Gandevi Taluka Khedut Sahakari Sangh Ltd., Navsari V. The Income tax Officer,Ward-2, Navsari

CO 183/AHD/2012

• Counselvise Citation: [2016] 123 COUNSELVISE.COM (IT) 1865 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 3 month(s) 19 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 29-01-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 29-01-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 10-10-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: DINESH SINGH
• Assessee Lawyers: H R VEPARI
• Keywords: Gross profit estimation; Retrospective amendment; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH BEFORE: S H RI PRAMOD KUMAR , ACCOUNTANT MEMBER AND SHR I S. S. GODARA , JUDICIAL MEMBER INCOME TAX OFFICER, WARD - 2, NAVSARI (APPELLANT) VS GANDEVI TALUKA KHEDUT SAHAKARI SANGH LTD, CHAR RASTA, POST BOX NO. 31, GANDEVI, DIST. NAVSAR PAN: AAAAG0647C (RESPONDENT /CROSS OBJECTOR ) REVENUE BY : S H R I DINESH SINGH , SR. D . R. ASSESSEE BY: S H RI H.R. VEPARI , A.R. DATE OF HEARING : 29 - 01 - 2 016 DATE OF PRONOUNCEMENT : 29 - 01 - 2 016 / ORDER P ER BENCH : - THIS REVENUE S APPEAL & ASSESSEE S CROSS OBJECTION FOR A.Y. 2009 - 10 , AR ISE FROM ORDER OF THE CIT(A), VALSAD DATED 28 - 05 - 2012 IN APPEAL NO. CIT(A) / VLS/260/ 10 - 11 , IN PROCEEDINGS UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . I T A NO . 1706 & CO NO. 183 / A HD/20 12 A SSESSMENT YEAR 200 9 - 10 I.T.A NO. 1706 /AHD/20 12 A.Y. 2009 - 10 PAGE NO ITO VS. GANDEVI TALUKA KHEDUT SAHAKARI SANGH LTD 2 2. THE R EVENUE S SOLE SUBSTANTIVE GROUND ASSAILS CORRECTNESS OF THE LOWER APPELLATE ORDER DELETING ADDITIONS TOTALING TO RS. 25,67,005/ - COMPRISING OF A SUM OF RS. 6,05,776/ - IN RESPECT OF INTEREST FROM NATIONALIZED BANK, RS. 1,50,000/ - PERTAINING TO CLOSING STOCK AND LOW GROSS PROFITS OF RS. 18,11,229/ - ; RESPECTIVELY. THERE CAN HARDLY BE ANY DISPUTE THAT NET TAX EFFECT THEREIN COMES TO BE OF LESS THAN RS. 10 LACS. WE FIND THAT THE CENTRAL BOARD OF DIRECT TAXES; HEREAFTER THE BOARD HAS ISSUED THE CIRCULAR NO. 21/2015 DATED 10 - 12 - 2015 CLEARLY ENVISAGING THEREIN THAT DEPARTMENT S PENDING APPEALS BEFORE THE TRIBUNAL/HIGH COURTS ARE TO BE WITHDRAWN/NOT PRESSED AS PER THE ABOVE STATED CIRCULAR. THE SAME HAS BEEN DECLARED TO BE HAVING RETROSPECTIVE EFFECT IN OTHER W ORDS. WE TAKE INTO CONSIDERATION THE ABOVE STATED BOARD S CIRCULAR AND DISMISS THE INSTANT APPEAL ACCORDINGLY. 3. THIS REVENUE S APPEAL IS DISMISSED AS HAVING LOW TAX EFFECT. 4. THE ASSESSEE DOES NOT PRESS FOR ITS CROSS OBJECTION 183/AHD/2012 SUBJECT T O THE CONDITION THAT THE ISSUE OF INTEREST INCOME BE NOT TREATED AS A PRECEDENT IN PRECEDING AND SUCCEEDING ASSESSMENT YEAR. THE REVENUE IS FAIR ENOUGH IN NOT OBJECTING TO THIS PRAYER. WE ACCEPT ASSESSEE S PLEA AND DISMISS THIS CROSS OBJECTION AS NOT PR ESSED. I.T.A NO. 1706 /AHD/20 12 A.Y. 2009 - 10 PAGE NO ITO VS. GANDEVI TALUKA KHEDUT SAHAKARI SANGH LTD 3 5. THIS REVENUE APPEAL ITA 1706/AHD/2012 IS DISMISSED. ASSESSEE S CROSS OBJECTION 183/AHD/2012 IS DISMISSED AS NOT PRESSED. ORDER PR ONOUNCED IN THE OPEN C OURT ON 29 - 01 - 201 6 SD/ - SD/ - ( PRAMOD KUMAR ) ( S. S. GODARA ) ACCOU NTANT MEMBER JUDICIAL MEMBER AHMEDABAD : DATED 29 /01/2016 AK / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,