SWARNA PALACE, Dhule V. ACIT, Circle, Dhule , Dhule

ITA 239/PUN/2024

• Counselvise Citation: [2024] 100 COUNSELVISE.COM (IT) 2353 (ITAT-PUNE)
• Duration Of Justice: 3 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-05-2024
• Appeal Filed By: Assessee
• Order Result: PartlyAllowed
• Bench Allotted: SMC
• Assessment Year: 2015-2016
• Appeal Filed On: 08-02-2024
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MANISH MEHTA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “SMC” BENCH : PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER I.T.A.No.239/PUN./2024 [E-APPEAL] Assessment Year 2015-2016 Swarna Palace, S.No.1726, Agra Road, DHULE – 424 001. Maharashtra. PAN ABDFS2788P vs. The ACIT, Circle, Aayakar Bhavan, Vidya Vihar Colony, Opp. MSEB, Sakri Road, DHULE. Maharashtra. (Appellant) (Respondent) For Assessee : Shri Sanket Joshi For Revenue : Shri Manish Mehta Date of Hearing : 19.03.2024 Date of Pronouncement : 14.05.2024 ORDER This assessee’s appeal for assessment year 2015-16, arises against the National Faceless Appeal Centre [in short the “NFAC”] Delhi’s Din and Order No. ITBA/NFAC/S/250/ 2022-23/1051667776(1), dated 30.03.2023, in proceedings u/s.143(3) of the Income Tax Act, 1961 (in short “the Act”). Heard both the parties. Case file perused. 2. The assessee pleads the following substantive grounds in the instant appeal : 2 ITA.No.239/PUN./2024 3. Suffice to say, the sole substantive issue between the parties is only to the extent of the estimation of assessee’s gross profit claimed @ 16.9% which stands enhanced to 18% by the learned lower authorities qua it’s sales turnover of Rs.5,57,44,930/-. Coming to this limited issue between the parties involving assessee’s jewellery business; I find that neither of their respective stands deserve to be accepted in entirety in absence of corresponding comparable instance having filed in the case records. It is in these peculiar facts that I deem it appropriate to re-estimate the assessee’s impugned gross profits @ 17.5% with a rider that the same shall not be treated as a precedent in other case(s). Necessary computation shall follow as per law. Ordered accordingly. 3 ITA.No.239/PUN./2024 4. This assessee’s appeal is partly allowed in above terms. Order pronounced in the open Court on 14.05.2024. Sd/- [SATBEER SINGH GODARA] JUDICIAL MEMBER Pune, Dated 14 th May, 2024 VBP/- Copy to 1. The appellant 2. The respondent 3. The Pr. CIT, Pune concerned 4. D.R. ITAT, “SMC” Bench, Pune. 5. Guard File. //By Order// //True Copy // Sr. Private Secretary, ITAT, Pune Benches, Pune.