M/S MAHAVEER EXPORTS, Jaipur V. ITO, Jaipur

ITA 937/JPR/2011

• Counselvise Citation: [2013] 140 COUNSELVISE.COM (IT) 70142 (ITAT-JAIPUR)
• Duration Of Justice: 2 year(s) 1 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-12-2013
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 03-11-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A K KHANDELWAL
• Keywords: Difference of opinion

Judgement Text

IN THE INCOMETAX APPELLATE TRIBUNAL JAIPUR BENCH: JAIPUR (BEFORE SHRI H.M. MARATHA, JUDICIAL MEMBER AND SHRI N.K. SAINI, ACCOUNTANT MEMBER) I.T.A. NO. 937/JP/2011 ASSTT. YEAR- 2007-08 PAN NO. AANFM6656M M/S MAHAVEER EXPORTS, ITO, WARD-7(2) SANT KUTEER, NAGAR, NIGAM ROAD VRS. JAIPUR SANGANER, JAIPUR. (APPELLANT) (RESPONDENT) ASSESSEE BY:- SHRI P.C. PARWAL DEPARTMENT BY:- SHRI A.K. KHANDELWAL, D.R. DATE OF HEARING : 16/12/2013 DATE OF PRONOUNCEMENT : 16/12/2013 O R D E R PER: N.K. SAINI, A.M. SINCE THERE WAS A DIFFERENCE OF OPINION BETWEEN TH E LEARNED MEMBERS, CONSTITUTING A DIVISION BENCH OF I.T.A.T., JAIPUR A ND THE HON'BLE PRESIDENT, I.T.A.T. NOMINATED SHRI G.C. GUPTA, HON'BLE VICE PR ESIDENT, AHMADABAD ZONE (AZ) AS THIRD MEMBER. THE HON'BLE THIRD MEMBER VIDE ORDER DATED 20 TH NOVEMBER, 2013 CONCURRED WITH THE FINDINGS OF THE H ON'BLE JUDICIAL MEMBER AND HELD AS UNDER:- THE ASSESSEE HAD DISCHARGED ITS ONUS BY PROVING T HE IDENTITY AND CREDIT- WORTHINESS OF CREDITOR-PARTNERS AND THE GENUINENESS OF THE CREDIT ENTRIES IN THE 2 ACCOUNT OF THE ASSESSEE-FIRM AND ACCORDINGLY THE QU ESTIONS REFERRED TO ME BY THE LEARNED MEMBERS OF JAIPUR BENCH HAVE TO BE ANSWERED IN FAVOUR OF THE ASSESSEE. I FIND THAT THE ASSESSEE IS ALSO ENTITLED TO SUCCEE D ON THE LEGAL ISSUE OF ADDITION OF CREDIT ENTRIES PRIOR TO COMMENCEMENT OF THE BUSINES S OF THE ASSESSEE-FIRM, AS THE RATIO OF DECISION OF THE HON'BLE JURISDICTIONAL HIG H COURT IN THE CASE OF CIT VS. KEWAL KRISHAN AND PARTNERS (SUPRA) IS APPLICABLE TO THE FACTS OF THE CASE OF THE ASSESSEE. 2. THEREFORE, IN ACCORDANCE WITH MAJORITY VIEW, THE APPEAL OF THE ASSESSEE IS ALLOWED. (ORDER PRONOUNCED IN THE OPEN COURT ON 16/12/2013) . SD/- SD/- (HARI OM MARATHA) (N.K. SAINI) JUDICIAL MEMBER ACCOUNTANT MEMBER JAIPUR, DATED : 16/12/2013 * RANJAN COPY FORWARDED TO :- 1. APPELLANT- M/S MAHAVEER EXPORTS, JAIPUR. 2. THE COMMISSIONER OF INCOME TAX, AJMER. 3. THE CIT (A) 4. THE CIT 5. THE D/R GUARD FILE (I.T.A. NO. 937/JP/2011) BY ORDER, AR ITAT JAIPUR.