N.Siva Kumar, Erode V. ACIT, Erode

ITA 3082/CHNY/2014

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 4625 (ITAT-CHENNAI)
• Duration Of Justice: 2 year(s) 4 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-05-2017
• Appeal Filed By: Assessee
• Bench Allotted: B
• Next Hearing Date: 04-04-2017
• Assessment Year: 2010-2011
• Appeal Filed On: 18-12-2014
• Court: TRIBUNAL
• Assessee Lawyers: S SRIDHAR SHRI SUPRIYO
• Keywords: Opportunity of being heard

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, CHENNAI , . ' # , $ #% BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER . /ITA NO. 3082/MDS/2014 / ASSESSMENT YEAR : 2010-11 SHRI N. SIVA KUMAR, 85, GANDHIJI 2 ND STREET, OPP. TO CARMEL SCHOOL, KARUR BYE PASS ROAD, ERODE 638002. PAN AQOPS7029M ( /APPELLANT) V. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-I, ERODE. RESPONDENT) / APPELLANT BY : SHRI S. SRIDHAR, ADVOCATE / RESPONDENT BY : SHRI SUPRIYO PAL, JCIT ! / DATE OF HEARING : 06.04.2017 '# ! / DATE OF PRONOUNCEMENT : 11.05.2017 & / O R D E R PER CHANDRA POOJARI, ACCOUNTANT MEMBER THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME-TAX(APPEALS)-I, COIMB ATORE DATED 13.10.2014. - - ITA 3082/14 2 2. THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS : 1. THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS)-I, COIMBATORE DATED 13.10.2014 IN ITA NO.393/13-14 FOR THE ASST. YEAR 2010-11 IS OPPOSED TO LAW, FACTS AND IN THE CIRCUMSTANCES OF THE CASE. 2. THE COMMISSIONER OF INCOME TAX (APPEALS)-I COIMBATORE ERRED IN ESTIMATING THE NET PROFIT AT 25 % OF THE GROSS RECEIPTS, ARBITRARILY ON WITHOUT ANY VALID BA SIS. 3. THE COMMISSIONER OF INCOME TAX (APPEALS)-I FAILE D TO APPRECIATE THE FACTS THAT THE APPELLANT HIMSELF HAD ADMITTED REASONABLE NET PROFIT HAVING REGARD TO THE NATURE OF THE BUSINESS CARRIED ON BY THE APPELLANT. 4. THE COMMISSIONER OF INCOME TAX (APPEALS)-I ERRED IN SUSTAINING 2,25,87,200/- AS SHORT TERM CAPITAL GAIN IN RESPECT OF SALE OF AGRICULTURAL LAND BY TREATING IT AS AN AGRICULTURAL LAND. 5. THE COMMISSIONER OF INCOME TAX (APPEALS)-I FAILE D TO APPRECIATE THE FACT THAT THE LAND WAS SITUATED 10 K MS AWAY FROM THE ERODE MUNICIPAL CORPORATION. 6. THE COMMISSIONER OF INCOME TAX (APPEALS)-I FAILE D TO APPRECIATE THE FACT THAT THE LAND WAS AGRICULTURAL LAND AS DEFINED U/S 2(14)(III) OF INCOME TAX ACT 1961. 3. AFTER HEARING BOTH THE PARTIES, WE FIND THAT THE ASSESSMENT ORDER WAS PASSED ON BEST JUDGEMENT ASSES SMENT BY THE ASSESSING AUTHORITY REJECTING THE BOOKS OF A CCOUNTS ON THE REASON THAT THE ASSESSEE HAS NOT PRODUCED THE BOOKS OF ACCOUNTS FOR VERIFICATION. AGAINST THIS, THE ASSE SSEE WENT IN APPEAL BEFORE THE CIT(APPEALS) CHALLENGING THE VARI OUS ADDITIONS - - ITA 3082/14 3 MADE BY THE AO. AS ON THE DATE OF FINAL HEARING OF THE CASE FIXED BY CIT(APPEALS) ON 15.9.2014, NONE APPEARED O N BEHALF OF THE ASSESSEE, THE CIT(APPEALS) DECIDED THE ISSUES O N MERITS. IN OUR OPINION, IT IS APPROPRIATE TO GIVE ONE MORE OPP ORTUNITY TO THE ASSESSEE TO PRESENT ITS CASE. THEREFORE, WE REMIT THE ISSUES TO THE FILE OF THE CIT(APPEALS) FOR FRESH CONSIDERATIO N AFTER GIVING AN OPPORTUNITY OF BEING HEARD TO THE ASSESSEE. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWE D FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON 11 TH MAY, 2017. SD/- SD/- ( $% & ) ( ' ( ) $ ) *%+,-,./01,2345,.62,+778,293 : ;< /JUDICIAL MEMBER ! ;<=>>70.?,.?@A1BA2 ': /CHENNAI, C; /DATED, THE 11 TH MAY , 2017. K S SUNDARAM ;D EFGF /COPY TO: 1. /APPELLANT 2. /RESPONDENT 3. H3 /CIT(A) 4. H /CIT 5. FIJ K /DR 6. JLM /GF.