The South India Flour Mills Pvt. Ltd., CHENNAI V. ACIT, CHENNAI

ITA 1466/CHNY/2014

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 8241 (ITAT-CHENNAI)
• Duration Of Justice: 1 year(s) 7 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-01-2016
• Appeal Filed By: Assessee
• Bench Allotted: B
• Next Hearing Date: 30-12-2015
• Assessment Year: 1998-1999
• Appeal Filed On: 29-05-2014
• Court: TRIBUNAL
• Department Lawyers: A B KOLI
• Assessee Lawyers: R PADMANABHAN
• Keywords: Reopening of assessment

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, CHENNAI , ! ' # , $ %& BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER ./ ITA NO. 1466/MDS/2014 / ASSESSMENT YEAR :1998-99 M/S. THE SOUTH INDIA FLOUR MILLS PVT. LTD., NO.12/25, WEST MADA CHURCH ROAD, ROYAPURAM, CHENNAI 600 013 PAN AABCT2238D. ( /APPELLANT) VS THE ASSISTANT COMMISSIONER OF INCOME-TAX, COMPANY CIRCLE-III(2), CHENNAI 34. ( /RESPONDENT) / APPELLANT BY : SHRI R. PADMANABHAN, CA / RESPONDENT BY : SHRI A.B.KOLI, JCIT / DATE OF HEARING : 30.12.2015 ! / DATE OF PRONOUNCEMENT : 06.01.2016 ' / O R D E R PER CHANDRA POOJARI, ACCOUNTANT MEMBER THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME-TAX(APPEALS) DATED 4. 2.2014 FOR - - ITA 1466 /14 2 THE ASSESSMENT YEAR 1998-99. 2. THE GRIEVANCE OF THE ASSESSEE IN THIS APPEAL IS THAT THE CIT(APPEALS) HAS NOT ADJUDICATED THE ISSUE RELATING TO REOPENING OF THE ASSESSMENT UNDER SEC.147 OF THE ACT, THOUGH THE GROUND WAS RAISED BEFORE THE CIT(APPEALS). THE ASSESSEE H AS ALSO RAISED THE GROUNDS WITH REGARD TO DISALLOWANCE OF ` 22,01,500/- AND COMPUTATION OF CAPITAL GAINS OF ` 3,58,91,240/-. THE ASSESSEE HAS ALSO RAISED THE GROUNDS IN RESPECT OF BOOK PROFITS U/S.115J OF THE ACT AND LEVY OF INTEREST U/S.234B & 234D OF THE ACT. 3. AT THE OUTSET, THE LD. AR OBJECTED THAT THE COMM ISSIONER OF INCOME-TAX(APPEALS) HAS NOT JUSTIFIED IN NOT DIS POSING THE GROUND WITH REGARD TO REOPENING OF ASSESSMENT U/S.1 47 OF THE ACT, THOUGH THE ASSESSEE HAS RAISED THE GROUND BEFO RE THE CIT(APPEALS). 4. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE M ATERIAL ON RECORD. IN OUR OPINION, THE COMMISSIONER OF I NCOME- TAX(APPEALS) HAS TO DEAL WITH THE ISSUE OF REOPENIN G OF ASSESSMENT FIRST AND THEREAFTER HE HAS TO DECIDE OT HER ISSUES RAISED BY THE ASSESSEE. SINCE THE LEGAL ISSUE RELA TING TO - - ITA 1466 /14 3 REOPENING OF ASSESSMENT WAS NOT DEALT WITH THE COMM ISSIONER OF INCOME-TAX(APPEALS), WE REMIT THE ENTIRE ISSUE T O THE FILE OF THE CIT(APPEALS) FOR CONSIDERATION AND DIRECT HIM T O DECIDE THE LEGAL ISSUE FIRST AND IF NECESSARY, HE CAN ADMIT AN D DECIDE OTHER ISSUES RAISED BY THE ASSESSEE. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON WEDNESDAY, TH E 6 TH OF JAN., 2016 AT CHENNAI. SD/- SD/- ( '# $%& ' ) ( ' & ( ) ) *+,-..-/-01234-54-6-37 *+,-234-5889-4 :7 % '; /JUDICIAL MEMBER ';<=>>8?2@-2@A1BC14 '% /CHENNAI, D' /DATED, THE 6 TH JAN., 2016. MPO* 'E FGHG /COPY TO: 1. /APPELLANT 2. /RESPONDENT 3. I*7 /CIT(A) 4. I /CIT 5. GJ$ K /DR 6. $LM /GF.