The ITO, Ward-4, Veraval V. M/s Krishna Oil Industries, Veraval

ITA 49/RJT/2016

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 6709 (ITAT-RAJKOT)
• Duration Of Justice: 1 year(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-02-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 16-02-2017
• Assessment Year: 2003-2004
• Appeal Filed On: 05-02-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: ARVIND N SONTAK KE M J RANPURA
• Keywords: Tax effect

Judgement Text

ITA NO . 49 / RJT/201 6 & C.O. NO.06/RJT/2016 A.Y. 20 03 - 04 PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT (CONDUCTED THROUGH E - COURT AT AHMEDABAD) [CORAM: PRAMOD KUMAR AM AND S.S. GODARA JM ] ITA NO. 49 /RJT/201 6 ASSESSMENT YEAR 20 03 - 04 INCOME TAX OFFICER, WARD 4, VERAVAL. ... .. . .....APPELLANT VS. KRISHNA OIL INDUSTRIES, .. ..................RESPONDENT SOMNATH MARKETING YARD, NEAR SAI BABA TEMPLE, VERAVAL. [PAN: A A G F K 2758 P ] C.O. NO.06/RJT/2016 (IN ITA NO. 49 /RJT/201 6) ASSESSMENT YEAR 20 03 - 04 KRISHNA OIL INDUST RIES, .................... APPELLANT SOMNATH MARKETING YARD, NEAR SAI BABA TEMPLE, VERAVAL. [PAN: AA GFK 2758 P ] VS. INCOME TAX OFFICER, WARD 4, VERAVAL. .. . ..... RESPONDENT APPEARANCES BY: ARVIND N. SONTAK KE , F OR THE REVENUE M.J. RANPURA , FOR THE ASSESSEE DATE OF CONCLUDING THE HEARING : 16.02.2017 DATE OF PRONOUNCING THE ORDER : 16 .02.2017 O R D E R PER PRAMOD KUMAR AM: ITA NO . 49 / RJT/201 6 & C.O. NO.06/RJT/2016 A.Y. 20 03 - 04 PAGE 2 OF 3 1. BY WAY OF THIS APPEAL, THE ASSESSING OFFICER HAS CHALLENGED CORR ECTNESS OF THE ORDER DATED 18 . 11 .201 5 , PASSED BY THE LEARNED CIT(A), FOR THE ASSESSMENT YEAR 200 3 - 04 , ON THE FOLLOWING GROUNDS : - 1. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, T HE LD. CIT(A) HAS ERRED IN RESTRICTING THE ADDITION TO RS.3,52,11 6/ - FROM THE ADDITION OF RS.23,48,263/ - MADE BY THE AO ON ACCOUNT OF SEIZURE MADE BY THE CIVIL SUPPLY DEPARTMENT AS UNACCOUNTED STOCK. 2. ANY OTHER GROUND THAT THE REVENUE MAY R AISE BEFORE OR DURING THE PROCEEDING BEFORE THE HON BLE ITAT. 3. ON THE FAC TS OF THE CASE AND IN LAW, THE LD. CIT(A) OUGHT TO HAVE UPHELD THE ASSESSMENT ORDER OF THE A.O. 4. IT IS THEREFORE, PRAYED THAT THE ORDER OF THE CIT(A) MAY BE SET - ASIDE AND THAT OF THE ASSESSING O FFICER BE RESTORED TO THE ABOVE EXTENT . 2. WE HAVE NOTI CED THAT THE TAX EFFECT INVOLVED IN THIS APPEAL IS LESS THAN RS.10,00,000/ - . IN VIEW OF THIS UNDISPUTED FACT AND IN THE LIGHT OF CBDT CIRCULAR NO.21/2015 DATED 10 TH DECEMBER, 2015, WE ARE OF THE CONSIDERED VIEW THAT THIS APPEAL IS LIABLE TO BE DISMISSED A S WITHDRAWN FOR THE SIMPLE REASON THAT TAX EFFECT INVOLVED IN THE APPEAL IS LESS THAN RS.10,00,000/ - . 3. IN THE RESULT, APPEAL IS DISMISSED. 4. IN THE CROSS OBJECTION, THE ASSESSEE HAS RAISED THE FOLLOWING GRIEVANCE: - 1. THE GROUNDS OF CROSS - OBJECTI ON MENTIONED HEREUNDER ARE WITHOUT PREJUDICE TO ONE ANOTHER . 2. THE LEARNED COMMISSIONER OF INCOME T AX (APPEALS) 2, RAJKOT [ HEREINAFTER REFERRED TO AS THE CIT ( A) ] ERRED ON FACTS AND ALSO IN LAW IN RETAINING ADDITION OF RS.3,52,116/ - OUT OF TOTAL ADDIT ION OF RS.23,48,263/ - MADE ON ACCOUNT OF SEIZURE MADE BY THE CIVIL SUPPLY DEPARTMENT BY HOLDING AS UNACCOUNTED STOCK. THE ADDITION RETAINED IS TOTALLY UNJUSTIFIED ON FACTS AS ALSO IN L A W AND MAY KINDLY BE DELETED. 5. THE ASSESSEE HAS NOT PRESSED THE G ROUNDS RAISED IN ITS CROSS OBJECTION. THE CROSS OBJECTION IS, THEREFORE, DISMISSED AS NOT PASSED . ITA NO . 49 / RJT/201 6 & C.O. NO.06/RJT/2016 A.Y. 20 03 - 04 PAGE 3 OF 3 6. IN THE RESULT, APPEAL FILED BY THE REVENUE AND CROSS OBJECTION FILED BY THE ASSESSEE, BOTH ARE DISMISSED. P RONOUNCED IN THE OPEN COURT ON THIS 16 TH DAY O F FEBRUARY, 2017 . SD/ - SD/ - S.S. GODARA PRAMOD KUMAR (JUDICIAL MEMBER) (ACCOUNTANT MEMBER) AHMEDABAD , THE 16 TH DAY OF FEBRUARY , 201 7 COPIES TO: (1) THE APPELLANT (2) THE RESPONDENT (3) COMMISSIONER (4) CIT(A ) (5) DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL RAJKOT B ENCH, RAJKOT