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TMI Blog2024 (8) TMI 1075X X X X Extracts X X X X X X X X Extracts X X X X ..... the order of the ITAT Ranchi Bench before the Hon'ble Court. The contentions as made before lower authorities were reiterated. The Hon'ble Court which dealt with the matter at length held that both the assessees failed to prove identity, creditworthiness and genuineness of the creditors. The contention of the assessee regarding addition made u/s 68 of the Act on the ground that the amounts were not credited in the bank account, the Hon'ble Court has held that there was no error committed by and /or the tax authorities.Both the appeals were, consequently dismissed by the court. Interest charge u/s 234A and 234B - Departmental Miscellaneous applications on deletion of interest charge - HELD THAT:- Interest u/s 234AB could be charg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It may be mentioned here that, it is consistent view taken by the Hon'ble Supreme Court to expedite all pending matters before various courts. Each adjournment request needs to be properly evaluated before accepting the request of the appellant. Grant of repeated adjournments in a routine manner and how it ultimately effects the justice delivery system as such came to be considered by this Court in a catena of decisions and asking/granting of repeated adjournments have been repeatedly condemned by this Court. The Apex Court in a number of pronouncements have deprecated the practice of seeking unwanted adjournments. 2.1 The Apex Court in Surinder Kaur and Ors vs Tanvir Singh Bal SLP (c) No(s). 32740/2015 was irked that the Trial Court wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come from commission and Restaurant business respectively and declared total income of Rs. 1,98,690/- each. It was noticed by the AO that they had deposited substantial amount of cash in their bank accounts with Corporation Bank, Ranchi. 6. The assessee submitted that these amounts were received from the builder M/s Singh Estate Singh Constructions as advance signing amount for purchase of the land. Total amount received by the assessees and other family member is as below: Sh. Harmeet Singh ---Rs.36,00,000/- Sh. Rajmeet Singh ----Rs.33,00,000/- Sh.Sardar Pratap Singh Mrs. Ajit Kumar--Rs.36,00,000/- However, the AO noticed that the amount received income from the builder M/s Singh Estate Singh Constructions was only to the tune of Rs. 14,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ard were dosmissed and the addition was upheld by the Tribunal. 8. The other matter before Hon'ble ITAT pertained to charging interest of Section 234A and 234B, which was confirmed by the Ld.CIT(A). The Hon'ble ITAT, however, directed to delete the interest in view of the Hon'ble Jurisdictional High Court in the case of Ajay Prakash Verma vs. ITO (2010) TA No. 38/2010 reported in 2013 (1) TMI 140. It was held that interest could be charged on the return income not on assessed income. 9. We have carefully considered the grounds of appeal , relevant records and the provisions of the Act. As far as, the additions made with respect to cash deposits in the bank account are concerned, in the course of hearing an order dated 06.02.2024 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relying on the aforementioned judgment of the court pass in the case of Ajay Prakash verma (Supra) has, erroneously held that the interest under Section 234AB could be charged on the returned income and not on the assessed income. Ld. ITAT has not even considered the provisions of Section 234B, as applicable during the period of AY 2015-16, which is relevant to the instant appeal. The said finding of the Ld. ITAT is totally contrary to the provisions of Section 234B as amended by the Finance Act, 2001 and the Finance Act,2006. 21. Having regard to the aforesaid discussions, question of law Nos.2,3 and 4 are decided in favour of the revenue and against the assessee. 22. Consequently, the instant appeal is partly allowed. 10. In view of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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