Shri Vidya Hydrocarbons Pvt. Ltd., Burdwan V. ACIT, Circle - 3, Asansol, Asansol

ITA 2018/KOL/2007

• Counselvise Citation: 201823514 RSA 2007
• Duration Of Justice: 3 year(s) 11 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-09-2011
• Appeal Filed By: Assessee
• Bench Allotted: A
• Assessment Year: 2003-2004
• Appeal Filed On: 12-09-2007
• Court: TRIBUNAL
• Department Lawyers: S K MALAKAR
• Assessee Lawyers: R GOEL

Judgement Text

ITA NO.2018/KOL/2007 SRI VIDYA HYDRO CARBON PVT. LT D. A.Y. 03-04 1 , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH : K OLKATA BEFORE HONBLE SHRI MAHAVIR SINGH, JM & HONBLE SH RI C.D. RAO, AM ( ) , . . , ) / I.T.A NO.2018/KOL/2007 !' #$ / ASSESSMENT YEAR : 2003-04 SRI VIDYA HYDROCARBON PVT. LTD VS. ASSISTA NT COMMISSIONER OF INCOME-TAX PAN: AAHCS 1673F CIRCLE-3, ASANSOL ( %& /APPELLANT ) ( '(%& / RESPONDENT ) %& / FOR THE APPELLANT: ) / SHRI R. GOEL '(%& / FOR THE RESPONDENT: ) / SHRI S.K MALAKAR * * * * /ORDER , SHRI MAHAVIR SINGH, JUDICIAL MEMBER: THIS APPEAL BY ASSESSEE IS ARISING OUT OF ORDER OF CIT(A), ASANSOL IN APPEAL NO 25/ CIT(A)/ASL/CIR-3/2006-07 DATED 08.03.2007. ASSESSMENT WAS FRAMED BY A.C.I.T, CIRCLE-3, ASANSOL U/S.143(3) OF THE INCOME-TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE ACT) VIDE HIS ORDER DATED 20.3.2006. 2. AT THE OUTSET THE LEARNED COUNSEL FOR THE ASSES SEE STATED THAT HE HAS INSTRUCTIONS NOT TO PRESS FOLLOWING GROUND NOS.1,3,4 &5:- 1. THAT THE ASSESSING OFFICER WAS UNJUSTIFIED IN IN CLUDING CAPITAL GAINS IN NET PROFIT FROM BUSINESS TO COMPUTE TAXABLE INCOME, IMPOSING HIGH RATE OF TAXES. 3. FOR THAT DISALLOWANCES OF EXPENSES OF: A. FREIGHT CHARGES 52233.00 B. TRAVELLING EXPENSES 20000.00 C. TELEPHONE EXPENSES 3465.00 D. DONATION 10001.00 ARE EXCESSIVE, UNJUSTIFIED & ARBITRARY. 4. FOR THAT OTHER GROUND OR GROUNDS MAY BE RAISED. 5. FOR THAT THE ORDER IS UNJUSTIFIED, ILLEGAL AND ARBI TRARY. 3. AS THE LEARNED COUNSEL FOR THE ASSESSEE STATED T HAT HE HAS INSTRUCTION NOT TO PRESS THE ABOVE ISSUES, WE DISMISS THE SAME AS NOT PRESSED. ITA NO.2018/KOL/2007 SRI VIDYA HYDRO CARBON PVT. LT D. A.Y. 03-04 2 4. THE ONLY SURVIVING ISSUE IN THIS APPEAL OF ASSE SSEE IS AGAINST THE ORDER OF COMMISSIONER OF INCOME-TAX(APPEALS) CONFIRMING THE ADDITION MADE BY ASSESSING OFFICER ON ACCOUNT OF ALLEGED SUPPRESSION OF SALE. FOR THI S, THE ASSESSEE HAS RAISED FOLLOWING GROUND NO.2. 2. FOR THAT ADDITION OF RS.524044.00 FOR ALLEGED S ALES SUPPRESSION. 5. WE HAVE HEARD RIVAL CONTENTIONS AND GONE THROUGH FACTS AND CIRCUMSTANCES OF THE CASE. WE FIND THAT ASSESSING OFFICER HAS MADE ADDI TION ON THE BASIS THAT THE ASSESSEE HAS DISCLOSED YIELD OF CRUDE NAPHTHALENE FROM COAL TAR AS RAW MATERIALS @ 4.2% IN THE YEAR UNDER CONSIDERATION. WHEREAS IN EARLIER YEAR (S) TH E SAME WAS AT 8.6%. ACCORDINGLY, THE ASSESSING OFFICER HAS COMPUTED THE SUPPRESSION OF S ALE OF CRUDE NAPHTHALENE AT RS.5,86,265/-. 6. AGGRIEVED, ASSESSEE PREFERRED APPEAL BEFORE CIT( A). BEFORE HIM, ASSESSEE COULD NOT PRODUCE ANY EVIDENCE OR TO SHOW JUSTIFICATION AS T O HOW THE RAW MATERIAL WAS USED GIVING LOW YIELD IN THE YEAR UNDER CONSIDERATION. 7. NOW, ASSESSEE BEFORE US HAS FILED A COMPARATIVE CHART OF STATEMENT OF CONSUMPTION AND YIELD IN A.Y 2002-03 COMPARING WITH PRESENT A. Y 2003-04. ASSESSEE HAS GIVEN PERCENTAGE-WISE EXCESS AND SHORTAGES IN STOCK. AS T HESE COMPARATIVE FIGURES WERE NOT AVAILABLE WITH THE ASSESSING OFFICER AT THE TIME OF ASSESSMENT OR THE SAME WERE NOT AVAILABLE BEFORE CIT(A) AT THE APPELLATE STAGE, WE, IN THE INTEREST OF JUSTICE, RESTORE THIS ISSUE TO THE FILE OF ASSESSING OFFICER AND ASSESSIN G OFFICER WILL DEAL THESE FIGURES AS PRESENT BEFORE US AND DECIDE THE ISSUE AFRESH. 8. IN THE RESULT, ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOSE. * , - ,! . / 09.09.2011 ORDER PRONOUNCED IN THE OPEN COURT ON 09.09.2011 SD/- SD/- [ .. , , , , ] [ , ] C.D. RAO, ACCOUNTANT MEMBER MAHAVIR SINGH, JUDICIAL MEMBER ( ) DATED : 09-09-2011 *PP 45 !67 8 /SR.P.S. ITA NO.2018/KOL/2007 SRI VIDYA HYDRO CARBON PVT. LT D. A.Y. 03-04 3 * 9 ': ;:#<- COPY OF THE ORDER FORWARDED TO: 1 . %& /APPELLANT- M/S. SRI VIDYA HYDROCARBONS PVT. LTD BOLDIE, MAHATADHI P.O DISHERGARH DIST: BURDWAN-PIN 713333. 2 '(%& / RESPONDENT : ASSTT. COMMISSIONER OF INCOME TAX,CI RCLE-3, ASANSOL. 3 . *! / THE CIT, 4 . *! ( )/ THE CIT(A), KOLKATA 5 . D . '! / DR, KOLKATA BENCHES, KOLKATA ( : '/ TRUE COPY , * !, / BY ORDER , 7 /ASSTT. REGISTRAR