ACIT, Cir-16(3), Hyderabad V. M/s. Pyramid Infrastrure Pvt.Ltd., Hyderabad

ITA 1231/HYD/2011

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 53719 (ITAT-HYDERABAD)
• Duration Of Justice: 4 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-11-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2005-2006
• Appeal Filed On: 27-06-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: K MYTHILI RANI
• Assessee Lawyers: V RAGHAVENDRA RAO

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B' , HYDERABAD BEFORE SHRI G.C.GUPTA, VICE PRESIDENT AND SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER ITA NO.1231/HYD/11 : ASSTT. YEAR 2005-06 ASSISTANT COMMISSIONER OF INCOME-TAX CIRCLE 16(3), HYDERABAD V/S. M/S. PYRAMID INFRASTRUCTURE (P) LTD., HYDERABAD ( PAN AACCP 9650 L) (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI K.MYTHILI RANI RESPONDENT BY : SHRI V.RAGHAVENDRA RAO DATE OF HEARING 13.10.2011 DATE OF PRONOUNCEMENT 4.11.2011 O R D E R PER G.C.GUPTA, VICE PRESIDENT: THIS APPEAL BY THE REVENUE FOR THE ASSESSMENT YEA R 2005-06 IS DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF I NCOME-TAX (APPEALS). 2. GROUNDS OF APPEAL OF THE REVENUE ARE AS UNDE R- 1) THE LEARNED CIT(APPEALS) ERRED IN BOTH LAW AND FACTS OF THE CASE. 2) THE LEARNED CIT(A) HAS ERRED IN NOT ADJUDICATING THE CASE ON THE FACTS AND CIRCUMSTANCES OF THE CASE. 3) THE CIT(A) OUGHT TO HAVE APPRECIATED THAT AS SEE N FROM THE SCHEDULE H TO PROFIT AND LOSS ACCOUNT FOR THE YEA R ENDING 31.3.2005 THE OPENING BALANCE OF THE INVENTORIES AS ON 31.3.2005 WAS TAKEN AT NIL WHEN THE CLOSING THE BALANCE OF INVENTORIES AS ON 31.3.2004 WAS RS.2,75,80,194/- AND THERE IS AN APP ARENT UNDER STATEMENT OF ASSET AND ALSO SUPPRESSION OF INFORMAT ION.: 3. WE HAVE HEARD THE PARTIES. WE FIND THAT THE ORD ER PASSED BY THE COMMISSIONER OF INCOME-TAX UNDER S.263 OF THE ACT W AS CANCELLED IN APPEAL BY THE HYDERABAD BENCH OF THE TRIBUNAL IN THE CASE OF THE ASSESSEE, FOR THE RELEVANT ITA NO.1231/HYD/11 M/S. PYRAMID INFRASTRUCTURE (P) LTD., HYDERABAD 2 ASSESSMENT YEAR, VIZ. 2005-06, VIDE ORDER DATED 18. 2.2011 AND ACCORDINGLY, THE CIT(A) WAS JUSTIFIED IN HOLDING THAT THE ASSESSMENT FRAMED UNDER S.143(3) READ WITH S.263 ALSO CONSEQUENTLY GETS CANCELLED. ACCORDINGLY, WE HOLD THAT THERE IS NO MISTAKE IN THE ORDER OF THE CIT(A), WHI CH IS CONFIRMED AND THE GROUNDS OF APPEAL OF THE REVENUE ARE DISMISSED, 4. IN THE RESULT, REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE COURT ON 4.11.2011 SD/- SD/ - (CHANDRA POOJARI) (G.C.GUPTA) ACCOUNTANT MEMBER VICE PRESIDENT DT/- 4.11.2011 COPY FORWARDED TO: 1. M/S. PYRAMID INFRASTRUCTURE (P)LTD., PLOT NO.126 7, ROAD NO.36, JUBILEE HILLS, HYDERABAD 2. ASST. COMMISSIONER OF INCOME - TAX, CIRCLE 16(3) HYDERABAD 3. COMMISSIONER OF INCOME - TAX(APPEALS) V HYDERABAD 4. COMMISSIONER OF INCOME - TAX - IV HYDERABAD 5 . THE DEPARTMENTAL REPRESENTATIVE, ITAT, HYDERABAD. B.V.S.