Radiance Realty Developers India Limited, CHENNAI V. DCIT Corporate Circle 5(1), CHENNAI

MA 233/CHNY/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 4347 (ITAT-CHENNAI)
• Duration Of Justice: 1 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 08-02-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2014-2015
• Appeal Filed On: 10-12-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Unexplained investment

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, CHENNAI ... , . !, # !$ BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER %% / M.P. NO.233/CHNY/2018 (IN I.T.A. NO.1380/CHNY/2018) & '& / ASSESSMENT YEAR : 2014-15 M/S RADIANCE REALTY DEVELOPERS INDIA LIMITED, C/O M/S RAMESH & RAMACHANDRAN, CHARTERED ACCOUNTANTS, NEW NO.39, OLD NO.29/3, VISWANATHAPURAM MAIN ROAD, KODAMBAKKAM, CHENNAI - 600 024. PAN : AACCN 5152 H V. THE DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 5(1), CHENNAI - 600 034. ()*& /PETITIONER) ()+*,/ RESPONDENT) )*& . / /PETITIONER BY : SHRI Y. SRIDHAR, CA )+*, . / / RESPONDENT BY : SHRI AR.V. SREENIVASAN, JCIT 0 . 1# / DATE OF HEARING : 08.02.2019 23' . 1# / DATE OF PRONOUNCEMENT : 08.02.2019 / O R D E R PER N.R.S. GANESAN, JUDICIAL MEMBER : THE ASSESSEE HAS FILED THE PRESENT MISCELLANEOUS PETITION ON THE GROUND THAT ONE OF THE GROUNDS RAISED BEFORE THIS TRIBUNAL WAS NOT DISPOSED OF. 2 M.P. NO.233/CHNY/18 2. SHRI Y. SRIDHAR, THE LD. REPRESENTATIVE FOR THE ASSESSEE, SUBMITTED THAT THE CIT(APPEALS) ENHANCED THE ASSESS MENT TO THE EXTENT OF 11.5 CRORES IN RESPECT OF PROPERTY TRANSACTION. AC CORDING TO THE LD. REPRESENTATIVE, THIS GROUND RAISED BY TH E ASSESSEE WAS DISPOSED OF. THE OTHER ISSUE WITH REGARD TO UNEXPL AINED INVESTMENT TO THE EXTENT OF 5.846 CRORES WAS NOT DISPOSED OF. ACCORDING TO THE LD. REPRESENTATIVE, THIS GROUND WAS RAISED AS G ROUND NO.B. THIS WAS NOT DISPOSED OF. THEREFORE, ACCORDING TO THE L D. REPRESENTATIVE, THERE IS AN ERROR IN THE ORDER OF T HIS TRIBUNAL DATED 12.11.2018. 3. WE HEARD SHRI AR.V. SREENIVASAN, THE LD. DEPARTM ENTAL REPRESENTATIVE ALSO. THE LD. D.R. VERY FAIRLY SUBM ITTED THAT THE GROUND WITH REGARD TO ADDITION OF UNEXPLAINED INVES TMENT TO THE EXTENT OF 5.846 CRORES WAS NOT DISPOSED OF. 4. WE HAVE CONSIDERED THE SUBMISSIONS ON EITHER SID E AND PERUSED THE RELEVANT MATERIAL AVAILABLE ON RECORD. ADMITTEDLY, THE ASSESSEE RAISED GROUND NO.A WITH REGARD TO PROPERTY TRANSACTION OF 11.5 CRORES. AT GROUND NO.B, THE ASSESSEE HAS RAIS ED THE ISSUE WITH REGARD TO UNEXPLAINED INVESTMENT OF 5.846 CRORES. WHILE ADJUDICATING THE APPEAL, THIS TRIBUNAL DELETED THE ADDITION WITH REGARD TO PROPERTY TRANSACTION OF 11.5 CRORES. HOWEVER, THE 3 M.P. NO.233/CHNY/18 GROUND WITH REGARD TO UNEXPLAINED INVESTMENT OF 5.846 CRORES WAS OMITTED TO BE DISPOSED OF. OMISSION OF SPECIFIC GR OUND RAISED BY THE ASSESSEE IS AN ERROR WITHIN THE MEANING OF SECT ION 254(2) OF THE INCOME-TAX ACT, 1961. THEREFORE, THIS GROUND NEEDS TO BE DISPOSED OF. ACCORDINGLY, THE APPEAL OF THE ASSESSEE IN I.T .A. NO.1380/CHNY/2018 IS REOPENED ONLY FOR THE PURPOSE OF DISPOSING OF THE ISSUE RELATING TO UNEXPLAINED INVESTMENT TO THE EXTENT OF 5.846 CRORES. THE ORDER OF THIS TRIBUNAL IN OTHER ASPECT SHALL REMAIN AS SUCH. 5. THE REGISTRY IS DIRECTED TO POST THE APPEAL FOR DISPOSAL OF THE GROUND RAISED BY THE ASSESSEE WITH REGARD TO UNEXPL AINED INVESTMENT TO THE EXTENT OF 5.846 CRORES, ON 18.03.2019. SINCE THE DATE OF HEARING WAS ANNOUNCED IN THE PRESENCE O F BOTH THE PARTIES, IT MAY NOT BE NECESSARY FOR THE REGISTRY T O ISSUE A SEPARATE NOTICE OF HEARING. IN OTHER WORDS, A COPY OF THIS ORDER SHALL BE TREATED AS NOTICE OF HEARING FOR 18.03.2019. 6. WITH THE ABOVE OBSERVATION, THE MISCELLANEOUS PE TITION FILED BY THE ASSESSEE STANDS ALLOWED. 4 M.P. NO.233/CHNY/18 ORDER PRONOUNCED IN THE OPEN COURT AFTER CONCLUSI ON OF HEARING ON 8 TH FEBRUARY, 2019 AT CHENNAI. SD/- SD/- (. ! ) ( ... ) (S. JAYARAMAN) (N.R.S. GANE SAN) # / ACCOUNTANT MEMBER /JUDICIAL MEMBER /CHENNAI, 5 /DATED, THE 8 TH FEBRUARY, 2019. KRI. . )16% 7%'1 /COPY TO: 1. )*& / PETITIONER 2. )+*, /RESPONDENT 3. 0 81 () /CIT(A) 4. 0 81 /CIT 5. %9 )1 /DR 6. :& ; /GF.