T.T.KRISHNAMACHARI & CO., CHENNAI V. ACIT NON CORPORATE CIRCLE 3, CHENNAI

ITA 3135/CHNY/2018

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 3663 (ITAT-CHENNAI)
• Duration Of Justice: 1 year(s) 3 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-03-2020
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 16-11-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: AR V SRINIVASANJCITD R
• Assessee Lawyers: R VIJAYARAGHAVAN
• Section: 143(3)

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH: CHENNAI . . . , !' , # '$ BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI S.JAYARAMAN, ACCOUNTANT MEMBER ./ ITA NO. 3135/CHNY/2018 % &% /ASSESSMENT YEAR: 2012-13 M/S.T.T.KRISHNAMCHARI & CO., 6, CATHERDRAL ROAD, GOPALAPURAM,CHENNAI 600 016 VS. ASSISTANT COMMISSIONER OF INCOME TAX, NON-CORPORATE CIRCLE-3, CHENNAI. [ PAN: A AAF T 0395 D ] ( '( /APPELLANT) ( )*'( /RESPONDENT) '( + , / APPELLANT BY : MR.R.VIJAYARAGHAVAN,ADVOCATE )*'( + , /RESPONDENT BY : MR. AR.V.SRINIVASAN,JCIT,D.R - + .# /DATE OF HEARING : 20.02.2020 /0& + .# /DATE OF PRONOUNCEMENT : 04.03.2020 / O R D E R PER S.JAYARAMAN, ACCOUNTANT MEMBER: THE ASSESSEE FILED THIS APPEAL AGAINST THE ORDER O F THE COMMISSIONER OF INCOME TAX (APPEALS)-4, CHENNAI IN ITA NO.82/2017- 18/A.Y.2012-13/C.I.T(A)-4, DATED 11.09.2018 FOR THE ASSESSMENT YEAR 2012-13. 2. THE LD. A.R., THOUGH HE HAS TAKEN MANY GROUNDS OF APPEAL, PRESSED ONLY ONE GROUND PLEADING THAT IF THE INCOME ADMITTE D BY THE ASSESSEE IN ITA NO.3135/CHNY/2018 :- 2 -: ACCORDANCE WITH STATEMENT OF INCOME OF KOLTAK ALTER NATE OPPORTUNITIES (INDIA) FUND (KAIOF) IS ANALYZED WITH THE ASSESSEE S ADMISSION OF INCOME AS MADE IN THE COMPUTATION OF ITS INCOME, THE INCOM E ASSESSABLE IN THE RE-OPENED ASSESSMENT WOULD BE LESSER THAN THE INCOM E I.E. ORIGINALLY ASSESSED UNDER SECTION.143(3) OF THE ACT DATED 06.0 3.2015 AND THEREFORE, THERE WOULD NOT ANY REASON TO RE-OPEN THE ASSESSMEN T IN VIEW OF NON- ESCAPEMENT OF INCOME OVER THE INCOME ALREADY ASSESS ED. THEREFORE, THE LD. A.R. PLEADED THAT ON THIS ISSUE, THE APPEAL MAY BE ALLOWED. 3. PER CONTRA, LD. D.R. SUBMITTED THAT THE DETAILS FURNISHED BY THE ASSESSEE BEFORE THE TRIBUNAL WAS NOT AVAILABLE WITH THE A.O. AND HENCE, IT REQUIRES EXAMINATION, APPEAL MAY BE DECIDED ACCORDI NGLY. 4. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. THE ASSESSEE PLEADS THAT THE INCOME ALREADY ASSESSED U/S 143(3) OF THE ACT IS CORRECT IN ACCORD ANCE WITH DETAILS FURNISHED BEFORE THE BENCH. IF THE RELEVANT MATERIA LS ARE EXAMINED BY THE A.O., THERE WOULD NOT BE ANY CASE FOR RE-OPENING TH E ASSESSMENT AS THE COMPUTATION OF INCOME ORIGINALLY MADE UNDER SECTION 143(3) OF THE ACT WOULD BE MORE THAN THE INCOME THAT IS LIKELY TO BE A REASSESSED INCOME AND HENCE, THERE WOULD NOT BE BE A CASE FOR REOPENI NG OF ASSESSMENT. SINCE THE RELEVANT MATERIALS WERE NOT PLACED BEFORE THE A.O., FOR DUE CONSIDERATION, WE DEEM IT FIT TO REMIT THIS ISSUE B ACK TO THE LEARNED A.O. FOR FRESH EXAMINATION. THE ASSESSEE SHALL FURNISH T HE RELEVANT MATERIAL ITA NO.3135/CHNY/2018 :- 3 -: BEFORE THE A.O. AND COMPLY WITH THE REQUIREMENTS OF THE A.O IN ACCORDANCE WITH LAW. THE A.O. SHALL AFTER AFFORDING EFFECTIVE OPPORTUNI TY OF BEING HEARD TO THE ASSESSEE, WOULD DECIDE THE CASE IN ACCORDANCE WITH LAW. 5. IN THE RESULT, THE APPEAL OF ASSESSEE IS ALLOWE D FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON THE 04 TH MARCH, 2020 IN CHENNAI. SD/- SD/- ( . . . ) (N.R.S. GANESAN) /JUDICIAL MEMBER ( ) (S. JAYARAMAN) # /ACCOUNTANT MEMBER /CHENNAI, 1 /DATED: 04 TH MARCH, 2020. K S SUNDARAM + ) .23 43&. /COPY TO: 1. '( /APPELLANT 4. - 5. /CIT 2. )*'( /RESPONDENT 5. 36 ). /DR 3. - 5. ( ) /CIT(A) 6. 9% : /GF