ACIT CEN CIR 32, MUMBAI V. SANSKAR JEWELES LTD, MUMBAI

ITA 8152/MUM/2010

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 2498 (ITAT-MUMBAI)
• Duration Of Justice: 5 year(s) 10 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-10-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 16-09-2016
• Assessment Year: 2007-2008
• Appeal Filed On: 25-11-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PRADEEP KUMAR SINGH
• Assessee Lawyers: S L PODDAR
• Keywords: Document seized; Tax effect; Documents seized

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL E, BENC H MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI PAWAN SINGH, JM ITA NO.8152/MUM/2010 (ASSESSMENT YEAR : 2007-08) ACIT C.C.32, ROOM NO. 32(2) GROUND FLOOR, AAYAKAR BHAWAN,M.K. ROAD, MARINE LINES MUMBAI-400020. VS. M/S SANSKAR JEWELS LTD. OFFICE NO.BW 4120, BHARAT DIAMOND BOURSE, BANDRA KURLA COMPLEX, BANDRA(E), MUMBAI-400051 PAN/GIR NO.:AAECS0950Q ( APPELLANT ) .. ( RESPONDENT ) REVENUE BY : SHRI PRADEEP KUMAR SINGH (DR) ASSESSEE BY : SHRI S.L. PODDAR (AR) DATE OF HEARING : 21/10/2016 DATE OF PRONOUNCEMENT: 21 /10/2016 O R D E R PER PAWAN SINGH, JM: 1. THE ABOVE APPEAL IS FILED BY THE ASSESSING OFFIC ER (AO) RAISING VARIOUS GROUNDS OF APPEAL FOR THE ASSESSMENT YEARS MENTIONED ABOVE. TH E TAX EFFECT INVOLVED IN THE ABOVE REFERRED CASE IS BELOW THE MONETARY LIMIT (RS. 10,0 0,000/-) PRESCRIBED BY THE CENTRAL BOARD OF DIRECTOR TAXES(CBDT), VIDE ITS CIRCULAR NO .21/2015(F.NO.142/2007-ITJ (PT.) DATED 10 TH DECEMBER, 2015. 2. EVEN ON MERIT THE PERUSAL OF ASSESSMENT ORDER, I T IS REVEALED THAT NO SEIZED DOCUMENTS WERE UTILIZED AGAINST THE ASSESSEE IN THE ASSESSMENT ORDER. THE ADDITIONS WERE MADE ON GP RATES. NO DISCREPANCY WAS POINTED O UT IN THE SALES AND NEITHER PURCHASE NOR ANY INCRIMINATING DOCUMENT WAS FOUND A ND SEIZED AND AS SUCH THE ADDITIONS WERE MADE ON PRESUMPTION BASIS. THUS, THE ORDER WAS NOT SUSTAINABLE AS HELD BY LD. CIT(A). THUS, ON MERIT IN THE APPEAL, WE DO NOT FIND ANY MERIT IN THE APPEAL OF THE REVENUE. 3. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. 2 ITA NO. 8152/M/10- M/S SANSKAR JEWELS LTD. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 21/10 /2016. SD/- SD/- (R.C.SHARMA) (PAWAN SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI; DATED : 21/10/2016 SK, PS COPY OF THE ORDER FORWARDED TO : / BY ORDER, / ( ASSTT. REGISTRAR) , / ITAT, MUMBAI 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. //TRUE COPY/