Vitan Sthapatya, RAJKOT-GUJARAT V. The Income Tax Officer, Central Ward, RAJKOT-GUJARAT

ITA 1233/RJT/2010

• Counselvise Citation: [2011] 119 COUNSELVISE.COM (IT) 7333 (ITAT-RAJKOT)
• Duration Of Justice: 1 year(s) 1 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-12-2011
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 18-05-2011
• Assessment Year: 2007-2008
• Appeal Filed On: 22-10-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: KRISHNA PRABHAKAR
• Assessee Lawyers: SAMIR G BHUPTANI
• Keywords: Income from undisclosed sources; Question of law

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT BEFORE SHRI T..K. SHARMA (JM) AND SHRI A.L. GEHLOT (AM) I.T.A. NO.1233/RJT/2010 (ASSESSMENT YEAR 2007-08) VITAN STHAPATYA, VS THE INCOME-TAX OFFICER, TOP FLOOR, AARTHIK BHAVAN,. CE NTRAL WARD, RAJKOT. GONDAL ROAD, NR.AUTOMOTIVE SHOW ROOM, RAJKOT. (APPELLANT) (RESPONDENT) DATE OF HEARING : 02-12-2011 DATE OF PRONOUNCEMENT : 15-12-2011 APPELLANT BY : SAMIR G. BHUPTANI, C.A. RESPONDENT BY: SHRI KRISHNA PRABHAKAR, D.R. O R D E R PER T. K. SHARMA, JM:- THIS APPEAL IS FILED BY THE ASSESEE AGAINST THE OR DER DATED 03-08-2010 OF CIT(A)-IV, AHMEDABAD FOR THE ASSESSMENT YEAR 2007- 08. 2. THE VARIOUS GROUNDS RAISED IN THIS APPEAL ARE AS UNDER:- THE LEARNED CIT(A) ERRED IN LAW AS WELL AS ON FACTS IN - (1) MAKING ADDITION OF RS.5,08,116/- ON ACCOUNT OF GROSS ADDITIONAL SALE PROCEED, INSTEAD OF GP ELEMENT THEREON. (2) MAKING ADDITION OF RS.5,08,116/- ON ACCOUNT OF UNACCOUNTED INCOME, EVEN THOUGH THE REASONABLENESS OF THE GP HA S BEEN ACCEPTED BY THE A.O. (3)RESTRICTING HIS ESTIMATION OF PROFIT TO THE AMOU NT STATE IN THE SALE DEED ONLY AND NOT EXTENDED TO ADDITIONAL SALE PROCE EDS DISCLOSED SUO-MOTO. (4)NON-APPRECIATING THE FACT THAT WHERE THE PROFIT IS ESTIMATED THE ITA 1233-TJT-2010. A.Y.2007-08. 2 SAME HAS TO BE APPLIED ON THE TOTAL TURNOVER IRRESP ECTIVE OF THE FACT WHETHER THEY ARE ACCOUNTED OR NOT. (5)TREATING TRADE-RECEIPT AS ON-MONEY. 3. DURING THE COURSE OF HEARING, ASSESSEE VIDE LETT ER DATED 25-11-2011 FILED AN UNDERTAKING IN FORM NO.8 U/S.158A (1) OF THE I.T . ACT, 1961 TO FOLLOW THE JUDGMENT OF HONBLE HIGH COURT FOR THE ASSESSMENT Y EAR 2005-06 IN ASSESSEES OWN CASE. THIS WAS FORWARDED TO AO. THE JOINT COM MISSIONER OF INCOME-TAX (OSD), CENTRAL CIRCL-2, RAJKOT VIDE LETTER NO.JCIT/ CC-2/REPORT U/S.158A/10-11 DATED 29-11-2011 ADMITTED THAT IDENTICAL QUESTION OF LAW HAS BEEN RAISED BY THE ASSESSEE BEFORE THE HIGH COURT IN THE ASSESSMENT YE AR 2005-06. THEREFORE, FORM NO.8 SUBMITTED BY ASSESSEE IS TRUE AND CORRECT . 4. IN VIEW OF ABOVE, THE REQUEST OF THE ASSESSEE IS ACCEPTED WITH THE DIRECTION THAT AO WILL AMEND THE ASSESSMENT ORDER I N CONFORMALITY WITH THE DECISION OF HONBLE HIGH COURT FOR THE ASSESSMENT Y EAR 2005-06 IN ASSESSEES OWN CASE. SUBJECT TO THIS DIRECTION, THE APPEAL OF ASSESSEE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 15 -12-2011. SD/- SD/- (A.L. GEHOT), (T. K. S HARMA), ACCOUNTANT MEMBER JUDICIAL MEMBER RAJKOT, DT : 15-12-2011. NVA/- COPY TO: 1. VITAN STHAPATYA, RAJKOT. 2. THE ITO, CENTRAL WARD, RAJKOT. 3. THE CIT(A)-1I, RAJKOT 4. THE CIT-I, RAJKOT 5. THE DR, I.T.A.T., RAJKOT (TRUE COPY) BY ORDER ASSTT.REGISTRAR, ITAT, RAJKOT.