SANJAY YASHWANT BHATT, BOKARO V. ACIT CIR-3 , RANCHI

ITA 113/RAN/2018

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 0628 (ITAT-RANCHI)
• Duration Of Justice: 6 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-11-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2011-2012
• Appeal Filed On: 03-05-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A K MOHANTY
• Keywords: Additional evidence

Judgement Text

P A G E 1 | 3 IN THE INCOME TAX APPELLATE TRIBUNAL, RANCHI SMC BENCH, RANCHI BEFORE SHRI N.S SAINI, ACCOUNTANT MEMBER ITA NO. 113 / RAN /201 8 ASSESSMENT YEAR : 2011 - 2012 SANJAY YASHWANT BH ATT, VASANT VIHAR, SRI KRISHNA PURI, CHAS, BOKARO VS. ACIT, CIRCLE - 3, RANCHI PAN/GIR NO. AAOPB 5226 F (APPELLANT ) .. ( RESPONDENT ) ASSESSEE BY : SHRI AJAY KUMAR RASTOGI , ADV REVENUE BY : SHRI A.K.MOHANTY, JCIT DATE OF HEARING : 29 / 11 / 2018 DATE OF PRONOUNCEMENT : 30 / 11 / 2018 O R D E R THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF THE CIT(A), RANCHI , D ATED 13.1.2017 FOR THE ASSESSMENT YEAR 2011 - 12. 2. THE SOLE ISSUE INVOLVED IN THIS APPEAL IS THAT THE CIT(A) WAS NOT JUSTIFIED IN TREATING PURCHASE AND SALE OF COMMODITIES FOR RS.231,75,888/ - AS INVESTMENT OF THE ASSESSE. 3. THE BRIEF FACTS OF THE CASE ARE THAT THE ASSESSING OFFICER OBSERVED THAT HE HAD RECEIVED INFORMATION FROM BOMBAY STOCK ITA NO.242/RAN/2017 ASSESSMENT YEAR : 2013 - 14 P A G E 2 | 3 EXCHANGE THAT THE ASSESSE WAS DOING INVESTMENT IN COMMODITY EXCHANGE. THE FOLLOWING TRANSACTIONS WERE REPORTED: 1. 7.4.23010 : RS.12,16 ,150/ - 2. 7.4.2010 : RS. 7,57,206/ - 3. 7.4.2010 : RS. 2,03,525/ - 4. THE ASSESSE COULD NOT PRODUCE ANY EVIDENCE BEFORE HIM TO SHOW THAT WHY THE TRANSACTION AGGREGATING TO RS.21,75,881/ - SHOULD NOT BE ADDED BACK TO THE INCOME OF THE ASSESSE. THEREFORE, TH E ASSESSING OFFICER ADDED THE SAME TO THE INCOME OF THE ASSESSE. 5. ON APPEAL, THE CIT(A) CONFIRMED THE ACTION OF THE ASSESSING OFFICER. 6. BEFORE ME, LD AUTHORISED REPRESENTATIVE HAS FILED THE EVIDENCES I.E. DETAILS OF TRADE SUMMARY AND DETAILS OF TRADE P LACED AT PAGES 1 TO 9 OF THE PAPER BOOK AND SUBMITTED THAT THESE ARE EVIDENCES FILED FOR THE FIRST TIME BEFORE THE TRIBUNAL AND REQUESTED THAT THE SAME MAY BE ADMITTED AND MATTER MAY BE REMANDED BACK TO THE FILE OF THE CIT(A) FOR ADJUDICATING THE APPEAL OF THE ASSESSE AFRESH AFTER CONSIDERING THE EVIDENCES NOW FILED BEFORE THE TRIBUNAL . 7. LD DEPARTMENTAL REPRESENTATIVE HAD NO OBJECTION TO THE ABOVE SUBMISSION OF LD AUTHORISED REPRESENTATIVE OF THE ASSESSE. ITA NO.242/RAN/2017 ASSESSMENT YEAR : 2013 - 14 P A G E 3 | 3 8. IN VIEW ABOVE, I SET ASIDE THE ORDER OF THE CIT(A) AND REMAND THE MATTER BACK TO HIS FILE TO ADJUDICATE THE APPEAL AFRESH AFTER CONSIDERING THE ADDITIONAL EVIDENCES NOW FILED BEFORE THE TRIBUNAL AND AFTER ALLOWING REASONABLE AND PROPERTY OPPORTUNITY OF HEA RING TO THE ASSESSE. 9. IN THE RESULT, APPEAL OF THE ASSESSE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON 30 / 11 /2018. SD/ - ( N.S SAINI) A CCOUNTANT MEMBER RANCHI ; DATED 30 / 11 /2018 B.K.PARIDA, SPS COPY OF THE ORDER FORWARDED TO : BY ORDER SR. PVT.S ECRETARY, ITAT, RANCHI ON TOUR 1. THE APPELLANT : SANJAY YASHWANT BH ATT, VASANT VIHAR, SRI KRISHNA PURI, CHAS, BOKARO 2. THE RESPONDENT. ACIT, CIRCLE - 3, RANCHI 3. THE CIT(A) - RANCHI 4. PR.CIT - RANCHI 5. DR, ITAT, RANCHI 6. GUARD FILE. //TRUE COPY//