Jami Venkata Ramana, Srikakulam V. Income Tax Officer, Ward-1, Srikakulam

MA 25/VIZ/2018

• Counselvise Citation: [2018] 121 COUNSELVISE.COM (IT) 9049 (ITAT-VISAKHAPATNAM)
• Duration Of Justice: 5 month(s) 7 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 17-10-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2011-2012
• Appeal Filed On: 10-05-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: WASEEM REHMAN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE SHRI V. DURGA RAO , HONBLE JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH , HONBLE ACCOUNTANT MEMBER M.A.NO. 25/VIZ/2018 (ARISING OUT OF ITA NO. 4 1 8 / VIZ /201 6) (ASST. YEAR : 20 11 - 12 ) JAMI VENKATA RAMANA, NARAYANA MILL JUNCTION, ARASAVILLI ROAD, SRIKAKULAM DISTRICT. V S . IT O , WARD - 1, SRIKAKULAM . PAN NO. AKFPJ 1597 C (APP LICANT ) (RESPONDENT) ASSESSEE BY : SHRI C. SUBRAHMANYAM FC A. DEPARTMENT BY : SHRI WASEEM REHMAN SR. DR DATE OF HEARING : 12 / 1 0 /201 8 . DATE OF PRONOUNCEMENT : 17 / 1 0 /201 8 . O R D E R PER V. DURGA RAO, JUDICIAL MEMBER TH IS MISC. APPLICATION FILED BY THE ASSESSEE AGAINST THE ORDER OF THIS TRIBUNAL IN ITA NO. 418/VIZ/2016 , DATED 06/04/2018 FOR THE ASSESSMENT YEAR 2011 - 12 . 2. LD. AUTHORIZED REPRESENTATIVE FOR THE ASSESSEE HAS SUBMITTED THAT ONE OF THE GROUNDS RAISED BY THE ASSESSEE IS ALLOWED. THEREF ORE, APPEAL OF THE ASSESSEE SHOULD BE WRITTEN AS PARTLY ALLOWED, INSTEAD OF DISMISSED. 2 M A NO. 25/VIZ/2018 ( JAMI VENKATA RAMANA ) 3 . WE HAVE HEARD LD. DEPARTMENTAL REPRESENTATIVE. 4 . WE FIND THAT GROUND NO S . 1. 1 & 1.2 RELATING TO ESTIMATION OF INCOME IN IMFL BUSINESS. THE ASSESSING OFFICER HAS ESTIMATED THE PROFIT AT 20% OF THE STOCK PUT TO SALE. ON APPEAL, LD. CIT(A) SCALED DOWN THE SAME FROM 20% TO 10%. ON APPEAL BEFORE US, WE SCALED DOWN THE SAME FROM 10% TO 5%. THUS, THE APPEAL OF THE ASSESSEE IS PARTLY ALLOWED. WE FIND THAT THERE IS A MISTAKE IN THE RESULT PORTION AT PARAGRAPH NO.6, WHEREIN IT HAS BEEN WRITTEN THAT APPEAL FILED BY THE ASSESSEE IS DISMISSED, INSTEAD OF APPEAL FILED BY THE ASSESSEE IS PARTLY A LLOWED . THEREFORE, IN PARAGRAPH NO.6 , THE WORD DISMISSED SHOULD BE READ AS PARTLY ALLOWED . ACCORDINGLY, ORDER IS MODIFIED. 5. IN THE RESULT, THIS MISC. APPLICATION FILED BY THE ASSESSEE IS ALLOWED ORDER PRONOUNCED IN OPEN COURT ON TH IS 1 7 T H DAY OF OCT. , 201 8 . S D / - S D / - ( D.S. SUNDER SINGH ) ( V. DURGA RAO ) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 1 7 T H OCT . , 201 8 . VR/ - 3 M A NO. 25/VIZ/2018 ( JAMI VENKATA RAMANA ) COPY TO: 1. THE ASSESSEE JAMI VENKATA RAMANA, NARAYANA MILL JUNCTION, ARASAVILLI ROAD, SRIKAKULAM DISTRICT. 2. THE REVENUE ITO, WARD - 1, SRIKAKULAM. 3. THE PR. CIT - 2, VISAKHAPATNAM. 4. THE CIT(A) - 2, GUNTUR. 5. THE D.R . , VISAKHAPATNAM. 6. GUARD FILE. BY ORDER (VUKKEM RAMBABU) SR. PRIVATE SECRETARY, ITAT, VISAKHAPATNAM.