CVM Jewels Pvt.Ltd., Ahmedabad V. Income Tax Officer, Ahmedabad

ITA 823/AHD/2015

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 5846 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 11 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-03-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2008-2009
• Appeal Filed On: 09-04-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: HERSH SAMIR JANI
• Section: 143(3); 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD SMC BENCH AHMEDABAD BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA NO. 823/AHD/2015 (ASSESSMENT YEAR : 2008-09) CVM JEWELS PVT. LTD., B-2, ASHOKA APARTMENT, B/H. ORIENT CLUB, NR. GUJARAT COLLEGE, ELLISBRIDGE, AHMEDABAD APPELLANT VS. THE INCOME TAX OFFICER, WARD 1(1)(3), AHMEDABAD RESPONDENT PAN: AABCC7454Q / BY ASSESSEE : SHRI HERSH SAMIR JANI, A.R. / BY REVENUE : SHRI MUDIT NAGPAL, SR. D.R. /DATE OF HEARING : 15.03.2018 /DATE OF PRONOUNCEMENT : 16.03.2018 ORDER PER S. S. GODARA, JUDICIAL MEMBER THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2008-09 ARISES AGAINST THE CIT(A)-1, AHMEDABADS ORDER DATED 05.02.2015, IN CA SE NO. CIT(A)- VI/WD.1(3)/236/2013-14 NOW -285/CIT(A)-1, IN PROCEE DINGS U/S. 154 OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. 2. THE ASSESSEE PLEADS THE FOLLOWING SUBSTANTIVE GR OUNDS IN ITS INSTANT APPEAL: ITA NO. 823/AHD/15 [CVM JEWELS PVT. LTD. VS. ITO ] A.Y. 2008-09 - 2 - 1. THE LD. CIT (A) ERRED IN CONFIRMING THE ORDER P ASSED U/S 154 DATED 25/11/2011 BY THE INCOME TAX OFFICER, WD 1(1) (3) REDUCING THE AS SESSED LOSS OF RS.58,63,049/- TO RS.23,15,637/- WITHOUT ASSIGNING ANY REASON OR WITH OUT ISSUING ANY SHOW CAUSE NOTICE U/S 154 OF THE ACT FOR SUCH A SUBSTANTIAL RE DUCTION IN THE ASSESSED LOSS AS PER THE FINDING GIVEN IN THE ASSESSMENT ORDER MADE U/S 143(3) OF THE ACT. THE APPELLANT PRAYS FOR RESTORING THE B/ F LOSS AS PER RETURN AND DELETE THE DISALLOWANCE MADE BY LD AO WITHOUT HAVING GRANTED OPPORTUNITY OF BEING H EARD. 1. THE APPELLANT HUMBLY REQUESTS THAT COST BE AWARD ED IN THIS APPEAL ON ACCOUNT OF ARBITRARY MANNER IN WHICH THE ORDER IS PASSED BY TH E DEPARTMENT. 2. THE APPELLANT CRAVES LEAVE TO ADD, AMEND, ALTER, EDIT, DELETE, MODIFY OR CHANGE ALL OR ANY OF THE GROUNDS-OF APPEAL AT THE TIME OF OR B EFORE THE HEARING OF APPEAL. 2. IT EMERGES AT THE OUTSET THAT THE CIT(A) HAS AFF IRMED ASSESSING OFFICERS ACTION REDUCING ASSESSEES LOSS FROM RS.58,63,049/- TO RS.23,15,637/- IN RECTIFICATION PROCEEDINGS U/S. 154 OF THE ACT. BOT H PARTIES AGREE THAT THE CIT(A) HAS FOLLOWED HIS ORDER IN SUCCEEDING ASSESSMENT YEAR 20 09-10 WHILST DECIDING THE INSTANT ISSUE AGAINST THE ASSESSEE. LEARNED AUTHOR IZED REPRESENTATIVE AT THIS STAGE FILES BEFORE US A CO-ORDINATE BENCHS ORDER DATED 1 3.11.2017 IN ITA NO. 2438/AHD/2014 IN SAID SUCCEEDING ASSESSMENT YEAR 20 09-10 REMITTING THE VERY ISSUE BACK TO THE ASSESSING AUTHORITY FOR AFRESH ADJUDICA TION. WE THEREFORE ADOPT JUDICIAL CONSISTENCY IN THE IMPUGNED ASSESSMENT YEAR AS WELL TO RESTORE THE ABOVE SOLE SUBSTANTIVE ISSUE OF LOSS COMPUTATION BACK TO THE A SSESSING OFFICER FOR AFRESH ADJUDICATION AFTER AFFORDING ADEQUATE OPPORTUNITY O F HEARING TO THE ASSESSEE. 3. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICA L PURPOSES. [PRONOUNCED IN THE OPEN COURT ON THIS THE 16 TH DAY OF MARCH, 2018.] SD/- SD/- ( AMARJIT SINGH ) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD: DATED 16/03/2018 TRUE COPY S.K.SINHA / COPY OF ORDER FORWARDED TO:- / REVENUE 2 / ASSESSEE ! / CONCERNED CIT ITA NO. 823/AHD/15 [CVM JEWELS PVT. LTD. VS. ITO ] A.Y. 2008-09 - 3 - 4 !- / CIT (A) ( )* + ,--. . /0 / DR, ITAT, AHMEDABAD 1 + 23 / GUARD FILE. BY ORDER / . // . /0