Case Law Details
Sanjay Chandrakant Gaonkar Vs ITO (ITAT Mumbai)
ITAT held that in view of non-cooperation on the part of the assessee before lower authorities for verification of it’s own documents/ claims cost of Rs. 20,000 imposed on the assessee to be deposited into Prime Minister Relief Fund.
Facts- The assessee is an individual and employee of the Reserve Bank of India (RBI) and also claimed as partner in firm M/s Shree Swami Samarth Hotel. In the case of assessee, AO observed cash deposits in bank accounts maintained with Apna Sahakari Bank and Canara Banak. However, due to failure on the part of assessee in explaining the source of same, the Assessing Officer treated the said cash deposits as unexplained credit/investment of Rs. 59,46,260/-. The Assessing Officer also made disallowance of expenses claimed against remuneration of Rs. 2,27,231/and addition for unexplained credit of Rs. 35,52,805/-.
The matter was remanded by CIT(A), however, in view of no compliance part of the assessee, CIT(A) upheld the above addition. Being aggrieved, the present appeal is filed.
Conclusion- Held that it is evident the assessee has not cooperated before the lower authorities for verification of the it’s own documents and claims. Before us the Ld. Counsel of the assessee requested for restoring the matter back to the file of the Ld. CIT(A). In the interest of the substantial justice, we feel it appropriate to restore the issue back to the Ld. CIT(A), however looking to the non compliant conduct of the assessee and total disregard of the proceedings before the Ld. CIT(A), impose cost of Rs. 20,000/-. The assessee is directed to deposit the same into Prime Minister Relief Fund within seven days of receipt of this order. The grounds raised by the assessee are accordingly allowed for statistical purpose. The Ld. CIT(A) is directed to ensure payment of the cost by the assessee before the commencing the appellate proceedings.
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can rbi emplyee run business ? or goc employee do business