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TMI Blog2022 (7) TMI 332X X X X Extracts X X X X X X X X Extracts X X X X ..... . - Decided in favour of assessee. - ITA No. 132/Rjt/2020 - - - Dated:- 6-7-2022 - Shri Waseem Ahmed, Accountant Member And Shri Siddhartha Nautiyal, Judicial Member For the Assessee : Shri Mehul Ranpura, A.R. For the Revenue : Shri B.D. Gupta, Sr. D.R. ORDER PER BENCH :- This assessee s appeal for A.Y. 2014-15, arises from order of the CIT(A), Jamnagar dated 17-10-2019, in Appeal No. CIT(A)/Jam/205/16- 17/976, in proceedings under section 143(3) of the Income Tax Act, 1961; in short the Act . 2. The assessee has taken the following grounds of appeal:- 1. The grounds of appeal mentioned hereunder are without prejudice to one another. 2. The Commissioner of lncome-tax (Appeals), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... justice, we are hereby condoning the delay in filing the present appeal. The Ld. DR has also not objected to the delay being condoned. 4. The brief facts of the case are that the assessee had filed its return of income for assessment year 2014-15 declaring total income of ₹ 2,18,500/-. During the course of assessment for the impugned assessment year, the AO noticed that the assessee has shown an amount of ₹ 10,01,133/- as opening capital balance even though the assessee had filed return of income for the first time. The assessee was asked as to why this opening balance amount of ₹ 10,01,133/- not be treated as unexplained income of the assessee and thus be added to the total income of the assessee. Since the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not be doubted. He further drew our attention to page 3 of the paper book to submit that that during the year the assessee had earned salary income from M/s Shiv Transport Company and also had started his own business during the year under consideration and had earned business income as well. He further drew attention to page 11 of the paper book to contend that the assessee has been earnings salary income for past many years in the range of ₹ 1.75 lakhs to 2 lakhs per annum and hence the figure of opening balance of ₹ 10,01,133/-is quite reasonable considering the instant set of facts. He further drew attention to page 15 the paper book, in which the certificate issued by M/s Shiv Transport Company as proof of employment with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has neither challenged the fact that assessee is earning salary income for past several years. In view of the above, in our considered view, Ld. CIT(Appeals) has given part relief to the assessee on a purely ad-hoc basis, without controverting the genuineness of the documents placed on record by the assessee in support of his claim that the opening balance is out of past savings. It may be pertinent to refer to the observations made by the Delhi Tribunal in the case of Jagtar Singh vs Income-Tax Officer 1999 69 ITD 47 Delhi , on the issue in hand before us: On the other hand, we are inclined to agree with the submission of the assessee's counsel that in view of the assessee's statement of affairs available with the Revenue s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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