Shri Amar Das , Kolkata V. ACIT, Circle - 43 , Kolkata

ITA 2596/KOL/2018

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 2777 (ITAT-KOLKATA)
• Duration Of Justice: 8 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-08-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Next Hearing Date: 29-08-2019
• Assessment Year: 2014-2015
• Appeal Filed On: 13-12-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: RAJA SENGUPTA JCITSRDR
• Assessee Lawyers: U DASGUPTA
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH SMC KOLKATA BEFORE SHRI S.S, GODARA, JUDICIAL MEMBER ITA NO.2596/KOL/2018 ASSESSMENT YEAR:2014-15 SHRI AMAR DAS 26/1/1 ROY J.N. CHOWDURY LANE, KOLKATA-700036 [ PAN NO.ADQPD 5019 B ] / V/S . ACIT, CIRCLE-43, 3, GOVT. PLACE, KOLKATA-700 001 /APPELLANT .. /RESPONDENT /BY APPELLANT SHRI U. DASGUPTA, ADVOCATE /BY RESPONDENT SHRI RAJA SENGUPTA, JCIT-SR-DR /DATE OF HEARING 29-08-2019 /DATE OF PRONOUNCEMENT 30-08-2019 /O R D E R THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2014-15 , ARISES AGAINST THE COMMISSIONER OF INCOME-TAX (APPEALS)-13, KOLKATAS ORDER DATED 16.10.2018 PASSED IN CASE NO.609765351020217/CITQ-13/CIR-43KOL/2017-1 8, INVOLVING PROCEEDINGS U/S. 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE A CT. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. THE ASSESSEE RAISED THE FOLLOWING SUBSTANTIVE GR OUNDS:- 2) FOR THAT ON THE FACTS OF THE CASE NEITHER THE LD . CIT(A) NOR THE AO HAS MADE OUT A CASE FOR REJECTION OF BOOKS U/S 145(3) OF THE ACT6 1,AS SUCH THE ESTIMATION OF PROFITS IN THIS CASE IS NOT LEGALLY JUSTIFIED. 3) FOR THAT ON THE FACTS OF THE CASE NEITHER THE LD . CIT(A) WAS NOT LEGALLY JUSTIFIED IN SUSTAINING THE TOTAL INCOME AT RS.31,06,749/- AGAIN ST THE RETURNED LOSS OF RS.50,38,808/-, IGNORING THE BOOK RESULTS, WITHOUT POINTING OUT ANY SPECIFIC DEFECTS IN MY BOOKS OF ACCOUNT, THE BOOK RESULTS MAY PLEASE BE ACCEPTED. 4) FOR THAT ON THE FACTS OF THE CASE NEITHER THE LD . CIT(A)FAILED TO APPRECIATE THAT FACT THAT ACTUAL PHYSICAL STOCK EXISTING ON SURVEY DATE ( AS PER REGULAR CENTRAL EXCISE STOCK REGISTER IS THE ACTUAL STOCK ) AND THE EXCESS STOCK INVENTORISED BY THE SURVEY TEAM U/S. 133A, AMOUNTING TO ( RS.1,09,83,005/- MINUS RS.66,41,700 /-) I.E. RS.43,41,305/- IS DISPUTED BY THE APPELLANT. ITA NO.2596/KOL/2018 A.Y. 2014-15 AMAR DAS VS. ACIT, CIR-43 PAGE 2 3. MR. DASGUPTA RESTRICTS HIS CHALLENGE TO ASSESSEE S ABOVE PLEADED GRIEVANCES ONLY TO THE EXTENT OF SET OFF LOSES OF THE ALLEGED EXCESS STOCK AMOUNTING TO 43,41,305/- FOUND DURING THE COURSE OF SURVEY AGAIN ST THE BROUGHT FORWARD LOSSES CLAIM OF 50,38,808/-. LEARNED DEPARTMENTAL REPRESENTATIVES CASE IS THAT THE IMPUGNED EXCESS STOCK COULD NOT BE ALLOWED TO BE SE T OFF AGAINST THE ABOVE STATED UNEXPLAINED INCOME AS PER HON'BLE GUJARAT HIGH COUR TS DECISION IN FAKIR MOHMED HAJI HASAN VS. CIT (2002) 247 ITR 290 (GUJ). I FIND NO MERIT IN THE R EVENUES INSTANT ARGUMENT. THEIR LORDSHIPS LATTER DECISION IN CIT VS. SILPA DYING AND PRINTING MILLS (P) LTD . (2013) 85 CCH 494 (GUJ) DECIDED ON 04.04.2013 HOL D DISTINGUISHES THE FORMER PRECEDENT TO CONCLUDE THAT ALL INCOMES ASSESSABLE U NDER VARIOUS HEAD(S) SPECIFIC IN SEC. 14 OF THE ACT ARE ALLOWABLE TO BE SET OFF AGAI NST LOSS CARRIED FORWARD AS PER THE RELEVANT PROVISION IN THE ACT. I THEREFORE ACCEPT T HE ASSESSEES ARGUMENTS AS IN PRINCIPLE AND DIRECT THE ASSESSING OFFICER TO FRAME NECESSARY COMPUTATION AS PER LAW. 4. THIS ASSESSEES APPEAL IS PARTLY ALLOWED IN FORE GOING TERMS. ORDER PRONOUNCED IN OPEN COURT ON 30/08/2019 SD/- (S.S. GODARA) JUDICIAL MEMBE R KOLKATA, *DKP/SR.PS - 30/08/2019 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-SHRI AMAR DAS, 26/1/1 ROY J.N> CHOWDURY LANE KOLKATA-36 2. /RESPONDENT-ACIT,CIR-43, 3, GOVT. PLACE, KOLKATA-70 0 001 3. ' % / CONCERNED CIT 4. % - / CIT (A) 5. & ))' , ' / DR, ITAT, KOLKATA 6. + / GUARD FILE. BY ORDER/ , /TRUE COPY/ ',