Sri Alit Kumar Sarkar, Siliguri V. ITO, Wd-1(1), Siliguri, Siliguri

ITA 1522/KOL/2012

• Counselvise Citation: 152223514 RSA 2012
• Duration Of Justice: 1 year(s) 9 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-07-2014
• Appeal Filed By: Assessee
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 19-10-2012
• Court: TRIBUNAL
• Department Lawyers: RANU BISWAS LD JCITSR
• Assessee Lawyers: S M SURANA SUNIL SURANA

Judgement Text

, C , IN THE INCOME TAX APPELLATE TRIBUNAL, BE NCH- C KOLKATA ( ) BEFORE . . , SHRI P.K.BANSAL, ACCOUNTANT MEMBER /AND % 1 , SHRI GEORGE MATHAN, JUDICIAL MEMBER ( / ITA NO. 1522/KOL/2012 A.Y 2008-09 SRI ALIT KUMAR SARKAR ) I.T.O WARD 1(1), SILIGURI PAN: AIWPS9731Q VERSUS (* / APPELLANT ) (+,*/ RESPONDENT ) ( / ITA NO. 1757/KOL/2012 A.Y 2008-09 I.T.O WARD 1(1), SILIGURI ) SRI ALIT KUMAR SARKAR VERSUS (* / APPELLANT ) (+,*/ RESPONDENT ) * / FOR THE APPELLANT /S/SHRI S.M SURANA, ADVOCATE SUNIL SURANA, CA +,* / FOR THE RESPONDENT: SMT. RANU BISWAS, LD.JCIT/SR.DR 1 2 /DATE OF HEARING : 23-07-2014 1 2 /DATE OF PRONOUNCEMENT: 23-07-2014 / ORDER % 1 , SHRI GEORGE MATHAN, JUDICIAL MEMBER ITA NO. 1522/KOL/2012 IS AN APPEAL FILED BY THE A SSESSEE AND ITA NO. 1757/KOL/2012 IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDERS OF THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS), SILIGURI IN A PPEAL NO. 48/CIT(A)/SLG/10-11 DATED 24/08/2012 FOR THE ASSESSMENT YEAR 2008-09. 2. S/SHRI S.M SURANA, ADVOCATE AND SUNIL SURANA, CA , LEARNED ARS REPRESENTED ON BEHALF OF THE ASSESSEE AND SMT. RANU BISWAS, LEARN ED JCIT/SR.DR REPRESENTED ON BEHALF OF THE REVENUE. 3. IT WAS SUBMITTED BY THE LEARNED AR FOR THE ASSESSE E THAT THE ASSESSEE IS AN INDIVIDUAL, WHO IS DOING THE BUSINESS AS EGG WHOLE SALER. IT WAS THE SUBMISSION THAT IN THE COURSE OF ASSESSMENT ON ACCOUNT OF NON MAINTENANCE OF STOCK AND REGISTER AND NON ISSUANCE OF CASH MEMOS THE BOOKS OF ACCOUNT OF THE ASSESSEE WAS REJECTED AND THE AO ASSESSED THE NET INCOME OF THE ASSESSEE AT 5% OF TH E GROSS SALES. IT WAS THE SUBMISSION ITA NOS. 1522 & 1757/KOL/2012-C-JM SRI ALIT KR. SAR KAR 2 THAT ON APPEAL BEFORE THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS), THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) HAD CONFIRMED THE REJECTION OF BOOKS OF ACCOUNT AND REDUCED THE NET PROFIT ASSESSED FROM 5% TO 2.5% OF THE GROSS SALES. IT WAS THE SUBMISSION THAT AGAINST THE REDUCTION BY THE LEARNED COMMISSIO NER OF INCOME-TAX (APPEALS) OF THE NET PROFIT FROM 5% TO 2.5% AND AGAINST THE ACTION OF T HE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) IN NOT ACCEPTING THE BOOKS OF ACCOUNT OF THE ASSESSEE IS IN APPEAL AND ON ACCOUNT OF ESTIMATION OF NET PROFIT TO 2.5% THE R EVENUE IS IN APPEAL BEFORE THE TRIBUNAL. IT WAS THE SUBMISSION THAT THE AO HAD NO BASIS FOR EST IMATING THE PROFIT OF THE ASSESSEE AT 5%. IT WAS THE FURTHER SUBMISSION THAT BEFORE THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) THE COMPARATIVE CHARTS FOR THE LAST 10 Y EARS HAD BEEN PRODUCED, WHICH SHOWED THAT THE NET PROFIT FOR THE RELEVANT ASSESSMENT YE AR WAS THE HIGHEST AT 1.32%. IT WAS THE SUBMISSION THAT THE NET PROFIT AS ESTIMATED BY THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) AT 2.5% MAY BE REDUCED. 4. IN REPLY, SMT. RANU BISWAS, LEARNED JCIT/S R.DR HAS VEHEMENTLY SUPPORTED THE ORDER OF THE AO. IT WAS THE SUBMISSION THAT NET PROFIT A T 5% WAS LIABLE TO BE CONFIRMED. 5. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. TH E REJECTION OF BOOKS OF ACCOUNT BY THE AO AND AS CONFIRMED BY THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) IS FOUND TO BE ON A RIGHT FOOTING. HOWEVER, CONSIDERING THE FACT T HAT THE ASSESSEES NET PROFIT HAS BEEN BEST FOR THE CURRENT YEAR COMPARED TO ALL THE EARLI ER YEARS. THE NET PROFIT AS ADOPTED BY THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) AT 2. 5% STANDS REDUCED TO 1.9%. THIS ISSUE OF ASSESSEE APPEAL STANDS PARTLY ALLOWED. 5.1 AS WE HAVE REDUCED THE NET PROFIT RATE AS AR RIVED BY THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS) FROM 2.5% TO 1.9%, THIS ISSUE OF REVENUES APPEAL STANDS DISMISSED. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IN I TA NO.1522/KOL/2012 FOR THE ASSESSMENT YEAR 2008-09 STANDS PARTLY ALLOWED AND THE APPEAL O F THE REVENUE IN ITA NO. 1757/KOL/2012 FOR THE ASSESSMENT YEAR 2008-09 STANDS DISMISSED A S STATED ABOVE. 7 THIS ORDER IS PRONOUNCED IN OPEN COUR T ON DT 23.07.2014 SD/- SD/- ( . . , ) ( P.K.BANSAL, ACCOUNTANT MEMBER ) ( % 1 , ) (GEORGE MATHAN, JUDICIAL MEMBER) ( (( ( 2 2 2 2 ) )) ) DATE 23.07.2014 ITA NOS. 1522 & 1757/KOL/2012-C-JM SRI ALIT KR. SAR KAR 3 1. . * / THE APPELLANT : SRI ALIT KUMAR SARKAR T/14, BID HAN MARKET, SILIGURI-734001. 2 +,* / THE RESPONDENT- I.T.O W 1(1), SILIGURI 734001. 3 4. . / THE CIT, ( )/ THE CIT(A) 5 . + / DR, KOLKATA BENCH 6 . GUARD FILE . ,; +/ TRUE COPY, / BY ORDER, /ASSTT REGISTRAR 1 +; <; / COPY OF THE ORDER FORWARDED