M/s. Bhagyashree Steel Centre, Pune V. Deputy Commissioner of Income-tax, Circle - 6, Pune

ITSSA 74/PUN/2017

• Counselvise Citation: [2022] 104 COUNSELVISE.COM (IT) 3535 (ITAT-PUNE)
• Duration Of Justice: 4 year(s) 10 month(s) 4 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 14-07-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 09-05-2022
• Assessment Year: misc
• Appeal Filed On: 10-09-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: S P WALIMBE
• Keywords: Block assessment; Set aside
• Section: 158BC

Judgement Text

आयकर अपीलीय अिधकरण “ए” Ɋायपीठ पुणे मŐ। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, PUNE BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER आयकरअपीलसं. / IT(SS)A No.74/PUN/2017 िनधाᭅरणवषᭅ / Block Assessment Period : 1996-97 to 2002-03 M/s.Bhagyashree Steel Centre, 219, Bhawani Peth, Pune - 411042. PAN: AABFB 3380 R Vs . The Dy.CIT, Circle-6, Pune. Appellant/ Assessee Respondent /Revenue Assessee by Shri MK Kulkarni – AR Revenue by Shri S P Walimbe –DR Date of hearing 10/05/2022 Date of pronouncement 15/07/2022 आदेश/ ORDER Per S.S.Godara, JM: This assessee’s appeal for Block Assessment Year 1996-97 to 2002-03 is directed against the Commissioner of Income Tax(Appeals)-4, Pune’s order dated 31.05.2017 passed in case no.PN/CIT(A)-4/4281/2015-16, in proceedings u/s.158BC r.w.s 254 of the Income Tax Act, 1961 [in short “the Act”]. Heard both the parties. Case files perused. 2. The assessee the following substantive grounds in the instant appeal: 1) On the facts and circumstances of the case and in law the Ld. CIT(A) was not justified in dismissing the appeal and confirming the addition made by the A.O. of Rs.5,17,956/-. The addition be deleted allowing the appeal of the appellant. 2) On the facts and circumstances of the case and in law in this second round of appeal before CIT(A) ought to have IT(SS)A No.74/PUN/2017 M/s.Bhagyashree Steel Centre Vs. DCIT, Circle-6, Pune (A) 2 considered the ground raised before him that the objections raised on receipt of the satisfaction Note recorded under S. 158BD and objections raised to that by the appellant were not dealt with by a ‘speaking order’ by the A. O. as required by law. The assessment on this legal issues having not complied with, is vitiated in law. The same be set aside also setting aside the order of the Ld. CIT(A). 3) On the facts and circumstances of the case and in law the satisfaction recorded and the copy of which was served on the appellant-assessee was not within the limitation as per Hon’ble Supreme Court judgment in the case of CIT v. Calcutta Knitwears (2014) 262 ITR 673 (SC). The assessment order and consequent appellate order of Ld. CIT(A) not sustainable. It be set aside.” 3. We have heard rival arguments in light of assessee’s pleadings and find no force in its stand. This is for the reason that the Assessing Officer’s detailed discussion in the instant second round assessment dated 26.02.2016 have duly taken note of the tribunal’s remand directions. He appears to have furnished the copy of the satisfaction note to the assessee wherein the latter had filed his written submission / objections dated 12.02.2016 which ultimately stood rejected on 24.02.2016 vide a detailed speaking order. This clinching fact has gone unrebutted from the assessee’s side. 4. Mr.Kulkarni vehemently argued at this stage that the impugned assessment is barred by limitation in light of CIT vs. Calcutta Knitwears [2014] 26 ITR 673 (SC) [supra]. This argument is also found to be carrying no substance. The Assessing Officer had framed section 158BC assessment on 24.12.2003 followed by section 158BD satisfaction recorded on 06.04.2004 culminating in the IT(SS)A No.74/PUN/2017 M/s.Bhagyashree Steel Centre Vs. DCIT, Circle-6, Pune (A) 3 impugned assessment. We, thus hold that assessee’s all legal arguments raised herein deserve to be rejected. Ordered accordingly. 5. This assessee’s appeal is dismissed. Order pronounced in the open Court on 15 th July, 2022. Sd/- Sd/- (DR. DIPAK P. RIPOTE (S.S.GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER पुणे / Pune; ᳰदनांक / Dated : 15 th July, 2022/ SGR* आदेशकᳱᮧितिलिपअᮕेिषत / Copy of the Order forwarded to : 1. अपीलाथᱮ / The Appellant. 2. ᮧ᭜यथᱮ / The Respondent. 3. The CIT(A), concerned. 4. The Pr. CIT, concerned. 5. िवभागीयᮧितिनिध, आयकर अपीलीय अिधकरण, “ए” बᱶच, पुणे / DR, ITAT, “A” Bench, Pune. 6. गाडᭅफ़ाइल / Guard File. आदेशानुसार / BY ORDER, // TRUE COPY // Senior Private Secretary आयकरअपीलीयअिधकरण, पुणे/ITAT, Pune.