M/s. Aashi Plywood Industries, Hyderabad V. ACIT,Central Circle-3, Hyderabad

ITA 1043/HYD/2014

• Counselvise Citation: 104322514 RSA 2014
• Duration Of Justice: 1 year(s) 5 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-11-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 27-10-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 26-05-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MOHAN SINGH SINGHANIA
• Assessee Lawyers: P MURALI MOHAN RAO
• Keywords: Revision of order; Search and seizure; Opportunity of being heard; Assessment record
• Section: 143(3); 142(1); 263; 132; 144

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES B : HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI RIFAUR RAHMAN, ACCOUNTANT MEMBER ITA.NO. A.Y. APPELLANT RESPONDENT 1041/H/2014 2006 - 07 M/S. AASHI PLYWOOD INDUSTRIES, HYDERABAD PAN AADFP9625M ACIT, CIRCLE-3, HYDERABAD. 1042/H/2014 2007 - 08 1043/H/2014 2008 - 09 1044/H/2014 2009 - 10 1045/H/2014 2010 - 11 FOR ASSESSEE : MR. P. MURALIMOHAN RAO FOR REVENUE : MR. MOHAN SINGH SINGHANIA DATE OF HEARING : 27.10.2015 DATE OF PRONOUNCEMENT : 13 .1 1 .2015 ORDER PER SMT. P. MADHAVI DEVI, J.M. ALL ARE ASSESSEES APPEALS FOR THE A.YS. 2006- 07 TO 2010-11. IN ALL THESE APPEALS, ASSESSEE IS AG GRIEVED BY THE ORDER OF THE LD. CIT UNDER SECTION 263 OF TH E I.T. ACT, 1961. 2. BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE I S A PARTNERSHIP FIRM. THERE WAS A SEARCH AND SEIZURE OPERATION UNDER SECTION 132 OF THE I.T. ACT IN THE CASE OF M/S. MBS JEWELLERS P. LTD., AND ITS GROUP CASES ON 11.03.2010. DURING THE COURSE OF SEARCH, CERTAIN DOCUMENTS WERE FOUND AND SEIZED RELATING TO M/S. AA SHI PLYWOOD INDUSTRIES I.E., ASSESSEE HEREIN. ACCORDING LY, 2 ITA.NO.1041 TO 1045/H/2014 M/S. AASHI PLYWOOD INDUSTRIES, HYDERABAD. NOTICE UNDER SECTION 153C WAS ISSUED BY THE A.O. TO THE ASSESSEE ON 22.11.2011 FOR THE A.YS. 2006-07 TO 200 9-10 AND FOR A.Y. 2010-2011 NOTICE UNDER SECTION 142(1) WAS ISSUED ON 22.11.2011, IN RESPONSE TO WHICH, ASSESSE E FILED ITS RETURNS OF INCOME FOR ALL THE RELEVANT AS SESSMENT YEARS. DURING THE ASSESSMENT PROCEEDINGS, THE A.O. CALLED FOR VARIOUS DETAILS FROM THE ASSESSEE. HOWEV ER, SINCE THERE WAS NO RESPONSE FROM THE ASSESSEE, THE ASSESSMENT WAS COMPLETED BY THE A.O. UNDER SECTION 144 READ WITH SECTION 153C FOR A.YS. 2006-07 TO 2009-10 AND UNDER SECTION 144 