Amsri Builders, Hyderabad V. Addl.CIT, Range-10, Hyderabad

MA 156/HYD/2012

• Counselvise Citation: [2012] 123 COUNSELVISE.COM (IT) 9385 (ITAT-HYDERABAD)
• Duration Of Justice: 3 month(s) 10 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 05-10-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: misc
• Appeal Filed On: 25-06-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: AMISHA S GUPTH
• Assessee Lawyers: K SAI PRASAD

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B', HYDERABAD BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER MA NO. 156/HYD/2012 IN I.T.A. NO. 866/HYD/2011 A.Y. 2008-09 M/S. AMSRI BUILDERS SECUNDERABAD PAN: AAFFA7515H V . THE ASST. CIT CIRCLE-10(1) HYDERABAD APPELLANT RESPONDENT APPELLANT BY: SRI K. SAI PRASAD RESPONDENT BY: SMT. AMISHA S. GUPTH DATE OF HEARING: 28 .0 9 .2012 DATE OF PRONOUNCEMENT: 05.10.2012 O R D E R PER CHANDRA POOJARI, AM: BY THIS MISCELLANEOUS APPLICATION THE ASSESSEE IS SEEKING RECTIFICATION IN THE ORDER OF THE TRIBUNAL IN ITA N O. 866/HYD/2011 DATED 30.4.2012 WHEREIN THE TRIBUNAL OBSERVED AS UN DER: 'AS FAR AS THE GRIEVANCE OF THE ASSESSEE IN ITS APP EAL RELATING TO RATE ADOPTED BY THE ASSESSING OFFICER ESTIMATION OF INCOME AGAINST GROSS RECEIPTS IS CONC ERNED, WE FIND THAT THIS TRIBUNAL HAS BEEN CONSISTENTLY H OLDING, AS IN ITA NO. 1191/HYD/2011 IN ACIT V/S. TEJA CONSTRUCTIONS SECUNDERABAD FOR THE ASSESSMENT YEAR 2006-07 DATED 17 TH FEBRUARY, 2012, THAT ESTIMATION OF INCOME AT 9% IN RESPECT OF THE CONTRACTS TAKEN AND EXECUTED BY THE ASSESSEE ITSELF; 8% IN RESPECT OF RECEIPTS FROM SUBCONTRACT WORKS TAKEN FROM OTHERS AND EXECU TED BY THE ASSESSEE; AND 4% OF THE GROSS RECEIPTS IN RE SPECT OF CONTRACTS GIVEN BY THE ASSESSEE TO THIRD PARTIES ON SUB- CONTRACTS, AS REASONABLE. IN CONSONANCE WITH THE VI EW TAKEN IN SIMILAR CASES, WE SET ASIDE THE IMPUGNED O RDER OF THE CIT(A) AND DIRECT THE ASSESSING OFFICER TO RECOMPUTE THE INCOME OF THE ASSESSEE IN THE LIGHT O F ORDERS OF THE TRIBUNAL CITED SUPRA. ASSESSEES GRO UNDS ON THIS ASPECT ARE PARTLY ALLOWED.' 2. BEFORE US THE LEARNED AR SUBMITTED THAT THE ASSESSE E HAS NOT EXECUTED ANY CONTRACT WORK EITHER ON ITS OWN OR IN THE CAPACITY OF A SUB- M A NO. 156/HYD/2012 M/S. AMSRI BUILDERS ================== CONTRACTOR. IT IS APPROPRIATE TO THE TRIBUNAL TO F IX THE RATE OF PROFIT AT 8% INSTEAD OF THE ABOVE FINDINGS OF THE TRIBUNAL. 3. THE DR RELIED ON THE ORDER OF THE TRIBUNAL AND SUBM ITTED THAT THERE IS NO MISTAKE APPARENT FROM RECORD IN THE ORD ER OF THE TRIBUNAL. 4. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE MATE RIAL ON RECORD. THE TRIBUNAL AFTER CONSIDERING THE ENTIRE FACTS AND CIRCUMSTANCES OF THE CASE GIVEN THE FINDINGS IN ITS ORDER AND DIRECTED THE ASSESSING OFFICER TO FIX THE RATE OF PROFIT IN THE LIGHT OF THE ORDER OF THE TRIBUNAL IN THE CASE OF TEJA CONSTRUCTIONS (SUP RA). IT IS ALSO BROUGHT TO OUR NOTICE THAT THE ASSESSING OFFICER PA SSED THE CONSEQUENTIAL ORDER VIDE ORDER DATED 11.9.2012 FIXI NG THE NET PROFIT AT 9%. NOW THE ASSESSEE'S GRIEVANCE IS THAT THE RATE OF PROFIT SHOULD BE AT 8%. IN OUR OPINION, THE GRIEVANCE OF THE ASSESSEE IS DEVOID OF MERIT. THE ASSESSEE WANTS TO REVIEW THE EARLIER ORDER OF T HE TRIBUNAL WHICH POWER THE TRIBUNAL DOES NOT HAVE UNDER THE PROVISIO NS OF SECTION 254(2) OF INCOME-TAX ACT, 1961 AND THE REMEDY LIES ELSEWHERE. THE PLEA OF THE ASSESSEE AMOUNTS TO REVIEW OF EARLIER ORDER OF THE TRIBUNAL WHICH CANNOT BE EXERCISED. 5. IN THE RESULT, MA FILED BY THE ASSESSEE IS DISMISSE D. ORDER PRONOUNCED IN THE OPEN COURT ON 5 TH OCTOBER, 2012. SD/ - (ASHA VIJAYARAGHAVAN) JUDICIAL MEMBER SD/ - (CHANDRA POOJARI) ACCOUNTANT MEMBER HYDERABAD, DATED 5 TH OCTOBER, 2012 TPRAO COPY FORWARDED TO: 1. M/S. AMSRI BUILDERS, D - 9 - 1 - 164 AMSRI PLAZA, SD ROAD, SECUNDERABAD. 2. ASST. CIT, CIRCLE - 10(1), HYDERABAD. 3. THE CIT(A) - VI, HYDERABAD. 4 . THE CIT - V, HYDERABAD. 5 . THE DR B BENCH, ITAT, HYDERABAD