M/s. Venkatesh Concrete Products, Pune V. ITO, Ward 3(4), Pune, Pune

ITA 1528/PUN/2008

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 49812 (ITAT-PUNE)
• Duration Of Justice: 2 year(s) 6 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-05-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 02-03-2012
• Assessment Year: 2005-2006
• Appeal Filed On: 27-11-2008
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: AVCHAT
• Keywords: Additional evidence; Cost of acquisition

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE BEFORE SHRI I.C. SUDHIR, JUDICIAL MEMBER AND SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER. I.T.A. NO. 1528/PN/2008 ASSESSMENT YEAR : 2005-06. M/S. VENKATESH CONCRETE PRODUCTS PLOT NO. 423, NANDAN MAHATMA CO-OP. HSG. SOC KOTHRUD, PUNE APPELLANT PAN AASFS 1690 J VS. I.T.O. WARD 3(4) PUNE RESPONDENT APPELLANT BY : SHRI AVCHAT RESPONDENT BY : MS. NEERA MALHOTRA O R D E R PER D. KARUNAKARA RAO, A.M. THIS IS AN APPEAL FILED BY THE ASSESSEE DIRECTED A GAINST THE ORDER OF THE CIT(APPEALS)-II, PUNE DATED 30-9-2008 FOR A.Y. 2005 -06 CONFIRMING THE ADDITION MADE ON ACCOUNT OF COST OF ACQUISITION OF NEW ASSET S. 2. AT THE VERY OUTSET, THE LEARNED COUNSEL FOR THE ASSESSEE FILED A PAPER BOOK AND MENTIONED THAT THE ASSESSING OFFICER MADE DISAL LOWANCE FOR WANT OF BILLS AND THE SAME COULD NOT BE PRODUCED DURING FIRST APPELLA TE PROCEEDINGS AS THEY WERE HELD UP WITH THE BANK. NOW THE COPIES OF THE SAME WERE ACQUIRED AND FILED BEFORE THE TRIBUNAL. HE MENTIONED THAT THE SAME MA Y BE ADMITTED AND SEND THEM TO THE FILE OF THE ASSESSING OFFICER FOR ADJUD ICATION AFRESH. 3 WE FIND MERIT IN THE LEARNED COUNSELS ARGUMENT T HAT THE ASSESSEE WAS PREVENTED FROM FURNISHING THE SAID EVIDENCE BEFORE THE AUTHORITIES. IN OUR OPINION, THESE PAPERS WILL GO TO THE ROOT OF THE MA TTER AND THEREFORE, THEY ARE ITA NO. 1528/PN/2008 VENKATESH CONCRETE PRODUCTS A.Y. 2005-06 2 REQUIRED FOR ADJUDICATION OF THE ISSUE JUDICIOUSLY. HENCE, WE ADMIT THE SAID ADDITIONAL EVIDENCE AND SEND THEM TO THE FILE OF TH E ASSESSING OFFICER FOR ADJUDICATION AFRESH AFTER AFFORDING ADEQUATE OPPORT UNITY OF HEARING TO THE ASSESSEE. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 31 ST MAY 2011 SD/- SD/- (I.C. SUDHIR) ( D.KARUNAKARA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER PUNE DATED THE 31 ST MAY 2011 ANKAM COPY OF THE ORDER IS FORWARDED TO : 1. ASSESSEE 2. DEPARTMENT 3. CIT-II PUNE 4. CIT(A) II PUNE 5. D.R. ITAT B BENCH BY ORDER ASSISTANT REGISTRAR I.T.A.T PUNE