Bandho Real Estates Private Limited , Chennai V. Dy. Commissioner of Income Tax , Central Circle-2(4), Hyderabad

ITA 1885/Hyd/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 3193 (ITAT-HYDERABAD)
• Duration Of Justice: 5 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-02-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB-B
• Assessment Year: 2012-2013
• Appeal Filed On: 14-09-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: SATYA PINISETTY
• Keywords: Search and seizure
• Section: 132; 144

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES B, HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER I.T.A. NO. 1885/HYD/2018 ASSESSMENT YEAR: 2012-13 M/S. BANDHO REAL ESTATES PRIVATE LIMITED, CHENNAI [PAN: AADCB6321M] VS THE DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(4), HYDERABAD (APPELLANT) (RESPONDENT) FOR ASSESSEE : NONE FOR REVENUE : SHRI SATYA PINISETTY, DR DATE OF HEARING : 22-02-2019 DATE OF PRONOUNCEMENT : 22-02-2019 O R D E R PER S. RIFAUR RAHMAN, A.M. : THIS APPEAL PREFERRED BY ASSESSEE IS DIRECTED AGAIN ST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS)-12 , HYDERABAD, DATED 16-03-2018 FOR THE AY. 2012-13. 2. WHEN THIS APPEAL WAS FIXED FOR HEARING ON 22-02-2 019, NONE APPEARED ON BEHALF OF ASSESSEE NOR THERE WAS AN Y REQUEST FOR ADJOURNMENT. EVEN, THE ASSESSEE HAS NOT RECTIFIED THE DEFECTS POINTED OUT BY THE REGISTRY THROUGH NOTICE DATED 26/09/2018. AS PER PROCEDURE, THE DEFECTS MUST BE RECTI FIED WITHIN 15 DAYS OF SERVING OF DEFECT MEMO, WHICH WAS SERVED IN THIS CASE ON 26/09/2018. THEREFORE , WE ARE OF THE VIEW THAT THE ASSESSEE IS NOT INTERESTED IN PROSECUTING THIS APPE AL. I.T.A. NO. 1885/HYD/2018 :- 2 -: 3. IT HAS BEEN HELD BY THE HONBLE SUPREME COURT IN THE CASE OF B.N. BHTTACHARGEE & ANR., [118 ITR 461] THAT APPEAL DOES NOT MEAN ONLY FILING OF MEMO OF AP PEAL BUT ALSO PURSUING IT EFFECTIVELY. IN CASES WHERE THE ASSE SSEE DOES NOT WANT TO PURSUE THE APPEAL, COURT/TRIBUNAL HAVE INHER ENT POWER TO DISMISS THE APPEAL FOR NON PROSECUTION AS HEL D BY HONBLE HIGH COURT OF MUMBAI IN THE CASE OF M/S CHEM IPOL VS. UNION OF INDIA IN EXCISE APPEAL NO. 62 OF 2009. THE REFORE, RESPECTFULLY FOLLOWING THE DECISION OF THE TRIBUNAL IN THE CASE OF MULTIPLAN (INDIA) LTD., [38 ITD 320] AND MADHYA PRAD ESH HIGH COURT IN LATE TUKOJIRAO HOLKAR [223 ITR 480], WE DISM ISS THIS APPEAL OF THE ASSESSEE FOR WANT OF PROSECUTION. 4. EVEN ON MERITS, THE ASSESSEE-COMPANY, ORIGINALLY FILED THE RETURN OF INCOME FOR THE AY. 2012-13 ON 25 TH DECEMBER, 2012, DECLARING TOTAL INCOME AT RS. NIL. IN THE CASE OF M/S. AGRI GOLD FARM ESTATES INDIA PRIVATE LIMITED AND GROUP OF CASES, SEARCH AND SEIZURE OPERATION U/S. 132 OF THE I NCOME TAX ACT [ACT] WERE CONDUCTED ON 23-01-2015. IN THE COU RSE OF SEARCH, INCRIMINATING MATERIAL PERTAINING TO THE ASSES SEE- COMPANY WERE FOUND AND SEIZED AND MARKED AS ANNEXUR E NO. A/AGFEIPL/02 AND A/AGFEIPL/04. THE AO OBSERVED THAT SINCE THE INCRIMINATING MATERIAL BELONGS TO THE ASSESSE E- COMPANY, PROVISIONS OF SECTION 153C ARE APPLICABLE A ND ACCORDINGLY PROCEEDINGS U/S. 153C ARE INITIATED FOR TH E AY. 2012-13 BY RECORDING THE SATISFACTORY NOTICE. I.T.A. NO. 1885/HYD/2018 :- 3 -: 4.1. NOTICE U/S. 153C WAS ISSUED ON 9 TH NOVEMBER, 2015 CALLING FOR RETURN OF INCOME AND SERVED UPON THE ASSE SSEE. SINCE THERE IS NO RESPONSE, AO ISSUED VARIOUS NOTICE S, BUT, THERE WAS NO COMPLIANCE FROM THE ASSESSEE. THEREFORE, ASSESSING OFFICER COMPLETED THE ASSESSMENT U/S. 144 OF THE ACT BASING ON THE EVIDENCE AVAILABLE ON RECORD AND SE IZED MATERIAL BY DETERMINING THE TOTAL INCOME OF THE ASSESSE E AT RS. 5,60,97,810/- AS AGAINST THE ORIGINALLY RETURNED INCOM E OF RS. NIL. WHILE DOING SO, THE AO MADE ADDITION OF DEEMED I NCOME U/S 56(2)(VIIA)(II) FOR RS. 97,812/- AND CASH CREDI T OF RS. 5,60,00,000/-. 5. ON APPEAL, THE CIT(A) PARTLY ALLOWED THE APPEAL OF ASSESSEE. 6. SINCE, THERE IS NO REPRESENTATION FROM THE ASSESSEE AND THE FINDINGS OF THE CIT(A) ARE UNCONTROVERTED, WE UPHO LD THE ORDER OF CIT(A) AND DISMISS THE APPEAL OF THE ASSESSE E. 7. IN THE RESULT, THE APPEAL FILED BY ASSESSEE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 22 ND FEBRUARY, 2019 SD/- SD/- (P. MADHAVI DEVI) (S. RIF AUR RAHMAN) JUDICIAL MEMBER ACCOUNTANT M EMBER HYDERABAD, DATED 22 ND FEBRUARY, 2019 TNMM I.T.A. NO. 1885/HYD/2018 :- 4 -: COPY TO : 1. M/S. BANDHO REAL ESTATES PRIVATE LIMITED, C/O. M.V. PRASAD, CHARTERED ACCOUNTANT, D.NO. 60-7- 13, 4 TH LINE, SIDDHARTHA NAGAR, VIJAYAWADA. 2. THE DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRC LE-2(4), HYDERABAD. 3. CIT (APPEALS)-12, HYDERABAD. 4. PR.CIT(CENTRAL), HYDERABAD. 5. D.R. ITAT, HYDERABAD. 6. GUARD FILE.