READ WITH SECTION 153C FOR THE A. Y. 2010-11 MAKING VARIOUS DISALLOWANCES AND ADDITIONS . SUBSEQUENTLY, THE LD. CIT CALLED FOR THE ASSESSMENT RECORDS IN ASSESSEES CASE BY EXERCISING THE POWERS VESTED IN HIM UNDER SECTION 263 OF THE I.T. ACT AND REVISE D THE ASSESSMENT ORDERS FOR ALL THE YEARS AFTER ISSUING N OTICE TO THE ASSESSEE UNDER SECTION 263 OF THE I.T. ACT. ASS ESSEE PREFERRED APPEALS BEFORE THE ITAT AGAINST THE ORDER S UNDER SECTION 263. A.O. WHILE GIVING EFFECT TO THE ORDER UNDER SECTION 263, HAS OBSERVED THAT THE A.O. HAD EXAMINED THE SCRUTINY PROCEEDINGS UNDER SECTION 143 (3) READ WITH SECTION 153C DATED 26.11.2011 AND HAS FOU ND THAT THE SAID ORDER WAS ERRONEOUS IN SO FAR AS IT W AS PREJUDICIAL TO THE INTERESTS OF THE REVENUE FOR ACC EPTING THE INCOME RETURNED BY THE ASSESSEE AT NIL AND THEREFORE, A PROPOSAL FOR REVISION OF THE ASSESSMEN T ORDER UNDER SECTION 263 WAS SUBMITTED TO THE LD. CIT, HYDERABAD ON 14.03.2014. THEREAFTER, THE A.O. HAS G IVEN EFFECT TO THE ORDER UNDER SECTION 263. ON RECEIPT O F THE 3 ITA.NO.1041 TO 1045/H/2014 M/S. AASHI PLYWOOD INDUSTRIES, HYDERABAD. ORDER UNDER SECTION 143(3) READ WITH SECTION 263 OF THE I.T. ACT ON 25.05.2015, THE ASSESSEE HAS COME TO KN OW THAT THE PROCEEDINGS UNDER SECTION 263 WERE INITIAT ED BY THE LD. CIT PURSUANT TO THE RECOMMENDATIONS OF THE A.O. IN VIEW OF THE SAME, ASSESSEE HAS NOW RAISED AN ADDITIONAL GROUND OF APPEAL BEFORE THIS TRIBUNAL RA ISING A GROUND THAT INITIATION OF REVISION PROCEEDINGS ON T HE RECOMMENDATIONS OF THE A.O. IS BAD IN LAW. IN SUPPO RT OF THIS CONTENTION, HE HAS PLACED RELIANCE UPON THE DE CISION OF THE TRIBUNAL AT JAIPUR IN THE CASE OF DHARMENDRA KUMAR BANSAL VS. CIT (2014) 48 TAXMAN.COM 53 (JAIPU R). AS THE QUESTION RAISED BY THE ASSESSEE IN THE ADDIT IONAL GROUND OF APPEAL IS ON LEGAL ISSUE, THE ASSESSEE RE LIED UPON THE JUDGMENT OF THE HONBLE SUPREME COURT IN T HE CASE OF NATIONAL THERMAL POWER CO. LTD., VS. CIT 22 9 ITR 383 (SC) FOR ITS ADMISSION. RESPECTFULLY FOLLOWING THE JUDGMENT OF HONBLE SUPREME COURT IN THE CASE OF NT PC (SUPRA) ON RAISING OF LEGAL ISSUE WHICH DOES NOT NE ED FRESH VERIFICATION OF FACTS BY THE A.O, WE ADMIT THE ADDI TIONAL GROUND OF APPEAL AND PROCEED TO ADJUDICATE THE SAME AS UNDER. 