M/S Jayshree Motors Pvt Ltd., Kolkata V. I.T.O.Wd - 3(4),Kol, Kolkata

MA 152/KOL/2012

• Counselvise Citation: [2016] 124 COUNSELVISE.COM (IT) 4532 (ITAT-KOLKATA)
• Duration Of Justice: 3 year(s) 7 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 15-07-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 16-11-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SALLONG YADEN A
• Assessee Lawyers: D S DAMLE
• Keywords: Opportunity of being heard; Notional interest

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH B KOLKATA BEFORE SHRI N.V.VASUDEVAN, JUDICIAL MEMBER AND SHRI WASEEM AHMED, ACCOUNTANT MEMBER (MISC. APPLICATION) NO.152/KOL/2012 (ARISING OUT ITA NO.1818/KOL/2010) / ASSESSMENT YEAR:-2007-08 JAYSHREE MOTORS PVT. LTD., WHITE HOUSE, 4 TH FLOOR, BLOCK-D 119, PARK STREET, KOLKATA-700 016 [ PAN NO. AABCJ 880 K ] / V/S . ITO WARD, 3(4), 8/2, ESPLANADE, EAST, 3 RD FLOOR, KOLKATA-700 069 (ORIGINAL APPELLANT) (ORIGINAL R ESPONDENT) (APPELLANT) .. (RESPONDENT) / BY APPELLANT SHRI D.S. DAMLE, FCA / BY RESPONDENT SHRI SALLONG YADEN, ACIT-DR ! / DATE OF HEARING 15-07-2016 '# ! / DATE OF PRONOUNCEMENT 15-07-2016 / ORDER PER WASEEM AHMED, ACCOUNTANT MEMBER:- BY WAY OF THIS MISCELLANEOUS APPLICATION (MA) ASS ESSEE SEEKING RECALL OF TRIBUNAL ORDER DATED 23-09-2011. 2. AT THE TIME OF HEARING LD. COUNSEL FOR ASSESSEE ARGUED THAT IN THE INSTANT CASE THE INTEREST INCOME OF THE ASSESSEE HA S BEEN TAXED ON NOTIONAL BASIS. ACCORDINGLY THE ASSESSEE FILED AN APPEAL TO HONBLE ITAT WHICH CONFIRMED THE ORDER OF THE LOWER AUTHORITIES WITHOU T HEARING THE LD. AR OF THE ASSESSEE. IN THIS CONNECTION, THE ASSESSEE ARGUED THAT AT THE TIME OF HEARING OF APPEAL WHEN THE AR OF THE ASSESSEE WAS TO ELABOR ATE HIS ARGUMENTS BY REFERRING TO VARIOUS JUDICIAL JUDGMENTS BUT THE BEN CH MENTIONED THAT NO ARGUMENTS NEED TO BE MADE AS THE BENCH WAS WELL AWA RE ABOUT THE LEGAL PROPOSITION WITH REGARD TO THE NOTIONAL INTEREST OF INCOME. HOWEVER THE APPEAL MA NO152./KOL/2012 JAYSHREE MOTORS P. LTD. V. ITO WD-3(4), KOL. PAGE 2 ON THIS GROUND WAS DISMISSED BY THE BENCH WHICH RES ULTED MISCARRIAGE OF JUSTICE IN AS MUCH AS NOT ONLY THE TRIBUNAL HAS DEC IDED THE APPEAL WITHOUT GRANTING THE PROPER OPPORTUNITY OF BEING HEARD BUT ALSO THE APPEAL WAS DECIDED AFTER SUGGESTING TO THE LD. AR THAT THE BEN CH DOES NOT REQUIRE FURTHER ARGUMENTS ON THIS ISSUE. ACCORDINGLY THE LD. AR SUB MITTED THAT HAD THE LD. AR BEEN GIVEN THE OPPORTUNITY OF BEING HEARD THEN THE OUTCOME OF THE APPEAL WOULD HAVE BEEN DIFFERENT AS THERE ARE PLETHORA OF JUDGMENTS IN FAVOUR OF ASSESSEE. IN VIEW OF ABOVE THE LD. AR OF THE ASSESS EE PRAYED TO RECALL THE ORDER. ON THE OTHER HAND, LD DR VEHEMENTLY RELIED ON THE O RDER OF ITAT. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE MATE RIALS AVAILABLE ON RECORD. AFTER CONSIDERING THE FACTS IN TOTALITY WE FIND THAT FORCE IN THE ARGUMENTS OF THE ASSESSEE. ACCORDINGLY IN THE INTER EST OF JUSTICE AND FAIR PLAY, WE RECALL THE TRIBUNALS ORDER DATED 23.09.2011. 4. IN THE RESULT, MA OF ASSESSEE IS ALLOWED. ORDER PRONOUNCED ON THE DATE OF HEARING I.E. 15.07 .2016 SD/- SD/- (%&) (!&) (N.V.VASUDEVAN) (WASEE M AHMED) (JUDICIAL MEMBER) (ACCOUNTANT MEMBER) KOLKATA, *DKP ()*- 15 / 07 /201 6 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-JAYSHREE MOTORS PVT. LTD. WHITE HOUSE, 4 TH FLOOR, BLOCK-D, 119, PARK ST.KOL-16 2. /RESPONDENT-ITO WARD-3(4), 8/2 ESPLANADE EAST,3 RD FLOOR, KOL-69 3.)2)3 4 / CONCERNED CIT 4. 4- / CIT (A) 5.783, 3 , KOLKATA / DR, ITAT, KOLKATA 6.8; <= / GUARD FILE. BY ORDER/ , /TRUE COPY/ /) 3 , #