M/s. Rajesh Finance Corporation, Dakshina Kannada V. ITO, Puttur

ITA 368/BANG/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 5404 (ITAT-BANGALORE)
• Duration Of Justice: 11 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-04-2010
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 06-04-2010
• Assessment Year: 2004-2005
• Appeal Filed On: 22-04-2009
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: V S SREELEKHA
• Assessee Lawyers: P C CHADAGA
• Keywords: Principle of natural justice
• Section: 148

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH B BEFORE SHRI GEORGE GEORGE K, ACCOUNTANT MEMBER AND SHRI A. MOHAN ALANKAMONY, JUDICIAL MEMBER ITA NO.368(BNG)/09 (ASSESSMENT YEARS : 2004-05) M/S. RAJESH FINANCE CORPORATION, GANDHINAGAR, SULLIA, D.K. VS. INCOME TAX OFFICER, WARD 1, PUTUR. APPELLANT. RESPONDENT. APPELLANT BY : SHRI P.C. CHADAGA. RESPONDENT BY : SMT. V.S. SREELEKHA, ADDL. CIT. O R D E R PER SHRI GEORGE GEORGE K, J.M. : THE ASSESSEE IS IN APPEAL AGITATING T HE ORDERS OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS), MANGALORE DT.18.2.2009 FOR TH E ASSESSMENT YEARS 2004-05 AND 2005-06 RAISING THE FOLLOWING GROUNDS : FOR ASSESSMENT YEAR 2004-05 : I) THE ORDERS OF THE AUTHORITIES BELOW ARE ILLEGAL, WI THOUT JURISDICTION, ARE AGAINST THE PROVISIONS AND LAW/ACT AND HAVE BEEN MA DE IN VIOLATION OF THE PRINCIPLES OF NATURAL JUSTICE AND EQUITY. II) ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LEA RNED CIT(A) ERRED IN AUTHENTICATING THE ISSUE OF NOTICES UNDER SECTION 1 48 BY THE A.O. AND UPHOLDING THE ASSESSMENT ORDER MADE UNDER SECTION 1 47. III) ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LEA RNED CIT(A) ERRED IN UPHOLDING THE INCOME COMPUTED BY THE ASSESSING OFF ICER, WHICH IS ERRONEOUS AND IN THE ALTERNATIVE, IS TO BE REDUCED SUBSTANTIALLY. IV) ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE AUT HORITIES BELOW ERRED IN TAKING PROPORTIONATE NET INCOME AS RS.4 LAKHS WHIC H HAS BEEN ESTIMATED AND ITA NOS.368 & 598(BNG)/09 - 2 - BIFURCATED ON THE BASIS OF EVIDENCE FOUND DURING TH E COURSE OF SURVEY DT.11.3.2005 FOR THE CAPTIONED A.Y. 2004-05. FOR ASSESSMENT YEAR 2005-06 : I) THE ORDERS OF THE AUTHORITIES BELOW ARE ILLEGAL, WI THOUT JURISDICTION, ARE AGAINST THE PROVISIONS AND LAW/ACT AND HAVE BEEN MA DE IN VIOLATION OF THE PRINCIPLES OF NATURAL JUSTICE AND EQUITY. II) ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE AUT HORITIES BELOW ERRED IN COMPUTING THE GROSS INTEREST INCOME AT RS.1,96,168 WITHOUT ENTERTAINING THE APPELLANTS CLAIM FOR REDUCTION OF INTEREST OF RS.1 ,42,655. 2. THE LEARNED COUNSEL SUBMITTED TH AT THE ASSESSEE COMPANY HAS DECIDED TO WITHDRAW THE APPEALS FOR THE TWO YEARS AND PRAYED T O PERMIT TO WITHDRAW THE APPEALS FOR THE A.YS. 2004-05 AND 2005-06. A LETTER DT.23. 3.2010 FROM THE ASSESSEE TO THIS EXTENT HAS BEEN PLACED ON RECORD. THE LEARNED DEPA RTMENTAL REPRESENTATIVE HAS NO OBJECTION FOR WITHDRAWAL OF THE AFORESAID APPEALS. 3. WE HAVE HEARD BOTH THE SIDES. SINCE THE ASSES SEE SOUGHT TO WITHDRAW THE APPEALS, THE APPEALS ARE DISMISSED AS WITHDRAWN. IN THE RESULT THE APPEAL ARE DISMISSE D AS WITHDRAWN. PRONOUNCED IN THE OPEN COURT ON 12 TH APRIL, 2010. SD/- SD/- (A. MOHAN ALANKAMONY) (GEORGE GEORGE K) JUDICIAL MEMBER JUDICIAL MEMBER BANGALORE, DT.12/04/2010. ITA NOS.368 & 598(BNG)/09 - 3 - COPY TO : 1. THE ASSESSEE. 2. THE ASSESSING OFFICER. 3. CIT(APPEALS) 4. CIT 5. DEPARTMENTAL REPRESENTATIVE, ITAT, BANGALORE. 6. GUARD FILE, ITAT, BANGALORE. 7. GUARD FILE, ITAT, NEW DELHI. * GPR BY OR DER ASSISTANT R EGISTRAR