PROVENANCE FOODS P.LTD, NASHIK V. ITO 10(3)(3), MUMBAI

ITA 4645/MUM/2016

• Counselvise Citation: [2018] 112 COUNSELVISE.COM (IT) 5163 (ITAT-MUMBAI)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-10-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2010-2011
• Appeal Filed On: 07-07-2016
• Court: TRIBUNAL

Judgement Text

IN THE INC OME TAX APPELLATE TRIBUNAL C BENCH, MUMBAI BEFORE HONBLE SH. R. C. SHARMA , AM & HONBLE SH. SANDEEP GOSAIN, JM ./ I.T.A. NO . 4645/MUM/2016 ( / ASSESSMENT YEAR: 2010 - 11 ) P ROVENANCE FOODS PVT. LTD. F - 1, F - 17. BAPHAN WARE HOUSING COMPLEX, GAT NO. 102/103 AT POST JAULKE, TAL DINDORI, DIST - NASHIK , NASHIK - 422201 / VS. ITO - 10(3)(3 ) MUMBAI PIN - ./ ./ PAN NO. A A ECP7955N ( / APPELLANT ) : ( / RESPONDENT ) / APPELLANT BY : NONE / RESPONDENTBY : SHRI ABI RAMA KARHKIYEN , D R / DATE OF HEARING : 24 .09 .2018 / DATE OF PRONOUNCEMENT : 03.10.2018 / O R D E R PER SANDEEP GOSAIN, J UDICIAL MEMBER : THE P RESENT APPE AL FILED BY THE ASSESSEE IS AGAINST THE ORDER OF LD. CIT (APPEAL) 24 , MUMBAI DATED 21.03.16 F OR AY 20 1 0 - 11 . 2 I.T.A. NO. 4645 /MUM/201 6 PROVENANCE FOODS PVT. LTD . 2. AT THE VERY OUTSET, IT IS NOTICED THAT NONE HAS APPEARED ON BEHALF OF ASSESSEE IN SPITE OF SEVERAL CALLS AND EVEN NO APPLICATION FOR ADJOURNMENT WAS MOVED. ON THE OTHER HAND L D. DR IS PRESENT IN THE COURT AND IS READY WITH ARGUMENTS. THEREFORE WE HAVE DECIDED TO PROCEED WITH THE HEARING OF THE CASE EX - PA RTE WITH THE ASSISTANCE OF THE L D. DR AND THE MATERIAL PLACED ON RECORD. 3. THE BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE IS COMPANY ENGAGE IN THE BUSINESS OF MANUFACTURING OF FOOD SEASONINGS, MARINADES, BRINE SYSTEMS AND COMPOUNDED FLAVOR. THE RETURN OF INCOME FOR THE YEAR UNDER CONSIDERATION WAS FILED ON 22.09.10 DECLARING INCOME OF RS. 40,632. ASSESSMENT U/S 143(3) WAS COMPLETED BY THE AO ON 22.03.13 DETERMINING INCOME AT RS. 52,01,205/ - . AGGRIEVED BY THE ORDER OF AO, ASSESSEE PREFERRED APPEAL BEFORE LD. CIT(A) AND LD. CIT(A) AFTER CONSIDERING THE CASE OF BOTH THE PARTIES, DISMISSED THE APPEAL OF THE ASSESS EE . 3 I.T.A. NO. 4645 /MUM/201 6 PROVENANCE FOODS PVT. LTD . NOW BEFORE US, THE ASSESSEE HAS PREFERRED THE PRESENT APPEAL BY RAISING THE ABOVE GROUNDS. 4 . THE SOLITARY GROUND RAISED BY THE ASSESSEE RELATES TO CHA LLENGING THE ORDER OF LD. CIT(A) IN REDUCING THE DEDUCTION U/S 10B OF THE I.T. ACT. 5 . WE HAVE HEARD LD. DR AND WE HAVE ALSO PERUSED THE MATERIAL PLACED ON RECORD WELL AS THE ORDERS PASSED BY REVENUE AUTHORITIES. WE FIND THAT LD. CIT(A) HAS DEALT WITH THE ABO VE GROUND RAISED BY THE ASSESSE E IN PARA NO. 2.4 TO 2.4.2 OF ITS DETAILED ORDER AND A FTER HAVING GONE THROUGH THE ORDERS PASSED BY REVENUE AUTHORITIES, WE FIND FROM THE RECORDS THAT EVEN AFTER BEING REQUIRED TO FILE THE DETAILS IN RESPECT OF BANK REALIZATION OF THE EXPORT PROCEEDS, THE ASSESSEE FURNISHED A BANK REALIZATION CERTIFICATE FOR AN AMOUNT OF RS. 7,21,88,815/ - AS AGAINST TOTAL EXPORT TURNOVER OF RS . 10,82,68,158/ - . THEREFORE, IN THE ABSENCE OF ANY DOCUMENTARY EVIDENCE, THE REVENUE ALLOWED DEDUCTION OF RS. 1,03,25,457/ - IN PLACE OF RS. 1,52,42,322/ - AS CLAIMED BY THE 4 I.T.A. NO. 4645 /MUM/201 6 PROVENANCE FOODS PVT. LTD . ASSESSEE. THEREFORE, LD. CIT(A) HAS RIGHTLY REJECTED THE CLAIM OF THE ASSESSEE IN AB SENCE OF DOCUMENTARY EVIDENCE. EVEN BEFORE US, N O NEW FACTS O R CONTRARY JUDGMENTS HAVE B EEN BROUGHT ON RECORD I N ORDER TO CONTROVERT OR REBUT THE FINDINGS SO RECORDED BY LD . CIT(A). THEREFORE, THERE ARE NO REASON S FOR US TO INTERFERE INTO OR DEVIATE FRO M THE FINDINGS SO RECORDED BY THE LD.CIT(A). HENCE , WE ARE OF THE CONSIDERED VIEW THAT THE FINDINGS SO RECORDED BY THE LD. CIT (A) ARE JUDICIOUS AND ARE WE LL REASONED. RESULTANTLY, THIS GROUND RAISED BY THE ASSESSEE STANDS DISMISSED . 6 . IN THE NET RESULT , THE APPEAL FILED BY THE ASSESSEE STANDS DISMISSED WITH NO ORDER AS TO COST. ORDER PRONOUNCED IN THE OPEN COURT ON 3 RD OCT , 2018 SD/ - SD/ - ( R. C. SHARMA ) (SANDEEP GOSAIN) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI ; DATED : 03 . 10 .201 8 SR.PS . DHANANJAY 5 I.T.A. NO. 4645 /MUM/201 6 PROVENANCE FOODS PVT. LTD . / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT 3. ( ) / THE CIT(A) 4. / CIT - CONCERNED 5. , , / DR, ITAT, MUMBAI 6. / GUARD F I LE / BY ORDER, . / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI