Sameer Rajiv Karambelkar, Nashik V. Assistant Commissioner of Income-Tax, Nashik

ITA 703/PUN/2017

• Counselvise Citation: [2022] 105 COUNSELVISE.COM (IT) 0839 (ITAT-PUNE)
• Duration Of Justice: 5 year(s) 2 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-05-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2013-2014
• Appeal Filed On: 23-03-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 69C

Judgement Text

आयकर अपीलीय अधिकरण “बी” न्यायपीठ पुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER आयकर अपील सं. / ITA No.703/PUN/2017 धििाारण वर्ा / Assessment Year : 2013-14 Shri Sameer Rajiv Karambelkar, 3 rd Floor, Presidency Tower, Old Agra Road, Nashik – 422009 PAN : ANIPK9846M .......अपीलार्थी / Appellant बिाम / V/s. Asstt. Commissioner of Income Tax, Circle – 1, Nashik ......प्रत्यर्थी / Respondent Assessee by : Shri Pramod Shingte Revenue by : Shri M.G. Jasnani सुिवाई की तारीख / Date of Hearing :21-03-2022 घोर्णा की तारीख / Date of Pronouncement : 30-05-2022 आदेश / ORDER PER S.S. VISWANETHRA RAVI, JM : This appeal by the assessee against the order dated 20-01-2017 passed by the Commissioner of Income Tax (Appeals)-1, Nashik [‘CIT(A)’] for assessment year 2013-14. 2. The assessee raised ground Nos. 1 to 4 challenging the action of CIT(A) in confirming the addition made by the AO by estimating the profit 2 ITA No.703/PUN/2017, A.Y. 2013-14 @ 65% of the turnover by rejecting the books of accounts without pointing out any defect in the facts and circumstances of the case. 3. The ld. AR submits that the assessee is an individual derives income from sale of lands/plots. The AO estimated the gross profit for taking into average of A.Ys. 2012-13 and 2014-15 without examining the books. The assessee made detailed explanation before the AO and referred to such in the paper book. The ld. DR referred to Para No. 5 of the CIT(A) and vehemently argued that the AO rightly adopted the GP by estimation as the assessee reconstituted profit and loss account and balance sheet. 4. Having heard both the parties and on perusal of the record, we note that as rightly pointed out by the ld. DR that the AO made detailed discussion in respect of the present issue at Page No. 2. It is not disputed that the land transaction as per the AIR information was not appearing in the profit and loss account. It is also not disputed that the assessee furnished a revised return of income and the AO held the profit and loss account and balance sheet was entirely different as compared to original return of income. In such circumstances the ld. AR prayed to remand the issue to the file of AO for its fresh consideration. The ld. DR vehemently opposed the same but however taking into consideration the facts and circumstances of the case and in the interest of justice, we deem it proper to remand the matter to the file of AO for its fresh consideration. The assessee is liberty to file evidences, if any, in support of its claim. Thus, the ground Nos. 1 to 4 raised by the assessee are allowed for statistical purpose. 3 ITA No.703/PUN/2017, A.Y. 2013-14 5. Ground No. 5 raised by the assessee challenging the action of CIT(A) in confirming the addition made on account of unexplained expenditure u/s. 69C of the Act. 6. In view of our decision in ground Nos. 1 to 4 in remanding the matter to the file of AO, we leave it to the assessee to raise the issue before the AO for its fresh consideration. Accordingly, ground No. 5 raised by the assessee is allowed for statistical purpose. 7. In the result, the appeal of assessee is allowed for statistical purpose. Order pronounced in the open court on 30 th May, 2022. Sd/- Sd/- (Inturi Rama Rao) (S.S. Viswanethra Ravi) ACCOUNTANT MEMBER JUDICIAL MEMBER पुणे / Pune; ददिांक / Dated : 30 th May, 2022. रधव आदेश की प्रधतधलधप अग्रेधर्त / Copy of the Order forwarded to : 1. अपीलार्थी / The Appellant. 2. प्रत्यर्थी / The Respondent. 3. The CIT(A)-1, Nashik 4. The Pr. CIT-1, Nashik 5. धवभागीय प्रधतधिधि, आयकर अपीलीय अधिकरण, “बी” बेंच, पुणे / DR, ITAT, “B” Bench, Pune. 6. गार्ा फ़ाइल / Guard File. //सत्याधपत प्रधत// True Copy// आदेशािुसार / BY ORDER, वररष्ठ धिजी सधचव/ Sr. Private Secretary आयकर अपीलीय अधिकरण ,पुणे / ITAT, Pune