3. IN ORDER TO VERIFY WHETHER THE REVISION PROCEEDINGS HAVE BEEN INITIATED ON THE RECOMMENDATI ONS OF THE A.O. AND ALSO WHETHER CIT HAS APPLIED HIS MI ND INDEPENDENTLY TO INITIATE PROCEEDINGS UNDER SECTION 263 OF THE ACT, WE DIRECTED THE LD. D.R. TO PRODUCE THE RE CORDS OF THE LD. CIT UNDER SECTION 263 OF THE I.T. ACT IN AS SESSEES CASE FOR ALL THE RELEVANT ASSESSMENT YEARS. TODAY I .E., ON 4 ITA.NO.1041 TO 1045/H/2014 M/S. AASHI PLYWOOD INDUSTRIES, HYDERABAD. 27.10.2015, THE LD. D.R. HAS PRODUCED THE REVISION RECORDS AND ON PERUSAL OF THE SAME, WE FOUND THAT T HE A.O. HAS RECOMMENDED INITIATION OF REVISION PROCEED INGS UNDER SECTION 263 VIDE HIS LETTER DATED 14.03.2014 AND ON THE VERY SAME DAY, THE LD. CIT HAS ALSO ISSUED NOTI CE UNDER SECTION 263 OF THE I.T. ACT. ACCORDING TO THE LD. COUNSEL FOR THE ASSESSEE, THIS FACT THAT THE RECOMMENDATIONS WERE RECEIVED AND THE NOTICE WAS IS SUED ON THE SAME DAY, INDICATES THE NON-APPLICATION OF M IND OF THE LD. CIT TO THE FACTS OF THE CASE BEFORE ISSUING NOTICE UNDER SECTION 263. THEREFORE, ACCORDING TO HIM, THE DECISION OF ITAT IN THE CASE OF DHARMENDRA KUMAR BA NSAL VS. CIT (SUPRA) IS APPLICABLE AND THE REVISION PROC EEDINGS ARE TO BE DECLARED AS INVALID. 4. THE LD. D.R. ON THE OTHER HAND, SUBMITTED THAT THE RECOMMENDATIONS OF THE A.O. WERE ACCOMPANI ED BY THE ASSESSMENT RECORDS AND THEREFORE, IT IS TO B E PRESUMED THAT THE LD. CIT HAS GONE THROUGH THE ASSESSMENT RECORDS TO MAKE UP MIND AS TO WHETHER REVISION PROCEEDINGS ARE TO BE INITIATED OR NOT AND UPON BEING SATISFIED ABOUT THE REQUIREMENT TO REVISE THE ASSESSMENT ORDER ONLY, THE NOTICE UNDER SECTION 263 OF THE I.T. ACT HAS BEEN ISSUED. THEREFORE, ACCORDING TO HIM, THE ADDITIONAL GROUND OF APPEAL RAISED BY THE ASSES SEE IS NOT SUSTAINABLE. 5. HAVING REGARD TO THE RIVAL CONTENTIONS AND THE MATERIAL ON RECORD, WE FIND THAT IN THE CASE OF 5 ITA.NO.1041 TO 1045/H/2014 M/S. AASHI PLYWOOD INDUSTRIES, HYDERABAD. DHARMENDRA KUMAR BANSAL VS. CIT (SUPRA), THE A.O. THEREIN HAD PROPOSED THE ACTION UNDER SECTION 263 V IDE LETTER DATED 02.09.2011 AND THE LD. CIT HAD ISSUED NOTICE UNDER SECTION 263 ON 09.01.2013 AND THEREAFTER, PAS SED THE ORDER UNDER SECTION 263 OF THE I.T. ACT BY HOLD ING THAT THE ASSESSMENT ORDER PASSED BY THE A.O. UNDER SECTI ON 143(3) OF THE ACT WITHOUT DUE AND PROPER ENQUIRY WA S ERRONEOUS AND PREJUDICIAL TO THE INTERESTS OF REVEN UE. ON APPEAL, THE TRIBUNAL CONSIDERED THE ISSUE AT LENGTH AND AT PARA 9 OF ITS ORDER HAS HELD AS UNDER : 9. WE HAVE CONSIDERED THE SUBMISSIONS OF BOTH THE PARTIES AND CAREFULLY GONE THROUGH THE MATERIAL AVAILABLE ON RECORD. IN THE PRESENT CASE, IT IS ABUNDANTLY CLEAR FROM PARA-2-OF THE IMPUGNED ORDER THAT THE ITO, WARD-3, SAWAI MADHOPUR VIDE LETTER NO . 