Shree Karthik Papers Ltd., Coimbatore V. DCIT, Coimbatore

MA 219/CHNY/2016

• Counselvise Citation: [2016] 124 COUNSELVISE.COM (IT) 4938 (ITAT-CHENNAI)
• Duration Of Justice: 2 month(s) 10 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 28-10-2016
• Appeal Filed By: Assessee
• Bench Allotted: C
• Next Hearing Date: 07-10-2016
• Assessment Year: 2006-2007
• Appeal Filed On: 18-08-2016
• Court: TRIBUNAL
• Department Lawyers: A V SREEKANTHJCIT
• Assessee Lawyers: SAROJ KUMAR
• Keywords: Unexplained cash credit; Depreciation; Unabsorbed depreciation

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, CHENNAI , ! ' #! ' $ . %& ' () BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY , JUDICIAL MEMBER M.P.NO.219/MDS./2016 ( I.T.A.NO.325 /MDS./2015; ASSESSMENT YEAR :2006-07) M/S.SHREE KARTHIK PAPERS LTD., 25, 50 FEET ROAD, KRISHNASWAMY NAGAR, RAMANATHAPURAM, COIMBATORE 641 045. VS. DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE-1, 63-A,RACE COURSE ROAD, COIMBATORE. PAN AADCS 1863 K ( *+ / APPELLANT ) ( ,-*+ / RESPONDENT ) / APPELLANT BY : MR.SAROJ KUMAR, ADVOCATE / RESPONDENT BY : MR.A.V.SREEKANTH,JCIT, D.R / DATE OF HEARING : 07.10.2016 /DATE OF PRONOUNCEMENT : 28.10.2016 . / O R D E R PER CHANDRA POOJARI, ACCOUNTANT MEMBER: THIS MISCELLANEOUS PETITION FILED BY THE ASSESSEE SE EKING RECALL OF THE ORDER OF THE TRIBUNAL DATED 06.04.2016 IN ITA NO.325 /MDS./2015. MP NO.219/MDS/2016 2 2. THE LD.A.R SUBMITTED THAT THE TRIBUNAL DECIDED THE APPEAL OF THE REVENUE EXPARTE ON MERITS BY ALLOWING THE REVENUES APPEAL. ACCORDING TO LD.A.R, THE REVENUE RAISED THE GROUND IS WITH REGARD TO SET OFF OF BUSINESS LOSS FROM UNEXPLAINED CASH CREDIT MADE U/S.68 OF TH E ACT. HOWEVER, THE TRIBUNAL DECIDED THE ISSUE RELATING TO THE SET OFF O F UNABSORBED DEPRECIATION OF EARLIER YEARS FROM UNACCOUNTED CASH CREDIT WHICH IS NOT AN ISSUE RAISED BY THE DEPARTMENT BEFORE THE TRIBUNAL. ACCORDING TO LD.A.R AN OPPORTUNITY MAY BE GIVEN TO DECIDE THE ISSUE AFRESH AND THE ASSESSEE WAS PREVENTED BY SUFFICIENT CAUSE FOR NOT APPEARING BEF ORE THE TRIBUNAL. ON THE OTHER HAND, LD.D.R DID NOT PUT ANY SERIOUS OBJE CTION TO THE SUBMISSIONS OF LD.A.R. 3. CONSIDERING NON-APPEARANCE OF THE LD.A.R ON THE DATE OF HEARING, WE ARE INCLINED TO RECALL EX-PARTE ORDER D ATED 06.04.2016. ACCORDINGLY, IN THE INTEREST OF JUSTICE, WE RECALL O RDER OF THE TRIBUNAL DATED 06.04.2016 AND DIRECT THE REGISTRY TO POST TH E APPEAL FOR FRESH HEARING ON 08.11.2016 AND NO FRESH NOTICE OF HEARIN G WOULD BE SERVED ON BOTH THE PARTIES. THIS ORDER ITSELF WILL SERVE AS N OTICE OF HEARING TO BOTH THE PARTIES. MP NO.219/MDS/2016 3 4. IN THE RESULT, THE MISCELLANEOUS PETITION FILED BY ASSESSEE IS ALLOWED. ORDER PRONOUNCED ON 28 TH OCTOBER, 2016, AT CHENNAI. SD/- SD/- . ! '# $ ( DUVVURU RL REDDY ) ) ( ( %&' ( ) ) ) CHANDRA POOJARI $* JUDICIAL MEMBER ACCOUNTANT MEMBER CHENNAI, DATED THE 28 TH OCTOBER, 2016. K S SUNDARAM. +,**-./*0/ /COPY TO: * 1. /APPELLANT 2. /RESPONDENT 3. * 1*$ /CIT(A) 4. * 1 /CIT 5. /23*--4 /DR N 6. 3#5*6 /GF