RADIANT EXPORTS PRIVATE LIMITED, MUMBAI V. INCOME TAX OFFICER-5(3)(1), MUMBAI

ITA 5530/MUM/2017

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 1051 (ITAT-MUMBAI)
• Duration Of Justice: 4 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-01-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2012-2013
• Appeal Filed On: 31-08-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: N HEMALATHADR
• Assessee Lawyers: M SUBRAMANIAN

Judgement Text

, - , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES SMC, MUMBAI , ! ' , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, ITA NO.5530/MUM/2017 ASSESSMENT YEAR: 2012-13 RADIANT EXPORTS P. LTD. C/O- M/S INDANI & INDANI, ADVOCATES, 53A, MITTAL TOWER, 210, NARIMAN POINT, MUMBAI-400021 / VS. INCOME TAX OFFICER-5(3)(1), 5 TH FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI-400020 / ASSESSEE / REVENUE P.A. NO. AKTPS7898D $ % & / ASSESSEE BY SHRI M. SUBRAMANIAN $ % & / REVENUE BY MS. N. HEMALATHA-DR / DATE OF HEARING 04/01/2018 & / DATE OF ORDER: 04/01/2018 & / O R D E R THE ASSESSEE IS AGGRIEVED BY THE IMPUGNED ORDER DA TED 20/06/2017 OF THE LD. FIRST APPELLATE AUTHORITY, MU MBAI, CONFIRMING THE ADDITION OF RS.6,84,500/- BEING THE LOSS OCCASIONED BY REDUCTION IN THE VALUE OF CLOSING STO CK. ITA NO.5530/MUM/2017 RADIANT EXPORTS PVT. LTD. 2 2. DURING HEARING, THE LD. COUNSEL FOR THE ASSESSE E, SHRI M. SUBRAMANIAN, EXPLAINED THAT ON IDENTICAL FA CTS FOR EARLIER YEARS, THE MATTER WAS SENT TO THE FILE OF T HE LD. ASSESSING OFFICER, THEREFORE, THE IMPUGNED YEAR ALS O MAY BE SENT BACK. ON THE OTHER HAND, THE LD. DR, MS. N. HE MALATHA, THOUGH DEFENDED THE ADDITION BUT HAD NO OBJECTION I F THE MATTER MAY BE AGAIN EXAMINED. 2.1. I HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. IT IS NOT ED THAT (PARA-4.2 OF THE IMPUGNED ORDER) SIMILAR SUBMISSIONS/EXPLANATION WERE MADE BY THE ASSESSEE F OR ASSESSMENT YEAR 2011-12, WHEREIN, THE LD. ASSESSING OFFICER WAS DIRECTED TO VERIFY THE PHOTOGRAPHS, CERTIFICATE FROM SHEETAL MARMO P. LTD. UDAIPUR AND YARD NOTE, ETC. B EFORE THE LD. COMMISSIONER OF INCOME TAX (APPEAL) AS WELL AS BEFORE THIS TRIBUNAL, THE ASSESSEE PRODUCED THE PHOTOGRAPH S SHOWING THE BROKEN MARBLES. THUS, WITHOUT GOING IN TO MUCH DELIBERATION, THIS APPEAL IS SENT TO THE FILE OF TH E LD. ASSESSING OFFICER TO EXAMINE THE CLAIM OF THE ASSES SEE AND DECIDE AFRESH IN ACCORDANCE WITH LAW. THE PHOTOGRAP HS AND ITA NO.5530/MUM/2017 RADIANT EXPORTS PVT. LTD. 3 THE FACTUAL MATRIX/EXPLANATION OF THE ASSESSEE MAY BE CONSIDERED. THE ASSESSEE BE GIVEN OPPORTUNITY OF BE ING HEARD. THUS, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STA TISTICAL PURPOSES. FINALLY, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF LD. REPRESENTATIVE FROM BOTH SIDES AT T HE CONCLUSION OF THE HEARING ON 04/01/2018. SD/- (JOGINDER SINGH) ! ' / JUDICIAL MEMBER MUMBAI; DATED : 04/01/2018 F{X~{T? P.S / ! & $ )!*+ ,&+-* / COPY OF THE ORDER FORWARDED TO : 1. '#$%& / THE APPELLANT 2. '(%& / THE RESPONDENT. 3. ) ) * / THE CIT, MUMBAI. 4. ) ) * / CIT- , MUMBAI 5. +,- ' , ) '#$ ' / , / DR, ITAT, MUMBAI 6. -0 1$ / GUARD FILE. & / BY ORDER, / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI