Apex Securities , Hyderabad V. Income Tax Officer, Ward-11(5), Hyderabad

ITA 823/Hyd/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 7336 (ITAT-HYDERABAD)
• Duration Of Justice: 8 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-01-2020
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB-A
• Next Hearing Date: 20-11-2019
• Assessment Year: 2009-2010
• Appeal Filed On: 21-05-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: K RAVIKIRAN
• Keywords: Reopening of assessment; Borrowed satisfaction
• Section: 143(3); 22; 147; 10

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH A - SM C , HYDERABAD BEFORE SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER ITA NO.823/HYD/2019 ASSESSMENT YEAR: 2009 - 10 APEX SECURITIES, HYDERABAD. PAN: AANFA 8201 G VS. INCOME TAX OFFICER WARD - 11(5), HYDERABAD. (APPELLANT) (RESPONDENT) ASSESSEE BY: SRI SASHANK DUNDU REVENUE BY: SRI K. RAVI KIRAN, DR DATE OF HEARING: 20/11/2019 DATE OF PRONOUNCEMENT: 22 /01/2020 ORDER THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE ORDER OF THE LD. CIT(A) - 1, HYDERABAD IN APPEAL NO. 0454/16 - 17/ITO, WARD - 11(5)/CIT(A) - 1/HYD/18 - 19, DATED 14/02/2019 PASSED U/S. 143(3) R.W.S 147 AND U/S. 250(6) OF THE ACT FOR THE A.Y. 2009 - 10. 2. THE ASSESSEE HAS RAISED SEVERAL GROUNDS IN ITS APPEAL HOWEVER, THE CRUX OF THE ISSUES ARE: (I) THE LD. CIT(A) ERRED IN CONFIRMING THE ADDITION OF RS. 12,83,473/ - MADE BY THE LD. A.O. TOWARDS LOSS INCURRED IN F & O TRADING WITHOUT PASSING SPEAKING ORDER. 2 (II) THE LD. CIT(A) ERRED IN CONFIRMING THE REOPENING OF ASSESSMENT MADE BY THE LD. A.O. WHICH IS BAD IN LAW, INVALID AND BASED ON BORROWED SATISFACTION. 3. AT THE OUTSET, THE LD. AR SUBMITTED BEFORE US THAT THE LD. CIT (A) HAD CALLED FOR REMAND REPORT FROM THE LD. AO ON 10/05/2018 . HOWEVER , THE LD. AO FAILED TO RESPOND TO THE DIREC TION OF THE LD. CIT (A). THEREAFTER , THE LD. CIT (A) WITHOUT OBTAINING THE REMAND REPORT FROM THE LD. AO CONFIRMED THE ORDER OF THE LD. AO BY SIMPLY ACCEPTING THE VIEW OF THE LD. AO. I T W AS THEREFORE PLEADED THAT THE MATTER MAY BE REMITTED BACK TO THE FILE OF THE L D. CIT (A) IN ORDER TO CONSIDER THE ISSUE AFRESH AF TER OBTAINING THE REMAND REPORT FROM THE LD. AO. LD . DR ON THE OTHER HAND , VEHEMENTLY OPPOSED TO THE SUBMISSION OF THE LD. AR AND RELIED ON THE ORD ERS OF THE LD. REVENUE AU THORITIES. 4. I HAVE HEA RD THE RIVAL SUBMISSION AND CAREFULLY PERUSED THE MATERIALS AVAILABLE ON RECORD. F ROM THE ORDER OF THE LD. CIT (A) IT IS EVIDENT THAT THE LD. CIT (A) HAD CALLED FOR REMAND REPORT FROM THE LD. AO , B UT THEREAFTER WITHOUT AWAITING FOR THE REMAND REPORT FROM THE LD. AO, HE HA D PROCEEDED TO ADJUDICATE THE ISSUE . I AM OF THE CONSIDERED VIEW THAT SINCE THE LD. CIT (A) HAD CALLED FOR THE REMAND REPORT FROM THE LD. AO IT WOULD HAVE BEEN APPRO PRIATE TO DISPOSE OFF THE MATTER AF TER OBTAI NING THE REMAND REPORT FROM THE LD. AO. THEREFORE, IN THE INTEREST OF JUSTICE, I HEREBY REMIT THE MATTER BACK TO THE FILE OF THE LD. CIT (A ) FOR 3 DE NOVO CONSIDERATION AND TO APPROPRIATE OR DER IN ACCORDANCE WITH LAW AND MERITS AFTER OBTAINING THE REMAND REPORT FROM THE LD. AO. 5. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES AS IN DICATED HEREINABOVE. PRONOUNCED IN THE OPEN COURT ON 23 RD JANUARY, 2020. SD/ - ( A. MOHAN ALANKAMONY ) ACCOUNTANT MEMBER HYDERABAD, DATED: 23 RD JANUARY, 2020. OKK COPY TO: - 1) APEX SECURITIES, 2 ND FLOOR, LENIN COMPLEX, NEAR APOLLO HOSPITAL, BHAGYANAGAR COLONY, KUKATPALLY, HYDERABAD 500 072. 2) INCOME TAX OFFICER - 11(5), R.NO. 1010, SIGNATURE TOWERS, KONDAPUR, HYDERABAD. 3) THE CIT(A) - 1, HYDERABAD 4) THE PR. CIT - 5 , HYDERABAD 5) THE DR, ITAT, HYDERABAD 6) GUARD FILE