Superb Plastic Thermoforming Pvt. Ltd., Howrah V. I.T.O.,Ward-10(3), Kolkata

ITA 2099/KOL/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 9132 (ITAT-KOLKATA)
• Duration Of Justice: 4 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-01-2020
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2001-2002
• Appeal Filed On: 09-09-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: JAYANTA KHANRA
• Assessee Lawyers: A KOCHAR
• Section: 250

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA SMC BENCH, KOLKATA [BEFORE SHRI J. SUDHAKAR REDDY, HONBLE ACCOUNTANT MEMBER] I.T.A. NO. 2099 /KOL/2019 ASSESSMENT YEAR: 2001-02 & I.T.A. NO. 2100/KOL/2019 ASSESSMENT YEAR: 2002-03 SUPERB PLASTIC THERMOFORMING PVT. LTD.........................APPELLANT 103/24/1, FORESHORE ROAD SHIBPUR HOWRAH 711 102 [PAN: AADCS 6918 B] VS. INCOME TAX OFFICER, WARD-10(3), KOLKATA............................................................RESPONDENT APPEARANCES BY: SHRI A. KOCHAR, ADVOCATE, APPEARED ON BEHALF OF THE ASSESSEE. SHRI JAYANTA KHANRA, JCIT, SR. D/R, APPEARING ON BEHALF OF THE REVENUE DATE OF CONCLUDING THE HEARING : JANUARY 6 TH , 2020 DATE OF PRONOUNCING THE ORDER : JANUARY 10 TH , 2020 O R D E R PER J. SUDHAKAR REDDY, AM :- BOTH THESE APPEALS FILED BY THE ASSESSEE ARE DIRECTED AGAINST SEPARATE ORDERS OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) 11, KOLKATA, (HEREINAFTER THE LD.CIT(A)), PASSED U/S. 250 OF THE INCOME TAX ACT, 1961 (THE ACT), DT. 28/05/2019, FOR THE ASSESSMENT YEARS 2001-02 & 2002-03. 2. AFTER HEARING BOTH THE PARTIES, I AM OF THE CONSIDERED OPINION THAT THE INTEREST OF JUSTICE WOULD BE MET IF THE NET PROFIT IN QUESTION IS ESTIMATED AT 0.75% OF THE SUPPRESSED SALES. THE ASSESSING OFFICER HAD ESTIMATED THE NET PROFIT @ 3% AND WHEREAS THE LD. CIT(A) DIRECTED THE ASSESSING OFFICER TO CALCULATE THE RATE AT 1.26% OF THE SUPPRESSED SALES. THE ASSESSING OFFICER IN AN ASSESSMENT FOR THE ASSESSMENT YEAR 2003-04, HAD ESTIMATED THE NET PROFIT AT 0.09%. 3. UNDER THESE CIRCUMSTANCES, I DIRECT THE ASSESSING OFFICER TO CALCULATE THE PROFIT @ .75% ON THE SUPPRESSED SALES FOR BOTH THESE ASSESSMENT YEARS. AS THIS WAS ACCEPTED BY BOTH THE PARTIES, I DO NOT ADJUDICATE THE OTHER GROUNDS ON REOPENING. KOLKATA, THE 10 TH DAY OF JANUARY, 2020. SD/- [J. SUDHAKAR REDDY] ACCOUNTANT MEMBER DATED : 10.01.2020 {SC SPS} C OPY OF THE ORDER FORWARDED TO: 1. SUPERB PLASTIC THERMOFORMING PVT. LTD 103/24/1, FORESHORE ROAD SHIBPUR HOWRAH 711 102 2. INCOME TAX OFFICER, WARD- 10(3), KOLKATA 3. 4. CIT(A)- 5. CIT- , 6 . CIT(DR), KOLKATA BENCHES, KOLKATA. 2 SUPERB PLASTIC THERMOFORMING PVT. LTD OPY OF THE ORDER FORWARDED TO: SUPERB PLASTIC THERMOFORMING PVT. LTD 10(3), KOLKATA SENT THROUGH E-MAIL. . CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES I.T.A. NO. 2099 /KOL/2019 ASSESSMENT YEAR: 2001-02 & I.T.A. NO. 2100/KOL/2019 ASSESSMENT YEAR: 2002-03 SUPERB PLASTIC THERMOFORMING PVT. LTD . TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES