Mr Pushpak Arjundas Agarwal (HUF), Ichalkaranji V. ACIT, Ichalkaranji

ITA 680/PUN/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 56447 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 3 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-08-2011
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2006-2007
• Appeal Filed On: 05-05-2010
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: S K SINGH

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B , PUNE BEFORE SHRI SHAILENRA KUMAR YADAV (JM) AND SHRI D. KARUNAKARA RAO (AM) ITA NO. 680/PN/2010 (A. Y : 2006-07) MR.PUSHPAK ARJUNDAS AGARWAL (HUF), 10/1202-21, KAGWADE MALA, ICHALKARANJI PAN AAEHA2238N .. APPELLANT ACIT, ICHALKARNJI CIRCLE, ICHALKARANJI .. RESPONDENT APPELLANT BY : SHRI M.K.KULKARNI, ADVOCATE RESPONDENT BY : SHRI S.K.SINGH, CIT DR ORDER PER D. KARUNAKARA RAO AM THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF THE CIT(A)-I PUNE DATED 07/12/2009 FOR THE ASSESSMENT YEAR 2006-07. THE GROUNDS RAISE D BY THE ASSESSEE READ AS UNDER:- 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE C ASE AND IN LAW THE LD.CIT(A) WAS NOT JUSTIFIED IN CONFIRMING THE ADDIT ION OF RS.6,67,317/- MADE BY A.O. ON ACCOUNT OF DEFICIENT CLOSING STOCK. IT BEING UNWARRANTED, BE DELETED. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E AND IN LAW THE PERUSAL OF APPEAL ORDER OF THE LD.CIT(A) SHOWS THAT HE HAS DISMISSED THE APPEAL FOR STATISTICAL PURPOSES WHICH MEANS IT IS NOT A FINAL ORDER. 2. AT THE VERY OUTSET, THE LEARNED COUNSEL FOR THE ASSESSEE MENTIONED THAT THERE WAS SURVEY ACTION ON THE ASSESSEE AND REVENUE FOUND DISCREPANCY WITH REGARD TO STOCK AND IT RESULTED IN MAKING ADDITION OF AMOU NT OF RS.6,67,317/-. WITHOUT OBJECTING THE ABOVE ADDITION, THE LEARNED COUNSEL R EQUESTED THAT THE SAID AMOUNT SINCE PART OF THE CLOSING STOCK ON 31 ST MARCH 2006 THE SAME IS REQUIRED TO BE 2 CONSIDERED AS PART OF OPENING STOCK AS ON 1.4.2006. THE LEARNED DR FOR THE REVENUE HAS NO OBJECTION FOR THE SAID CLAIM. ON CON SIDERING THE FACT OF THE CASE WE FIND REQUEST OF THE LEARNED COUNSEL IS REASONABLE A ND THEREFORE APPEAL OF THE ASSESSEE IS TO BE DISMISSED WITH THE GRANT OF RELIE F IN RESPECT OF THE PRAYER IN MATTERS OF ENCLOSURE OF THE SAME OPENING BALANCE OF THE STOCK. THE ASS ESSING OFFICER IS DIRECTED TO GRANT THE LOGICAL RELIEF ACC ORDINGLY. IN THE RESULT ALL THE GROUNDS ARE DISMISSED THIS PRO-TANTO . 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS PAR TLY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 3 0 TH DAY OF AUGUST, 2011. SD/- SD/- ( SHAILENDR KUMAR YADAV ) JUDICIAL MEMBER (D. K ARUNAKARA RAO ) ACCOUNTANT MEMBER PUNE, DATED THE 30 TH AUGUST, 2011 COPY OF THE ORDER IS FORWARDED TO : 1. THE ASSESSEE 2. THE DEPARTMENT 3. THE CIT (A), KOLHAPUR 4. THE CIT-I,KOLHAPUR 5. D.R. B BENCH, PUNE 6. GUARD FILE 3 BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL PUNE