in question is of declared income. Under the circumstances, the order of the first appellate authority is upheld as the addition of Rs.1,08,00,000 is rightly deleted by the learned CIT (A).
3. In the result, appeal filed by the Revenue is dismissed. Order pronounced in the Open Court on 16th November, 2016.
Sd/- Sd/-
(P. Madhavi Devi) (J.Sudhakar Reddy)
Judicial Member Accountant Member
Hyderabad, dated 16th November, 2016.
Page 2 of 3ITA No 130 of 2016 Sri Venkat Narayana Reddy Ayyalapu Hyderabad Vinodan/sps Copy to:
1 Dy. Commissioner of Income Tax, Central Circle 9(1) Block No.2D, Room No.245, IT Towers, AC Guards, Hyderabad 500004 2 Sri Venkat Narayan Reddy Ayyalapu, 16-2-75/1/C/A/114 Malakpet, Hyderabad 3 CIT (A)-7 Hyderabad 4 Pr. CIT-7, Hyderabad 5 The DR, ITAT Hyderabad 6 Guard File By Order Page 3 of 3