DCIT, Hyderabad V. M/s Sree Rayalaseema Sugar & Energy Pvt. Ltd., Hyderabad

ITA 1300/HYD/2010

• Counselvise Citation: [2011] 134 COUNSELVISE.COM (IT) 9909 (ITAT-HYDERABAD)
• Duration Of Justice: 3 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-01-2011
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 11-10-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: VASUNDHRA SINHA
• Assessee Lawyers: SHRIA V RAGHURAM
• Keywords: Opportunity of being heard

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B, HYDERABAD BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI AKBER BASHA, ACCOUNTANT MEMB ER ITA NO.1300/HYD/10 : ASST. YEAR: 2007-08 DY. COMMISSIONER OF INCOME- TAX, CIR-3(2), HYDERABAD. VS SHREE RAYALASEEMA SUGAR & ENERGY PVT. LTD., HYDERABAD. (PAN:AAICS 7470 B) (APPELLANT) (RESPONDENT) APPELLANT BY : SMT. VASUNDHRA SINHA RESPONDENT BY : SHRIA.V. RAGHURAM O R D E R PER AKBER BASHA, ACCOUNTANT MEMBER: THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORD ER OF THE CIT (A)-IV, HYDERABAD DATED 30-7-2010 AND IT PERTAI NS TO THE ASSESSMENT YEAR 2007-08. 2. THE ONLY EFFECTIVE GROUND RAISED BY THE REVENUE IS AS FOLLOWS:- THE LEARNED CIT (A) SHOULD HAVE SUSTAINED THE ADDITI ON MADE ON ACCOUNT OF EXCISE DUTY COMPONENT IN THE VALUATION OF CLOS ING STOCK OF FINISHED GOODS. 3. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS OF THE PAR TIES AND PERUSED THE MATERIAL AVAILABLE ON RECORD. DURING TH E COURSE OF HEARING, ITA NO. 1300/HYD/2 010 SHREE RAYALASEEMA SUGAR & ENERGY PVT. LTD.HYD. 2 THE LEARNED COUNSEL FOR THE ASSESSEE PLACED BEFORE US A COPY OF THE ORDER PASSED BY THE TRIBUNAL IN THE APPEAL FILED BY THE ASSESSEE FOR THE YEAR UNDER CONSIDERATION, WHEREIN IN PARA-6 OF ITS ORD ER, IT WAS HELD AS UNDER:- THE LAST GROUND OF APPEAL IS RELATING TO THE ADDITI ON OF EXCISE DUTY TO THE CLOSING STOCK. SINCE THE MAJOR ISSUES OF DISALLOWANCE OF INTEREST AND THE AGRICULTURAL INCOME WERE REMAND ED BACK TO THE ASSESSING OFFICER FOR FRESH CONSIDERATION, FOR THE SAKE OF CONSISTENCY, WE REMAND BACK THIS ISSUE ALSO TO THE FILE OF THE ASSESSING OFFICER FOR FRESH CONSIDERATION. WE FIND THAT THE ENTIRE ISSUE, INCLUDING THE ISSUE REL ATING TO ADDITION OF EXCISE DUTY TO THE CLOSING STOCK, RAISED IN THE ASSESSEES APP EAL HAS BEEN REMITTED BACK TO THE FILE OF THE ASSESSING OFFICER FOR FRESH CONSIDERATION. IN VIEW OF THE ABOVE, THIS ISSUE RAISED BY THE REVENUE IS ALSO REMITTED BACK TO THE FILE OF THE ASSESSING OFFICER FO R THE SAKE OF CONSISTENCY. THE ASSESSING OFFICER SHALL RE-EXAMINE THIS ISSUE AFRESH AFTER AFFORDING AN OPPORTUNITY OF BEING HEARD TO TH E ASSESSEE. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS TREA TED AS ALLOWED FOR STATISTICAL PURPOSE. ORDER PRONOUNCED IN THE COURT ON 13-01-2011. SD/- SD/- (N.R.S. GANESAN) (AKBER BASHA) JUDICIAL MEMBER. ACCOUNTANT MEMBER. DT/- 13-01-2011. ITA NO. 1300/HYD/2 010 SHREE RAYALASEEMA SUGAR & ENERGY PVT. LTD.HYD. 3 COPY FORWARDED TO: 1. DCIT, CIRCLE-3(2), IT TOWERS, AC GUARDS, HYDERABAD. 2. 3. 4.. 5. JMR* M/S. SREE RAYALASEEMA SUGAR & ENERGY PVT. LTD., STR EET NO.3, ASHOK NAGAR, HYDERABAD. CIT (A)-IV, HYDERABAD. CIT, AP. HYDERABAD. THE DR, ITAT, HYDERABAD. ITA NO. 1300/HYD/2 010 SHREE RAYALASEEMA SUGAR & ENERGY PVT. LTD.HYD. 4