3737, DT. 2ND SEPT., 2001 PROPOSED ACTION UNDER S. 263 OF THE ACT AND IT WAS NOT THE LEARNED CIT, WHO HIMSELF CALLED RECORD AND EXAMINED THE SAME FOR ANY PROCEEDING UNDER S. 263 OF THE ACT. THEREFORE, IT C AN BE SAID THAT THE LEARNED CIT HAD NOT APPLIED HIS MI ND BUT THE MATTER WAS REFERRED BY THE AO FOR INITIATIN G THE PROCEEDING UNDER S. 263 OF THE ACT. IN THE PRES ENT CASE, FROM PARA 3 OF THE IMPUGNED ORDER, IT IS NOTI CED THAT THE NOTICE DT. 9TH JAN., 2013 UNDER S. 263 OF THE ACT WAS ISSUED ONLY ON RECEIPT OF THE PROPOSAL UNDE R S. 263 OF THE ACT FROM THE ITO, WARD-L (2), KOTA AN D THE ASSESSEE EXPLAINED, VIDE WRITTEN SUBMISSION WHICH HAS BEEN REPRODUCED IN PARA 4 OF THE IMPUGNED ORDER, EACH AND EVERY OBJECTION RAISED BY THE ITO, WARD-2, SAWAI MADHOPUR. IT IS WELL-SETTLED THAT THE LEARNED CIT WHILE EXERCISING THE REVISIONA RY POWERS UNDER S. 263 OF THE ACT MAY CALL FOR AND EXAMINE THE RECORDS OF ANY PROCEEDINGS AND THEREAFTER IF HE CONSIDERS THAT ANY ORDER PASSED THEREIN IS ERRONEOUS INSOFAR AS IT IS PREJUDICIAL T O THE INTEREST OF THE REVENUE, HE MAY, AFTER GIVING THE ASSESSEE AN OPPORTUNITY OF BEING HEARD AND AFTER 6 ITA.NO.1041 TO 1045/H/2014 M/S. AASHI PLYWOOD INDUSTRIES, HYDERABAD. MAKING OR CAUSING TO BE MADE SUCH INQUIRY AS HE DEEMS NECESSARY, PASS SUCH ORDER THEREON AS THE CIRCUMSTANCES OF THE CASE JUSTIFY. THEREFORE, BEFOR E TAKING ANY ACTION, LEARNED CIT HIMSELF SHALL APPLY HIS MIND AFTER EXAMINING THE RECORD OF ANY PROCEEDINGS AND HIS SATISFACTION IS MUST. HOWEVER, IN THE PRESE NT CASE, THE SATISFACTION WAS OF THE ITO (TECH.) WHO PROPOSED ACTION UNDER S. 263 OF THE ACT, BUT NOT OF THE LEARNED CIT. THEREFORE, ISSUANCE OF NOTICE UNDER S. 263 OF THE ACT ON THE BASIS OF THE PROPOSAL MADE BY THE ITO WAS VOID AB-INITIO; WE, THEREFORE, SET ASID E THE SAME. FOR THE AFORESAID VIEW, WE ARE FORTIFIED BY THE VARIOUS JUDICIAL PRONOUNCEMENTS RELIED BY THE LEARNED COUNSEL FOR THE ASSESSEE. 