RAJ KUMAR JAIN, Jaipur V. ITO, Jaipur

ITA 634/JPR/2013

• Counselvise Citation: 63423114 RSA 2013
• Duration Of Justice: 2 year(s) 4 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-10-2015
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 24-06-2013
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: RAJ MEHRA JCIT DR DHK
• Assessee Lawyers: R N MEHARWAL
• Keywords: Business income
• Section: 10AA

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES (SMC), JAIPUR JH VKJ-IH-RKSYKUH] U;KF;D LNL; DS LE{K BEFORE: SHRI R.P. TOLANI, JUDICIAL MEMBER VK;DJ VIHY LA-@ ITA NO. 634/JP/2013 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2008-09 SHRI RAJ KUMAR JAIN A-653, MALVIYA NAGAR, JAIPUR CUKE VS. THE ITO WARD- 6 (1) JAIPUR LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR NO .: AAUPJ 9891 N VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT FU/KZKFJRH DH VKSJ LS@ ASSESSEE BY : SHRI R.N. MEHARWAL, CA JKTLO DH VKSJ LS@ REVENUE BY :SHRI RAJ MEHRA, JCIT -DR LQUOKBZ DH RKJH[K@ DATE OF HEARING : 30/10/2015 ?KKS'K .KK DH RKJH[K@ DATE OF PRONOUNCEMENT : 30/10/2015 VKNS'K@ ORDER PER R.P. TOLANI, JM THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST T HE ORDER OF THE LD. CIT(A)-II, JAIPUR DATED 30-04-2013 FOR THE ASSESSM ENT YEAR 2008-09 WHEREIN FOLLOWING GROUNDS ARE RAISED. 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE THE LD. ITO WARD- 6(1), JAIPUR ERRED IN MAKING TRADING ADDITION OF RS. 2,38,502/-AND SIMULTANEOUSLY LD. CIT(A) ERRED IN SUSTAINING SUCH ADDITION IN SPITE OF MUCH IMPROVED TRADING RESULTS AS WELL AS PROVING MOST OF ITEMS OF TRADING A/C BEYOND DOUBT, THUS THE ACTION OF THE AO AS WELL AS LD. CIT (A) IN UNJUSTIFIED AND THE TRADING ADDITION MAY KINDLY BE DELETED. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E, THE LD. ITO , WARD- 6 (1), JAIPUR ERRED IN NOT ENHANCING THE DEDU CTION U/S 10AA ON THE ENHANCED BUSINESS INCOME LIABLE TO BE ENTIRELY EXEM PTED THUS PLEASE DIRECT TO ALLOW DEDUCTION ACCORDING TO LAW. ITA NO. 634/JP/2013 RAJ KUMAR JAIN VS. ITO,WARD- 6 (1) JAIPUR . 2 2.1 AFTER HEARING BOTH THE PARTIES AND PERUSING THE MATERIALS AVAILABLE RECORD, IT IS OBSERVED THAT THE ASSESSEE WAS GRANTE D DEDUCTION U/S 10AA OF THE ACT. THE DISALLOWANCE OF UNVERIFIABLE PURCHASES AMOUNTING TO RS. 1.25 LACS WAS IN THE CASE OF M/S. RAJ KUMAR JAIN, E XPORT UNIT. THE PROFIT THEREFROM IS BUSINESS INCOME AND ELIGIBLE DEDUCTION U/S 10AA OF THE ACT. IN VIEW THEREOF, THE AO IS DIRECTED TO CALCULATE TH E ADDITION IN RESPECT OF M/S. RAJ KUMAR JAIN, EXPORT UNIT AND ALLOW IT AS DE DUCTION U/S 10AA OF THE ACT. THE REMAINING AMOUNT OF M/S. GEM STONE COR PORATION CANNOT BE COVERED U/S 10AA OF THE ACT AND IT CANNOT BE ALLOWE D. THUS THE APPEAL OF THE ASSESSEE IS PARTLY ALLOWED. 3.0 IN THE RESULT, APPEAL OF THE ASSESSEE IS PARTLY ALLOWED ORDER PRONOUNCED IN THE OPEN COURT ON 30 /10/2015 . SD/- VKJ-IH-RKSYKUH (R.P.TOLANI) U;KF;D LNL;@ JUDICIAL MEMBER TK;IQJ@ JAIPUR FNUKAD@ DATED:- 30 /10/ 2015 *MISHRA VKNS'K DH IZFRFYFI VXZSF'KR@ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ@ THE APPELLANT- M/S. RAJ KUMAR JAIN, JAIPUR 2. IZR;FKHZ@ THE RESPONDENT- THE ITO, WARD- 6 (1), JAIPUR 3. VK;DJ VK;QDRVIHY@ CIT(A). 4. VK;DJ VK;QDR@ CIT, 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ@ DR, ITAT, JAIPUR 6. XKMZ QKBZY@ GUARD FILE (ITA NO. 634/JP/2013) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR