Krishna Kumar, Hyd, Hyderabad V. Assistant Commissioner of Income Tax, Circle-7(1), , Hyderabad

MA 14/Hyd/2018

• Counselvise Citation: [2018] 123 COUNSELVISE.COM (IT) 5767 (ITAT-HYDERABAD)
• Duration Of Justice: 2 month(s) 11 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 21-03-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2009-2010
• Appeal Filed On: 10-01-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: RAMAKRISHNA BANDI
• Assessee Lawyers: KISHORE KUMAR KABRA
• Keywords: Valuation report

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B, HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER M.A. NO. 14/HYD/2018 (IN ITA NO. 1075/HYD/2016 ASSESSMENT YEAR: 2009-10) KRISHNA KUMAR, HYDERABAD. PAN ACFPK6100J VS. ASST. COMMISSIONER OF INCOME-TAX, CIRCLE 7(1), HYDERABAD. (APPLICANT) (RESPONDENT) ASSESSEE BY : SHRI KISHORE KUMAR KABRA REVENUE BY : SHRI RAMAKRISHNA BANDI DATE OF HEARING : 16-03-2018 DATE OF PRONOUNCEMENT : 21-03-2018 O R D E R PER S. RIFAUR RAHMAN, A.M.: THIS MISCELLANEOUS APPLICATION IS FILED BY THE ASSE SSEE SEEKING RECALL OF THE ORDER OF THE TRIBUNAL DATED 30/08/201 7 IN ITA NO. 1075//HYD/2016. 2. BEFORE US, THE ASSESSEE FILED WRITTEN SUBMISSION S, WHICH ARE AS UNDER: THE HON'BLE INCOME TAX APPELLATE TRIBUNAL, 'B' BENC H, HYDERABAD VIDE ITS ORDER DATED 27TH SEPTEMBER 2017 HAD DISMISSED THE APPEAL ON THE GROUND THAT THERE IS VA RIATION IN THE QUANTUM OF THE PRECIOUS STONES AS SUBMITTED BY THE APPELLANT AND AS PER THE DEPARTMENT VALUER'S REPORT ON THE DA TE OF SEARCH. THE APPELLANT HUMBLY SUBMITS THAT THERE IS NO VARIA TION IN THE QUANTUM OF CTS. OF PRECIOUS STONES. AS PER THE APPE LLANT'S VALUATION TOTAL CTS IS 1225 AND AS PER THE DEPARTME NT IT IS 1230 AND NOT 1789.10 AS STATED IN THE ORDER. FURTHERMORE , THE SAID WEIGHT ADOPTED BY THE REGISTERED VALUER OF 1798 (17 89) CONSISTS OF THE FOLLOWING: 2 M.A. NO. 14/HYD/2018 KRISHNA KUMAR, HYD. A. DIAMONDS 1230 B. WAX, MEENA, STONES ETC 568 (WHICH HAS NO VALUE) 1798 ===== THE HON'BLE INCOME TAX APPELLATE TRIBUNAL IN ITS OR DER DATED 27TH SEPTEMBER 2017 HAS CONSIDERED THE TOTAL QUANTU M OF 1798 CTS AS DIAMONDS WHICH INCLUDES THE ABOVE. AN EXCEL SHEET GIVING THE BREAKUP OF DIAMONDS, WAX, MEENA ETC INCLUDED IN THE WEIGHT OF 1798 CTS, AS DETAILED IN THE VALUATION REPORT OF DEPARTMENTAL VALUER IS ENCLOSED HEREWITH. THE SAID VALUATION REPORT WAS FILED IN THE PAPER BO OK ON 07.02.17. NOW, THE APPELLANT HUMBLY REQUESTS THE HON'BLE BENC H TO RECALL THE ORDER AND GIVE AN OPPORTUNITY TO THE APPELLANT TO PRESENT HIS CASE. 3. LD. DR, ON THE OTHER HAND, RELIED ON THE ORDER O F THE TRIBUNAL. 4. CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. AT THE TIME OF ORIGINAL HEARING, THE ASSESS EE HAS ARGUED THAT THERE IS NO DIFFERENCE IN THE QUANTITY OF PRECIOUS STONES AND IT IS ONLY THE VALUATION DIFFERENCE, WHICH NEEDS TO BE QUASHED . WE FOUND THAT THE VALUATION REPORT SUBMITTED BY ASSESSEE AND THE QUANTITIES FOUND DURING THE SEARCH WERE HAVING VARIATION IN QUANTITY . ACCORDINGLY, THE CASE WAS ADJUDICATED. BUT NOW, IT IS OBSERVED THAT, BY WAY OF THIS M.A., FOR THE FIRST TIME ASSESSEE BROUGHT THE ISSUE OF VARIATION IN THE QUANTUM OF PRECIOUS STONES DUE TO WAX, MEENA, STONE S ETC., WHICH HAS NOT AT ALL BEEN BROUGHT TO THE NOTICE OF THE BE NCH IN THE QUANTUM PROCEEDINGS OR ARGUED THE SAME. THEREFORE, WE CANNO T ENTERTAIN THE ISSUE RAISED BY THE ASSESSEE IN THE M.A. AT THIS ST AGE. ACCORDINGLY, WE DISMISS THE M.A. RAISED BY THE ASSESSEE. 3 M.A. NO. 14/HYD/2018 KRISHNA KUMAR, HYD. 5. IN THE RESULT, M.A. FILED BY THE ASSESSEE IS DIS MISSED. PRONOUNCED IN THE OPEN COURT ON 21 ST MARCH, 2018. SD/- SD/- (P. MADHAVI DEVI) (S. RIFAUR RA HMAN) JUDICIAL MEMBER A CCOUNTANT MEMBER HYDERABAD, DATED: 21 ST MARCH, 2018. KV COPY TO:- 1) KRISHNA KUMAR, 21-2-636, URDUGALLI, PATHERGATTI, HYD. 2) ACIT, CIRCLE 7(1), HYDERABAD. 3) CIT(A) - 3, HYDERABAD 4 PR. CIT - 3, HYDERABAD 5) THE DEPARTMENTAL REPRESENTATIVE, I.T.A.T., HYDE RABAD. 6) GUARD FILE