5.1. IN THE CASE BEFORE US, THE LD. CIT HAS RECEIV ED THE PROPOSAL FROM THE A.O. FOR REVISING THE ASSESSM ENT ORDER AND ALSO ISSUED NOTICE UNDER SECTION 263, BOT H ON THE SAME DATE. ON OUR DIRECTION, THE LD. D.R. HAS F ILED COPIES OF THE PROPOSALS UNDER SECTION 263 OF THE AC T AS WELL AS THE NOTICE UNDER SECTION 263 WHICH ARE BOTH DATED 14.03.2014. IT IS ALSO SEEN FROM THE SAME THAT REAS ONS FOR INITIATING THE PROCEEDINGS UNDER SECTION 263 OF THE ACT BROUGHT TO THE NOTICE OF THE LD. CIT BY A.O. IN THE PROFORMA FOR INITIATING PROCEEDINGS, ARE REFLECTED AS THE REASONS FOR REVISING THE ASSESSMENT ORDER. THUS, IT IS CLEAR THAT THE LD. CIT HAS ACCEPTED THE PROPOSAL OF THE A .O. WITHOUT ANY FURTHER APPLICATION OF MIND ON HIS PART . THE LD. D.RS CONTENTION THAT THE PROPOSALS ARE ACCOMPA NIED BY THE ASSESSMENT RECORDS AND THEREFORE, IT IS TO B E PRESUMED THAT THE LD. CIT HAS INDEPENDENTLY APPLIED HIS MIND TO THE SAID PROPOSAL MAY BE ACCEPTABLE, IF THE LD. CIT HAS TAKEN TIME TO GO THROUGH THE PROPOSALS AND HAS 7 ITA.NO.1041 TO 1045/H/2014 M/S. AASHI PLYWOOD INDUSTRIES, HYDERABAD. ALSO VERIFIED FROM THE ASSESSMENT RECORDS TO INDEPENDENTLY TO COME TO THE CONCLUSION THAT THE ASSESSMENT ORDER IS ERRONEOUS IN SO FAR AS IT IS PR EJUDICIAL TO THE INTERESTS OF REVENUE. FOR THE SAKE OF CONVEN IENCE AND BREVITY, WE REPRODUCE THE RECOMMENDATIONS OF TH E A.O. FOR A.Y. 2008-09 AND ALSO NOTICE UNDER SECTION 263 OF THE I.T. ACT TO DEMONSTRATE THAT THE LD. CIT HAS NO T APPLIED HIS MIND BUT HAS BLINDLY ACCEPTED THE RECOMMENDATIONS OF THE A.O. OFFICE OF THE COMMISSIONER OF INCOME-TAX (CENTRAL) 7TH FLOOR, AAYAKAR BHAVAN, BASHEERBAGH HYDERABAD - 500 004. F NO.CIT(C)/HYD/263/2013-14 DATED: 14-03- 2014 TO M/S. AASHI PLYWOOD INDUSTRIES, PLOT NO. 5,6,7,18,19 & 20, IDA, PATANCHERU, HYDERABAD. SIR, SUB: INCOME TAX ASSESSMENT - YOUR OWN - ASST YEAR 2008-09 - REVISION OF ASSESSMENT U/S. 263 OF THE IT ACT, 1961 - ISSUE OF SHOW CAUSE NOTICE - REG. THE ACIT-CENTRAL CIRCLE-3, HYDERABAD HAS COMPLETED ASSESSMENT U/S. 143(3) R.W.S.153C OF THE INCOME TAX ACT 1961, FOR THE A Y 2008-09, IN YOUR CASE ON 25-12-20 11, DETERMINING TAXABLE INCOME AT RS. NIL. ON VERIFICAT ION OF RECORDS, FOLLOWING FACTS ARE NOTICED : (1) AS PER BALANCE SHEET THERE IS A MINUS BALANCE OF RS. 1,56,77,454/- IN THE PARTNERS' CAPITAL ACCOUNT. AS PER DEED OF PARTNERSHIP, INTEREST @12% WAS PAYABLE BY THE FIRM ON THE CREDIT BALANCE IN THE PARTNER'S CAPITAL 8 ITA.NO.1041 TO 1045/H/2014 M/S. AASHI PLYWOOD INDUSTRIES, HYDERABAD. ACCOUNT. SIMILARLY WHEN THERE IS DEBIT BALANCE I.E., MINUS BALANCE IN