HYDROAIR TECTONICS (PCD) LTD, NAVI MUMBAI V. DCIT CEN CIR 2(1), MUMBAI

MA 429/MUM/2019

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 3232 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 10 month(s) 12 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 11-06-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: H
• Assessment Year: 2010-2011
• Appeal Filed On: 29-07-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: GURBINDER SINGH
• Section: 11

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL , H MUMBAI BEFORE : SHRI MAHAVIR SINGH, VP & SHRI M.BALAGANESH, AM MA NO.429/MUM/2019 (ARISING OUT OF 3954/MUM/2017) (ASSESSMENT YEAR: 2010 - 11) MA NO.430/MUM/2019 (ARISING OUT OF 3931/MUM/2017) ( ASSESSMENT YEAR: 2010 - 11) MA NO.431/MUM/2019 (ARISING OUT OF 3950/MUM/2017) (ASSESSMENT YEAR: 2006 - 07) MA NO.432/MUM/2019 (ARISING OUT OF 3951/MUM/2017) (ASSESSMENT YEAR: 2007 - 08) MA NO.433/MUM/2019 (ARISING OUT OF 3952/MUM/2017) (ASSESSMENT YEAR: 2008 - 09) & MA NO.434/MUM/2019 (ARISING OUT OF 3953/MUM/2017) (ASSESSMENT YEAR: 2009 - 10) M/S. HYDROAIR TECTRONICS (PCD) LTD., OFF. NO.106, CONCORDE PREMISES CO - OPERATIVE SOCIETY LTD., PLOT NO.66 - A, SECTOR - 11 CBD BELAPUR, NAVI MUMBAI - 400614 VS. DCIT - CEN CIR 2(1) R.NO.804,8 TH FLOOR OLD CGO BUILDING, MUMBAI 400 020 PAN/GIR NO. AAACH9686C (APPELLANT ) .. (RESPONDENT ) ASSESSEE BY NONE REVENUE BY SHRI GURBINDER SINGH DATE OF HEARING 11 / 06 /202 1 DATE OF PRONOUNCEMENT 11 / 06 /202 1 M A NO . 429/MUM/2019 AND OTHER APPELS M/S. HYDROAIR TECTRONICS(PCD) LTD., 2 / O R D E R PER M.BALAGANESH (AM): BY VIRTUE OF THESE MISCELLANEOUS APPLICATIONS, THE ASSESSEE SEEKS TO RECALL THE COMMON ORDER PASSED BY THIS TRIBUNAL ON 30/01/2019. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE. THESE MISCELLANEOUS APPLICATIONS WE RE LISTED FOR HEARING ON 27/09/2019, 25/10/2019, 08/11/2019, 03/ 01/2020, 28/02/2020, 06/03/2020, 27/03/2020, 18/09/2020, 20/11/2020, 27/11/2020, 15/01/2021, 05/02/2021, 05/03/2021, 23/04/2021 & 11/06/2021. ON NONE OF THESE OCCASIONS, THE ASSESSEE DID BOTHE R TO MAKE ANY REPRESENTATION EITHER IN PERSON OR THROUGH AUTHORISED REPRESENTATIVE. EVEN WRITTEN SUBMISSIONS WERE NOT FILED IN SUPPORT OF THE MISCELLANEOUS APPLICATIONS. SINCE SUFFICIENT OPPORTUNITIES HAVE BEEN GIVEN TO THE ASSESSEE, COMMENCING FROM SEPTEM BER 2019 TO JUNE 2021, THE BENCH FELT THAT ASSESSEE IS ABSOLUTELY NOT INTERESTED IN PROSECUTING THESE MISCELLANEOUS APPLICATIONS. HENCE, WE DECIDED TO HEAR THE LD. DR AND DISPOSE OF THESE MISCELLANEOUS APPLICATIONS BASED ON THE MATERIAL AVAILABLE ON RECORD . WE FIND THAT ULTIMATELY THIS TRIBUNAL HAD ONLY RESORTED TO ESTIMATE THE