Manindra Nath Pramanik, Malda V. ITO,Ward-2, Malda, Malda

ITA 890/KOL/2012

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 8106 (ITAT-KOLKATA)
• Duration Of Justice: 4 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-10-2012
• Appeal Filed By: Assessee
• Bench Allotted: C
• Assessment Year: 2006-2007
• Appeal Filed On: 08-06-2012
• Court: TRIBUNAL
• Department Lawyers: S P LAHIRI JCITSR
• Assessee Lawyers: K M ROY
• Keywords: Opportunity of being heard

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH C , KOLKATA [ () . .. . . .. . , ,, , , ! ''# $% ''# $% ''# $% ''# $% ] ]] ] [BEFORE HONBLE SRI C.D.RAO, AM & HONBLE SRI GE ORGE MATHAN, JM] !' !' !' !' /ITA NO.890/KOL/2012 (%) *+/ ASSESSMENT YEAR : 2006-07 ($- / APPELLANT ) - % - ( /0$- /RESPONDENT) MANINDRA NATH PRAMANIK I.T.O., WARD-2, MALDA -VERSUS- MALDA (PAN:AENPP 6653 H) $- 1 2 /FOR THE APPELLANT : SHRI K.M.ROY /0$- 1 2 /FOR THE RESPONDENT : SHRI S.P.LAHIRI, JCIT,SR.(DR) 3%4 1 /DATE OF HEARING : 16.10.2012. 5* 1 /DATE OF PRONOUNCEMENT : 16.10.2012. 6 / ORDER ( (( ( . .. . . .. . ) )) ), , , , PER SHRI C.D.RAO, AM THE ABOVE APPEAL IS FILED BY THE ASSESSEE AGAINST O RDER OF THE LD.CIT(A)- JALPAIGURI DATED 30.03.2012 FOR A.YR. 2006-07. 2. IN THIS APPEAL THE ASSESSEE HAS RAISED THE FOLL OWING GROUNDS :- 1. FOR THAT THE LOWER AUTHORITIES HAVE ERRED IN CO NSIDERING THE VALUE OF STOCK DISCLOSED TO BANK AS UNDISCLOSED INVESTMENT WITHOUT APPRECIAT ING THE FACT THAT SUCH STOCK DO NOT ACTUALLY EXIST AND HAS ALSO NOT BEEN REFLECTED SUBS EQUENTLY IN BOOKS OF ACCOUNT. 2. THAT THE LOWER AUTHORITIES HAVE. SERIOUSLY ERRED IN CONSIDERING THE PROFIT OF SALE OF STOCK WHEN NO SUCH TRANSACTION HAD ACTUALLY TAKEN P LACE. 3. THAT THE REJECTION OF BOOKS OF ACCOUNT IS ARBITR ARY. 4. THAT THE ADDITION TOWARDS CASH CREDIT AND DRAWIN GS ARE PERVERSE AND SHOULD BE TELESCOPED. 5. THAT THE APPELLANT CRAVES LEAVE TO ADD ALTER AND AMEND ANY OF THE GROUND AT THE TIME OF HEARING. 3. AT THE TIME OF HEARING, THE LD. COUNSEL APPEARI NG ON BEHALF OF ASSESSEE SUBMITTED THAT THE AO MADE ASSESSMENT U/S 145(3)/14 4 OF THE ACT THOUGH THE ASSESSEE HAS PRODUCED THE CASH BOOK, LEDGER, PURCHASE BILLS AND BANK STATEMENTS ON 4.9.2008 2 WHICH WAS TEST CHECKED BY AO BUT HOWEVER, HE MADE T HE ASSESSMENT U/S 145(3)/144 OF THE ACT BY OBSERVING THAT THE ASSESSEE HAS NOT P RODUCED LOG BOOK OF CAR, STOCK REGISTER AND BILLS OF FUEL AND LUBRICANTS. 3.1. ON APPEAL THE LD. CIT(A) HAS CONFIRMED THE ACT ION OF AO BY RELYING ON VARIOUS JUDICIAL PRONOUNCEMENTS WITHOUT GIVING PROPER OPPOR TUNITY OF BEING HEARD TO ASSESSEE. HE HAS GIVEN ONLY TWO HEARINGS ON 15.11.2011 AND 16 .03.2012. THE MAIN CONTENTION OF ASSESSEE IS THAT IN THE MEDICINE LINE OF BUSINES S NO UNRECORDED TRANSACTIONS WILL BE THERE AND THE ASSESSEE HAS INFLATED THE STOCK POSIT ION TO GET OVER DRAFT FACILITY. IF ONE MORE OPPORTUNITY IS GIVEN TO ASSESSEE HE WILL BE IN A POSITION TO RECONCILE THE STOCK STATEMENTS PRODUCED BEFORE THE BANK AND THE STOCK D ECLARED TO THE REVENUE AUTHORITIES WITH THE SUPPORTING PURCHASE VOUCHERS. THEREFORE, H E REQUESTED TO RESTORE THE MATTER TO THE FILE OF AO FOR FRESH ADJUDICATION. 4. ON THE OTHER HAND, THE LD. DR APPEARING ON BEHAL F OF THE REVENUE THOUGH RELIED ON THE ORDER OF THE REVENUE AUTHORITIES HAD NO OBJE CTION FOR THE SAID REQUEST OF THE LD. COUNSEL FOR ASSESSEE. 5. AFTER HEARING THE RIVAL SUBMISSIONS AND ON CAREF UL PERUSAL OF MATERIALS AVAILABLE ON RECORD, KEEPING IN VIEW OF THE FACT TH AT THE ASSESSMENT WAS MADE BY AO U/S 145(3)/144 OF THE ACT AND THE LD. CIT(A) ALSO H AS DISPOSED OF THE APPEAL OF ASSESSEE BASED ON VARIOUS RATIOS LAID DOWN BY THE J UDICIAL AUTHORITIES WITHOUT VERIFYING THE FACTS OF THE CASE. THEREFORE, IN THE INTEREST O F JUSTICE WE RESTORE THE MATTER TO THE FILE OF AO TO RE-DO THE ASSESSMENT DENOVO AS PER LA W AFTER GIVING A REASONABLE OPPORTUNITY OF BEING HEARD TO ASSESSEE. 6. IN THE RESULT THE APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 16.10.2012. SD/- SD/- [ .''# $% , ] [ .., ] [ GEORGE MATHAN ] [ C. D. RAO ] JUDICIAL MEMBER ACCOUNTANT MEMBER ( (( ( ) )) ) DATE: 16.10.2012. R.G.(.P.S.) 3 6 1 /((7 87*9- COPY OF THE ORDER FORWARDED TO: 1. MANINDRA NATH PRAMANIK, DESHBANDHU PARA, JHALJHALIA , DIST.MALDA. 2 THE I.T.O., WARD-2, MALDA. 3. THE CIT- 4. THE CIT(A)-JALPAIGURI. 5. DR, KOLKATA BENCHES, KOLKATA 07 /(/ TRUE COPY, 6%3/ BY ORDER, DEPUTY /ASST. REGISTRAR , ITAT, KOLKATA BENCHES