Overseas Beverages Private Limited, Honda V. ACIT, Circle - 2(1), Panaji

ITA 223/PAN/2018

AI Insights

The case involves Overseas Beverages Private Limited appealing against the order of the Commissioner of Income Tax (Appeals)-2, Panaji, which was passed on 22-03-2018 for the assessment year 2012-13. The primary contention was the alleged violation of the principles of natural justice concerning the foreign exchange gain on restatement. The assessee argued that they were not given an opportunity to present their case adequately before the CIT(A). The Tribunal noted that the assessee had not submitted necessary details regarding the foreign exchange gain as per AS-15 during the assessment, which led to the addition of the said amount to their total income. The Tribunal, considering the submissions and the lack of objection from the Departmental Representative, decided to remand the issue back to the AO for a fresh assessment.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 132790 (ITAT-PANAJI)
• Duration Of Justice: 5 year(s) 3 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-09-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: WT(D)
• Next Hearing Date: 11-09-2023
• Assessment Year: 2012-2013
• Appeal Filed On: 03-06-2018
• Laws Referred To: AS-15
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P.S. SHIVSHANKAR
• Assessee Lawyers: R. NATARAJAN
• Keywords: Principle of natural justice

Judgement Text

आयकर अपीलीय अधिकरण न्यायपीठ पणजी में । IN THE INCOME TAX APPELLATE TRIBUNAL, PANAJI (Through Virtual Court) BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER आयकर अपील सं. / ITA No.223/PAN/2018 धििाारण वर्ा / Assessment Year : 2012-13 Overseas Beverages Private Limited, No. 11, Honda Industrial Estate, Sattari, Goa – 403530 PAN : AAACO5591P .......अपीलार्थी / Appellant बिाम / V/s. The Asst. Commissioner of Income Tax, Circle – 2(1), Panaji ......प्रत्यर्थी / Respondent Assessee by : Shri R. Natarajan Revenue by : Shri P.S. Shivshankar सुिवाई की तारीख / Date of Hearing : 12-09-2023 घोर्णा की तारीख / Date of Pronouncement : 21-09-2023 आदेश / ORDER PER S.S. VISWANETHRA RAVI, JM : This appeal by the assessee against the order dated 22-03-2028 passed by the Commissioner of Income Tax (Appeals)-2, Panaji [‘CIT(A)’] for assessment year 2012-13. 2. The only issue raised by the assessee challenging the action of CIT(A) in passing the impugned order violating the principles of natural justice in 2 ITA No. 223/PAN/2018, A.Y. 2012-13 respect of issue foreign exchange gain on restatement in the facts and circumstances of the case. 3. At the outset, it was stated that there was no opportunity for the assessee in prosecuting its case before the CIT(A). On an examination of the assessment order dated 30-03-2015, we note that the assessee was asked to file details and nature of foreign exchange gain as per AS-15 and the AO added the said amount to the total income of the assessee for want of details. Before the CIT(A), we note that no details were submitted by the assessee which were fairly conceded by the ld. AR. The ld. DR did not report any objection in remanding the issue to the file of AO for its fresh consideration. As discussed above which is evident from para 4.II of the assessment order. Therefore, taking into consideration the facts and circumstances of the case and the submissions of ld. AR and ld. DR and in the interest of justice, we deem it proper to remand the issue to the file of AO for its fresh consideration. The assessee is liberty to file evidence, if any, in support of its claim. Thus, the sole ground raised by the assessee is allowed for statistical purpose. 4. In the result, the appeal of assessee is allowed for statistical purpose. Order pronounced in the open court on 21 st September, 2023. Sd/- Sd/- (R.S. Syal) (S.S. Viswanethra Ravi) VICE PRESIDENT JUDICIAL MEMBER पुणे / Pune; ददिांक / Dated : 21 st September, 2023. रधव 3 ITA No. 223/PAN/2018, A.Y. 2012-13 आदेश की प्रधतधलधप अग्रेधर्त / Copy of the Order forwarded to : 1. अपीलार्थी / The Appellant. 2. प्रत्यर्थी / The Respondent. 3. The CIT(A)-2, Panaji. 4. The Pr. CIT, Panaji. 5. धवभागीय प्रधतधिधि, आयकर अपीलीय अधिकरण, पणजी, / DR, ITAT, Panaji. 6. गार्ा फ़ाइल / Guard File. //सत्याधपत प्रधत// True Copy// आदेशािुसार / BY ORDER, वररष्ठ धिजी सधिव / Sr. Private Secretary आयकर अपीलीय अधिकरण ,पुणे / ITAT, Pune