9911796707
TMI Blog2021 (8) TMI 1093X X X X Extracts X X X X X X X X Extracts X X X X ..... nation. - Appeal of the assessee is treated as allowed for statistical purposes - ITA No.132/Bang/2020 - - - Dated:- 25-8-2021 - Shri N.V. Vasudevan, Vice President For the Appellant : Shri. Hariprasad Nayak, CA For the Respondent : Shri. Ganesh R. Ghale, Standing Counsel ORDER PER N.V. VASUDEVAN, VICE PRESIDENT This is an appeal by the assessee against the order dated 27.11.2019 of CIT(A)-7, Bengaluru, in relation to Assessment Year 2016-17. 2. The only issue that was pressed for adjudication in this appeal by the assessee is with regard to the addition of ₹ 33,00,000/- made by the AO as unexplained cash credit under section 68 of the Income Tax Act, 1961 (hereinafter called the Act ). T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uresh Shervegar and the same was by way of transfer through RTGS/NEFT. The assessee claimed that another sum of ₹ 3,00,000/- was taken from Mr. Santhosh Shervegar and the remaining sum of ₹ 9,00,000/- was transfer of funds from the assessee s bank account with Corporation Bank account to the assessee s bank account with SBI. Since no evidence was filed in support of the aforesaid claim, the CIT(A) confirmed the order of the AO. 5. Aggrieved by the order of the CIT(A), the assesssee is in appeal before the Tribunal. Before the Tribunal, the assessee has filed following documents as additional evidence: Sl. No. Particulars Page no. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal to admit additional evidence and such discretion has to be exercised keeping in mind the need of the Tribunal to pass orders on the appeal or for any other substantial cause or if the Income Tax authorities have decided the case without giving sufficient opportunity to the assessee. It was submitted that the assessee is a small businessman earning business income from running bar and restaurant with total income offered to tax in the Income tax return being ₹ 8,80,860/-, that an addition of ₹ 33,00,000/- under Section 68 of the Act is about 4 times the income declared in the return of income. The assessee will be saddled with tax liability of ₹ 14,21,045, including interest u/s 234B and 234C of the Act. It wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elating to a third person, there was dependencies on the said third persons for collation of the same. Therefore, required longer time for its collation and therefore, could not be submitted before the lower authorities. It was submitted that the Tribunal is the last fact-finding authority. The appeal in question being driven by facts and evidences, any denial to admit the additional evidences at this stage would result in irreversible damage to the assessee. 7. The learned Counsel for the assessee relied on the decision of Hon ble Supreme Court in the case of K Venkatarmaiah versus A Reddy AIR 1963 SC 1526, the Apex Court held as follows in interpreting the words any other substantial cause: There may well cases where even thou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sagar Bar and Restaurant with SBI, Malpe shows the following deposit of ₹ 3,00,000/- on 11 different dates: 1-Apr-2015 to 31-Mar-2016 Date Particulars 06-05-2015 Dr State Bank of India-CA 306855 08-06-2015 Dr State Bank of India-CA 306855 20-08-2015 Dr State Bank of India-CA 306855 11-09-2015 Dr State Bank of India-CA 306855 24-09-2015 Dr State Bank of India-CA 306855 16-10-2015 D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 98 to 102 of assessee s Paper Book. Income Tax returns for Assessment Year 2015-16 and 2016-17 of Mr. Suresh Shervegar (copy at pages 107 to 111 is also filed as additional evidence. (iii) The deposit of ₹ 3,00,000/- each on 24.09.2015, 11.01.2015, 11.01.2016, 09.02.2016 and 09.03.2016 are RTGS transfer of funds from assessee s Bank A/c with Corporation Bank (pages 86 to 94 of Paper Book). (iv) Additional evidence in the form of affidavit of Mr. Laxman Shervegar (at pages 114 to 115) stating that he had given ₹ 40 lakhs by cash out of his agricultural income to his son Mr. Suresh Shervegar as gift. Out of this, he had given fund to the assessee who is Mr. Laxman Shervegar s brother s son. Evidence of agricultural inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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