SRI LAKSHMI TRADERS, ERODE V. ACIT, CIRCLE-1, ERODE

ITA 3280/CHNY/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 8186 (ITAT-CHENNAI)
• Duration Of Justice: 3 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-03-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: D
• Assessment Year: 2014-2015
• Appeal Filed On: 30-11-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: SUBHASHRI
• Assessee Lawyers: S SRIDHAR
• Keywords: Principle of natural justice

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH: CHENNAI . . . , ! ' # , $ #% BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ./ ITA NO.3280/CHNY/2018 & '& /ASSESSMENT YEAR: 2014-15 M/S. SRI LAKSHMI TRADERS, 88, EAST KONGALAMMAN KOIL STREET, ERODE 638 001. VS. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-1, ERODE. [PAN: ABKFS 5135R] ( () /APPELLANT) ( *+() /RESPONDENT) () , - / APPELLANT BY : SHRI S.SRIDHAR, ADVOCATE *+() , - /RESPONDENT BY : MS. SUBHASHRI, JCIT . , /$ /DATE OF HEARING : 04.03.2019 01' , /$ / DATE OF PRONOUNCEMENT : 27.03.2019 / O R D E R PER INTURI RAMA RAO, ACCOUNTANT MEMBER : THIS IS AN APPEAL FILED BY THE ASSESSEE-COMPANY DI RECTED AGAINST THE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS)-3, COIMBATORE (HEREINAFTER CALLED AS CIT(A)) DATED 0 5.10.2018 FOR THE ASSESSMENT YEAR (AY) 2014-15. 2. THE APPELLANT RAISED THE FOLLOWING GROUNDS OF AP PEAL: 1) THE ORDER OF THE LEARNED CIT(A) IS ERRONEOUS IN LAW AND AGAINST THE PRINCIPLES OF NATURAL JUSTICE. 2) THE LEARNED CIT (A) ERRED IN AT TAKING THE AVERA GE OF THE MINIMUM AND MAXIMUM GROSS PROFIT FOR THE ASST.YEAR 2013-14 AND THE IMPUGNED ITA NO.3280/CHNY/2018 (AY: 2014-15) :- 2 -: ASSESSMENT YEAR, WHEN THE GROSS PROFIT OF THE SISTE R CONCERN M/S. SRI VINAYAGA TRADERS AT 1.28% WAS ACCEPTED BY THE REVEN UE. 3) THE LEARNED CIT (A) ERRED IN NOT GIVING CREDIT F OR THE INTEREST TO BANK, CONSIDERED AND ALLOWED BY THE ASSESSING OFFICER ON WHICH THE APPELLANT IS NOT AGGRIEVED, AFTER ESTIMATING THE GROSS PROFIT AT 5% ON THE TURNOVER. 4) THE LEARNED CIT (A) ERRED IN NOT GIVING TELESCOP ING THE FOR THE INCOME RETURNED OF RS.21,00,000/-, BEING INCOME FROM GARLI C BUSINESS, WHILE ESTIMATING THE INCOME AT 5% AND WHILE GIVING TELESC OPING IN THE. CASE OF THE ONE OF THE PARTNERS OF THE APPELLANT FIRM SRI.V .SARAVANAKUMAR, IN ITA NO:426/16-17. AND FOR OTHER REASONS THAT MAY BE ADDUCED AT THE TI ME OF HEARING, YOUR APPELLANT PRAYS THAT THE AEA1 BE ADMITTED, CONSIDER ED AND JUSTICE BE RENDERED. 3. WE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE M ATERIAL ON RECORD. THE FACTS OF THE PRESENT CASE ARE IDENTICAL TO THE FACTS IN THE CASE OF SHRI V. SARAVANAKUMAR V. ASST. CIT IN ITA NO.327 5/CHNY/2018 FOR THE ASSESSMENT YEAR 2014-15. AFTER DULY CONSIDERING THE RIVAL SUBMISSIONS AND FACTS OF THE CASE, WHEREIN THE TRIBUNAL DIRECTE D THE AO TO ADOPT THE GROSS PROFIT @ 1.28% OF THE TURNOVER FROM THE GARLI C BUSINESS. IN THE PRESENT CASE ALSO, WE DIRECT THE AO TO ADOPT THE GR OSS PROFIT @ 1.28% OF THE TURNOVER FROM THE GARLIC BUSINESS. THE OTHER G ROUNDS OF APPEAL NO.3 & 4 OF THE ASSESSEE ARE NOT PRESSED BY THE ASSESSEE . 5. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS PARTLY ALLOWED. ORDER PRONOUNCED ON THE 27 TH DAY OF MARCH, 2019 IN CHENNAI. SD/- SD/- ( . . . ) (N.R.S. GANESAN) /JUDICIAL MEMBER ( ! ' # ) (INTURI RAMA RAO) $ /ACCOUNTANT MEMBER /CHENNAI, 2 /DATED: 27 TH MARCH, 2019. EDN, SR. P.S ITA NO.3280/CHNY/2018 (AY: 2014-15) :- 3 -: , */34 54'/ /COPY TO: 1. () /APPELLANT 2. *+() /RESPONDENT 3. . 6/ ( )/CIT(A) 4. . 6/ /CIT 5. 47 */ /DR 6. & 8 /GF