Varsant Home Appliances Private Limited, Hyderabad V. Income Tax Officer, Ward-17(3), Hyderabad

ITA 1365/Hyd/2018

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 9528 (ITAT-HYDERABAD)
• Duration Of Justice: 2 year(s) 8 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-03-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-B
• Assessment Year: 2012-2013
• Appeal Filed On: 29-06-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: P MURALI MOHANA RAO
• Section: 143(3); 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES B : HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER I.T.A. NO. 1365/HYD/2018 ASSESSMENT YEAR: 2012-13 M/S.VERSANT HOME APPLIANCES PRIVATE LIMITED, HYDERABAD [PAN: AADCV7578C] VS INCOME TAX OFFICER, WARD-17(3), HYDERABAD (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI P.MURALI MOHANA RAO, AR FOR REVENUE : SHRI ROHIT MUJUMDAR, DR DATE OF HEARING : 17-02-2021 DATE OF PRONOUNCEMENT : 18-03-2021 O R D E R PER S.S.GODARA, J.M. : THIS ASSESSEES APPEAL FOR AY.2012-13 ARISES FROM TH E CIT(A)-5, HYDERABADS ORDER DATED 27-03-2018 PASSED IN APPEAL NO.0297/2016-17/CIT(A)-5, CIT(A), HYDERABAD- 5/ 10273/2016-17 IN PROCEEDINGS U/S.154 OF THE INCOME T AX ACT, 1961 [IN SHORT, THE ACT]. HEARD BOTH PARTIES. CASE FILE PERUSED. 2. IT EMERGES AT THE OUTSET THAT WE ARE DEALING WITH SECTIO N 154 PROCEEDINGS ONLY THAN AN ASSESSMENT FRAMED U/S.14 3(3) OF THE ACT. THE ASSESSING OFFICERS ORDER U/S.154 DT.1 6-12- 2015 HAVE ADOPTED GROSS FIGURES AT RS.7,76,53,800/- AS ITA NO. 1365/HYD/2018 :- 2 -: AGAINST RS.77,65,38,002/- SHOWN IN THE PROFIT AND LOSS ACCOUNT AS ACCEPTED IN SECTION 143(3) ASSESSMENT DT.3 1-03- 2015. HE THEREFORE ADOPTED THE FORMER FIGURE ONLY FOR THE PURPOSE OF ESTIMATING ASSESSEES INCOME @5% OF THE GR OSS RECEIPTS. WE NEXT NOTICE THAT ASSESSEES APPEAL U/S.143( 3) OF THE ACT IS ALREADY PENDING BEFORE THE CIT(A). THAT BEI NG THE CASE, WE ARE OF THE VIEW THAT THE INSTANT SECTION 154 RECTIFICATION APPEAL MUST ALSO FOLLOW THE SUIT AS OF NO W SO AS TO AVOID MUTUAL CONTRADICTIONS. WE THUS RESTORE THE ASSES SEES INSTANT LIS BACK TO THE CIT(A) FOR HIS APPROPRIATE ADJUD ICATION AS PER LAW ALONG WITH THAT THAT INVOLVING 143(3) PROCEED INGS FOR THE SAKE OF CONSISTENCY AND BREVITY. ALL OTHER PLEADIN GS ON MERITS ARE RENDERED INFRUCTUOUS. 3. THIS ASSESSEES APPEAL IS TREATED AS ALLOWED FOR S TATISTICAL PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 18 TH MARCH, 2021 SD/- SD/- (LAXMI PRASAD SAHU) (S.S.G ODARA) ACCOUNTANT MEMBER JUDICIAL MEM BER HYDERABAD, DATED: 18-03-2021 TNMM ITA NO. 1365/HYD/2018 :- 3 -: COPY TO : 1.M/S.VERSANT HOME APPLIANCES PRIVATE LIMITED, C/O. P.MURALI & CO., CHARTERED ACCOUNTANTS, 6-3- 655/2/3, 1 ST FLOOR, SOMAJIGUDA, HYDERABAD. 2.THE INCOME TAX OFFICER, WARD-17(3), HYDERABAD. 3.CIT(APPEALS)-5, HYDERABAD. 4.PR.CIT-5, HYDERABAD. 5.D.R. ITAT, HYDERABAD. 6.GUARD FILE.