PARTNERS' CAPITAL ACCOUNT, INTEREST NEEDS TO BE CHARGED AND OFFERED AS INCOME OF THE FIRM. (2) AS PER TRADING A/C THERE WERE NO SALES BUT ASSESSEE FIRM DEBITED RS. 32,18,144/- TOWARDS SALES TAX AND NO SUPPORTING CHALLAN FOR THE PAYMENT OF SALES TAX WAS BROUGHT ON RECORD. SINCE THE ABOVE ISSUES HAVE NOT BEEN VERIFIED DURIN G THE ASSESSMENT PROCEEDINGS, I AM OF THE OPINION THAT TH E ORDER PASSED BY THE ASSESSING OFFICER U/S, 143 (3) R.W.S. 153C, DATED 25-12-2011 FOR THE AY 2008-09 IS ERRONEOUS IN SO FAR AS IT IS PREJUDICIAL TO THE INTEREST OF REVENUE. TH EREFORE, YOU ARE GIVEN AN OPPORTUNITY OF BEING HEARD AS TO WHY, ON THIS ADDITIONAL ISSUE TOO, THE ORDER MADE BY THE ASSESSI NG OFFICER SHOULD NOT BE REVISED U/S. 263 OF THE IT AC T. FOR THIS PURPOSE, YOUR CASE IS POSTED FOR HEARING ON 24-03-2 014 AT 12.40 P.M. YOU MAY APPEAR EITHER IN PERSON ON THE S AID DATE AT MY OFFICE OR THROUGH YOUR AUTHORIZED REPRES ENTATIVE AND FURNISH YOUR EXPLANATION IN WRITING. YOURS FAITHFULLY, SD/- (A.K.SATAPATHY) COMMISSIONER OF INCOME TAX (CENTRAL) HYDERABAD. COPY TO: THE ADDL. COMMISSIONER OF INCOME TAX, CENTRAL RANGE -3, HYDERABAD. THE ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCL E-8, HYDERABAD, WITH A DIRECTION TO SERVE THE NOTICE ON THE ASSESSEE. *** 9 ITA.NO.1041 TO 1045/H/2014 M/S. AASHI PLYWOOD INDUSTRIES, HYDERABAD. OFFICE OF THE ASSISTANT COMMISSIONE R OF INCOME-TAX CENTRAL CIR CLE-8, HYDERABAD F.NO.ACIT,CC-8/263/13-14 DT.14-0 3-2014 PROFORMA FOR INITIATING PROCEEDINGS U/S.263 FOR OBT AINING THE APPROVAL OF THE COMMISSIONER OF INCOME-TAX (CENTRAL), HYDERABAD. 1. NAME AND ADDRESS OF THE ASSESSEE M/S. AASHI PLYWOOD INDUSTRIES, PLOT NO.5,6,7,18,19&20, IDA, PATANCHERU, HYDERABAD. 2. PA NO./ASST. YEAR/STATUS AADFP9625M/2008-09/FIRM 3. WARD/CIRCLE/RANGE CENTRAL CIRCLE-8, HYDERABAD. 4. ORDER U/S. & DATE OF THE ORDER SOUGHT FOR REVISION ORDER U/S.143(3) R.W.S.153C DATED 25-12-2011. 5. LIMITATION DATE FOR REVISION DT. 31-03-2014. 6. THE QUANTUM OF INCOME WHICH HAS ERRONEOUS AND PREJUDICIAL TO THE INTERESTS OF THE REVENUE. NOT QUANTIFIED. REASONS FOR INITIATION OF PROCEEDINGS U/S. 263 OF T HE IT ACT :- (1) AS PER BALANCE SHEET THERE IS A MINUS BALANCE OF RS. 1,56,77,454/- IN THE PARTNERS' CAPITAL ACCOUNT. AS PER DEED OF PARTNERSHIP, INTEREST @12% WAS PAYABLE BY THE FIRM ON THE CREDIT BALANCE IN THE PARTNER'S CAPITAL ACCOUNT. SIMILARLY