Devaraj & Others, CHENNAI V. ACIT, Coimbatore

MA 1/CHNY/2012

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 7724 (ITAT-CHENNAI)
• Duration Of Justice: 1 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 09-03-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 09-03-2012
• Assessment Year: misc
• Appeal Filed On: 11-01-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: S SRIDHAR

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, CHENNAI BEFORE DR. O.K.NARAYANAN, VICE-PRESIDENT AND SHRI VIKAS AWASTHY, JUDICIAL MEMBER M.A. NO. 1/(MDS)/2012 IN IT(SS)A NO.82(MDS)/2006 BLOCK PERIOD : 1.4.1986 TO 13.02.1996 DEVARAJ & OTHERS, 688, TRUNK ROAD, POONAMALLEE, CHENNAI 600 056 PAN/GI NO.D-601 VS. THE INCOME-TAX OFFICER, WARD-I(4), VIRUDHUNAGAR. (APPLICANT) (RESPONDENT) APPLICANT BY : SHRI S.SRIDHAR, ADVOCATE RESPONDENT BY : SHRI A.C.JOSEPH, IRS, JT. COMMISSIONER OF I NCOME-TAX DATE OF HEARING : 9 TH MARCH, 2012 DATE OF PRONOUNCEMENT : 9 TH MARCH, 2012 O R D E R PER DR.O.K.NARAYANAN, VICE-PRESIDENT: THE PETITIONER HAS STATED THAT THE PETITION IS IN THE NATURE OF A CLARIFICATORY PETITION FOR THE REASON T HAT THE ASSESSING OFFICER IS LITTLE CONFUSED ON THE DIRECTI ON OF THE MA 1/MDS/12 :- 2 -: TRIBUNAL GIVEN IN ITS ORDER DATED 21.9.2011 IN IT(S S)A NO.82/MDS/2006. 2. THE FINAL DIRECTION OF THE TRIBUNAL IS TO ADOPT A RATE OF PROFIT AT 5%. THE CONFUSION IS, WHETHER THIS RATE HAS TO BE APPLIED TO THE GROSS TURNOVER OR NOT. 3. WE MAKE IT CLEAR THAT THE PROFIT DETERMINED BY T HE ASSESSING OFFICER IS AT 8% ON THE GROSS TURNOVER. THE RATE OF 5% SUGGESTED BY THE TRIBUNAL WOULD OBVIOUSLY RELATE TO THE GROSS TURNOVER. ANYHOW, TO MAKE THE MATTER SIMPLE, IT IS TO STATE THAT THE PROFIT IS TO BE ESTIMATED AT 5% OF T HE TOTAL TURNOVER. IT IS ALSO CLARIFIED THAT THE PROFIT MEA NS NET PROFIT. 4. THE PETITION IS DISPOSED OF AS ABOVE. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING ON FRIDAY, THE 9 TH OF MARCH, 2012 AT CHENNAI. SD/- SD/- (VIKAS AWASTHY) (DR. O.K.NARAYANAN) JUDICIAL MEMBER VICE-PRESIDENT CHENNAI, DATED THE 9 TH MARCH, 2012. MPO* MA 1/MDS/12 :- 3 -: COPY TO: (1) PETITIONER (2) RESPONDEN (3) CIT (4) CIT(A) (5) D.R. (6) G.F.