M/s Tirath Ram Badri Nath, Abohar V. Income Tax Officer, Abohar

ITA 142/ASR/2016

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 0752 (ITAT-AMRITSAR)
• Duration Of Justice: 2 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-05-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 18-05-2017
• Assessment Year: 2008-2009
• Appeal Filed On: 03-03-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Opportunity of being heard; Reassessment proceedings
• Section: 143(3); 148

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AMRITSAR BENCH; AMRITSAR BEFORE SH.T.S. KAPOOR, ACCOUNTANT MEMBER AND SH.N.K.CHOUDHRY, JUDICIAL MEMBER I.T.A NO.142(ASR)/2016 ASSESSMENT YEAR: 2008-09 M/S. TIRATH RAM BADRI NATH, MANDI NO.1, ABOHAR. PAN: AABFT-7604E VS. INCOME TAX OFFICER, WARD-II(3), ABOHAR. (APPELLANT) (RESPONDENT) APPELLANT BY: SH. ANIL PURI (ADV.) RESPONDENT BY: SH. RAHUL DHAWAN (DR) DATE OF HEARING: 18.05.2017 DATE OF PRONOUNCEMENT: 26.05.20 17 ORDER PER T. S. KAPOOR (AM): THIS IS AN APPEAL FILED BY ASSESSEE AGAINST THE ORD ER OF LD. CIT(A)- BATHINDA, DATED 29.12.2015, FOR ASST. YEAR: 2008-09 . 2. AT THE OUTSET, THE LD. AR SUBMITTED THAT THE ORI GINAL ASSESSMENT IN THIS CASE WAS COMPLETED ON 16.09.2010 U/S 143(3) OF THE ACT AND THE SAID ASSESSMENT WAS REOPENED U/S 148 AND DURING REA SSESSMENT PROCEEDINGS AN ADDITION OF RS.18,50,000/- WAS MADE. IT WAS SUBMITTED THAT REASSESSMENT PROCEEDINGS WERE INITIATED FOR VE RIFYING THE SOURCE OF RS.18,50,000/- PAID BY THE ASSESSEE FIRM TO ITS PAR TNER FOR JOINT INVESTMENT AND THE SAID AMOUNT WAS ADDED BACK TO TH E INCOME OF ASSESSEE DUE TO ITS FAILURE TO PRODUCE THE ACCOUNT BOOKS TO SUPPORT AND ITA NO.14 2(ASR)/2017 ASST. YEAR: 2008-09 2 EXPLAIN THE SOURCE FOR PAYMENT TO RS.18,50,000/- IN CASH ON DIFFERENT DATES. THE LD. AR SUBMITTED THAT THE SAID BOOKS OF ACCOUNTS WERE ORIGINALLY SUBMITTED DURING ORIGINAL ASSESSMENT PRO CEEDINGS. THE ASSESSING OFFICER HAD NOT MADE ANY ADDITION ON THIS ACCOUNT. HOWEVER, DURING REASSESSMENT PROCEEDINGS, THE BOOKS OF ACCOU NTS COULD NOT BE TRACED AND THEREFORE, THE ASSESSING OFFICER MADE TH E ADDITION. THE LD. AR FURTHER SUBMITTED THAT ON APPEAL FILED BY ASSESSEE, THE LD. CIT(A) ALLOWED RELIEF RS.7,00,000/-. HE FURTHER SUBMITTED THAT NOW BOOKS OF ACCOUNTS ARE AVAILABLE WITH THE ASSESSEE. IN THIS RESPECT HE INVITED OUR ATTENTION TO THE PHOTO COPIES OF BOOKS OF ACCOUNTS PLACED AT (PB 5 TO 46) AND IT WAS SUBMITTED THAT THE CASE OF THE ASSESSEE BE RESTORED TO THE OFFICE OF ASSESSING OFFICER, WHO CAN VERIFY THE ABOVE SAID EN TRIES FROM THE ORIGINAL BOOKS OF ACCOUNTS. 3. THE LD. DR HAD NO OBJECTION IF THE APPEAL WAS RE STORED TO THE OFFICE OF ASSESSING OFFICER. 4. WE HAVE HEARD THE RIVAL PARTIES AND HAVE GON E THROUGH THE MATERIAL PLACED ON RECORD. WE FIND THAT BEFORE LD. CIT(A). PHOTOCOPIES OF CASH BOOK WERE PRODUCED BUT ORIGINAL BOOKS OF ACCOUNTS W ERE NOT PRODUCED. THE LD. CIT(A), THEREFORE, AFTER GIVING TELESCOPIC EFFECT ALLOWED RELIEF OF RS.7,00,000/- AND UPHELD THE ADDITION TO THE TUNE O F RS.11,50,000/-. THE LD. AR HAS SUBMITTED THAT NOW ORIGINAL BOOKS OF ACCOUNTS ARE AVAILABLE WITH THE ASSESSEE, WHICH CAN BE PRODUCED BEFORE THE ASSESSING OFFICER FOR HIS VERIFICATION, THEREFORE, WE DEEM IT APPROPRIATE TO REMIT THIS ITA NO.14 2(ASR)/2017 ASST. YEAR: 2008-09 3 CASE TO THE OFFICE OF ASSESSING OFFICER, WHO SHOULD VERIFY THE INVESTMENTS FROM THE BOOKS OF ACCOUNTS OF THE ASSESSEE. NEEDLESS TO SAY THAT ASSESSEE WILL BE PROVIDED SUF FICIENT OPPORTUNITY OF BEING HEARD. 5. IN VIEW OF THE ABOVE, THE APPEAL FILED BY THE AS SESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 26.05. 2017 . SD/- SD/- (N.K.CHOUDHRY ) (T. S. KA POOR) JUDICIAL MEMBER AC COUNTANT MEMBER DATED:26.05.2017. /PK/ PS. COPY OF THE ORDER FORWARDED TO: (1) THE ASSESSEE: (2) THE (3) THE CIT(A), (4) THE CIT, (5) THE SR DR, I.T.A.T., TRUE COPY BY ORDER