M/s Velingkar Brothers., Ponda V. The Assistant Commissioner of Income Tax, Circle-2 (1), Panaji. Panaji., Panaji

CO 108/PAN/2016

• Counselvise Citation: [2016] 123 COUNSELVISE.COM (IT) 2568 (ITAT-PANAJI)
• Duration Of Justice: 3 month(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 22-11-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 22-11-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 22-08-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: RAVIRAJ Y V
• Assessee Lawyers: D E ROBINSON
• Keywords: Reopening of assessment
• Section: 10B

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI GEORGE MATHAN, HONBLE JUDICIAL MEMBER & SHRI RAMIT KOCHAR HONBLE ACCOUNTANT MEMBER ITA NO. 131 /P A N/201 6 (ASST. YEAR : 20 09 - 1 0 ) ACIT, CIRCLE - 2(1), PANAJI GOA. VS. M/S. VELINGKAR BROTHERS, VELINGKAR MARDOL, PONDA, GOA PAN NO. AABFV 8653 M (APPELLANT) (RESPONDENT) C.O.NO.108/PAN/2016 ( ITA NO. 131 /P A N/201 6) (ASST. YEAR : 20 09 - 1 0 ) M/S. VELINGKAR BROTHERS, VELINGKAR MARDOL, PONDA, GOA VS. ACIT, CIRCLE - 2(1), PANAJI GOA. PAN NO. AABFV 8653 M (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI D.E. ROBINSON ADV. DEPARTMENT BY : SHRI RAVIRAJ Y.V. - DR DATE OF HEARING : 2 2 / 11 /201 6 . DATE OF PRONOUNCEMENT : 22 / 11 /201 6 . O R D E R PER GEORGE MATHAN , JUDICIAL MEMBER ITA NO. 131/PAN/2016 IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) , PANAJI - 1 IN APPEAL NO.58/PNJ/14 - 15 , DATED 0 4 /0 4 /201 6 FOR THE ASSESSMENT YEAR 2009 - 1 0 AND THE C.O. NO.108/PAN/2016 IS THE CROSS OBJECTION FILED BY THE ASSESSEE IN REVENUES APPEAL IN ITA NO. 131/PAN/2016. 2 ITA NO. 131 /P A N/201 6 & C.O.NO.108/PAN/2016 2. SHRI RAVIRAJ Y.V. DEPARTMENTAL REPRESENTATIVE REPRESENTED ON BEHALF OF THE REVENUE AND SHRI D.E. ROBINSON, ADVOCATE REPRESENTED ON BEHALF OF THE ASSESSEE. 3 . IN THE REVENUES APPEAL, THE REVENUE HAS CHALLENGED THE ACTION OF THE COMMISSIONER OF INCOME TAX (APPEALS) IN DELETING THE ADDITION ON ACCOUNT OF UNDER - PRICING OF SALES TO ITS SISTER CONCERN , WHICH IS ENTITLED TO EXEMPTION UNDER SECTION 10B OF THE ACT. IN THE CROSS OBJECTION, THE ASSESSEE HAS CHALLENGED THE REOPENING OF THE ASSESSMENT. 4 . AT THE TIME OF HEARING, IT WAS FAIRLY AGREED BY BOTH THE SIDES THAT IN RESPECT OF REVENUES APPEAL , WHICH IS ON MERITS, THE ISSUE WAS SQUARELY COVERED BY THE DECISION OF THE COORDINATE BENCH OF THIS TRIBUNAL IN ASSESSEES OWN CASE FOR THE ASSESSMENT YEAR 2008 - 09 IN ITA NO.18/PNJ/2014 AND C.O.NO. 13/PNJ/2014 , DATED 30/05/2014 WHEREIN THE COORDINATE BENCH OF THIS TRIBUNAL HAS HELD THAT NO UNDER - INVOICING OR UNDER - PRICING HAS BEEN DONE BY THE ASSESSEE OF ITS SALES MADE TO SISTER CONCERN . IN THESE CIRCUMSTANCES, RESPECTFULLY FOLLOWING THE DECISION OF THE COORDINATE BENCH OF THIS TRIBUNAL IN ASSESSEES OWN C ASE FOR THE ASSESSMENT YEAR 2008 - 09 (SUPRA), THE FI ND ING OF THE COMMISSIONER OF INCOME TAX (APPEALS) ON THIS ISSUE STANDS CONFIRMED. IT IS ALSO NOTICED THAT THE COMMISSIONER OF INCOME TAX (APPEALS) HAS ALSO FOLLOWED JUDICIAL DISCIPLINE IN FOLLOWING THE DE CISION OF THE COORDINATE BENCH OF THIS TRIBUNAL IN THE ASSESSEES OWN CASE FOR THE ASSESSMENT YEAR 2008 - 09 , TO DELETE THE ADDITION. IN THESE CIRCUMSTANCES , WE FIND NO REASON TO INTERFERE IN THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS). IN THE RES ULT, APPEAL OF THE REVENUE STANDS DISMISSED. 3 ITA NO. 131 /P A N/201 6 & C.O.NO.108/PAN/2016 5. AT THE TIME OF HEARING, IT WAS SUBMITTED BY THE AUTHORIZED REPRESENTATIVE OF THE ASSESSEE THAT AS THE ISSUE ON MERITS HAS BEEN DECIDED IN FAVOUR OF THE ASSESSEE, HE DOES NOT WISH TO PRESS THE CROSS OBJECTION IN RESPECT OF REOPENING OF ASSESSMENT . CONSEQUENTLY, THE CROSS OBJECTION FILED BY THE ASSESSEE STANDS DISMISSED AS WITHDRAWN . 6 . IN THE RESULT, APPEAL OF THE REVENUE AND THE CROSS OBJECTION OF THE ASSESSEE STAND DISMISSED. ORDER PRONOUNCED IN THE COURT AT THE CLOSE OF THE HEARING ON TUESDAY , THE 2 2 ND DAY OF NOVEMBER , 201 6 AT GOA . SD/ - SD/ - ( RAMIT KOCHAR ) (GEORGE MATHAN) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 2 2 ND NOVEMBER , 201 6 . VR/ - COPY TO: 1 . THE ASSESSEE. M/S. VELINGKAR BROTHERS, VELINGKAR MARDOL, PONDA, GOA. 2 . THE REVENUE. ACIT, CIRCLE - 2(1), PANAJI GOA. 3 . THE CIT 4 . THE CIT(A) 5 . THE D.R . 6 . GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., PANAJI