PRECISE EXPORTS P.LTD, MUMBAI V. DCIT (OSD-II) C-7, MUMBAI

ITA 1551/MUM/2014

• Counselvise Citation: [2017] 126 COUNSELVISE.COM (IT) 9108 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 6 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-10-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 07-09-2017
• Assessment Year: 1999-2000
• Appeal Filed On: 06-03-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH C, MUMBAI BEFORE SHRI D.T. GARASIA, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER ITA NO.1551/M/2014 ASSESSMENT YEAR: 1999-2000 M/S. PRECISE EXPORTS PVT. LTD., B.N. KEDIA & CO., CHARTERED ACCOUNTANTS, B-311, YASHWANT SHOPPING CENTRE, CARTER ROAD NO.7, BORIVALI (EAST), MUMBAI-400 066 PAN: AAAFP8886H VS. DY. CIT (OSD-II), (C)-7, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI (APPELLANT) (RESPONDENT) PRESENT FOR: ASSESSEE BY : NONE REVENUE BY : SHRI PURUSHOTTAM KUMAR, D.R. DATE OF HEARING : 07.09.2017 DATE OF PRONOUNCEMENT : 03.10.2017 O R D E R PER D.T. GARASIA , JUDICIAL MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED BY THE ASSES SEE AGAINST THE ORDER DATED 29.11.2013 OF THE COMMISSIONER OF I NCOME TAX (APPEALS) [HEREINAFTER REFERRED TO AS THE CIT(A)] R ELEVANT TO ASSESSMENT YEAR 1999-2000. 2. THE SHORT FACTS OF THE CASE ARE AS UNDER: ITA NO.1551/M/2014 M/S. PRECISE EXPORTS PVT. LTD. 2 THE ASSESSEE IS A PRIVATE LIMITED COMPANY INCORPOR ATED UNDER COMPANIES ACT, 1956. DURING THE YEAR, ASSESSMENT W AS DONE UNDER SECTION 143(3) COMPUTING THE TOTAL INCOME OF A SUM OF RS.1,44,03,000/- AND TAX WAS DEMANDED AT RS.76,87,6 01/-. THE ASSESSEE DISPUTES THE WHOLE OF THE SAID DEMAND AS W ELL AS EACH AND EVERY FINDING RECORDED BY ASSESSING OFFICER (HEREIN AFTER REFERRED TO AS THE AO) IN HIS IMPUGNED ORDER AS WHOLLY ARBITRAR Y, AGAINST THE FACTS AND EVIDENCES ON RECORD, BASED ON SUSPICION, SURMISES AND CONJECTURES, UNREASONABLE AND OR OTHERWISE PERVERSE . 3. THE MATTER CARRIED TO THE LD. CIT(A) AND THE LD. CIT(A) HAS DISMISSED THE SAME. 4. DURING THE COURSE OF HEARING, THE ASSESSEE DID N OT REMAIN PRESENT BEFORE THE LD. CIT(A) AND BEFORE THE TRIBUN AL. IN ABSENCE OF ANY EVIDENCE, WE CONFIRM THE ACTION OF THE LD. CIT( A). 5. IN THE RESULT, APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 03.10.2017. SD/- SD/- (RAJESH KUMAR) (D.T. GARASIA) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 03.10.2017. * KISHORE, SR. P.S. COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT (A) CONCERNED, MUMBAI THE DR CONCERNED BENCH ITA NO.1551/M/2014 M/S. PRECISE EXPORTS PVT. LTD. 3 //TRUE COPY// [ BY ORD ER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.