WHEN THERE IS DEBIT BALANCE I.E., MINUS BALANCE IN PARTNERS' 10 ITA.NO.1041 TO 1045/H/2014 M/S. AASHI PLYWOOD INDUSTRIES, HYDERABAD. CAPITAL ACCOUNT, INTEREST NEEDS TO BE CHARGED AND OFFERED AS INCOME OF THE FIRM. (2) AS PER TRADING A/C WERE NO SALES BUT ASSESSEE FIRM DEBITED RS.32,18,144/- TOWARDS SALES TAX AND NO SUPPORTING CHALLAN FOR THE PAYMENT OF SALES TAX WAS BROUGHT ON RECORD. SINCE THE ABOVE ISSUES HAVE NOT BEEN VERIFIED DURIN G THE ASSESSMENT PROCEEDINGS, THE ORDER U/S 143(3) R. W.S. 153C PASSED EARLIER IS ERRONEOUS IN SO FAR AS IT IS PREJUDICIAL TO THE INTEREST OF REVENUE. HENCE, A PR OPOSAL U/S 263 ALONG WITH MRS IN 1 VOL. FOR AY 2008-09 IS HERE BY SUBMITTED FOR KIND PERUSAL. ENCL : MRS IN 1 VOL. FOR AY 2008-09 SD/- ( RAJESH NATARAJAN) ASST. COMMISSIONER OF INCOME-TAX, CENTRAL CI RCLE-8, HYDERABAD. SUBMITTED TO THE COMMISSIONER OF INCOME-TAX (CENTRA L), HYDERABAD THROUGH THE ADDL. COMMISSIONER OF INCOME- TAX, CENTRAL RANGE-3, HYDERABAD. 5.2. THUS WE CAN SEE THAT EXCEPT FOR SOME COSMETIC CHARGES, THE REASONS ARE ADOPTED VERBATIM BY THE CI T. IN THESE CIRCUMSTANCES, WE FIND THAT THE DECISION OF J AIPUR BENCH OF THE TRIBUNAL IN THE CASE OF DHARMENDRA KUM AR BANSAL VS. CIT (SUPRA), IS SQUARELY APPLICABLE TO T HE FACTS BEFORE US. RESPECTFULLY FOLLOWING THE SAME, WE HOLD THAT THE REVISION ORDERS PASSED BY THE LD. CIT ARE NOT MAINTAINABLE FOR WANT OF VALID INITIATION OF THE PR OCEEDINGS UNDER SECTION 263 OF THE ACT. SINCE THE ADDITIONAL GROUND OF APPEAL OF THE ASSESSEE HAS BEEN ALLOWED, THE REG ULAR 11 ITA.NO.1041 TO 1045/H/2014 M/S. AASHI PLYWOOD INDUSTRIES, HYDERABAD. GROUNDS ON MERITS OF THE REVISION HAVE BECOME ACADE MIC AND THEREFORE, WE DO NOT SEE ANY REASON TO ADJUDICA TE THE SAME AT THIS STAGE. 6. IN THE RESULT, ASSESSEES APPEALS FOR ALL THE ASSESSMENT YEARS ARE ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 13.11.2015. SD/- SD/- (S. RIFAUR RAHMAN) (SMT. P. MADHAVI DEVI) ACOUNTANT MEMBER JUDICIAL MEMBER HYDERABAD, DATED 13 TH NOVEMBER, 2015 VBP/- COPY TO : 1. M/S. AASHI PLYWOOD INDUSTRIES, HYDERABAD C/O. MR. P. MURALI & CO. CHARTERED ACCOUNTANTS, 6-3 - 655/2/3, 1 ST FLOOR, SOMAJIGUDA, HYDERABAD-82. 2. THE ACIT, CENTRAL CIRCLE - 3, HYDERABAD. 3. CIT - (CENTRAL), 7 TH FLOOR, AAYAKAR BHAVAN, BASHEERBAGH, HYDERABAD 4 . ADDL. CIT , CENTRAL RANGE - 3 , HYDERABAD 5 . D.R. ITAT B BENCH, HYDERABAD. 6 . GUARD FILE