ITO, DUNGARPUR V. M/s. Gowadia Jewellers, DUNGARPUR

ITA 601/JODH/2014

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 5286 (ITAT-JODHPUR)
• Duration Of Justice: 1 year(s) 2 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-03-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2010-2011
• Appeal Filed On: 26-12-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S L MOURYA
• Keywords: Cost of acquisition

Judgement Text

IN THE INCOME TAX APPELALTE TRIBUNAL JODHPUR BENCH, JODHPUR BEFORE: SHRI N. S. SAINI, ACCOUNTANT MEMBER AND SHRI GEORGE MATHAN, JUDICIAL MEMBER I.T.A.NO.601/JODH/2014 ASSESSMENT YEAR: 2010-11 THE INCOME TAX OFFICER, WARD- DUNGARPUR, 66, PRATAP NAGAR, DUNGARPUR 314001 (RAJASTHAN) PAN :AAAFG6333J VS. M/S. GOWADIA JEWELLERS, SADAR BAZAR, SAGWARA, DUNGARPUR (RAJASTHAN) APPELLANT RESPONDENT APPELLANT BY SHRI S. L. MOURYA, DR RESPONDENT BY NONE DATE OF HEARING: 11.03.2016 DATE OF PRONOUNCEMENT: 11.03.16 O R D E R PER: GEORGE MATHAN, J.M. : THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF THE LEARNED CIT (A), UDAIPUR PASSED IN APPEAL NO.90/IT/UDR/2013 -14 DATED 10-10-2014 FOR ASSESSMENT YEAR 2010-11. 2. NONE REPRESENTED ON BEHALF OF THE ASSESSEE. THE ASSESSEE HAS FILED AN APPLICATION REQUESTING FOR ADJOURNMENT. AS THE R EASONS MENTIONED IN THE ADJOURNMENT LETTER ARE NOT SPECIFIC, THE SAME STAND S REJECTED. 3. SHRI S. L. MOURYA, LEARNED DR REPRESENTED ON BEH ALF OF THE REVENUE. IT WAS SUBMITTED BY THE LEARNED DR THAT THE ASSESSE E IS IN THE BUSINESS OF DEALING IN JEWELLERY. IN THE COURSE OF ASSESSMENT I T WAS NOTICED THAT THE 2 ITA NO.601/JODH/2014 ASSESSEE HAS SHOWN THE CLOSING STOCK VALUE OF SILVE R AT RS.13,068/- PER KG. WHEREAS IT HAS CLAIMED PURCHASE COST OF SILVER AT R S.15,425.75 KG. SIMILARLY, IN RESPECT OF GOLD THE SAME WAS VALUED AT RS.11,764 .40 PER TEN GRAMS WHEREAS THE ASSESSEE HAS CLAIMED TO HAVE PURCHASE G OLD AT RS.15,425.75 PER TEN GRAMS. IT WAS A SUBMISSION THAT CONSEQUENTL Y THE AO HAD REWORKED THE CLOSING STOCK OF THE ASSESSEE BY APPLYING THE P URCHASE PRICE AND HAD REWORKED THE GROSS PROFIT. IT WAS A SUBMISSION THAT THE LEARNED CIT (A) HAS DELETED THE ADDITION BY FOLLOWING THE DECISION OF T HE CO-ORDINATE BENCH OF THIS TRIBUNAL IN THE ASSESSEES OWN CASE FOR ASSESSMENT YEA 2008-09 AND 2009- 10 IN ITA NOS.262, 264, 436 AND 449/JODH/2012 DATED 22-08-2013. THE LEARNED DR VEHEMENTLY SUPPORTED THE ORDER OF THE AO . 5. WE HAVE CONSIDERED THE SUBMISSIONS. IT IS NOTICE D THAT THE LEARNED CIT (A) HAS FOLLOWED JUDICIAL DISCIPLINE BY FOLLOWING T HE DECISION OF THE CO-ORDINATE BENCH OF THIS TRIBUNAL IN ASSESSEES OWN CASE FOR T HE IMMEDIATELY PRECEDING ASSESSMENT YEARS 2008-09 AND 2009-10 REFERRED TO AB OVE (SUPRA). HENCE, WE HAVE NO REASON TO INTERFERE WITH THE ORDER OF TH E LEARNED CIT (A). CONSEQUENTLY THE SAME STANDS UPHELD. AS A RESULT, R EVENUES APPEAL STANDS DISMISSED. 3 ITA NO.601/JODH/2014 6. IN THE RESULT, THE APPEAL OF THE REVENUE STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 11.03.2016. SD/- SD/- (N. S. SAINI) (GEORGE MATHAN) ACCOUNTANT MEMBER JUDICIAL MEMBER JODHPUR, DATED: 11 TH MARCH, 2016 LAKSHMIKANTA LAKSHMIKANTA LAKSHMIKANTA LAKSHMIKANTA DEKA/ DEKA/ DEKA/ DEKA/- -- - COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT 2. THE RESPONDENT 3. CIT CONCERNED 4. CIT (A) CONCERNED 5. DR, ITAT, JODHPUR 6. GUARD FILE BY ORDER, SR. PRIVATE SECRETARY DATE INITIAL ORIGINAL DICTATION PAD & DRAFT ARE ENCLOSED IN THE FILE 1. DRAFT DICTATED ON 11.03.16 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 11.03.16 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER 11.03.16 JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER 11 .03.16 JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 11.03.16 SR.PS 6. DATE OF PRONOUNCEMENT NA SR.PS 7. FILE SENT TO THE BENCH CLERK SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER