Prashant Kumar Gupta, Kanpur V. ACIT, Kanpur

CO 31/LKW/2010

• Counselvise Citation: [2010] 122 COUNSELVISE.COM (IT) 5419 (ITAT-LUCKNOW)
• Duration Of Justice: 2 month(s) 23 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 02-11-2010
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 02-11-2010
• Assessment Year: 2006-2007
• Appeal Filed On: 10-08-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ANADI VERMA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, A - BENCH, LUCKNOW. BEFORE SHRI H.L.KARWA, HON'BLE VICE PRESIDENT AND SHRI N.K.SAINI, ACCOUNTANT MEMBER C.O.NO.31 (LKW.)/2010 (IN I.T.A.NO.459(LKW.)/2010) A.Y. : 2006-07 SHRI PRASHANT KUMAR, VS. THE ACIT-II, PROP. M/S. ANMOL SALT TRADERS, KANPUR. 58, INDUSTRIAL ESTATE, KANPUR. (CROSS OBJECTOR) (RESPONDENT) CROSS OBJECTOR BY : SHRI RAKESH GARG, ADVOCATE RESPONDENT BY : SHRI ANADI VERMA, SR.D.R. O R D E R PER H.L.KARWA, VICE PRESIDENT THIS CROSS OBJECTION FILED BY THE ASSESSEE (ARISI NG OUT OF I.T.A.NO.459(LKW.)/2010) IS DIRECTED AGAINST THE OR DER OF THE LD.CIT(A)- II,KANPUR DATED 30 TH APRIL,2010 RELATING TO ASSESSMENT YEAR 2006-07. 2. IN THIS CROSS OBJECTION, THE ASSESSEE HAS TAKEN THE FOLLOWING GROUNDS: 1. BECAUSE THE CIT(APPEALS) HAS ERRED ON FACTS AND IN LAW IN UPHOLDING THE ADDITION OF RS.7,12,625/ - ON ACCOUNT OF CLOSING STOCK OVER LOOKING THE PROVISIONS OF LAW/ACCOUNTANC Y, THE SAID ADDITION BEING DIRECTLY IN CONFLICT WITH THE PROVIS IONS OF INCOME TAX LAW, BE DELETED. 2. BECAUSE IF RS.7,12,625/ - IS THE CUMULATIVE EFFE CT FOR LAST SEVERAL YEARS, THEN EACH YEAR BEING AIL INDEPENDENT YEAR, AND THERE BEING NO CONCEPT OF CUMULATIVE ADDITION, THE ADDITI ON IS CONTRARY TO FACTS, BAD IN LAW AND BE DELETED. 2 3. SHRI RAKESH GARG, ADVOCATE, LD. COUNSEL FOR THE ASSESSEE VIDE LETTER DATED 2.11.2010 HAS STATED AS UNDER : HON'BLE SIRS, THE ABOVE CROSS OBJECTION HAS BEEN FILED AGAINST TH E APPEAL FILED BY THE DEPTT. SINCE THE ASSESSEE HAS ALSO PRE FERRED AN APPEAL, THE CROSS-OBJECTION FILED BY THE ASSESSEE BECOMES INFRU CTUOUS. THE SAME MAY KINDLY BE TREATED AS WITHDRAWN. SUBMITTED. FOR PRASHANT KUMAR GUPTA SD. ADVOCATE DT.2.11.2010. 4. IN VIEW OF THE ABOVE LETTER, THE CROSS OBJECTION IS DISMISSED AS WITHDRAWN. 5. IN THE RESULT, THE CROSS OBJECTION IS DISMISSED. THE ORDER PRONOUNCED IN THE OPEN COURT ON 2.11.20 10. SD. SD. (N.K.SAINI) (H.L.KARWA) ACCOUNTANT MEMBER VICE PRESIDENT NOVEMBER 2ND ,2010. COPY TO THE : 1. APPELLANT 2. RESPONDENT 3. CIT(A) (4) CIT 5.DR. A.R.,ITAT, LUCKNOW. SRIVASTAVA.