Sri. V. Selvaraj, Tumkur V. Deputy Commissioner of Income Tax, Central Circle-2(3), Bengaluru

MA 41/BANG/2018

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 1075 (ITAT-BANGALORE)
• Duration Of Justice: 6 month(s) 25 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 14-09-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 19-02-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: PADMA MEENAKSHI
• Assessee Lawyers: V CHANDRASEKHAR
• Keywords: Valuation report; Retraction

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH : BANGALORE BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI JASON P BOAZ, ACCOUNTANT MEMBER [MP NO.41/BANG/2018 (IN ITA NO. 1710 /BANG/201 3 )] ASSESSMENT YEAR : 20 08 - 09 SHRI. V. SELVARAJ, OPP. TALUK OFFICE, CHIKKANAYAKANAHALLI TALUK 572 214, TUMKUR DISTRICT. PAN: A WVPS 4524 J VS. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -2(3), BENGALURU 560 001. APPELLANT RESPONDENT ASSESSEE BY : SHRI. V. CHANDRASEKHAR , ADVOCATE REVENUE BY : SMT. PADMA MEENAKSHI, J CIT DATE OF HEARING : 0 3 . 0 8 .201 8 DATE OF PRONOUNCEMENT : 14 . 0 9 .201 8 O R D E R PER SUNIL KUMAR YADAV, JUDICIAL MEMBER THIS MISCELLANEOUS APPLICATION IS PREFERRED BY THE ASSESSEE AGAINST ITA NO. 1710/BANG/2013, POINTING OUT CERTAIN MISTAKES IN THE ORDER OF THE TRIBUNAL. 2. THE LEARNED COUNSEL FOR THE ASSESSEE HAS CONTENDED THAT WHILE ADJUDICATING THE APPEAL, THE TRIBUNAL DID NOT ADJUDICATE THE ALTERNATIVE GROUND RAISED THROUGH GROUND NO. 8. THEREFORE, MATTER MAY BE FIXED FOR HEARING ON THAT GROUND. MP NO.41/BANG/2018 (IN ITA NO. 1710/BANG/2013) PAGE 2 OF 3 3. WE HAVE CAREFULLY EXAMINED THE ORDER OF THE TRIBUNAL, VIS--VIS THE MISCELLANEOUS APPLICATION AND WE FIND THAT THE MAIN ISSUE BEFORE THE TRIBUNAL IS WITH REGARD TO ADDITION ON ACCOUNT OF INVESTMENT IN EXCESS STOCK FOUND DURING THE COURSE OF SURVEY AT THE MINES OF THE ASSESSEE. THE STATEMENT OF THE ASSESSEE WAS ALSO RECORDED IN WHICH HE HAS OFFERED THE ADDITIONAL INCOME OF RS.7 CRORES. BESIDES, OFFERING ADDITIONAL INCOME OF RS. 7 CRORES, ASSESSEE HAS ALSO STATED THAT HE WILL ARRIVE AT THE ACTUAL AMOUNT AND FURNISH THE DETAILS BASED ON THE VALUATION REPORT. THE ASSESSEE ACCORDINGLY CAME FORWARD TO OFFER AN AMOUNT OF RS.11,10,01,980/- FOR TAXATION IN HIS HANDS FOR ASSESSMENT YEARS 2007-08 AND 2008-09. THE TRIBUNAL HAS ALSO RECORDED THE STATEMENT OF THE ASSESSEE IN ITS ORDER. THE ASSESSEE MADE RETRACTION FROM HIS EARLIER STATEMENT AFTER MORE THAN A YEAR I.E., ON 10.09.2009 WHEN HE WAS REPEATEDLY ASKED TO FILE THE RETURN OF INCOME. THROUGH RETRACTION, ASSESSEE SIMPLY WANTED TO UPGRADE THE BOOKS OF ACCOUNT TO EXPLAIN THE EXCESS STOCK. THE TRIBUNAL HAS TAKEN ALL THESE FACTS INTO ACCOUNT WHILE ADJUDICATING THE ISSUE. SINCE THERE IS ADDITION ON ACCOUNT OF EXCESS STOCK FOUND DURING THE COURSE OF SURVEY, THERE WAS NO QUESTION OF ANY ADJUSTMENT OF THE CLOSING STOCK OF THE EARLIER YEARS WHICH BECAME THE OPENING STOCK OF THE SUCCEEDING YEAR. THAT IS WHY, THE TRIBUNAL DID NOT SPECIFICALLY DEAL WITH GROUND NO. 8 RAISED BY THE ASSESSEE. 4. WE HAVE ALSO CAREFULLY PERUSED THE ORDER OF THE TRIBUNAL AND WE FIND THAT TRIBUNAL HAS EXAMINED ALL NECESSARY ASPECTS WHILE ADJUDICATING THE ISSUE. SINCE WE DO NOT NOTICE ANY ERROR APPARENT IN THE ORDER OF THE TRIBUNAL, WE FIND NO MERIT IN THE MISCELLANEOUS APPLICATION OF THE ASSESSEE. MOREOVER, THE SCOPE OF SECTION 254 (2) IS VERY LIMITED AND ONLY THOSE ERRORS CAN BE RECTIFIED WHICH ARE APPARENT IN THE ORDER OF THE TRIBUNAL. THE VIEW TAKEN BY THE TRIBUNAL CANNOT BE REVIEWED MP NO.41/BANG/2018 (IN ITA NO. 1710/BANG/2013) PAGE 3 OF 3 UNDER THE GARB OF RECTIFICATION UNDER SECTION 254(2) OF THE ACT. WE, THEREFORE, DISMISS THE MISCELLANEOUS APPLICATION OF THE ASSESSEE. 5. IN THE RESULT, MISCELLANEOUS APPLICATION OF THE ASSESSEE STANDS DISMISSED. PRONOUNCED IN THE OPEN COURT ON 14 TH SEPTEMBER, 2018. SD/- SD/- BANGALORE. DATED: 14 TH SEPTEMBER, 2018. /NS/* COPY TO: 1. APPELLANTS 2. RESPONDENT 3. DR 4 . CIT 5 . CIT(A) 6. GUARD FILE BY ORDER SR. PRIVATE SECRETARY, ITAT, BANGALORE. (JASON P BOAZ) (SUNIL KUMAR YADAV) ACCOUNTANT MEMBER JUDICIAL MEMBER