Income Tax Officer Ward-3, Durg V. M/s Dinesh Jewellers, Durg

ITA 66/BIL/2011

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 85355 (ITAT-RAIPUR)
• Duration Of Justice: 3 year(s) 7 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-12-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2007-2008
• Appeal Filed On: 25-04-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHEETAL VERMA
• Assessee Lawyers: T C NIMANI
• Keywords: Tax effect

Judgement Text

INCOME TAX APPELLATE TRIBUNAL,BENCH -RAIPUR . .. . . .. . , ,, , ! ! ! !, ,, , . .. . . .. . BEFORE S/SH.H.L.KARWA,PRESIDENT AN D RAJENDRA,ACCOUNTANT MEMBER ./ ITA NO.66/BLPR/2011- # # # # / // / ASSESSMENT YEAR -2007-08 INCOME TAX OFFICER-3, BHILAI. V/S. M/S. DINESH JEWELLERS, MOTI COMPLEX, DURG. PAN: AAKFM 5093 R ( ) / // / APPELLANT ) ( *+) / RESPONDENT ) REVENUE BY : SMT. SHEETAL VERMA, DR ASSESSEE BY : SH.T.C. NIMANI, A.R. - /DATE OF HEARING : 17-12-2014 - /DATE OF PRONOUNCEMENT : 17-12-2014 # # # # , 1961 1961 1961 1961- - - - 254 254254 254( (( (1 11 1) )) ) ORDER U/S.254(1)OF THE INCOME-TAX ACT,1961(ACT) PER RAJENDRA,AM < << < = = = =, ,, , ! ! ! ! : CHALLENGING THE ORDER DT.30.12.2010 OF THE CIT(A)-, BILASPUR, THE AO HAS RAISED FOLLOWING GROUNDS OF APPEAL: 1. WHETHER IN LAW AND ON THE FACTS AND IN THE CIRCUMST ANCES OF THE CASE, THE LD. CIT(A) WAS JUSTIFIED IN DELETING THE ADDITION OF RS.8,27,0 22/- MADE BY THE AO ON ACCOUNT OF UNDER VALUATION OF CLOSING STOCK. 2. THE ORDER OF THE LD. CIT(A) IS ERRONEOUS BOTH IN LA W AND ON FACTS. 2. ASSESSEE,ENGAGED IN THE BUSINESS OF GOLD, SILVER AND DIAMOND ORNAMENTS, FILED ITS RETUR N OF INCOME ON14.11.2007,DECLARING TOTAL INCOME OF RS.4, 15,610/-.AO FINALISED THE ASSESSMENT ON 31.12.2009, DETERMINING THE TOTAL INCOME OF ASSESS EE AT RS.14,44,752 /-.AGGRIEVED BY THE ORDER OF THE AO THE ASSESSEE FILED AN APPEAL BEFORE THE F IRST APPELLATE AUTHORITY (FAA), WHO AFTER CONSIDERING THE SUBMISSIONS OF THE ASSESSEE ON VARI OUS ADDITIONS AND DISALLOWANCES AND THE ASSESSMENT ORDER, PARTLY ALLOWED THE APPEAL OF THE ASSESSEE. 3. DURING THE COURSE OF HEARING IT WAS NOTICED THAT TH E ADDITION DELETED BY THE FAA WAS OF RS.8,27,022/-. AS PER INSTRUCTION NO. 5/2008 DATED 15.05.2008, THE MONETARY LIMIT OF FILING THE APPEAL BEFORE THE TRIBUNAL WAS RS.3,00,000/-. IN TH E CASE UNDER CONSIDERATION, THE TAX EFFECT IS LESS THAN RS.3 LACS. THEREFORE, WE ARE DISMISSING THE AP PEAL FILED BY THE AO ON THE GROUND OF LOW TAX EFFECT. AS A RESULT, THE APPEAL FILED BY THE AO STANDS D ISMISSED. #@ A B - - . ORDER PRONOUNCED IN THE OPEN COURT ON 17 TH DECEMBER,2014. - F 17 G ,2014 - . SD/- SD/- (H.L.KARWA/ . .. . . .. . ) ( ! ! ! ! / RAJENDRA) PRESIDENT/ = = = = /ACCOUNTANT MEMBER /RAIPUR. G DATE:17.12.2014 2 ITA NO. 66/BLPR/2011- M/S. DINESH JEWELLERS - -- - *#HI *#HI *#HI *#HI JI JI JI JI / COPY OF THE ORDER FORWARDED TO : 1. APPELLANT / ) 2. RESPONDENT / *+) 3. THE CONCERNED CIT(A)/ K L , 4. THE CONCERNED CIT / K L 5. DR ITAT,RAIPUR BENCH/ I *## , . . . , 6. GUARD FILE/ . +I *# //TRUE COPY// / BY ORDER, / DY./ASST. REGISTRAR , /ITAT, MUMBAI.