M/s. Regal Iron and Steel Works, Indore V. The ACI 1(2), Indore

ITA 503/IND/2013

• Counselvise Citation: 50322714 RSA 2013
• Duration Of Justice: 2 year(s) 1 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-08-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2004-2005
• Appeal Filed On: 28-06-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: G S GAUTAM
• Section: 68; 148

Judgement Text

REGAL IRON AND STEEL WORKS ITA NO. 503/IND/2013 1 IN THE INCOME TAX APPELLATE TRIBUNA L INDORE BENCH, INDORE BEFORE SHRI D.T. GARASIA, HONBLE JUDICIAL MEMBER AND SHRI B.C. MEENA, HONBLE ACCOUNTANT MEMBER ITA NO. 503/IND/2013 A.Y. 2004-05 M/S REGAL IRON & STEEL WORKS INDORE PAN AADFR 7116L ::: APPELLANT VS ASSTT.COMMR. OF INCOME TAX 1(2) INDORE ::: RESPONDENT APPELLANT BY SHRI ASHISH GOYAL RESPONDENT BY SHRI G.S. GAUTAM DATE OF HEARING 28.7.2015 DATE OF PRONOUNCEMENT 1 7 . 8 .2015 O R D E R PER SHRI B.C. MEENA, AM THIS APPEAL FILED BY THE ASSESSEE EMANATES FROM THE ORDER OF THE LEARNED CIT(A)-I,INDORE, DATED 28.3. 2013. REGAL IRON AND STEEL WORKS ITA NO. 503/IND/2013 2 2. THE ASSESSEE IS A PARTNERSHIP FIRM. THE RETURN OF INCOME WAS FILED DECLARING INCOME AT RS.19,24.012/-. T HE ASSESSEE DERIVES INCOME FROM PROPERTY AND INCOME FROM BUSINESS OF MANUFACTURING OF FABRICATION AND CORRUGATED SHEET. THE ASSESSMENT WAS FINALIZED ON THE RETURNED INCOME. HOWEVER, THE ASSESSMENT WAS REOPENED U/S 148 OF THE ACT. THE ADDITION WAS MADE U/S 68 OF THE ACT ON THE AMOUNT RECEIVED FROM M/S N.F. FARMS. THE LEARNED CIT(A ) CONFIRMED THE ADDITION. 3. BEFORE US THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT SIMILAR ADDITION WAS MADE ON ACCOUNT OF MANY ADVANCES BY N.F. FARMS TO THE ASSESSEE IN THE A.Y. 2008-09. THIS ADDITION WAS DELETED BY THE LEARNED CIT (A) AND THE ITAT, INDORE BENCH, HAS DECIDED THE ISSUE BY REMANDING THE APPEAL TO THE ASSESSING OFFICER TO EXAMIN E THE CLAIM OF N.F. FARMS AND ALSO OF THE ASSESSEE. THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE MAT TER REGAL IRON AND STEEL WORKS ITA NO. 503/IND/2013 3 MAY BE RESTORED TO THE FILE OF THE ASSESSING OFFICE R WITH SIMILAR DIRECTION. 4. AFTER HEARING BOTH THE SIDES, WE RESTORE THIS ISS UE TO THE FILE OF THE ASSESSING OFFICER DECIDE THE ISSUE AFRESH AFTER MAKING APPROPRIATE INVESTIGATION WITH REGARD TO GENUINENESS OF THE ADVANCES RECEIVED FROM M/S N.F. FARMS. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. PRONOUNCED IN OPEN COURT ON 17 TH AUGUST, 2015 SD SD (D.T. GARASIA) (B.C. MEENA) JUDICIAL MEMBER ACCOUNTANT MEMBER 17TH AUGUST, 2015 DN/- REGAL IRON AND STEEL WORKS ITA NO. 503/IND/2013 4