PROFIT ON THE TURNOVER . NO EVIDENCE HAD BEEN BROUGHT ON RECORD EITHER BY ARGUMENTS OR BY WRITTEN SUBMISSIONS IN WRITING FROM THE SIDE OF THE ASSESSEE TO PROVE THAT THE ESTIMATION MAD E BY THE ASSESSEE IS NOT IN ACCORDANCE WITH LAW OR CONTRARY TO THE FACTS AVAILABLE ON RECORD. EVEN COMPARABLE CASES WERE NOT PLACED BY THE ASSESSEE FOR ESTIMATION OF PROFITS . H ENCE, WE HOLD THAT MISCELLANEOUS APPLICATIONS PREFERRED BY THE ASSESSEE IN MA NO .429/MUM/2019 (A.Y.2010 - 11) MA NO.431/MUM/2019 (A.Y.2006 - 07), MA NO. 433/MUM/2019 (A.Y.2008 - M A NO . 429/MUM/2019 AND OTHER APPELS M/S. HYDROAIR TECTRONICS(PCD) LTD., 3 09) , MA NO.434/MUM/2019 (A.Y.2009 - 10) ARE COMPLETELY DEVOID OF MERITS AND HENCE , DISMISSED. THE ISSUE ON ESTIMATION OF PROFITS ARISES IN MA NO.432/MUM/2019 FOR A.Y .2007 - 08 ALSO. THE AFORESAID DECISION RENDERED FOR OTHER ASSESSMENT YEARS ON THE ISSUE OF ESTIMATION OF PROFIT WOULD APPLY WITH EQUAL FORCE FOR A.Y.2007 - 08 ALSO. 3. WITH REGARD TO MA NO.432/MUM/2019 FOR A.Y.2007 - 08, WE FIND THAT THE ASSESSEE HAS ALSO CHAL LENGED CONFIRMATION OF ADDITION MADE U/S.68 OF THE ACT IN THE SUM OF RS.16 CRORES IN RESPECT OF RECEIPT OF SHARE APPLICATION MONEY. NO EVIDENCE HAS BEEN BROUGHT ON RECORD BY THE ASSESSEE TO SUPPORT ITS CASE. NO EVIDENCE HAS ALSO BEEN BROUGHT ON RECORD BY T HE ASSESSEE POINTING OUT THE MISTAKE APPARENT ON RECORD IN THE ORDER PASSED BY THIS TRIBUNAL WARRANTING ANY RECTIFICATION THEREON AND HENCE, WE DISMISS THE MA PREFERRED BY THE ASSESSEE FOR A.Y.2007 - 08. 4. WITH REGARD TO MA NO.430/MUM/2019 FOR A.Y.2010 - 11, WE FIND THAT ASSESSEE HAS CHALLENGED THE CONFIRMATION OF ADDITION MADE U/S.68 OF THE ACT IN THE SUM OF RS.62,72,35,875/ - IN RESPECT OF RECEIPT OF SHARE CAPITAL AND SHARE PREMIUM. NO EVIDENCE BROUGHT ON RECORD BY THE ASSESSEE TO SUPPORT ITS CASE. NO EVIDEN CE HAS ALSO BEEN BROUGHT ON RECORD BY THE ASSESSEE POINTING OUT THE MISTAKE APPARENT ON RECORD IN THE ORDER PASSED BY THIS TRIBUNAL WARRANTING ANY RECTIFICATION THEREON. HENCE, WE DISMISS MISCELLANEOUS APPLICATION PREFERRED BY THE ASSESSEE FOR A.Y.2010 - 11. M A NO . 429/MUM/2019 AND OTHER APPELS M/S. HYDROAIR TECTRONICS(PCD) LTD., 4 5. IN THE RESULT ALL THE MISCELLANEOUS APPLICATIONS PREFERRED BY THE ASSESSEE ARE DISMISSED AS DEVOID O F MERITS. ORDER PRONOUNCED ON 11 /0 6 /2021 BY WAY OF PROPER MENTIONING IN THE NOTICE BOARD. SD/ - ( MAHAVIR SINGH ) SD/ - ( M.BALAGANESH ) VICE PRESIDENT ACCOUNTANT MEMBER MUMBAI ; DATED 11 / 0 6 / 202 1 KARUNA , SR.PS COPY OF THE ORDER FORWARDED TO : BY ORDER, ( ASSTT. REGISTRAR) ITAT, MUMBAI 1. THE APPELLANT 2. THE RESPONDENT. 3. THE CIT(A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY//