Surat Dashalad Vanik Gnati, Surat V. The ACIT, Circle-6, Surat

ITA 2205/AHD/2014

• Counselvise Citation: 220520514 RSA 2014
• Duration Of Justice: 1 year(s) 2 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-10-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2010-2011
• Appeal Filed On: 04-08-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: M J SHAH
• Keywords: Benefit of exemption
• Section: 143(3); 12A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH BEFORE: S H RI PRAMOD KUMAR, ACCOUNTANT MEMBER AND SHR I S. S. GODARA , JUDICIAL MEMBER SURAT DASHALAD VANIK GNATI, 501, NAVNIDHI APARTMENT, LIMBU STREET, RAMPURA MAIN ROAD, SURAT - 395003 PAN: AABTS4477J (APPELLANT) VS ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE - 6 SURAT (RESPONDENT) REVENUE BY : S H RI JAM ES KURIAN , SR. D . R. ASSESSEE BY: S H RI M.J. SHAH , A.R. DATE OF HEARING : 08 - 09 - 2 015 DATE OF PRONOUNCEMENT : 28 - 10 - 2 015 / ORDER P ER : S. S. GODA RA , JUDICIAL MEMBER : - THIS ASSESSEE S APPEAL FOR A.Y. 2010 - 11 , AR ISES FROM ORDER OF THE CIT(A) - I, SURAT DATED 16 - 06 - 2014 IN APPEAL NO. CAS - I/13/2013 - I T A NO . 2205 / A HD/20 14 A SSES SMENT YEAR 2010 - 11 I.T.A NO. 2205 /AHD/20 14 A.Y. 2010 - 11 PAGE NO SURAT DASHALAD VANIK GNATI VS. ACIT 2 14 , IN PROCEEDINGS UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT . 2. THE ASSES SEE RAISES FOLLOWING SUBSTANTIVE GROUNDS : - 1. THE CIT(APPEALS) ERRED IN UPHOLDING THE WITHDRAWAL OF BENEFIT OF EXEMPTION U/S. 11 (1)(A) AND U/S. 11(1)(D) AMOUNTING TO RS. 1,00,956/ - . 2. THE CIT(APPEALS) FURTHER ERRED IN CONFIRMING THE ADDITION OF RS. 39 ,744/ - AS INTEREST INCOME AS PER NORMAL PROVISIONS OF THE I.T. ACT. 3. FACTS OF THE CASE ARE IN A NARROW COMPASS. THE ASSESSEE - TRUST FILED ITS RETURN ON 02 - 12 - 2010 DECLARING NIL INCOME. THE ASSESSING OFFICE TOOK UP SCRUTINY. HE INTER ALIA NOTICED ASSE SSEE S NON - REGISTRATION U/S. 12A OF THE ACT. THE ASSESSEE DOES NOT APPEAR TO HAVE FILED SUCH A CERTIFICATE. THE ASSESSING OFFICER FRAMED A REGULAR ASSESSMENT IN ITS CASE ON 18 - 02 - 2013 DISALLOWING/ADDING THE IMPUGNED BENEFIT OF ACCUM UL ATION U/S. 11(1)(D) OF RS. 1,06,739/ - , EXEMPTION OF RS. 1,00,958/ - U/S. 11(1)(A) AND ADDED INTEREST SUM OF RS. 3 ,974 / - . THE CIT(A) HAS CONFIRMED THE ASSESSING OFFICER S ACTION. 4. WE HAVE HEARD BOTH THE PARTIES AND GONE THROUGH THE CASE FILE. THE ASSESSEE S ONLY ARGUME NT IN THE PRESENT CASE IS THAT THE BOTH THE AUTHORITIES BELOW HAVE TAXED ITS GROSS INCOME INSTEAD OF THE NET ONE AS PER NORMAL PROVISIONS. IT SEEKS NECESSARY DIRECTIONS TO THE I.T.A NO. 2205 /AHD/20 14 A.Y. 2010 - 11 PAGE NO SURAT DASHALAD VANIK GNATI VS. ACIT 3 ASSESSING AUTHORITY AS PER LAW ACCORDINGLY. THE REVENUE IS FAIR ENOUGH NOT TO CONTEST THIS ARGUMENT. WE ACCORDINGLY ACCEPT ASSESSEE S ALTERNATIVE PLEA AND REMIT THE FILE BACK TO THE ASSESSING OFFICER FOR COMPUTING ASSESSEE S INCOME AS PER NORMAL PROVISIONS INDICATED HEREINABOVE IN ACCORDANCE WITH LAW. 5. THIS ASSESSEE S APPEAL IS ALLOWED FOR STATISTICA L PURPOSES. ORDER PR ONOUNCED IN THE OPEN C OURT ON 28 - 10 - 2015 SD/ - SD/ - ( PRAMOD KUMAR ) ( S. S. GODARA ) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD : DATED 28 /10 /2015 AK / COPY OF ORDER FORWARDED TO: - 1. ASSESSEE 2. REVENUE 3. CONCERNED CIT 4. CIT (A) 5. DR, ITAT, AHMEDABAD 6. GUARD FILE. BY ORDER/ , / ,