Govindam Clearing Agencies Pvt. Ltd Vs DCIT

IN THE INCOME TAX APPELLATE TRIBUNAL,
JAIPUR BENCHES,”B” JAIPUR

BEFORE: SHRI RAMESH C SHARMA, AM & SHRI SANDEEP GOSAIN, JM

ITA No.70/JP/2019
Assessment Year : 2016-17

M/s. Govindam Clearing Agencies Pvt. Ltd.,
G-7, Ratnasagar, MSB Ka Rasta,
Johri Bazar, Jaipur cuke
Appellant

Vs.

The DCIT Circle-3,Jaipur
PAN/GIR No.: AAACG 8739 R
Respondent

Assessee by : Shri Vijay Goyal, CA
Revenue by: Smt. Runi Paul , DCIT DR
Date of Hearing : 19/08/2020
Date of Pronouncement: 01 /09/2020

ORDER

PER SANDEEP GOSAIN, J.M.

The present appeal has been filed by the assessee against the order of ld.CIT (A)-4,Jaipur dated 01.11.2018 for the Assessment Year2016-17 passed under section 143(3) r.w.s. 153B(1)(b) of the Income Tax Act, 1961 on the grounds mentioned hereinbelow.

‘’1. On the facts and in the circumstances ad in law the ld. CIT(A) erred in sustaining the addition of Rs. 3,51,470/- made by the AO on account of alleged unaccounted cash found at the time of search.

2. On the facts and in the circumstances ad in law the ld. CIT(A) erred in sustaining the addition of Rs. 18,315/- made by the AO on account of disallowance of interest paid on late deposit of TDS of Rs. 18,315/-.’’

2.1 Brief facts of the case are that the assessee is engaged in the business of custom house agent and filed its return of income on 23-09-2016 for the year under consideration declaring total income at Rs. 69,82,640/-. The assessee belongs to Ramesh Chand Manihar Group, Jaipur on whose premises a search u/s 132 of the Act was carried out on 7-01-2016. Various assets/books of account and documents were found and seized as per annexure prepared during the course of search. Finally, the AO completed the assessment u/s 143(3) r.w.s. 153B(1)(b) of the Act vide order dated 28-12-2017 at a total income of Rs. 73,52,425/- as against returned income of Rs. 69,82,640/-. The AO also made an addition of Rs. 18,315/- on account of disallowance of interest on TDS.

2.2 Aggrieved by the order of the AO, the assessee preferred an appeal before the ld. CIT(A) who after considering the facts and circumstances of the case, dismissed the appeal filed by the assessee.

2.3 Now aggrieved by the order of the ld. CIT(A), the assessee preferred the present appeal before us on the grounds mentioned hereinabove.

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