Hiralal Lokchandani, Jharsuguda V. ITO, Jharsuguda

ITA 209/CTK/2007

• Counselvise Citation: [2011] 134 COUNSELVISE.COM (IT) 4375 (ITAT-CUTTACK)
• Duration Of Justice: 4 year(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-06-2011
• Appeal Filed By: Assessee
• Bench Allotted: DB
• Next Hearing Date: 21-06-2011
• Assessment Year: 1998-1999
• Appeal Filed On: 19-06-2007
• Court: TRIBUNAL
• Assessee Lawyers: G D MODI; S N PADHEE ARS

Judgement Text

IN THE INCME TAX APPELLATE TRIBUNAL, CUTTACK BENCH, CUTTACK BEFORE : HONBLE SHRI K.K.GUPTA, ACCOUNTANT MEMBER, AND HONBLE SHRI K.S.S.PRASAD RAO, JUDICIAL MEMBER. ITA NO. 209/CTK/2007 (ASSESSMENT YEAR 1998 - 99) SRI HIRALAL LOKCHANDANI,C/O. TULSI GEN ERALSTORE,MANAGAL BAZAR ROAD, P.O. & DIST.JHARSUGUDA,ORISSA. VERSUS INCOME - TAX OFFICER, WARD 1,JHARSUGUDA. (APPELLANT) (RESPONDENT) FOR THE APPELLANT: SHRI G.D.MODI AND SRI S.N.PADHEE,ARS FOR THE RESPONDENT NONE ORDER SHRI K.K.GUPTA, ACCOUNTANT MEM BER : THIS APPEAL BY THE ASSESSEE AGITATES THE ORDER OF THE LEARNED COMMISSIONER OF INCOME - TAX PASSED U/S.263. 2. AT THE OUTSET THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ISSUE SOUGHT TO BE ASSUME JURISDICTION U/S.263 BY THE LEARNED CIT HAS ALSO BEEN DISPOSED OF BY THE ITAT, SPECIAL BENCH, KOLKATA IN THE ASSESSES CASE ITSELF VIDE ORDERDT.17.11.2006 IN ITA NO.555/CTK/2002. THE SPECIAL BENCH IN THIS DECISION HAVE RESTORED THE ISSUE TO THE FILE OF THE ASSESSING OFFICER FOR ADOPTING THE VALUE OF ROUGH AND UNCUT DIAMONDS AS ON 1.4.81, THE VALUE AS OBTAINED BY THE ASSESSEE FROM THE REGISTERED VALUER. HE POINTED OUT THEREFORE THAT THE FACTS NOTED BY THE LEARNED CIT IN ASSUMING JURISDICTION U/S.263 HAVE ALREADY BEEN CONSIDERED BY THE TRIBUNAL ON WHIC H FACTS THE TRIBUNAL WAS PLEASED TO DIRECT THE ASSESSING OFFICER THEREFORE, THE VIEW TAKEN BY THE LEARNED CIT IN THE IMPUGNED ORDER U/S.263 BECOMES ECLIPSED BY THE ORDER OF THE SPECIAL BENCH AND AS SUCH IT IS NOT SUSTAINABLE FOR LEGAL SCRUTINY AND LIABL E TO BE QUASHED. WE OBSERVE THAT, NO CONSEQUENTIAL ORDER OF THE ASSESSING OFFICER PASSED, IF ANY, PURSUANT TO DIRECTION U/S.263 HAS BEEN BROUGHT ON RECORD. 3. WE HAVE CONSIDERED THE SUBMISSIONS OF THE LEARNED AR OF THE ASSESSEE WEIGHING WITH THE MATERIAL AVAILABLE ON RECORD AND WE DO NOT FIND ANY INFIRMITY IN THE SUBMISSIONS OF THE LEARNED AR OF THE ASSESSEE. THEREFORE, WE ITA NO.209/CTK/2007 2 QUASH THE IMPUGNED ORDER OF THE LEARNED CIT AND ALLOW THE APPEAL OF THE ASSESSEE. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLO WED. PRONOUNCED IN OPEN COURT ON DT. 23 RD JUNE, 2011 SD/ - SD/ - (K.S.S.PRASAD RAO) JUDICIAL MEMBER (K.K.GUPTA) ACCOUNTANT MEMBER DATE: 23 RD JUNE, 2011 H.K.PADHEE, SENIOR PRIVATE SECRETARY. COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT: SRI HIRALAL LOKCHANDANI,C/O. TULSI GENERALSTORE,MANAGAL BAZAR ROAD, P.O. & DIST.JHARSUGUDA,ORISSA. 2. THE RESPONDENT: INCOME - TAX OFFICER, WARD 1,JHARSUGUDA. 3. THE CIT, 4. THE CIT(A), 5. THE DR, CUTTACK 6. GUARD FILE (IN DUPLICATE) TRUE COPY, BY ORDER, SENIOR PRIVATE SECRETARY.