Sh. Abdul Rashid Bhat, Kashmir V. The CIT Appealal J&K and ACIT, Circle-3, Srinagar

ITSSA 2/ASR/2014

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 1110 (ITAT-AMRITSAR)
• Duration Of Justice: 4 year(s) 3 month(s) 2 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 14-09-2018
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Next Hearing Date: 11-09-2018
• Assessment Year: misc
• Appeal Filed On: 11-06-2014
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: PAWAN K KUMAR LD
• Assessee Lawyers: MALIK MUKHTAR AHAMAD LD

Judgement Text

IN THE INCOME TAX APPELLATE TRI BUNAL AMRITSAR BENCH, AMRITSAR BEFORE SH. SANJAY ARORA, ACCOUNTANT MEMBER AND SH. N.K.CHOUDHRY, JUDICIAL MEMBER IT(SS)A NO.02(ASR)/2014 BLOCK PERIOD: 01.04.1997 TO 11.05.2003 SH. ABDUL RASHID BHAT, S/O SH. ABDUL REHMAN BHAT, MEDIA ENCLAVE, LAMBERT LANE, THE BUND RESIDENCY ROAD, SRINAGAR, C/O THE DAILY AMROZE, KASHMIR PAN: VS. CIT, J&K AND ACIT, CIRCLE-3, SRINAGAR (APPELLANT) (RESPONDENT) APPELLANT BY: SH. MALIK MUKHTAR AHAMAD (LD. ADV.) RESPONDENT BY: SH. PAWAN K KUMAR (LD.DR) DATE OF HEARING: 11.09.2018 DATE OF PRONOUNCEMENT: 14.09.2018 ORDER PER N.K.CHOUDHRY, JM: THE INSTANT APPEAL HAS BEEN PREFERRED BY THE ASSESSEE/APPELLANT, ON FEELING AGGRIEVED AGAINST THE OR DER DATED 27.03.2014 PASSED BY THE LD. CIT(A)-JAMMU U/S. 250(6) OF THE I.T. ACT, 1961 (HEREINAFTER CALLED AS THE ACT). 2. THE ASSESEE ONLY AGGRIEVED AGAINST THE PARTLY SUSTAINI NG THE AMOUNT QUA SALES OF THE APPELLANT ON THE PROTEST THAT DURING THE SEARCH THE BILLS OF SALES AND PURCHASE WERE FOUND FOR THE PERIOD OF 1998-99, MAY, 1999 TO MARCH, 2000, 2000-01 AND SOME OF THE BILLS OF 2001-02 WERE FOUND, HOWEVER, BEFORE THE SAID DATE S AND THEREAFTER, NO SALES OR PURCHASES WERE CONDUCTED BY THE ASSESSEE AND HE CL OSED HIS SHOP AND BUSINESS SUBSEQUENTLY, HOWEVER, THE LD. CIT(A ) DIRECTED IT(SS)A NO.02/ASR/2014 ABDUL RA SHID BHAT, KASHMIR V. CIT 2 TO APPLY THE NET PROFIT RATE @ 8% ON TURN OVER OF R S.16,82,765/- FOR THE F.Y.1998-99 TO 2002-03 AND RS.1,86,974/- FOR THE PERIOD OF 01.04.2003 TO 11.05.2003, AND PARTLY ALLOWED THE RE LIEF OF RS.7,38,628/-. IT IS UNDISPUTED FACT THAT NO BILLS WER E FOUND FOR THE PERIOD OF F.Y.2002-2003 AND 01.04.2003 TO 11.05.200 3. THEREFORE, CONSIDERING THE PECULIAR FACTS AND CIRCUMSTANCES AS THE REV ENUE ALSO FAILED TO BRING ON RECORD ANY MATERIAL CONTRARY TO TH E CLAIM OF THE ASSESSEE, HENCE, WE ARE INCLINED TO DELETE THE ADDITION M ADE QUA FINANCIAL YEAR: 2002-03 AND FOR THE PERIOD FROM 01.0 4.2003 TO 11.05.2003. 9. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS PAR TLY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 14.09.2018. SD/- SD/- (SANJAY ARORA) (N.K.CHOUDHRY) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED:14.09.2018 /PK/ PS. COPY OF THE ORDER FORWARDED TO: (1) SH. ABDUL RASHID BHAT, S/O SH. ABDUL REHMAN BH AT, MEDIA ENCLAVE, LAMBERT LANE, THE BUND RESIDENCY ROAD, SRINAGAR, C/O THE DAILY AMROZE, KASHMIR (2) THE CIT, J&K AND ACIT, CIRCLE-3, SRINAGAR (3) THE CIT(A)-JAMMU (4) THE CIT CONCERNED (5) THE SR DR, I.T.A.T., AMRITSAR TRUE COPY BY ORDER