Shri Prafulbhai @ Rohitbhai J. Shah, Surat V. The ACIT, Central Circle - 1, Surat

MA 155/AHD/2013

• Counselvise Citation: [2014] 124 COUNSELVISE.COM (IT) 1332 (ITAT-AHMEDABAD)
• Duration Of Justice: 5 month(s) 3 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 17-01-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Next Hearing Date: 20-12-2013
• Assessment Year: 2004-2005
• Appeal Filed On: 13-08-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: J P JANGID
• Assessee Lawyers: S N SOPARKAR
• Keywords: Notional interest

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH AHMEDABAD BEFORE SHRI G.C.GUPTA , VICE PRESIDENT AND SHRI T.R. MEENA, ACCOUNTANT MEMBER M.A. NO. 155 /AHD/ 201 3 ASSESSMENT YEAR : 2004-05 (ARISING OUT OF ITA NO. 868/AHD/2007) ASSESSMENT YEAR :2004-05 SHRI PRAFULBHAI @ ROHITBHAI J SHAH 8/1662, DHRU MOHOLLO, GOPIPURA, SURAT V/S . ASSTT. CIT, CENTRAL CIRCLE-1, MAJURA GATE, SURAT (APPELLANT) .. (RESPONDENT) / BY APPELLANT SHRI S. N. SOPARKAR, A.R. /BY RESPONDENT SHRI J. P. JANGID, SR.D.R. /DATE OF HEARING 20.12.2013 /DATE OF PRONOUNCEMENT 17.01.2014 O R D E R PER : T.R.MEENA, ACCOUNTANT MEMBER THIS M.A. IS PREFERRED BY THE ASSESSEE AGAINST THIS BENCH ORDER DATED 15.06.2012 IN ITA NO.868/AHD/2007 PERTAINING TO A.Y . 2004-05. THE GRIEVANCE OF THE ASSESSEE IN THIS APPLICATION IS TH AT THIS TRIBUNAL DISMISSED THE GROUND NOS. 2 TO 5 AS AGAINST THE GROUND NOS. 2 TO 4 HAVE NOT PRESSED. 2. LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT GROU ND NO.5 WAS PRESSED BY THE ASSESSEE, HOWEVER, THE HONBLE TRIBUNAL HAS RECORDED THE FINDING THAT GROUND NO.5 IS NOT PRESSED. HE SUBMITTED THAT THIS IS APPARENT ERROR ON THE RECORD. ON THE CONTRARY, THE LD. SR. D.R. SUPPORTE D THE ORDERS OF THE TRIBUNAL. 3. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE MATERIAL ON RECORD. THE ASSESSEE IN ITA NO. 868/AHD/2007 HAS R AISED GROUND NO. 5 AS UNDER: M.A. NO.155/AHD/13, A/O ITA NO. 868/AHD/2007, A.Y. 04-05 PAGE 2 (V) LEARNED ACIT HAS ERRED IN LAW AND ON FACTS TO ADD NOTIONAL INTEREST ON ALLEGED CASH LOANS. LEARNED CIT(A) HAS ERRED IN NOT DELETING ADDITION HIMSELF BUT DIRECTING ACIT TO RECALCULATE SUCH INTE REST. HOWEVER, THE TRIBUNAL IN PARA 28 OF THE ORDER HAS R ECORDED THAT GROUND NOS. 2 TO 5 HAVE NOT BEEN PRESSED BY THE A.R. IT APPEARS THAT OWING TO CONFUSION THAT THE ASSESSEE HAS ALSO NOT PRESSED GROUND NO.5. THIS GROUND WAS DISMISSED. AFTER CONSIDERING ALL ASPECTS OF THE MA TTER, WE ARE OF THE CONSIDERED VIEW THAT THE ORDER DATED 15.06.2012 REQ UIRES TO BE MODIFIED AND THIS ISSUE IS REQUIRED FRESH HEARING. HENCE, OUR O RDER DATED 15.06.2012 RELATED TO THIS GROUND IS, HEREBY RECALLED. THIS A PPEAL IS DIRECTED TO RE-HEAR ON THIS GROUND. THE REGISTRY IS DIRECTED TO FIX THE H EARING OF APPEAL IN DUE COURSE. THE M.A., FILED BY THE ASSESSEE, IS HEREBY ALLOWED. 4. IN THE RESULT, THE M.A. OF THE ASSESSEE IS ALLOW ED. THIS ORDER PRONOUNCED IN OPEN COURT ON 17.01.2014 SD/- SD/- (G.C.GUPTA) (T.R. MEENA) VICE PRESIDENT ACCOUNTANT MEMBER TRUE COPY S.K.SINHA ! ! ! ! '! '! '! '! / COPY OF ORDER FORWARDED TO:- 1. / APPELLANT 2. / RESPONDENT 3. '(' ) * / CONCERNED CIT 4. *- / CIT (A) 5. !./ ), ) , 12( / DR, ITAT, AHMEDABAD 6. /45 67 / GUARD FILE. BY ORDER/ , 8/ 1 ': ) ,