Sonal Diamonds Pvt. Ltd., Surat V. The ACIT, Circle-4, Surat

MA 116/AHD/2013

• Counselvise Citation: [2014] 124 COUNSELVISE.COM (IT) 1571 (ITAT-AHMEDABAD)
• Duration Of Justice: 8 month(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 21-02-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 07-02-2014
• Assessment Year: 2003-2004
• Appeal Filed On: 21-06-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R K DHANISTA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, AHMEDABAD (BEFORE SHRI MUKUL KR. SHRAWAT, J.M. & SHRI ANIL C HATURVEDI, A.M.) M. A. NO. 116 /AHD/2013 (IN ITA NO. 31 1/AHD/2007) (ASSESSMENT YE AR: 2003-04) SONAL DIAMONDS PVT. LTD. C/11 LAXMANNAGAR, OPP. SHYAMANAGAR, L.H. ROAD, SURAT 395 006 V/S ASST. CIT CIRCLE-4, SURAT (APPELLANT) (RESPONDENT) PAN: AADCS 3627 B APPELLANT BY : MS. URVASHI SHODHAN RESPONDENT BY : SHRI R.K. DHANISTA, SR. D.R. ( )/ ORDER DATE OF HEARING : 07-02-2014 DATE OF PRONOUNCEMENT : 21-02-2014 PER SHRI ANIL CHATURVEDI,A.M. 1. THE PRESENT MISCELLANEOUS APPLICATION DATED 1 8.05.2013 IS FILED BY THE ASSESSEE IN RESPECT OF ITA NO. 311/AHD/2007 FOR A.Y . 2003-04 (ORDER DATED 31.12.2009). THE ASSESSEE VIDE MISCELLANEOUS APPL ICATION HAS SUBMITTED THAT AS PER THE IMPUGNED ORDER, GROUND NO. 2 CHALLE NGING VALUATION OF CLOSING STOCK WAS LEFT OUT TO BE DISCUSSED BY THE HONBLE I TAT WHILE PARTLY ALLOWING THE APPEAL OF ASSESSEE AND THEREFORE THE ORDER BE R ECALLED. ON THE OTHER HAND THE LD. D.R. DID NOT OBJECT TO THE REQUEST OF THE LD. A.R. M.A NO. 116/A/2013 ( I N ITA NO. 311/A/07) . A.Y. 2003094 2 2. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. FROM THE ORDER IN ITA NO. 311/AHD/2007 ORDER DATED 31.12.2009, WE FIND THAT ASSESSEE HAD RAISED THE GROUND NO. 2 WHICH REA DS AS UNDER:- HOLDING THAT THE APPELLANT HAS ARBITRARILY VALUED THE CLOSING STOCK AT A LOWER VALUE THAN THE NET REALIZABLE VALUE AND, THEREFORE, CONFIRMING THE ADD ITION OF RS. 36,29,493/- ON THIS COUNT(INCLUDING G. P. ADDITION OF RS. 3,00,000/-). 3. WE FIND THAT THOUGH THE AFORESAID GROUND WAS RAI SED BY ASSESSEE BUT INADVERTENTLY OVER LOOKED AND NOT DISPOSED IN THE A PPEAL WHICH IS THEREFORE A MISTAKE APPARENT FROM RECORD. WE THEREFORE RECALL T HE ORDER IN ITA NO. 311/AHD/2007 DATED 31/12/2009 ONLY FOR A LIMITED PU RPOSE OF DECIDING THE AFORESAID GROUND. THE REGISTRY IS DIRECTED TO FIX H EARING IN DUE COURSE. 4. IN THE RESULT, THE MISCELLANEOUS APPLICATION FILED BY ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN OPEN COURT ON 21 -02 - 2014. SD/- SD/- (MUKUL KR. SHRAWAT) (ANIL CHATURVEDI) VICE PRESIDENT ACCOUNTANT MEMBER AHMEDABAD. TRUE COPY RAJESH COPY OF THE ORDER FORWARDED TO: - 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT (APPEALS) 4. THE CIT CONCERNED. 5. THE DR., ITAT, AHMEDABAD. 6. GUARD FILE. BY ORDER DEPUTY/ASSTT.REGISTRAR ITAT,AH MEDABAD