Vikas Gems Inc, H-159, Sez-II, Sitapura Industrial Area, Jaipur, Jaipur V. ITO Ward-5(2), Jaipur, Ward-5(2), Jaipur

ITA 788/JPR/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 8472 (ITAT-JAIPUR)
• Duration Of Justice: 1 year(s) 1 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-07-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2012-2013
• Appeal Filed On: 27-05-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Business income
• Section: 10AA; 13; 145(3)

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHE S,A JAIPUR JH FOT; IKY JKO] U;KF;D LNL; ,OA JH FOE FLAG ;KNO] YS[KK LNL; DS LE{K BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM VK;DJ VIHY LA- @ ITA NO. 788/JP/2019 FU/KZKJ.K O'K Z @ ASSESSMENT YEAR : 2012-13 VIKASH GEMS INC. 36, SHOPPING CENTRE, JANTA COLONY, JAIPUR. CUKE VS. THE ITO, WARD-5(2), JAIPUR. LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR NO.: AAFFV 6335 B VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPO NDENT FU/KZKFJRH DH VKSJ L S@ ASSESSEE BY : NONE JKTLO DH VKSJ LS @ REVENUE BY : MISS. CHANCHAL MEENA (ADDL.CIT) LQUOKBZ DH RKJH[ K@ DATE OF HEARING : 08/07/2020 MN?KKS'K.KK DH RKJH[ K@ DATE OF PRONOUNCEMENT: 09/07/2020 VKNS'K@ ORDER PER: VIJAY PAL RAO, J.M. THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST TH E ORDER DATED 30.04.2019 OF LD. CIT(A)-II, JAIPUR FOR THE ASSESSM ENT YEAR 2012-13. 2. NONE HAS APPEARED ON BEHALF OF THE ASSESSEE WHEN THE APPEAL WAS TAKEN UP FOR HEARING THROUGH VIDEO CONFERENCE D ESPITE NOTICES ISSUED TO THE ASSESSEE. THE ASSESSEE HAS FILED A LE TTER REQUESTING MORE TIME AND ADJOURNMENT OF THE HEARING. IT TRANSPIRED FROM RECORD THAT AFTER THE FILING THE APPEAL THE ASSESSEE HAS BEEN S EEKING ADJOURNMENTS ITA NO. 788/JP/2019 VIKASH GEMS INC. VS. ITO 2 ACCORDINGLY, THE REQUEST OF THE ASSESSEE IS REJECTE D AND THE APPEAL IS TAKEN UP FOR HEARING EX-PARTE. 3. THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS:- 1. CIT(A) HAS ERRED BY APPLYING SECTION 145(3) OF IT. ACT, 1961. 2. CIT(A) HAS ERRED BY REDUCING G.P. RATE FROM 17.4 8 TO 17% AND TREATING RS. 3,09,377/- AS INCOME FROM UNDISCLOSED SOURCE WITHOUT ANY REASONABLE BASIS. 3. CIT(A) HAS ERRED BY NOT TREATING INTEREST INCOME ON FDR AS BUSINESS INCOME AND DISALLOWING DEDUCTION OF RS. 13 ,06,573/-. THE SAID FDR IS MADE TO GET BUYERS CREDIT LIMIT FR OM BANK. 4. CIT(A) HAS ERRED BY CALCULATING RS. 3,09,377.00 AS INCOME FROM OTHER SOURCE AND ON THE OTHER SIDE DISALLOWED THE SAME U.S 10AA OF THE INCOME TAX ACT, 1961. 4. WE HAVE HEARD THE DR AND CAREFULLY PERUSED THE I MPUGNED OF THE LD. CIT(A). AT THE OUTSET, WE NOTE THE LD. CIT(A) H AS DISMISSED THE APPEAL OF THE ASSESSEE DUE TO NON APPEARANCE OF THE ASSESSEE. HOWEVER, THE APPEAL OF THE ASSESSEE WAS NOT DISPOSE D OFF ON MERITS BY A SPEAKING ORDER. THEREFORE, IN THE FACTS AND CIRCU MSTANCES OF THE CASE WE GRANT ONE MORE OPPORTUNITY TO THE ASSESSEE TO PR ESENT ITS CASE BEFORE THE LD. CIT(A). ACCORDINGLY, THE MATTER IS S ET ASIDE TO THE RECORD ITA NO. 788/JP/2019 VIKASH GEMS INC. VS. ITO 3 OF THE LD. CIT(A) FOR DECIDING FRESH AFTER GRANTING ONE MORE OPPORTUNITY OF HEARING TO THE ASSESSEE. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOW ED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 09/07/2020. SD/- SD/- FOE FLAG ;KNO FOT; IKY JKO (VIKRAM SINGH YADAV) (VIJAY PAL RAO) YS[KK LNL;@ ACCOUNTANT MEMBER U;KF;D LNL;@ JUDICIAL MEMBER TK;IQJ@ JAIPUR FNUKAD@ DATED:- 09/07/2020. * SANTOSH. VKNS'K DH IZFRFYFI VXZSFKR@ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ@ THE APPELLANT- VIKASH GEMS INC., JAIPUR. 2. IZR;FKHZ@ THE RESPONDENT- ITO, WARD-5(2), JAIPUR. 3. VK;DJ VK;QDR@ CIT 4. VK;DJ VK;QDR@ CIT(A) 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ@ DR, ITAT, JAIPUR. 6. XKMZ QKBZY@ GUARD FILE {ITA NO. 788/JP/2019} VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASST. REGISTRAR