M/s. Chandan Impex, Pune V. Deputy Commissioner of Income-tax, Circle - 2, Pune

ITA 2305/PUN/2017

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 9814 (ITAT-PUNE)
• Duration Of Justice: 4 year(s) 11 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-09-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2011-2012
• Appeal Filed On: 02-10-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: V L JAIN
• Section: 68

Judgement Text

आयकर अपीलीय अिधकरण “ए” Ɋायपीठ पुणे मŐ। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, PUNE BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER आयकर अपीलसं. / ITA No.2305/PUN/2017 िनधाᭅरणवषᭅ / Assessment Year : 2011-12 M/s.Chandan Impex, 186, Jai Gandhi Complex, Market Yard, Pune – 411037. PAN: AAGFC 4553 Q Vs . The DCIT, Circle-2, Pune. Appellant/ Assessee Respondent /Revenue Assessee by Shri V L Jain – AR Revenue by Shri Ramnath P Murkunde – DR Date of hearing 05/09/2022 Date of pronouncement 06/09/2022 आदेश/ ORDER Per S.S.Godara, JM: This assessee’s appeal for Assessment Year 2011-12 is directed against the Commissioner of Income Tax(Appeals)-4, Pune’s order dated 19.05.2017 passed in case no.PN/CIT(A)- 4/DCIT, Circle-2, Pune/683/2013-14/339, in proceedings u/s.143(3) r.w.s 147 of the Income Tax Act, 1961 [in short “the Act”]. Heard both the parties. Case file perused. 2. After having vehemently argued the assessee’s main as well as additional substantive grounds challenging correctness of both the lower authorities action making section 68 addition of Rs.1,13,56,400/- involving unsecured loans on both legality as well as merits, Mr.Jain invited our attention to its detailed rectification ITA No.2305/PUN/2017 for A.Y. 2011-12 (A) Chandan Impex 2 petition filed before the ld.CIT(A)’s dated 21.09.2017 followed by reminder dated 03.09.2018(pages 57 – 62 in paper book) that there are glaring factual and legal mistakes in the lower appellate discussion. And that the same is yet to be adjudicated upon. 3. The Revenue strongly supported the impugned addition made in both the lower proceedings. 4. We have given our thoughtful consideration to the foregoing rival pleadings and find merit in learned counsel’s prayer seeking to withdraw the assessee’s appeal with liberty to pursue the above- stated rectification petition before the CIT(A). It is further made clear that it shall be very much open for the assessee to challenge the CIT(A) consequential rectification order afresh as per law; if so advised. Ordered accordingly. 5. This assessee’s appeal is dismissed as withdrawn in above terms. Order pronounced in the open Court on 6 th September, 2022. Sd/- Sd/- (INTURI RAMA RAO) (S.S.GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER पुणे / Pune; ᳰदनांक / Dated : 6 th Sep, 2022/ SGR* ITA No.2305/PUN/2017 for A.Y. 2011-12 (A) Chandan Impex 3 आदेशकᳱᮧितिलिपअᮕेिषत / Copy of the Order forwarded to : 1. अपीलाथᱮ / The Appellant. 2. ᮧ᭜यथᱮ / The Respondent. 3. The CIT(A), concerned. 4. The Pr. CIT, concerned. 5. िवभागीयᮧितिनिध, आयकर अपीलीय अिधकरण, “ए” बᱶच, पुणे / DR, ITAT, “A” Bench, Pune. 6. गाडᭅफ़ाइल / Guard File. आदेशानुसार / BY ORDER, // TRUE COPY // Senior Private Secretary आयकर अपीलीय अिधकरण, पुणे/ITAT, Pune.