Sri Jai Singh Doshi, Kolkata V. I.T.O Wd-35(2), Kolkata, Kolkata

MA 1/KOL/2014

• Counselvise Citation: [2014] 124 COUNSELVISE.COM (IT) 1652 (ITAT-KOLKATA)
• Duration Of Justice: 1 month(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 07-02-2014
• Appeal Filed By: Assessee
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 07-01-2014
• Court: TRIBUNAL
• Keywords: Peak credit

Judgement Text

, B , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH: KOL KATA () BEFORE , /AND . . . . ' '' ''# '#'# '#, $% ) [BEFORE SHRI MAHAVIR SINGH, JM & SHRI ABRAHAM P. GEORGE, AM] $& $& $& $& ' ' ' ' /M. A. NO. 01/KOL/2014 IN ' ' ' ' /IN I.T.A NO. 338/KOL/2012 IN CO NO.36/KOL/2012 &( )* &( )* &( )* &( )*/ // / ASSESSMENT YEAR: 2007-08 SHRI JAI SINGH DOSHI VS. INCOME-TAX OFFICER, W D-35(2), KOLKATA. (PAN: ACXPD5066A) ( $ /APPLICANT ) (,-.// RESPONDENT ) DATE OF HEARING: 07.02.2014 DATE OF PRONOUNCEMENT: 07.02.2014 $ 0 1 $ /FOR THE APPLICANT: SHRI S. M. SURANA, ADVOCATE ,-./ 0 1 $ /FOR THE RESPONDENT: SHRI RAJENDRA PRASAD, JCIT, SR . DR $2 / ORDER PER MAHAVIR SINGH, JM/ , : THROUGH THIS MISC. APPLICATION ASSESSEE HAS REQUEST ED FOR RECALLING THE TRIBUNALS ORDER DATED 27.12.2013. 2. AT THE OUTSET, LD. COUNSEL FOR THE ASSESSEE STAT ED THAT THE MAIN ISSUE RAISED IN ASSESSEES CROSS OBJECTION REGARDING PEAK CREDIT HAS NOT DEAL T WITH BY THE ASSESSEE. THE RELEVANT GROUND NOS. 2 AND 3 IN THE ASSESSEES CROSS OBJECTION READ S AS UNDER: 2. FOR THAT THE LD. CIT(A) SHOULD HAVE ACCEPTED TH AT THE ASSESSEE WAS CARRYING ON COMMISSION BUSINESS AND THE INCOME DECLARED AS COMM ISSION BUSINESS ARISING OUT OF THE TRANSACTIONS WAS DULY DISCLOSED IN THE RETURN, THER EFORE THE ADDITION WAS NOT CALLED FOR. 3. FOR THAT THE LD. CIT(A) WAS FULLY JUSTIFIED IN D IRECTING THE AO TO TREAT THE PEAK AMOUNT OF THE ENTIRE CREDITS AND DEBITS IN THE BANK ACCOUNT AS ASSESSEES INCOME. 3. WE HAVE DISMISSED THE CROSS OBJECTION OF ASSESSE E BEING SUPPORTIVE OF THE ORDER OF CIT(A). REVENUES APPEAL IS ALSO SET ASIDE TO THE FILE OF AO FOR FRAMING FRESH ASSESSMENT ON THE BASIS OF PEAK CREDIT. AS THE CROSS OBJECTION W HICH HAS EFFECT OF REVENUES APPEAL AS WELL AS THE CROSS OBJECTION OF ASSESSEE AND THERE IS A SUBS TANTIAL ISSUE, WHICH IS NOT ADJUDICATED, WE 2 MA NO. 01/K/2014 SHRI JAI SINGH DOSHI A. Y 2007-08 RECALL OUR ORDER DATED 27.12.2013 AND DIRECT THE RE GISTRY TO FIX THE SAME ON A REGULAR DATE. MISC. APPLICATION OF ASSESSEE IS ALLOWED. 4. IN THE RESULT, THE ASSESSEES MISC. APPLICATION STANDS DISMISSED. 5. ORDER IS PRONOUNCED IN THE OPEN COURT . SD/- SD/- . . . . ' '' ''# '#'# '# , $% , (ABRAHAM P. GEORGE) (MAHAVIR SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER ( 3% 3% 3% 3%) )) ) DATED : 7 TH FEBRUARY, 2014 45 &6' 7 JD.(SR.P.S.) $2 0 , 8$ )9- COPY OF THE ORDER FORWARDED TO: 1 . $ /APPLICANT SHRI JAI SINGH DOSHI, C/O INDUSTRIAL TRADERS, 1 ST FLOOR, 63, RADHA BAZAR STREET, KOLKATA-700 001. 2 ,-./ / RESPONDENT ITO, WARD-35(2), KOLKATA. 3 . 2& ( )/ THE CIT(A) , KOLKATA 4. 2& CIT, KOLKATA 5 . ?@ ,& / DR, KOLKATA BENCHES, KOLKATA - ,/ TRUE COPY, $2&A/ BY ORDER, ' /ASSTT. REGISTRAR .