Super Spinning Mills Ltd., Coimbatore V. DCIT, Coimbatore

ITA 758/CHNY/2015

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 90658 (ITAT-CHENNAI)
• Duration Of Justice: 3 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-07-2015
• Appeal Filed By: Assessee
• Bench Allotted: A
• Next Hearing Date: 15-07-2015
• Assessment Year: 2010-2011
• Appeal Filed On: 09-04-2015
• Court: TRIBUNAL
• Department Lawyers: P RADHAKRISHNAN
• Assessee Lawyers: K RAVI

Judgement Text

, , IN THE INCOME-TAX APPELLATE TRIBUNAL A BENCH, CHE NNAI . , . ! ! ! ! , ' ' ' ' # # # # $ $$ $ BEFORE SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER & SHRI V. DURGA RAO, JUDICIAL MEMBER I.T.A. NO. 758/MDS/2015 ASSESSMENT YEAR : 2010-11 M/S. SUPER SPINNING MILLS LTD., ELGI TOWERS, PB 7113, GREEN FIELDS, PULIYAKULAM ROAD, COIMBATORE. [PAN : AADCS0672G] VS. THE DEPUTY COMMISSIONER OF INCOME TAX COMPANY CIRCLE I(2), COIMBATORE. (APPELLANT) (RESPONDENT) %& ' ( /APPELLANT BY : SHRI K. RAVI, ADVOCATE )*%& ' ( /RESPONDENT BY : SHRI P. RADHAKRISHNAN, JCIT ' + /DATE OF HEARING : 15.07.2015 ,- ' + / DATE OF PRONOUNCEMENT : 17.07.2015 . . . . / O R D E R PER V. DURGA RAO, JUDICIAL MEMBER : THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAIN ST THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS) 1, COIMBATORE, DATED 03.03.2015 RELEVANT TO THE ASSESSMENT YEAR 2010-11. 2. THE ONLY ISSUE INVOLVED IN THIS APPEAL IS IN RE SPECT OF ADDITION OF .15,73,303/- ON ACCOUNT OF DIFFERENCE IN INCOME AS PER THE INCOME TAX RETURN AND 26 AS. THE ASSESSEE HAS SUBMITTED BEFORE BOTH T HE AUTHORITIES BELOW THAT THE ABOVE AMOUNT OF .15,73,303/- WAS WRONGLY CREDITED BY ONE M/S. PAGE INDUSTRIES LTD., EVEN THOUGH THE INCOME DOES NOT BE LONGING TO THE ASSESSEE. IN THE ASSESSMENT ORDER, THE ASSESSING OFFICER HAS OBSERVED THAT ON I.T.A. I.T.A. I.T.A. I.T.A.NO. NO. NO. NO.75 7575 758 88 8 /M/ /M/ /M/ /M/15 1515 15 2 VERIFICATION OF THE TDS RECONCILIATION STATEMENT WI TH 26 AS, IT WAS FOUND THAT AS PER 26 AS DETAILS, M/S. PAGE INDUSTRIES LTD. HAS CREDITED AN AMOUNT OF .15,73,303/- AS A CONTRACT AMOUNT STRAIGHT TO THE A SSESSEE, BUT NOT SHOWN IN THE RETURN OF INCOME FILED BY THE ASSESSEE. WHEN IT WAS POINTED OUT TO THE ASSESSEE, THE ASSESSEE HAS FILED A LETTER BEFORE TH E ASSESSING OFFICER FROM M/S. PAGE INDUSTRIES LTD. STATING THAT IT IS WRONG CREDIT GIVEN TO THE FINANCIAL YEAR 2009-10 AND THEY ARE TRYING TO RECTIFY THE SAM E. HOWEVER, THE ASSESSING OFFICER HAS NOT SATISFIED WITH THE REPLY GIVEN BY T HE ASSESSEE AND ADDITION WAS MADE. 3. ON APPEAL, THE LD. CIT(A) CONFIRMED THE ORDER O F THE ASSESSING OFFICER ON THE GROUND THAT THE ASSESSEE HAS NOT PRODUCED AN Y REVISED 26 AS STATEMENT AND DISMISSED THE GROUND RAISED BY THE AS SESSEE. 4. ON APPEAL BEFORE US, THE LD. COUNSEL FOR THE AS SESSEE HAS SUBMITTED THAT THE ASSESSEE IS READY TO FILE RECTIFIED 26 AS AND THEREFORE THE ASSESSING OFFICER MAY BE DIRECTED TO DECIDE THE ISSUE AFRESH. 5. ON THE OTHER HAND, THE LD. DR SUPPORTED THE ORD ERS OF AUTHORITIES BELOW. 6. WE HAVE HEARD BOTH SIDES, PERUSED THE MATERIALS ON RECORD AND GONE THROUGH THE ORDERS OF AUTHORITIES BELOW. WE FIND TH AT THERE IS STRENGTH IN THE ARGUMENT OF THE LD. COUNSEL FOR THE ASSESSEE. THERE FORE, IN THE INTEREST OF JUSTICE, WE SET ASIDE THE ORDER PASSED BY THE LD. C IT(A) ON THIS ISSUE AND DIRECT THE ASSESSING OFFICER TO CONSIDER THE RECTIF IED 26 AS AND, IF THE I.T.A. I.T.A. I.T.A. I.T.A.NO. NO. NO. NO.75 7575 758 88 8 /M/ /M/ /M/ /M/15 1515 15 3 ASSESSEE FAILS TO FURNISH THE RECTIFIED 26 AS, IT I S OPEN TO THE ASSESSING OFFICER TO DECIDE THE ISSUE IN ACCORDANCE WITH LAW. ACCORDI NGLY, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 7. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON FRIDAY, THE 17 TH OF JULY, 2015 AT CHENNAI. SD/- SD/- (A. MOHAN ALANKAMONY) ACCOUNTANT MEMBER (V. DURGA RAO) JUDICIAL MEMBER CHENNAI, DATED, THE 17.07.2015 VM/- . ' )'+01 21-+ /COPY TO: 1. %& / APPELLANT, 2. )*%& / RESPONDENT, 3. 3 ( ) /CIT(A), 4. 3 /CIT, 5. 14 )'+' /DR & 6. 5! 6 /GF.