Gour Mohan Kundu , North 24 Parganas V. ITO, Ward - 49(1), Kolkata , Kolkata

ITA 1389/KOL/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 8484 (ITAT-KOLKATA)
• Duration Of Justice: 6 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-01-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2013-2014
• Appeal Filed On: 27-06-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: ARINDAMA BHATTACHARYA
• Assessee Lawyers: S P DUTTA; SOUMEN SADHUKHAN
• Section: 143(3); 145

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH SMC KOLKATA BEFORE SHRI S.S, GODARA, JUDICIAL MEMBER ITA NO.1389/KOL/2018 ASSESSMENT YEAR:2013-14 GOUR MOHAN KUNDU MOTIGANJ,JESSORE ROAD, BONGAON, NORTH 240- PARGANAS-743235 [ PAN NO.AGAPK 6623 K ] / V/S . INCOME TAX OFFICER, WARD-49(1) UTTARA MARKET COMPLEX, DS- 2, MANICKTALA CIVIC CENTRE, 2 ND FLOOR, KOLKATA-54 /APPELLANT .. /RESPONDENT /BY APPELLANT SHRI S.P. DUTTA, ADVOCATE & SHRI SOUMEN SADHUKHAN, ADVOCATE /BY RESPONDENT SHRI ARINDAMA BHATTACHARYA, ADDL. CIT-DR /DATE OF HEARING 01-01-2019 /DATE OF PRONOUNCEMENT 04-01-2019 /O R D E R THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2013-14 , ARISES AGAINST THE COMMISSIONER OF INCOME-TAX (APPEALS)-15, KOLKATAS ORDER DATED 08.03.2018 PASSED IN CASE NO.370/CIT(A)-15/155-16/WD-49(1)/KOL INVOL VING PROCEEDINGS U/S. 145 R.W.S. 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. CASE FILE SUGGESTS AT THE OUTSET THAT I NEED NOT DIG INTO DEEPER IN FACTS OF THE CASE SINCE THE ISSUE BETWEEN THE PARTIES IS THAT OF ESTIMATION OF NET PROFIT ONLY. THE ASSESSING OFFICER TREATED ASSESSEES CASH DEPOSITS OTHER THAN IN INTEREST OF 1,77,73,703/- TO BE TURNOVER FROM ASSESSEES EDIBLE OIL TRADING BUSINESS. THE TAXPAYER HAD DECLARED NET PROFIT PERCENTAGE THEREUP ON @ 2.22%. THE ASSESSING OFFICER REJECTED ITS BOOKS TO BE NOT INDICATING TRU E PICTURE TO RE-ESTIMATE THE SAME @ 8% COMING TO 14,23,351/-. THE CIT(A) HAS AFFIRMED THE SAME. ITA NO.1389/KOL/2018 A.Y. 2013-14 GOUR MOHAN KUNDU VS. ITO WD-49(1) KO L. PAGE 2 3. I HAVE CONSIDERED RIVAL CONTENTIONS. IT IS MADE CLEAR FIRSTS OF ALL THAT THE ASSESSEES FAIR ENOUGH IN NOT PUTTING IN CHALLENGE REJECTION OF ITS BOOKS OF ACCOUNT IN BOTH THE LOWER PROCEEDINGS U/S. 145A OF THE ACT. TH E SAME HAS ATTAINED FINALITY THEREFORE. THE SOLE ISSUE THAT SURVIVES MY CONSIDER ATION IS THAT OF ESTIMATION OF ASSESSEES NET PROFIT BETWEEN 2.2% TO 8% (SUPRA). I FIND THAT NEITHER THE ASSESSING OFFICER HAS DISCUSSED COMPARABLE CASES NOR THE ASSE SSEE ITSELF HAS FILED ITS DETAILS INDICATING THE BASIS OF THE NET PROFIT ACCEPTED IN PRECEDING OR SUCCEEDING ASSESSMENT YEAR. I THEREFORE DEEM IT APPROPRIATE IN THESE PECU LIAR FACTS AND CIRCUMSTANCES THAT NET PROFIT ESTIMATION @ 4% WOULD BE JUST AND PROPER. TH E ASSESSING OFFICER IS DIRECTED TO FRAME CONSEQUENTIAL COMPUTATION. IT IS MADE CLEAR T HAT THE ABOVE STATED RE-ESTIMATION OF ASSESSEES NET PROFIT SHALL NOT BE TREATED AS A PRECEDENT IN ANY OTHER ASSESSMENT YEAR. 4. THIS ASSESSEES APPEAL IS PARTLY ALLOWED IN ABOV E TERMS. ORDER PRONOUNCED IN OPEN COURT ON 04/01/2019 SD/- (S.S. GODARA) JUDICIAL MEMBE R KOLKATA, *DKP/SR.PS - 04/01/2019 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-GOUR MOHAN KUNDU,MOTIGANJ,JESSORE ROAD, BONGAON DIST. NORTH 24-PARGANAS-743235 2. /RESPONDENT-ITO WARD-49(1), UTTARA MARKET COMPLEX, DS-2, MANICKTALA CIVIC CENTRE, 2 ND FLOOR, KOLKAT-54 3. ' % / CONCERNED CIT 4. % - / CIT (A) 5. & ))' , ' / DR, ITAT, KOLKATA 6. + / GUARD FILE. BY ORDER/ , /TRUE COPY/ / ',