Maa Transport Agency, Asansol V. A.C.I.T.,Circle-2, Asansol

ITA 2065/KOL/2019

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 8588 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 4 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-01-2021
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Next Hearing Date: 01-12-2020
• Assessment Year: 2015-2016
• Appeal Filed On: 05-09-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Section: 250

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA B BENCH, KOLKATA VIRTUAL COURT HEARING (BEFORE SRI J. SUDHAKAR REDDY, HONBLE ACCOUNTANT MEMBER & SRI ABY T. VARKEY, HONBLE JUDICIAL MEMBER) ITA NO. 2065/KOL/2019 ASSESSMENT YEAR: 2015-16 MAA TRANSPORT AGENCY...........APPELLANT C/O SHRI KANCHAN SADHU, ADVOCATE VIVEKANADA PARK P.O.-RAMKRISHNA MISSION ASANSOL DIST BURDWAN PIN - 713305 [PAN : AAKFM 9822 A] ASTT. COMMISSIONER OF INCOME TAX, CRICLE-2, ASANSOL.............RESPONDENT APPEARANCES BY: SHRI KANCHAN SADHU, ADVOCATE, APPEARED ON BEHALF OF THE ASSESSEE. SMT. RANU BISWAS, ADDL. CIT, DR APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : DECEMBER 1 ST , 2020 DATE OF PRONOUNCING THE ORDER : JANUARY 8 TH , 2021 O R D E R PER J. SUDHAKAR REDDY :- THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS)- ASANSOL, (HEREINAFTER THE LD. CIT (A)), PASSED U/S 250 OF THE INCOME TAX ACT, 1961 (THE ACT), DT. 02/07/2019. 2. WE HAVE HEARD RIVAL CONTENTIONS. ON CAREFUL CONSIDERATION OF THE FACTS AND CIRCUMSTANCES OF THE CASE, PERUSAL OF THE PAPERS ON RECORD, ORDERS OF THE AUTHORITIES BELOW AS WELL AS CASE LAW CITED, WE HOLD AS FOLLOWS:- 3. WE FIND THAT THE SMC BENCH OF THE TRIBUNAL IN THE ASSESSEES OWN CASE UNDER IDENTICAL CIRCUMSTANCES IN I.T.A. NO. 1591/KOL/2014; ASSESSMENT YEAR: 2008-09, ORDER DT. MARCH 9 TH , 2018 , HAS HELD AS UNDER:- 5. AFTER HEARING RIVAL SUBMISSIONS, I FIND THAT THE LD. CIT(A) ESTIMATED THE NET PROFIT AT 9.1 PER CENT AS AGAINST THE PROFIT ESTIMATED AT 10.90 PER CENT BY THE ASSESSING OFFICER. KEEPING IN VIEW, THE EARLIER ESTIMATIONS MADE BY THE CO-ORDINATE BENCH OF THE ITAT IN THE ASSESSEES OWN CASE, FOR THE EARLIER ASSESSMENT YEARS, I AM OF THE OPINION THAT INTEREST OF JUSTICE WOULD BE MET IF GROSS 2 ITA NO. 2065/KOL/2019 ASSESSMENT YEAR: 2015-16 MAA TRANSPORT AGENCY PROFIT IS ESTIMATED AT 6 PER CENT OF GROSS RECEIPTS. THE ASSESSEE WOULD BE ENTITLED TO DEDUCTION OF INTEREST ON CAPITAL AND PARTNERS REMUNERATION FROM SUCH ESTIMATION OF GROSS PROFIT. ORDERED ACCORDINGLY. 4. CONSISTENT WITH THE VIEW TAKEN THEREIN, WE ARE OF THE OPINION THAT INTEREST OF JUSTICE WOULD BE MET IF GROSS PROFIT IS ESTIMATED AT 6 PER CENT OF GROSS RECEIPTS. THE ASSESSEE WOULD BE ENTITLED TO DEDUCTION OF INTEREST ON CAPITAL AND PARTNERS REMUNERATION FROM SUCH ESTIMATION OF GROSS PROFIT. ORDERED ACCORDINGLY. 5. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED IN PART. KOLKATA, THE 8 TH DAY OF JANUARY, 2021. SD/- SD/- [ABY T. VARKEY] [ J. SUDHAKAR REDDY ] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 08.01.2021 {SC SPS} 3 ITA NO. 2065/KOL/2019 ASSESSMENT YEAR: 2015-16 MAA TRANSPORT AGENCY COPY OF THE ORDER FORWARDED TO: 1. MAA TRANSPORT AGENCY C/O SHRI KANCHAN SADHU, ADVOCATE VIVEKANADA PARK P.O.-RAMKRISHNA MISSION ASANSOL DIST BURDWAN PIN 713305 2. ASTT. COMMISSIONER OF INCOME TAX, CRICLE-2, ASANSOL 3. CIT(A)- 4. CIT- , 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES