Shri Amin Khan, Khandwa V. The ITO ward Kandwa, Khandwa

ITA 500/IND/2013

• Counselvise Citation: 50022714 RSA 2013
• Duration Of Justice: 6 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-12-2013
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Assessment Year: 2008-2009
• Appeal Filed On: 24-06-2013
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: R A VERMA
• Assessee Lawyers: S S DESHPANDE
• Section: 133(6)

Judgement Text

PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL , INDORE BENCH, INDORE BEFORE SHRI JOGINDER SINGH, J.M. AND SHRI R.C.SHARM A, A.M. PAN NO. : AUDPK0776G I.T.A.NO. 500 /IND/201 3 A.Y. : 2008-09 SHRI AMIN KHAN, PROP. M/S. ROYAL KRISHI SEVA KENDRA, SUBJI MANDI, KHANDWA VS. ITO, WARD KHANDWA APPELLANT RESPONDENT APPELLANT BY : SHRI S. S. DESHPANDE, CA RESPONDENT BY : SHRI R. A. VERMA, SR. DR DATE OF HEARING : 18 . 1 2 .201 3 DATE OF PRONOUNCEMENT : 3 1 .1 2 .201 3 O R D E R PER R. C. SHARMA, A.M. THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF CIT(A) DATED 25.03.2013 FOR THE ASSESSMENT YEAR 2008-09. 2. THE ASSESSEE HAS CHALLENGED ADDITION OF RS. 3 LAKHS MADE BY THE ASSESSING OFFICER ON ACCOUNT OF MISMAT CH OF ACCOUNT OF RASI SEEDS (P) LIMITED. SHRI AMIN KHAN, KHANDWA I.T.A.NO. 500/IND/2013 A.Y. 2008-09 2 PAGE 2 OF 3 3. RIVAL CONTENTIONS HAVE BEEN HEARD AND RECORDS PERUSED. DURING THE COURSE OF SCRUTINY ASSESSMENT, THE ASSESSING OFFICER OBSERVED THAT THE ASSESSEE HAS AD VANCED TOTAL OF RS. 1,15,64,181-87 TO M/S. RASI SEEDS PRIV ATE LIMITED. THE ASSESSEE WAS ASKED TO FURNISH THE ACCOUNT OF TH IS PARTY :- TWO COPY OF ACCOUNT, AS ABOVE, ARE SUBMITTED. NOTICE U/S 133(6) OF THE INCOME-TAX ACT, 1961, WAS ISSUED TO M/S. RASI SEEDS PVT.LTD., INDORE, FOR CONFIRMATION. THIS PARTY HAS, VIDE ORDER LETTER DAT ED 30.10.10 FORWARDED COPY OF ACCOUNT OF THE ASSESSEE. AS PER THIS, A SINGLE ACCOUNT MAINTAINED BY IT IS FURNISHED. AS PER THE RASI SEEDS PRIVATE LIMITED HA S SHOWN BALANCE OF RS. 1,16,77,014.90 OUTSTANDING TOWARDS THE ASSESSEE. 4. ON THE BASIS OF DISCREPANCY IN THE ACCOUNT, THE ASSESSING OFFICER REJECTED THE BOOK RESULT DECLARED BY THE ASSESSEE AND AFTER APPLYING PROVISIONS OF SECTION 1 45 ADDED RS. 3 LAKHS ON ACCOUNT OF THIS. BY THE IMPUGNED ORD ER, THE LD. CIT(A) CONFIRMED THE ACTION OF THE ASSESSING OFFICE R. 5. WE HAVE CONSIDERED RIVAL CONTENTIONS AND PERUSED MATERIAL AVAILABLE ON RECORD. IT IS CLEAR FROM THE OBSERVATIONS MADE BY THE ASSESSING OFFICER THAT THERE WAS DIFFER ENCE OF RS. SHRI AMIN KHAN, KHANDWA I.T.A.NO. 500/IND/2013 A.Y. 2008-09 3 PAGE 3 OF 3 1,12,833.03 ( RS. 1,16,77,014.90 (-) RS. 1,15,64,18 1.87). ON THE BASIS OF THIS DIFFERENCE, THE ASSESSING OFFICER REJECTED THE TRADING RESULT AND MADE ADDITION OF RS. 3 LAKHS. WE DO NOT FIND ANY JUSTIFICATION IN THE ORDER OF THE ASSESSIN G OFFICER IN SO FAR AS NO DISCREPANCY WAS FOUND BY THE ASSESSING OF FICER IN THE TRADING RESULT SHOWN BY THE ASSESSEE. IT WAS ON LY DIFFERENCE IN THE ACCOUNT OF A PARTY, WHEREIN ADDIT ION CAN BE MADE ONLY TO THE EXTENT OF IT. ACCORDINGLY, WE MODI FY THE ORDER OF LOWER AUTHORITIES AND RESTRICT THE ADDITION TO T HE EXTENT OF RS. 1,12,833.03 IN PLACE OF RS. 3 LAKHS. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWE D IN PART. THIS ORDER HAS BEEN PRONOUNCED IN THE OPEN COURT ON 31 ST DECEMBER, 2013. SD/- SD/- (JOGINDER SINGH) (R. C. SHARMA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 31 ST DECEMBER, 2013. CPU* 192012