Dhanalaxmi Narayana Rice Mill Pvt. Ltd., Koraput V. ACIT, Berhampur Circle, Berhampur, Berhampur

ITSSA 19/CTK/2014

• Counselvise Citation: [2015] 122 COUNSELVISE.COM (IT) 0642 (ITAT-CUTTACK)
• Duration Of Justice: 8 month(s) 6 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 03-03-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2006-2007
• Appeal Filed On: 27-06-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: D K SHETH

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, CUTTACK BENCH , CUTTACK BEFORE S/SHRI P.K.BANSAL (AM) AND D.T.GARASIA (JM) I.T.(SS) A. NO. 19 /CTK/2014 ASSESSMENT YEAR:2006-07 DHANALAXMI NARAYANA RICE MILL (P) LTYD., KUNDRAGUDA, BORIGUMA, DIST: KORAPUT-764 056. PA NO.AAHCS 6151 J VS. ACIT, BERHAMPUR CIRCLE, BERHAMPUR APPELLANT RESPONDENT FOR THE APPELLANT: SHRI D.K.,SHETH FOR THE RESPONDENT: ANIL SHARMA DATE OF HEARING: 05/02/2015 DATE OF PRONOUNCEMENT: 3 / 3 /2015 ORDER PER P.K.BANSAL, AM THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAI NST ORDER DATED 14.3.2014 OF LD CIT(A), BERHAMPUR FOR THE ASSESSMENT YEAR 2006-07. 2. THE ONLY ISSUE INVOLVED IN THIS APPEAL RELATES T O SUSTENANCE OF ADDITION OF RS.10,51,499/- U/S.68 OF THE ACT. 3. THE BRIEF FACTS OF THE CASE ARE THAT THE ASSESSI NG OFFICER NOTED THAT THE ASSESSEE HAS SHOWN A SUM OF RS.10,51,499/- AS SUNDRY CREDITOR. THE ASSESSEE EXPLAINED THAT THE AMOUNT REPRESENT THE AMOUNT RECEIVED FROM 31 AGRICULTURIST S AS ADVANCE FOR PURCHASE OF RICE. THE AO TOOK THE VIEW THAT THE ASSESSEE HAS NOT CORRECTLY S HOWN THESE AMOUNTS UNDER THE HEAD SUNDRY CREDITORS WHILE THESE ARE THE ADVANCE FOR THE PURC HASE OF RICE. THE AO WAS NOT SATISFIED WITH THE EXPLANATION OF THE ASSESSEE AND, THEREFORE, ADD ED THE SAME AS INCOME OF THE ASSESSEE. WHEN THE MATTER WENT BEFORE LD CIT(A), HE CONFIRMED THE ORDER OF THE AO. 2 I.T.(SS) A. NO. 19 /CTK/2014 ASSESSMENT YEAR:2006-07 4. WE HAVE HEARD THE RIVAL SUBMISSIONS AND CAREFULL Y GONE THROUGH THE ORDERS OF TAX AUTHORITIES. BEFORE US, LD A.R. VEHEMENTLY CONTEND ED THAT THE ASSESSEE COULD NOT BE ABLE TO ADDUCE NECESSARY EVIDENCE BECAUSE IT COULD NOT GET SUFFICIENT TIME. THEREFORE, IT WAS REQUESTED THAT THE MATTER BE RESTORED TO THE FILE O F THE AO SO THAT THE ASSESSEE MAY ADDUCE NECESSARY EVIDENCE. WE, THEREFORE, IN THE INTEREST OF JUSTICE TO BOTH THE PARTIES, SET ASIDE THE ORDER OF LD CIT(A) AND RESTORE THIS ISSUE TO THE FI LE OF THE AO WITH THE DIRECTION THAT THE AO WILL EXAMINE THIS ISSUE AFRESH AFTER GIVING AN OPPORTUNI TY OF BEING HEARD TO THE ASSESSEE. THE ASSESSEE IS DIRECTED TO ADDUCE NECESSARY EVIDENCE, WHICH HE MAY RELY ON BEFORE THE AO. 5. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN PURSUANCE WITH RULE 34(4) BY P UTTING THE COPY OF THE SAME ON NOTICE BOARD ON 3/3/2015. SD/- SD/- (D.T.GARASIA) (P.K.BANSAL) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED, CUTTACK 3 / 3 /2015 B.K.PARIDA, SR. PS COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT: DHANALAXMI NARAYANA RICE MILL (P) LT YD., KUNDRAGUDA, BORIGUMA, DIST: KORAPUT-764 056. 2. THE RESPONDENT: ACIT, BERHAMPUR CIRCLE, BERHAMPUR 3. THE CIT, BHUBNANESWAR 4. THE CIT(A), BERHAMPUR 5. DR, CUTTACK BENCH 6. GUARD FILE. TRUE COPY// BY ORDER ASST. REGISTRAR, ITAT, CUTTACK