S.R.Mohan, CHENNAI V. ITO Ward 1, Puducherry

ITA 1357/CHNY/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 5941 (ITAT-CHENNAI)
• Duration Of Justice: 8 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-01-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2011-2012
• Appeal Filed On: 24-04-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Assessee Lawyers: D ANAND
• Keywords: Salary income; Opportunity of being heard; Principle of natural justice; Transactions in derivatives

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH : CHENNAI , , , BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER & S HRI INTURI RAMA RAO , ACCOUNTANT MEMBER ./ I.T.A.NO.1357/CHNY/2018 / ASSESSMENT YEAR : 2011-12 SHRI S.R.MOHAN , 10, 12 TH MAIN ROAD, RAJA ANNAMALAPURAM, CHENNAI 600 025. VS. INCOME TAX OFFICER, WARD-I, PUDUCHERRY. [PAN ACDPM 7599 R ] ( / APPELLANT) ( /RESPONDENT) !' # $ / APPELLANT BY : SHRI D.ANAND,ADVOCATE, %&!' # $ /RESPONDENT BY : SHRI B.SAGADEVAN,JCIT,D.R ' ( # ) / DATE OF HEARING : 23 - 01 - 201 9 *+ # ) / DATE OF PRONOUNCEMENT : 23 - 01 - 201 9 / O R D E R PER GEORGE MATHAN, JUDICIAL MEMBER THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF THE COMMISSIONER OF INCOME-TAX (APPEALS), PUDUCHER RY IN APPEAL NO.633/CIT(A)-PDY/2013-14 DATED 06.03.2018 FOR THE ASSESSMENT YEAR 2011-12. 2. SHRI D.ANAND REPRESENTED ON BEHALF OF THE ASSES SEE AND SHRI B.SAGADEVAN REPRESENTED ON BEHALF THE OF THE REVENUE. ITA NO.1357/CHNY/2018 :- 2 -: 3. IT WAS SUBMITTED BY LD.A.R THAT THE ASSESSEE IS AN INDIVIDUAL, WHO IS EARNING INCOME FROM SALARY AS A DIRECTOR IN M/S.GENESIS SUPERABRASIVES INDIA PVT LTD. IT WAS A SUBMISSION T HAT IN THE COURSE OF ASSESSMENT, ON THE BASIS OF CIB INFORMATION THE LD. ASSESSING OFFICER HAD MADE VARIOUS ADDITIONS ON ACCOUNT OF THE CASH D EPOSITS IN THE SAVINGS BANK ACCOUNT IN AXIS BANK LTD., R.A.PURAM B RANCH, CHENNAI, AS ALSO IN RESPECT OF MULTI COMMODITY TRANSACTIONS. IT WAS A FURTHER SUBMISSION THAT ON APPEAL, THOUGH THE LD.CIT(A) HAD CALLED FOR A REMAND REPORT, THE ASSESSEE WAS UNABLE TO PRODUCE A LL THE EVIDENCES ON A SHORT PERIOD OF TIME. IT WAS A SUBMISSION THAT THE ASSESSMENT HAS BEEN DONE U/S.144 OF THE ACT AND THE ASSESSEE MAY B E GRANTED AN OPPORTUNITY TO PRODUCE ALL THE EVIDENCES BEFORE THE LD. ASSESSING OFFICER. IT WAS SUBMITTED BY THE LD.A.R THAT ASSESS EE WOULD CO-OPERATE WITH THE SET ASIDE PROCEEDINGS. 4. IN REPLY, LD.D.R VEHEMENTLY SUPPORTED THE ORDER OF LD. ASSESSING OFFICER AND THE ORDER OF THE LD.CIT(A). 5. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. A PE RUSAL OF THE ASSESSMENT ORDER SHOWS THAT THE ASSESSMENT HAS BEEN DONE EXPARTE U/S.144 OF THE ACT. A PERUSAL OF THE ORDER OF THE CIT(APPEALS) SHOWS THAT THE ASSESSEE HAD IN THE REMAND PROCEEDINGS PR ODUCED CERTAIN DETAILS, BUT THE LD. ASSESSING OFFICER HAS BEEN UNA BLE TO VERIFY THOSE ITA NO.1357/CHNY/2018 :- 3 -: DETAILS AND CONSEQUENTLY HAS GIVEN A NEGATIVE REPOR T. THIS BEING SO, IN THE INTEREST OF NATURAL JUSTICE, AS THE ASSESSEE HA S ALSO UNDERTAKEN TO CO-OPERATE WITH THE LD. ASSESSING OFFICER FOR SET A SIDE PROCEEDINGS, THE ISSUES RAISED IN THIS APPEAL ARE RESTORED TO THE FI LE OF LD. ASSESSING OFFICER FOR RE-ADJUDICATION AFTER GRANTING ASSESSEE ADEQUATE OPPORTUNITY OF BEING HEARD. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS PA RTLY ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT AFTER CONCLUSION OF HEARING ON 23 RD JANUARY, 2019, AT CHENNAI. SD/ - SD/ - ( , ) (INTURI RAMA RAO) ! '# /ACCOUNTANT MEMBER ( ) (GEORGE MATHAN) $ '# / JUDICIAL MEMBER , ( / CHENNAI - / DATED: 23 RD JANUARY, 2019. K S SUNDARAM . # %)/0 1 0 ) / COPY TO: 1 . !' / APPELLANT 3. ' 2) () / CIT(A) 5. 056 %)7 / DR 2. %&!' / RESPONDENT 4. ' 2) / CIT 6. 68 9( / GF