ASHOK KUMAR GOYAL, Jaipur V. ACIT, Jaipur

ITA 348/JPR/2013

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 5465 (ITAT-JAIPUR)
• Duration Of Justice: 2 year(s) 10 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-02-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 04-04-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Depreciation

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 VH-VKJ-EHUK] YS[KK LNL; ,OA JH YFYR DQEKJ] U;KF; D LNL; DS LE{K BEFORE: SHRI T.R.MEENA, AM & SHRI LALIET KUMAR, JM VK;DJ VIHY LA- @ ITA NO. 348/JP/2013 FU/KZKJ.K O'K Z @ ASSESSMENT YEAR : 2007-08 ASHOK KUMAR GOYAL, 80 GOPAL BARI, JAIPUR. CUKE VS. A.C.I.T., CIRCLE-1, JAIPUR. LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR NO.: ACIPG 3380 P VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT FU/KZKFJRH DH VKSJ L S@ ASSESSEE BY : SHRI S.L. JAIN (ADV) JKTLO DH VKSJ LS @ REVENUE BY : SHRI KAILASH MANGAL (JCIT) LQUOKBZ DH RKJH[ K@ DATE OF HEARING : 06/01/2016 MN?KKS'K .KK DH RKJH[ K@ DATE OF PRONOUNCEMENT : 12/02/2016 VKNS'K@ ORDER PER: T.R. MEENA, A.M.: THIS IS AN APPEAL FILED BY THE ASSESSEE ARISING OUT OF ORDER DATED 30/11/2012 PASSED BY THE LD. CIT (A)-III, JAIPUR FO R A.Y. 2007-08. EFFECTIVE GROUNDS OF APPEAL IS AS UNDER:- 1. UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD CIT(A) IS NOT JUSTIFIED IN UPHOLDING THE REJECTION O F BOOKS OF ACCOUNTS BY INVOKING THE PROVISIONS OF SECTION 145(3) OF THE IT ACT, 1961. ITA 348/JP/2013 ASHOK KUMAR GOYAL VS ACIT 2 2. UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE TH E LD CIT(A) IS NOT JUSTIFIED IN CONFIRMING THE ADDITION O F RS. 348262/- BY DISALLOWING THE 25% OF ALLEGED UNVERIFIABLE PURCHASE. 3. UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE, T HE LD CIT(A) IS NOT JUSTIFIED IN CONFIRMING THE ADDITION O F RS. 118451/- BY DISALLOWING THE 10% OF TELEPHONE EXP. OF RS. 246000/-, VEHICLE RUNNING EXP. AND DEPRECIATION OF RS. 835337/- AND OFFICE EXP. OF RS. 103188/-. 2. LEARNED A.R. OF THE ASSESSEE HAS REITERATED THE ARGUMENTS MADE BEFORE THE LD CIT(A) AND PRAYED TO ALLOW THE ASSESSEE S APPEAL. 3. THE LD. DR IS HEARD WHO RELIED ON THE ORDERS OF T HE LOWER AUTHORITIES. 4. WE HAVE HEARD THE RIVAL CONTENTIONS OF BOTH THE PARTIES AND PERUSED THE MATERIALS AVAILABLE ON RECORD. THE ISSUE UNDER CONSIDERATION RELATES TO TAXABILITY OF UNVERIFIABLE PURCHASES OF PRECIOUS AND SEMI PRECIOUS STONES USED IN JEWELLERY MANUFACTURING. THE COORDINATE BENCH OF ITAT IN A BUNCH OF APPEALS, ON SIMILAR ISSUE, BY CONSOLIDATED ORDER IN THE CASE OF ANUJ KUMAR VARSHNEY & OTHERS VS. ITO (I TA NO. 187/JP/2012 DATED 22-10-2014) HAS HELD THAT 15% OF UNVERIFIABLE PURCHASES SHALL BE HELD TO BE INCOME OF THE ASSESSEE FROM UNDISCLOSED SOURCES IN THE RELEVANT YEARS. IT IS ALSO BROUGHT TO OUR NOTICE TH AT BOTH REVENUE AND ASSESSEE HAVE GONE IN APPEAL BEFORE HONBLE RAJASTH AN HIGH COURT AGAINST THIS BUNCH OF ORDERS. IN SIMILAR CASES, TO AVOID MULTIPLICITY OF ITA 348/JP/2013 ASHOK KUMAR GOYAL VS ACIT 3 APPEALS, THIS BENCH HAS SET ASIDE THE IMPUGNED ISSU ES RAISED IN SUCH APPEALS, TO THE FILE OF THE AO TO DECIDE THE SAME A FRESH AFTER THE JUDGMENT OF HONBLE RAJASTHAN HIGH COURT IN THE CAS E OF ANUJ KUMAR VARSHNEY & OTHERS (SUPRA) IS DELIVERED. THEREFORE, FOLLOWING OUR EARLIER ORDERS ON THE SAME LINES, THE ISSUE RAISED IN SUBJE CT APPEAL IS ALSO ACCORDINGLY SET ASIDE TO THE FILE OF THE AO TO DECI DE AFRESH AFTER THE DECISION OF HONBLE RAJASTHAN HIGH COURT IN CASE OF ANUJ KUMAR VARSHNEY & OTHERS VS. ITO (SUPRA) AFTER GIVING ADEQUATE OPPO RTUNITY OF BEING HEARD TO THE PARTIES. THUS THE APPEAL OF THE ASSESSE E IS ALLOWED FOR STATISTICAL PURPOSES. 5. IN THE RESULT, THE ASSESSEES APPEAL IS ALLOWED F OR STATISTICAL PURPOSES ONLY. ORDER PRONOUNCED IN THE OPEN COURT ON 12/02/2016. SD/- SD/- YFYR DQEKJ VH-VKJ-EHUK (LALIET KUMAR) (T.R. MEENA) U;KF;D LNL;@ JUDICIAL MEMBER YS[KK LNL;@ ACCOUNTANT MEMBER TK;IQJ@ JAIPUR FNUKAD@ DATED:- 12 TH FEBRUARY, 2016 * RANJAN VKNS'K DH IZFRFYFI VXZSFKR@ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ@ THE APPELLANT- ASHOK KUMAR GOYAL, JAIPUR. 2. IZR;FKHZ@ THE RESPONDENT- THE A.C.I.T., CIRCLE-1, JAIPUR. 3. VK;DJ VK;QDR@ CIT ITA 348/JP/2013 ASHOK KUMAR GOYAL VS ACIT 4 4. VK;DJ VK;QDR@ CIT(A) 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ@ DR, ITAT, JAIPUR 6. XKMZ QKBZY@ GUARD FILE (ITA NO. 348/JP/2013) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASST. REGISTRAR