Sri Ganapathy Silks, CHENNAI V. ACIT, Madurai

MA 400/CHNY/2017

• Counselvise Citation: [2018] 122 COUNSELVISE.COM (IT) 3985 (ITAT-CHENNAI)
• Duration Of Justice: 1 year(s) 7 month(s) 11 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 05-10-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2008-2009
• Appeal Filed On: 23-02-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: B SAGADEVAN
• Assessee Lawyers: D ANAND
• Keywords: Unexplained investment

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, CHENNAI ... , . !' , # $ BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER %% / M.P. NO.400/CHNY/2017 (IN I.T.A. NO.452/MDS/2016) & '& / ASSESSMENT YEAR : 2008-09 M/S SRI GANAPATHY SILKS, NO.230, MAIN ROAD, SANKARANKOIL, THIRUNELVELI. PAN : AADFS 6190 E V. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE III, MADURAI. ()*& /PETITIONER) ()+*,/ RESPONDENT) )*& . / /PETITIONER BY : SHRI D. ANAND, ADVOCATE )+*, . / / RESPONDENT BY : SHRI B. SAGADEVAN, JCIT 0 . 1# / DATE OF HEARING : 28.09.2018 2!' . 1# / DATE OF PRONOUNCEMENT : 05.10.2018 / O R D E R PER N.R.S. GANESAN, JUDICIAL MEMBER: THE ASSESSEE HAS FILED THE PRESENT MISCELLANEOUS PETITION ON THE GROUND THAT THERE IS ERROR IN THE ORDER OF THIS TRI BUNAL DATED 22.07.2016. 2. SHRI D. ANAND, THE LD.COUNSEL FOR THE ASSESSEE, POINTED OUT THAT THERE IS A TYPOGRAPHICAL ERROR IN THE ORDER OF THIS TRIBUNAL DATED 22.07.2016. REFERRING TO PAGE 12 OF THE ORDER, MOR E PARTICULARLY 2 ND LINE FROM THE BOTTOM IN PARA 10, THE LD.COUNSEL SUBMITTE D THAT THIS TRIBUNAL 2 M.P. NO.400/CHNY/17 FOUND THAT THE ASSESSING OFFICER HAS TO ALLOW DEAD STOCK ALLOWANCE AT THE RATE OF 10% ON THE ESTIMATED UNACCOUNTED INVESTMENT . ACCORDING TO THE LD. COUNSEL, IT SHOULD BE ACCOUNTED INVESTMENT IN STEAD OF UNACCOUNTED INVESTMENT. THIS IS A TYPOGRAPHICAL ERROR. SIMILA RLY AT PAGE 13, 2 ND LINE FROM THE TOP, IT SHOULD BE ACCOUNTED INVESTMENT. I T WAS WRONGLY TYPED AS UNACCOUNTED INVESTMENT. THE LD.COUNSEL SUBMITTED T HAT THESE MAY BE RECTIFIED. 3. WE HEARD SHRI B. SAGADEVAN, THE LD. DEPARTMENTAL REPRESENTATIVE ALSO. HE VERY FAIRLY SUBMITTED THAT IT IS A TYPOGRAPHICAL ERROR AND NEEDS TO BE RECTIFIED. 4. HAVING HEARD BOTH THE LD.COUNSEL FOR THE ASSESSE E AND THE LD. D.R., WE FIND THAT THERE IS ERROR IN THE ORDER OF T HIS TRIBUNAL DATED 22.07.2016 WHICH NEEDS TO BE RECTIFIED. ACCORDINGL Y, THE SAME IS RECTIFIED AS FOLLOWS:- AT PAGE 12, PARA 10, 2 ND LINE FROM BOTTOM, THE WORD UNACCOUNTED IS DELETED. INSTEAD, ACCOUNTED IS INSERTED. NOW, AFTER RECTIFICATION, THE SENTENCE SHALL BE REA D AS FOLLOWS:- THEREFORE, THIS TRIBUNAL IS OF THE CONSIDERED OPINION THAT THE ASSESSING OFFICER HAS TO ALLOW DEAD STOCK ALLOWANCE AT THE RATE OF 10% AS CLAIMED BY THE ASSESSEE ON THE ESTIMATED ACCOUNTED INVESTMENT IN THE STOCK. 3 M.P. NO.400/CHNY/17 SIMILARLY, AT PAGE 13, 2 ND LINE FROM TOP, THE WORD UNACCOUNTED IS DELETED. INSTEAD, ACCOUNTED SHA LL BE INSERTED. NOW, AFTER RECTIFICATION, THE SENTENCE SHALL BE RE AD AS FOLLOWS: ACCORDINGLY, THE ORDERS OF THE AUTHORITIES BELOW ARE MODIFIED AND THE ASSESSING OFFICER IS DIRECTED TO ALLOW 10% DISCOUNT ON THE ACCOUNTED INVESTMENT OF THE STOCK DETERMINED BY THE CIT(APPEALS) . 5. THE ORDER OF THIS TRIBUNAL DATED 22.07.2016 IS R ECTIFIED ACCORDINGLY. HOWEVER, OTHER PART OF THE ORDERS SHA LL REMAIN AS SUCH. 6. IN THE RESULT, THE MISCELLANEOUS PETITION FILED BY THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE COURT ON 5 TH OCTOBER, 2018 AT CHENNAI. SD/- SD/- (. !' ) ( ... ) (A. MOHAN ALANKAMONY) (N.R.S. GANESAN) # / ACCOUNTANT MEMBER /JUDICIAL MEMBER /CHENNAI, 4 /DATED, THE 5 TH OCTOBER, 2018. KRI. . )15% 6%'1 /COPY TO: 1. )*& / PETITIONER 2. )+*, /RESPONDENT 3. 0 71 () /CIT(A) 4. 0 71 /CIT 5. %8 )1 /DR 6. 9& : /GF.