M/s.Keerthi Agro Mills P.Ltd, Cochin V. The ACIT, Ernakulam

ITA 145/COCH/2014

• Counselvise Citation: [2015] 120 COUNSELVISE.COM (IT) 9941 (ITAT-COCHIN)
• Duration Of Justice: 1 year(s) 1 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-05-2015
• Appeal Filed By: Assessee
• Bench Allotted: DB
• Next Hearing Date: 07-05-2015
• Assessment Year: 2010-2011
• Appeal Filed On: 28-03-2014
• Court: TRIBUNAL
• Department Lawyers: M ANIL KUMAR
• Assessee Lawyers: K K CHANDRASEKHARAN
• Keywords: Difference of opinion
• Section: 40A(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE S/SHRIV.DURGA RAO, JM AND B.R.BASKARAN, AM I.T.A NO. 145/COCH/2014 ASSESSMENT YEAR : 2010-11 M/S. KEERTHI AGRO MILLS (P) LTD., MATTOOR, KALADY, KOCHI-683 574. [PAN: AACCK 1164C] VS. THE ASSISTANT COMMISSIONER OF INCOME-TAX,CIRCLE-1(2), ERNAKULAM. (ASSESSEE-APPELLANT) (REVENUE- RESPONDENT) I.T.A NO. 295/COCH/2014 ASSESSMENT YEAR : 2010-11 THE ASSISTANT COMMISSIONER OF INCOME-TAX,CIRCLE-1(2), ERNAKULAM. VS. M/S. KEERTHI AGRO MILLS (P) LTD., MATTOOR, KALADY, KOCHI-683 574. [PAN: AACCK 1164C] (REVENUE-APPELLANT) (ASSESSEE - RESPONDENT) ASSESSEE BY SHRI K.K. CHANDRASEKHARAN REVENUE BY SHRI M. ANIL KUMAR, CIT(DR) DATE OF HEARING 07/05/2015 DATE OF PRONOUNCEMENT 07/05/2015 O R D E R PER B.R. BASKARAN, AM: 1. SINCE THERE WAS A DIFFERENCE OF OPINION BETWEEN THE TWO MEMBERS CONSTITUTING THE DIVISION BENCH OF ITAT, COCHIN, THE MA TTER WAS REFERRED TO THE THIRD MEMBER BY THE HONBLE PRESIDENT U/S. 255(4) OF THE ACT. THE LD. I.T.A. NOS.145 & 295/COCH/2014 2 THIRD MEMBER HAS FRAMED FOLLOWING QUESTION AFTER THE CONSENT OF BOTH THE PARTIES IN APPEAL:- 1. WHETHER THE ADDITION MADE U/S 40A(3) OF THE ACT CAN BE SUSTAINED?. IF SO WHAT EXTENT? 2. WHETHER THE ADDITION MADE ON ACCOUNT OF SUPPRESSION OF YIELD/PRODUCTION OF RICE CANBE SUSTAINED? IF YES, TO WHAT EXTENT? THE HONBLE THIRD MEMBER HAS AGREED WITH THE VIEW TAK EN BY THE HONBLE JUDICIAL MEMBER ON BOTH THE ISSUES CITED ABOVE. ACCORDING LY, AS PER THE MAJORITY VIEW, BOTH THE ABOVE SAID ISSUES ARE DECIDED IN FAVOUR OF THE ASSESSEE. 2. IN THE RESULT, THE APPEAL OF THE ASSESSEE IN ITA NO. 145/COCH/2014 IS ALLOWED AND THE APPEAL OF THE REVENUE IN ITA NO.295 /COCH/2014 IS DISMISSED. PRONOUNCED IN THE OPEN COURT ON THIS 7 TH DAY OF MAY, 2015. SD/- SD/- (V. DURGA RAO) (B.R. BASKARAN) JUDICIAL MEMBER ACCOUNTANT MEMBER PLACE: KOCHI DATED: 7TH MAY, 2015 GJ COPY TO: 1. M/S. KEERTHI AGRO OIL MILLS (P) LTD., MATTOOR, KAL ADY. 2. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-1(2) , KOCHI-683 574. 3. THE COMMISSIONER OF INCOME-TAX (APPEALS)-II, KOCHI. I.T.A. NOS.145 & 295/COCH/2014 3 4. THE COMMISSIONER OF INCOME-TAX, KOCHI. 5. D.R., I.T.A.T., COCHIN BENCH, COCHIN. 6. GUARD FILE. BY ORDER (ASSISTANT REGIS TRAR) ITAT, COCHIN BENCH