BAADER SCHULZ LABORATORIES, MUMBAI V. JCIT RG 25(1), MUMBAI

ITA 3359/MUM/2017

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 2894 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 5 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-11-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2011-2012
• Appeal Filed On: 08-05-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: CHAITANYA S ANJARIA LD
• Assessee Lawyers: ANKUSH AGARWAL LD
• Section: 143(3)

Judgement Text

ITA.NO.3359/MUM/2017 BAADER SCHULZ LABORATORIES ASSESSMENT YEAR 2011-12 IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, MUMBAI , , BEFORE HONBLE SHRI MAHAVIR SINGH, JM AND HONBLE SHRI MANOJ KUMAR AGGARWAL, AM ./I.T.A. NO.3359/MUM/2017 ( / ASSESSMENT YEAR: 2011-12) BAADER SCHULZ LABORATORIES 401, HIRJI HERITAGE 4 TH FLOOR, LT ROAD BORIVALI(W), MUMBAI-400 092 / VS. ASSISTANT COMMISSIONER OF INCOME TAX-32(1) C-13, 2 ND FLOOR PRATYAKSHKAR BHAVAN, BKC MUMBAI-400 051 ./ ./PAN/GIR NO. AACFB-8402-B ( ! /APPELLANT ) : ( '#! / RESPONDENT ) ASSESSEE BY : ANKUSH AGARWAL, LD. AR REVENUE BY : CHAITANYA S. ANJARIA, LD. DR / DATE OF HEARING : 15/10/2018 / DATE OF PRONOUNCEMENT : 02/11/2018 / O R D E R PER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. AFORESAID APPEAL BY ASSESSEE FOR ASSESSMENT YEAR [AY] 2011-12 CONTEST THE ORDER OF THE LD. COMMISSIONER OF INCOME -TAX (APPEALS)-44 [CIT(A)], MUMBAI, APPEAL NO.CIT(A)-44/JCIT-32(1)/ITA-226/2014-15 DATED 07/02/2017 QUA CONFIRMATION OF CERTAIN ADDITION OF RS.14.73 LACS ON ACCOUNT OF FDR INTEREST INCOME. THE ASSESSMENT FOR IMPUGNED AY ITA.NO.3359/MUM/2017 BAADER SCHULZ LABORATORIES ASSESSMENT YEAR 2011-12 2 WAS FRAMED BY LD. JOINT COMMISSIONER OF INCOME TAX, RANGE-25(1), MUMBAI [AO] U/S 143(3) ON 26/03/2014 WHEREIN THE INCOME OF THE ASSESSEE WAS ASSESSED AT RS.138.62 LACS AFTER CERTA IN ADDITION AS AGAINST RETURNED INCOME OF RS.123.92 LACS E-FILED BY THE ASSESSEE ON 10/09/2011. DURING IMPUGNED AY, THE ASSESSEE BEING RESIDENT FIRM WAS ENGAGED AS MANUFACTURER OF ANIMAL FEED SUPPLEMENTS AND PHARMACEUTICALS FORMULATIONS. 2. DURING ASSESSMENT PROCEEDINGS, IT WAS NOTED THAT ASSESSEE REFLECTED INTEREST ON BANK FDRS AT RS.10.49 LACS, WHICH IN FORM 26AS WAS BEING REFLECTED AS RS.23.01 LACS. ACCORDINGLY, THE ASSESSEE WAS REQUIRED TO RECONCILE THE SAME. THE ASSESSEE DEFEND ED THE SAME BY SUBMITTING THAT INCOME IS ACCOUNTED FOR IN THE SUBS EQUENT YEAR AND THERE MAY BE ERRORS IN FORM 26AS. HOWEVER, NOT CONVINCED, LD. AO ADDED THE DIFFERENTIAL AMOUNT OF RS.14.70 LACS TO THE INCOME OF THE ASSESSEE. THE STAND OF LD. AO, UPON CONFIRMATION BY FIRST APPELLA TE AUTHORITY, IS UNDER APPEAL BEFORE US. 3. THE LD. AUTHORIZED REPRESENTATIVE [AR] FOR ASSES SEE PLEADED FOR ANOTHER OPPORTUNITY TO RECONCILE THE FIGURES AS REF LECTED IN THE FINANCIAL STATEMENTS VIS--VIS AMOUNT REFLECTED IN FORM 26AS. PER CONTRA LD. DEPARTMENTAL REPRESENTATIVE [DR] SUBMITTED THAT THE COMPLETE ONUS TO RECONCILE THE SAME LIES UPON ASSESSEE. 4. UPON CAREFUL CONSIDERATION, AS PER LD. ARS SUBM ISSIONS, WE DEEM IT FIT TO RESTORE THE MATTER BACK TO THE FILE OF LD . AO FOR RE-ADJUDICATION WITH A DIRECTION TO THE ASSESSEE TO RECONCILE THE S TATED FIGURES FAILING WHICH LD. AO SHALL BE AT LIBERTY TO TAKE A VIEW IN THE MATTER. 5. RESULTANTLY, THE APPEAL STANDS ALLOWED FOR STATI STICAL PURPOSES. ITA.NO.3359/MUM/2017 BAADER SCHULZ LABORATORIES ASSESSMENT YEAR 2011-12 3 ORDER PRONOUNCED IN THE OPEN COURT ON 2 ND NOVEMBER, 2018. SD/- SD/- (MAHAVIR SINGH) (MANOJ KUMAR AGGARWAL) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 02/11/2018 SR.PS:-THIRUMALESH/JV, SR.PS ! / COPY OF THE ORDER FORWARDED TO : 1. ! / THE APPELLANT 2. '#! / THE RESPONDENT 3. * ( ) / THE CIT(A) 4. * / CIT CONCERNED 5. +,' % - , - , / DR, ITAT, MUMBAI 6. ,./0 / GUARD FILE / BY ORDER, / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI