SWASTIK VENTURES P. LTD, NAVI MUMBAI V. ACIT CIR 3, THANE

ITA 5461/MUM/2011

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 62471 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-06-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: E
• Assessment Year: 2007-2008
• Appeal Filed On: 22-07-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: B JAYA KUMAR
• Keywords: Unexplained cash credit
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES E MUMBAI BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI RAJENDRA, ACCOUNTANT MEMBER ITA NO. 5461/MUM/2011 ASSESSMENT YEAR 2007-08 M/S. SWASTIK VENTURE (P) LTD., 201, GIRIRAJ CLASSIC, PLOT 65/65A, SECTOR-20, KOPARKHERNAIR, NAVI MUMBAI 400 709. PAN: AAJCS 0355A VS. THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE 3, THANE (W). (APPELLANT) (RESPONDENT) ASSESSEE BY : NONE REVENUE BY : SHRI B. JAYA KUMAR, DR DATE OF HEARING : 11-06-2012 DATE OF PRONOUNCEMENT : 11-06-2012 ORDER PER RAJENDRA, A.M. THE ASSESSEE HAS FILED THIS APPEAL AGAINST THE ORDE R OF THE CIT(A)-1, THANE DT. 29-04-2011 ON THE FOLLOWING GRO UNDS: GROUNDS OF APPEAL: THE ASSESSING AUTHORITY HAS ERRED IN ACQUIRING THE JURISDICTION THOUGH THE NOTICE FOR REGULAR ASSESSMENT WAS ISSUED BEYOND THE STATUTORY TIME LIMIT OF ONE YEAR AND NO NOTICE WAS SERVED WITHIN THE TIME LIMIT PRESCRIBED AND THE LEARNED CIT(APPEA LS) HAS ERRED IN CONFIRMING THE ORDER WHICH WAS PASSED IN EXERCIS E OF IMPROPER JURISDICTION. ITA NO. 5461/MUM/2011 M/S. SWASTIK VENTURE (P) LTD. 2 THE ASSESSING AUTHORITY HAS ERRED IN TREATING THE AMOUNT SPENT BY THE DIRECTORS FOR THE PROJECT OF CONSTRUCTION OF PETROL PUMP AS UNEXPLAINED CASH CREDIT THOUGH EVIDENCES WERE BROUG HT ON RECORD AND LEARNED CIT(APPEALS) HAS ALSO ERRED IN C ONFIRMING THOUGH FURTHER EVIDENCES WERE BROUGHT INTO HIS RECO RD. FURTHER THE REQUIREMENT OF SECTION 68 WERE FULFILLED MORE P ARTICULARLY, THE IDENTITY, CREDITWORTHINESS AND GENUINENESS HAS BEEN FULFILLED. THE ASSESSING AUTHORITY HAS ERRED IN DISALLOWING T HE PROFESSIONAL CHARGES ON ADHOC BASIS AND LEARNED CIT (APPEALS) HAS ERRED IN CONFIRMING THE SAME THOUGH DETAILED CO NFIRMATORY LETTERS AND INVOICES WERE BROUGHT ON RECORD. 2. ASSESSEE WAS INFORMED THAT MATTER WILL BE HEARD ON 11-06-2012. BUT, NO ONE APPEARED ON BEHALF OF ASSESSEE. NOR TH ERE IS ANY APPLICATION FOR ADJOURNMENT. IN VIEW OF ABOVE, IT APPEARS THAT ASSESSEE IS NOT INTERESTED IN PROSECUTING THIS APPE AL. HENCE THIS APPEAL OF THE ASSESSEE IS LIABLE TO BE DISMISSED FO R NON-PROSECUTION. IN THIS REGARD, WE ARE SUPPORTED BY THE DECISION IN THE CASE OF CIT VS. B.N. BHATTACHARGEE AND ANOTHER, REPORTED IN 118 ITR 460 (RELEVANT PAGES 477 & 478) WHEREIN THEIR LORDSHIPS HAVE HELD THAT: THE APPEAL DOES NOT MEAN MERELY FILING OF THE APPE AL BUT EFFECTIVELY PURSUING IT. 3. IN THIS REGARD WE ARE ALSO SUPPORTED BY THE DECI SION IN THE CASE OF CIT VS MULTIPLAN INDIA (P) LTD., 38 ITD 320 (DEL ). 4. IN VIEW OF THE ABOVE, AND ALSO CONSIDERING THE P ROVISION OF RULE 19 OF THE APPELLATE TRIBUNAL RULES, 1963, APPEAL OF THE ASSESSEE IS DISMISSED. 5. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISS ED FOR NON-PROSECUTION. ORDER PRONOUNCED IN THE OPEN COURT ON 11 TH JUNE, 2012. SD/- SD/- (VIJAY PAL RAO) ( RAJENDRA) JUDICIAL MEMBER ACC OUNTANT MEMBER MUMBAI, DATE 11 TH JUNE, 2012 ITA NO. 5461/MUM/2011 M/S. SWASTIK VENTURE (P) LTD. 3 TNMM COPY TO: 1. APPELLANT 2. RESPONDENT 3. THE CONCERNED CIT (A) 4. THE CONCERNED CIT 5. DR E BENCH, ITAT, MUMBAI 6. GUARD FILE (TRUE COPY) BY ORDER ASST. REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCHES, MUMBAI