SMT RITA DEVI, BOKARO V. ITO WARD-3(2), BOKARO

ITA 344/RAN/2017

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 9537 (ITAT-RANCHI)
• Duration Of Justice: 2 year(s) 2 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-03-2020
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Assessment Year: 2011-2012
• Appeal Filed On: 21-12-2017
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Assessee Lawyers: DEVESH PODDAR SMT NISHA SI

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL: RANCHI BENCH, RANCHI BEFORE SHRI S.S.GODARA, JM AND DR. A. L. SAINI, AM I.T.A NO.344/RAN/2017 ASSESSMENT YEAR: 2011-12 SMT. RITA DEVI M/S ISPAT BATTERY, PRABHAT COLONY, BYE PASS ROAD, CHAS, BOKARO- 827013. VS. ITO, WARD-3(2), RANCHI PAN/GIR NO. : AHKPD1538K ( APPELL ANT ) .. (RESPONDENT) APPELLANT BY SHRI DEVESH PODDAR, ADVOCATE RESPONDENT BY SMT. NISHA SINGHMARR, JCIT(DR) DATE OF HEARING 05.03.2020 DATE OF PRONOUNCEMENT 05.03.2020 O R D E R PER BENCH(ORAL): THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2011-12 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS), JHARKHAND DATED 27.09.2017 PASSED IN CASE NO.10071/HZB/2016- 17 INVOLVING PROCEEDINGS U/S 143(3)/147 OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT). HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. LEARNED COUNSEL REPRESENTING ASSESSEE IS FAIR ENOUGH IN NOT PRESSING FOR ITS FORMER SUBSTANTIVE GRIEVANCE CHALLENGING VALIDITY OF REOPENING. COMING TO THE LATTER ISSUE OF ALLEGED EXCESSIVE STOCK ADDITION AMOUNTING TO RS.7,56,218/- FOUND DURING THE COURSE OF SURVEY, WE FIND THAT HONBLE CALCUTTA HIGH COURTS DECISION IN PCIT VS. SUBARNA RICE MILLS (2018) 257 TAXMAN 509(CAL.) HOLDS THAT PROFIT ELEMENT EMBEDDED THEREIN ONLY HAS TO BE ASSESSED THAN THE ENTIRE SUM. WE FOLLOW THE SAME MUTATIS MUTANDIS AND DIRECT THE ASSESSING OFFICER TO ADD AN ESTIMATED AMOUNT OF RS.1,00,000/- ONLY AS THE ESTIMATED ELEMENT. I.T.A NO.344/RAN/2017 SMT. RITA DEVI 2 REVENUES ARGUMENTS SUPPORTING THE IMPUGNED ADDITION ARE ACCEPTED IN PART. NECESSARY COMPUTATION INCLUDING THAT OF INTEREST TO FOLLOW AS PER LAW. 3. THIS ASSESSEES APPEAL IS PARTLY ALLOWED IN ABOVE TERMS. ORDER IS PRONOUNCED IN THE OPEN COURT ON 05.03.2020. SD/- SD/- (A. L. SAINI) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 05.03.2020. RS COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE CIT(A) - 5. THE DR, ITAT, RANCHI 6. GUARD FILE BY ORDER SR. P.S., ITAT, RANCHI (ON TOUR)