M/S GANPATI STOCK LIMITED , NEW DELHI V. ITO WARD-1(4), JAMSHEDPUR

ITA 05/RAN/2018

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 0618 (ITAT-RANCHI)
• Duration Of Justice: 10 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-11-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2014-2015
• Appeal Filed On: 03-01-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A K MOHANTY
• Assessee Lawyers: MANAV PODDAR
• Section: 234B

Judgement Text

1 ITA NO. 05 /RAN/20 1 8 IN THE INCOME TAX APPELLATE TRIBUNAL, RANCHI BENCH, RANCHI BEFORE SHRI N.S.SAINI , ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE , JUDICIAL MEMBER ITA NO. 05 / RAN/20 1 8 ASSESSMENT YEAR : 20 1 4 - 2015 M/S GANPATI STOCK LTD., GI, GROUND FLOOR, SOUTH EXTENSION, PAR T - II, NEW DELHI - 110049 V S ITO, WARD - 1(4), JAMSHEDPUR PAN NO. : AA ACG 6304 L (APPELLANT ) .. RESPONDENT ASSESSEE BY : SHRI MANAV PODDAR , ADVOCATE REVENUE BY : SHRI A.K.MOHANTY , J CIT DATE OF HEARING : 2 9 . 11 .201 8 DATE OF PRONOUNCEMENT : 30 . 11 .201 8 O R D E R PER PAVAN KUMAR GADALE, JM : THE ASSESSEE HA S FILED THE APPEAL AGAINST THE ORDER OF CIT(A), JAMSHEDPUR , DATED 10.10.2017 FOR THE ASSESSMENT YEAR 2014 - 2015 , WHEREIN THE FOLLOWING GROUNDS HAVE B EEN RAISED BY THE ASSESSEE : - 1. FOR THAT THE LD. CIT (APPEALS), JAMSHEDPUR IS HIGHLY UNJUSTIFIED IN PASSING THE ORDER WITHOUT GIVING PROPER OPPORTUNITY OF HEARING AND IGNORING THE FACT THAT REGISTERED OFFICE OF THE COMPANY HAS BEEN CHANGED FROM JAMSHEDPU R TO NEW DELHI AND DULY INTIMATED TO THE INCOME TAX DEPARTMENT. 2 FOR THAT THE INVESTMENT MADE BY THE SHAREHOLDERS IN NAGALAND WERE TRIBAL, WHOSE IDENTITIES WERE DULY ESTABLISHED AS ALL OF THEM WERE HAVING PAN CARDS AND DULY CERTIFIED BY THE SUB DIVISION AL OFFICER (CIVIL) KOHIMA, NAGALAND THAT THEIR INCOME WERE EXEMPT U/S 10(26) OF THE INCOME TAX ACT AND THE SAME SHALL NOT BE TREATED AS TOTAL INCOME IN THEIR HAND. AS SUCH THE ADDITION OF RS. 83,00,000/ - IN AGGREGAT E IS LIABLE TO BE DELETED IN TO TO. 3. FOR THAT CHARGING OF INTEREST U/S 234B OF RS. 8,98,191/ - ON THE ASSESSED INCOME IS AGAINST THE ORDER OF THE JURISDICTIONAL HIGH COURT AND IS LIABLE TO BE DELETED. 2 ITA NO. 05 /RAN/20 1 8 4. FOR THAT THE ASSESSEE BEGS LEAVE TO ADD, ALTER, AND WITHDRAW ANY GROUNDS OF APPEAL DURI NG THE COURSE OF HEARING THEREOF OR PRIOR THERETO. 2 . BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE IS A NBFC COMPANY AND FILED THE RETURN OF INCOME ON 30.09.2014 FOR THE ASSESSMENT YEAR 201 4 - 201 5 DECLARING TOTAL INCOME OF RS. 5,41,720/ - . UPON SELECTION O F THE CASE FOR SCRUTINY , NOTICES U/S.143(2)/142(1) OF THE ACT WERE ISSUED. THEREAFTER THE AO COMPLETED THE ASSESSMENT MAKING ADDITION U/S.68 OF THE ACT AND ASSESSED THE TOTA L INCOME OF THE ASSESSEE RS. 88,71,720/ - AND PASSED ORDER U/S.143(3) OF THE ACT, DAT ED 31.12.2016 . 3 . AGGRIEVED BY THE ORDER OF AO, ASSESSEE PREFERRED AN APPEAL BEFORE THE CIT(A). HOWEVER, THE CIT(A) DISMISSED THE APPEAL OF THE ASSESSEE ON ACCOUNT OF NON - PROSECUTION . 4 . AGGRIEVED BY THE ORDER OF CIT(A), THE ASSESSEE HAS FILED AN APPEAL BE FORE THE TRIBUNAL. 5 . LD. AR FILED AN ADJOURNMENT APPLICATION AND THE GROUND TAKEN BY THE ASSESSEE IN THE ADJOURNMENT APPLICATION, IN OUR OPINION, IS NOT A PLAUSIBLE ONE AD THE SAME IS REJECTED AND THE APPEAL IS HEARD FINALLY. 6 . ON THE OTHER HAND, LD. DR RELIED ON THE ORDERS OF LOWER AUTHORITIES. 7 . WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. WE ON PERUSAL OF THE CIT(A) ORDER, FOUND THAT THE ASSESSEE WAS PROVIDED OPPORTUNITIES OF HEARING TO REPRESENT ITS CASE ON 29.05.2017, 05. 06.2017, 12.06.2017 AND 19.06.2017. EVEN ON 10.10.2017, NO ONE WAS 3 ITA NO. 05 /RAN/20 1 8 APPEARED ON BEHALF OF THE ASSESSEE NEITHER ANY DETAILS WERE FILED, THEREFORE, THE CIT(A) DISMISSED THE APPEAL OF THE ASSESSEE FOR STATISTICAL PURPOSES. WE CONSIDERING THE GROUNDS RAISED BY THE ASSESSEE AND THE FACT THAT NONE APPEARED ON BEHALF OF THE ASSESSEE, IN THE INTEREST OF SUBSTANTIAL JUS TICE, WE PROVIDE ONE MORE OPPORTUNITY TO THE ASSESSEE TO REPRESENT ITS CASE BEFORE THE CIT(A) AND THE CIT(A) IS AT LIBERTY TO CONSIDER THE SUBMISSIONS AND PASS A REASONED ORDER AND THE ASSESSEE SHALL COOPERATE IN SUBMITTING THE INFORMATION FOR EARLY DISPOSAL OF THE APPEAL. ACCORDINGLY, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 8 . IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STA TISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 30 / 11 /201 8 SD/ - SD/ - (N.S.SAINI) (PAVAN KUMAR GADALE) ACCOUN TANT MEMBER JUDICIAL MEMBER RANCHI , DATED 30 / 11 /2018 PRAKASH KUMAR MISHRA , SR. PS COPY OF THE ORDER FORWARDED TO : BY ORDER, //TRUE COPY// SR.PS, ITAT, RANCHI 1. THE APPELLANT M/S GANPATI ST OCK LTD., GI, GROUND FLOOR, SOUTH EXTENSION, PART - II, NEW DELHI - 110049 2. THE RESPONDENT ITO, WARD - 1(4), JAMSHEDPUR 3. THE CIT(A) CONCERNED 4. CIT , CONCERNED 5. DR, ITAT, RANCHI 6. GUARD FILE.