Ramesh Kumar Behura, Keonjhar V. ACIT, Circle-1(1), Sambalpur, Sambalpur

ITA 454/CTK/2014

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 3763 (ITAT-CUTTACK)
• Duration Of Justice: 2 year(s) 7 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-07-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 05-07-2017
• Assessment Year: 2008-2009
• Appeal Filed On: 27-11-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: D K PRADHAN
• Assessee Lawyers: CHITTA RANJAN SAHOO
• Section: 142(1); 15

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL CUTTACK BENCH CUTTACK BEFORE SHRI N.S.SAINI, AM & SHRI PAV AN KUMAR GADALE, JM ./ ITA NO. 454 / CTK /20 1 4 ( / ASSESSMENT YEAR : 20 08 - 20 09 ) SHRI RAMESH KUMAR BEH URIA, BANEIKALA, JODA, KEONJHAR, ODISHA - 758035 VS. ACIT, C - 1(1), SAMBALPUR ./ ./ PAN/GIR NO. : A EWPB 1583 M ( / APPELLANT ) .. ( / RESPONDENT ) /AS SESSEE BY : SHRI CHITTA RANJAN SAHOO, AR /REVENUE BY : SHRI D.K.PRADHAN, DR / DATE OF HEARING : 05 / 0 7 /201 7 / DATE OF PRONOUNCEMENT 07 / 0 7 /201 7 / O R D E R PER SHRI PAV AN KUMAR GADALE, JM : TH E ASSESSEE HAS FILED THIS APPEAL AGAINST TH E ORDER OF CIT(A) , CUTTACK , DATED 29.09.2014 IN I.T. APPEAL NO. 0332 / 14 - 1 5 , PASSED U/S.144/147/143(3) OF THE ACT . THE ASSESSEE HAS RAISED ONLY SOLE SUBSTANTIVE GROUND WITH RESPECT TO VALUATION OF CLOSING STOCK AND ALSO THE ASSESSEE WAS NOT PROVIDED SUFFICIEN T OPPORTUNITY TO PRESENT HIS EVIDENCE BEFORE THE APPELLATE AUTHORITIES. 2. BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE IS IN THE BUSINESS OF IRON ORE TRADING AND FILED THE RETURN OF INCOME FOR THE ASSESSMENT YEAR 20 08 - 2009 ON 09.03 .2010 DECLARING TOTAL INCOME OF RS. 93,36,250/ - , SUBSEQUENTLY THE CASE WAS SELECTED FOR SCRUTINY AND NOTICES U/S. 143(2) & 142(1) WERE ISSUED ALONG WITH QUESTIONNAIRE. THEREAFTER ASSESSMENT WAS COMPLETED U/S.143(3) ON 21.5.2010 WITH ASSESSED INCOME OF ITA NO. 454 /201 4 2 RS. 1,24,93,950/ - . ON PERUSAL OF THE PROFIT AND LOSS ACCOUNT THE AO FOUND THAT THERE IS A DIFFERENCE IN THE VALUATION OF CLOSING STOCK AND ALSO DEALT ON THE TAX AUDIT REPORT AND FINALLY CONCLUDED THAT THERE IS A SUPPRESSION OF CLOSING STOCK TO THE EXTENT OF RS.1,72,88,053/ - AND MADE A DDITION, AND ASSESSED INCOME AT RS. 2,93,82,003/ - AND PASSED THE ORDER U/S.143(3), DATED 19.2.2003. 3 . AGGRIEVED BY THE ORDER OF AO, THE ASSESSEE PREFERRED AN APPEAL BEFORE THE CIT(A) . IN THE APPELLATE PROCEEDINGS, LD. AR OF THE ASSESSEE ARGUED THE GROUNDS AND REITERATED THE SUBMISSIONS MADE BEFORE THE AO IN RESPECT OF DISPUTED ISSUE . LD. CIT(A) AFTER CONSIDERING THE FINDINGS OF THE AO AND SUBMISSIONS OF THE ASSESSEE FOUND THAT THE ASSESSEE COULD NOT SUBMIT ANY EVIDENCE AND ALSO THE CALCULATION IN RESPECT OF THE VALUATION OF CLOSING STOCK IS NOT PROPERLY MADE AND SUSTAINED THE ACTION OF AO AND DISMISSED THE APPEAL OF THE ASSESSEE. 4. AGGRIEVED BY THE ORDER OF THE CIT(A) THE ASSESSEE HAS FILED THE PRESENT APPEAL BEFORE THE TRIBUNAL. 5. BEFORE US, LD. A R ARGU ED THAT THE LD. CIT( A ) HAS ERRED IN NOT PROVIDING OPPORTUNITY TO SUBMIT THE EVIDENCE AND ALSO ERRED IN CONFIRMING THE ADDITION MADE BY THE AO AND PRAYED FOR ALLOWING THE APPEAL. 6. CONTRA, THE LD. DR RELIED ON THE ORDERS OF LOWER AUTHORITIES. 7. WE HEARD R IVAL SUBMISSIONS AND PERUSED THE FINDING S OF LOWER AUTHORITIES AND MATERIAL ON RECORD. LD. ARS CONTENTION AT THE TIME OF HEARING THAT THE LD CIT(A) HAS NOT GRANTED SUFFICIENT OPPORTUNITY TO PRESENT ITS CASE WITH EVIDENCE AND, THEREFORE, LD. AR PRAYED FOR ONE MORE ITA NO. 454 /201 4 3 OPPORTUNITY BE PROVIDED. CONSIDERING THE FACTS AND CIRCUMSTANCES AND THE SUBMISSIONS OF THE ASSESSEE, WE ARE OF THE OPINION, IN THE INTEREST OF JUSTICE, ONE MORE OPPORTUNITY BE PROVIDED TO THE ASSESSEE. ACCORDINGLY, WE REMIT THE DISPUTED ISSUE TO THE FILE OF CIT(A), WHO SHALL PASS THE ORDER AFTER CONSIDERING THE SUBMISSIONS AND EVIDENCE FILED BY THE ASSESSEE AND ASSESSEE SHALL COOPERATE IN DISPOSAL OF THE APPEAL. ACCORDINGLY, ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOSES. 8 . IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES . O RDER PRONOUNCED IN THE OPEN COURT ON THIS 07/07 / 201 7 . SD/ - ( N. S. SAINI ) SD/ - ( PA V AN KUMAR GADALE ) / ACCOUNTANT MEMBER / JUDICIAL MEMBER CUTTACK ; DATED 07 / 0 7 /201 7 . . / PKM , SENIOR PRIVATE SECRETARY / COPY OF THE ORDER FORWARDED TO : / BY ORDER, ( SENIOR PRIVATE SECRETARY ) , / ITAT, CUTTACK 1. / THE APPELLANT - SHRI RAME SH KUMAR BEHURIA, BANEIKALA, JODA, KEONJHAR, ODISHA - 758035 2. / THE RESPONDENT - ACIT, C - 1(1), SAMBALPUR 3. ( ) / THE CIT(A), 4. / CIT 5. , , / DR, ITAT, CUTTACK 6. / GUARD FILE. //TRUE COPY//