ITO, Jaipur V. LAKHI GEMS, Jaipur

ITA 333/JPR/2014

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 99433 (ITAT-JAIPUR)
• Duration Of Justice: 1 year(s) 6 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-10-2015
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2009-2010
• Appeal Filed On: 30-04-2014
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Assessee Lawyers: P C PARWAL CA DHK
• Keywords: Opportunity of being heard

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR JH VKJ-IH-RKSYKUH] U;KF;D LNL; ,OA JH FOE FLAG ;KN O] YS[KK LNL; DS LE{K BEFORE: SHRI R.P. TOLANI, JM & SHRI VIKRAM SINGH YA DAV, AM VK;DJ VIHY LA-@ ITA NO. 333/JP/2014 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2009-10 THE ITO, WARD- 1(1), JAIPUR CUKE VS. M/S. LAKHI GEMS, 395, HANUMAN JI KA RASTA, JOHRI BAZAR, JAIPUR FKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR NO .: AAAFL 5913 D VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT C.O. NO.13/JP/2014 (ARISING OUT OF VK;DJ VIHY LA-@ ITA NO. 333/JP/2014) FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2009-10 M/S. LAKHI GEMS, 395, HANUMAN JI KA RASTA, JOHRI BAZAR, JAIPUR CUKE VS. ITO WARD- 1 (1), JAIPUR FKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR NO .: AAAFL 5913 D VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT JKTLO DH VKSJ LS@ REVENUE BY : SHRI KAILASH MANGAL, JCIT FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : SHRI P.C. PARWAL , CA LQUOKBZ DH RKJH[K@ DATE OF HEARING : 05/10/2015 ?KKS'K .KK DH RKJH[K@ DATE OF PRONOUNCEMENT : 30 /10/2015 VKNS'K@ ORDER PER R.P. TOLANI, JM THE REVENUE HAS FILED AN APPEAL AGAINST THE ORDER OF THE LD. CIT(A)-1,JAIPUR DATED 15-02-2014 FOR THE ASSESSMENT YEAR 2009-10. THE HAS FILED THE CROSS OBJECTION ITA NO. 333/JP/2014 ITO, WARD- 1 (1) , JAIPUR VS. M/S. LAKHI GEMS, JAIP UR , JAIPUR 2 2.1 THE ABOVE MENTIONED APPEAL OF THE REVENUE AND C .O. OF THE ASSESSEE RELATE TO UNVERIFIABLE PURCHASES. FOR THE SAKE OF CONVENIENCE, THE GROUND RAISED BY THE REVENUE AND THE ASSESSEE ARE AS UNDER:- ITA NO. 333/JP/2014 REVENUE WHETHER ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW THE LD. CIT(A) HAS ERRED IN RESTRICTING THE ADDITION TO RS. 50,000/- AS AGAINST RS. 11,70,200/- MADE BY AO ON ACCOUNT OF UNVERIFIABLE PURCHASES. C.O. NO.13/JP/2014 ASSESSEE THE LD. CIT(A) HAS ERRED ON FACTS AND IN LAW IN CONFIRMING TRADING ADDITION OF RS. 50,000/- 3.1 AT THE OUTSET, THE LD. DR CONTENDS THAT COORDIN ATE BENCH OF ITAT IN BUNCH OF APPEALS BY ITS CONSOLIDATED ORDER IN TH E CASE OF ANUJ KUMAR VARSHNEY & OTHERS VS. ITO (ITA NO. 187/JP/2012 DATE D 20-10-2014) HAS HELD THAT 15% OF THE UNVERIFIABLE PURCHASES SHALL H ELD TO BE THE INCOME OF THE ASSESSEE FROM UNDISCLOSED SOURCES IN THE RELEVA NT YEAR. THEREFORE, THE APPEALS MAY BE DECIDED IN VIEW OF THE ITAT ORDER. A T THE SAME TIME, IT IS PLEADED THAT BOTH THE REVENUE AND ASSESSEE HAVE GON E IN APPEAL BEFORE HON'BLE RAJASTHAN HIGH COURT AGAINST THIS BUNCH O F ORDERS. 3.2 THE LD. AR OF THE ASSESSEE ALSO CONTENDS THAT T HE ISSUE IN QUESTION MAY BE SET ASIDE TO THE FILE OF THE AO TO DECIDE TH E SAME AFRESH AFTER THE JUDGEMENT RENDERED IN THE CASE OF SHRI ANUJ KUMAR V ARSHNEY AND OTHERS ITA NO. 333/JP/2014 ITO, WARD- 1 (1) , JAIPUR VS. M/S. LAKHI GEMS, JAIP UR , JAIPUR 3 VS. ITO (SUPRA) BY HON'BLE RAJASTHAN HIGH COURT, A FTER GIVING THE ASSESSEE A REASONABLE OPPORTUNITY OF BEING HEARD IN ACCORDANCE WITH LAW. 3.3 WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIALS AVAILABLE ON RECORD. WE FIND MERIT IN THE PROPOSAL OF BOTH THE PARTIES. ACCORDINGLY, WE ARE INCLINED TO SET ASIDE THE ISSUE S RAISED IN THE CROSS APPEALS FOR THE ASSESSMENT YEAR 2009-10 AND RESTOR E THE MATTERS TO THE FILE OF AO TO DECIDE THE SAME AFRESH AFTER THE JUDG MENT OF HON'BLE RAJASTHAN HIGH COURT IN THE CASE OF ANUJ KUMAR VARS HNEY AND OTHERS VS. ITO (SUPRA) IS DELIVERED, AFTER GIVING ADEQUATE OPP ORTUNITY OF BEING HEARD TO THE PARTIES. THUS THE APPEALS OF UNVERIFIABLE PU RCHASES RELATING TO BOTH THE PARTIES ARE ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 30 /10/ 2015. SD/- SD/- FOE FLAG ;KNO VKJ-IH-RKSYKUH (VIKRAM SINGH YADAV) (R.P.TOLANI) YS[KK LNL;@ ACCOUNTANT MEMBER U;KF;D LNL;@ JUDICIAL MEMBER TK;IQJ@ JAIPUR FNUKAD@ DATED:- 30 /10/ 2015 *MISHRA VKNS'K DH IZFRFYFI VXZSFKR@ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ@ THE APPELLANT- THE ITO, WARD- 1(1), JAIPUR 2. IZR;FKHZ@ THE RESPONDENT- M/S. LAKHI GEMS, JAIPUR 3. VK;DJ VK;QDRVIHY ) @ CIT(A) 4. VK;DJ VK;QDR@ CIT 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ@ DR, ITAT, JAIPUR 6. XKMZ QKBZY@ GUARD FILE (ITA NO.333/JP/2014) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR