ACIT, Ernakulam V. Sri. R.Vijayakumar, Cochin

MA 48/COCH/2014

• Counselvise Citation: [2014] 124 COUNSELVISE.COM (IT) 2014 (ITAT-COCHIN)
• Duration Of Justice: 2 month(s) 24 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 18-07-2014
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2007-2008
• Appeal Filed On: 24-04-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: LATHA V KUMAR
• Assessee Lawyers: K NITYANANDA KAMAT

Judgement Text

1 MA NOS.47 TO 49/COCH/2014 IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE SHRI N.R.S. GANESAN (JM) AND SHRI CHANDRA PO OJARI (AM) M.A. NOS 47 TO 49/COCH/2014 (ARISING OUT OF I.T.A NOS.407 TO 409/COCH/2011) (ASSESSMENT YEARS 2006-07 TO 2008-09) ACIT, CENT.CIR.2 VS SHRI R VIJAYAKUMAR ERNAKULAM JAWAHAR ROD, MATTANCHERRY KOCHI-2 PAN : AESPK7782F (APPLICANT) (RESPONDENT) APPLICANT BY : SMT. LATHA V KUMAR, JR DR RESPONDENT BY : SHRI K NITYANANDA KAMAT DATE OF HEARING : 04-07-2014 DATE OF PRONOUNCEMENT : 18-07-2014 O R D E R PER N.R.S. GANESAN (JM) THE REVENUE FILED THE MISCELLANEOUS PETITION ON TH E GROUND THAT THE IF THE NET PROFIT WAS ESTIMATED FROM AGRICULTURAL ACTI VITY @50% AS DIRECTED BY THE TRIBUNAL, THE NET AGRICULTURAL INCOME WOULD BE LESS THAN THE AGRICULTURAL INCOME DECLARED BY THE ASSESSEE. REFERRING TO THE ORDER OF THE ITAT, MORE PARTICULARLY, PARAGRAPH 16 ON PAGES 16 & 17 OF THE ITATS ORDER, THE LD.DR SUBMITTED THAT THE TRIBUNAL DIRECTED THE ASSE SSING OFFICER THAT 50% OF THE TOTAL RECEIPTS SHALL BE TREATED AS EXPENDITURE AND THE REMAINING 50% SHALL BE TAKEN AS INCOME. IF THE 50% OF TOTAL RECE IPT IS TAKEN AS INCOME, 2 MA NOS.47 TO 49/COCH/2014 THE INCOME RETURNED BY THE ASSESSEE IS MORE THAN TH E INCOME ESTIMATED AS PER THE DIRECTION OF THE ITAT. THEREFORE, THE O RDER OF THE ITAT MAY BE MODIFIED TO THE EXTENT THAT IF THE ESTIMATED INCOME IS BELOW THE RETURN OF INCOME, TO TREAT THE RETURNED INCOME AS INCOME OF T HE ASSESSEE FROM AGRICULTURAL ACTIVITY. 2. WE HEARD SHRI K NITYANANADA KAMAT, THE LD.REPRES ENTATIVE FOR THE ASSESSEE ALSO. THE LD.REPRESENTATIVE SUBMITTED THA T HE HAS NO OBJECTION TO TAKE THE RETURNED INCOME IN CASE THE ESTIMATED INCO ME GOES BELOW THE RETURNED INCOME. 3. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS ON EITH ER SIDE AND ALSO PERUSED THE MATERIAL AVAILABLE ON RECORD. ADMITTED LY, THE ASSESSEE HAS FILED THE RETURN DISCLOSING THE INCOME FROM AGRICUL TURE. THE INCOME RETURNED IS MORE THAN THE INCOME ESTIMATED AS PER T HE DIRECTION OF THIS TRIBUNAL. THIS TRIBUNAL IS OF THE CONSIDERED OPINI ON THAT THE RETURNED INCOME SHALL BE ACCEPTED AS SUCH IN CASE THE ESTIMA TED INCOME IS LESS THAN THE RETURNED INCOME. THE ESTIMATED INCOME CAN NOT GO BELOW THE RETURNED INCOME. THEREFORE, THE ORDER OF THIS TRIB UNAL IS MODIFIED AND THE ASSESSING OFFICER IS DIRECTED TO TAKE THE RETURNED INCOME AS SUCH IF THE ESTIMATED INCOME GOES BELOW THE RETURNED INCOME FOR THE YEARS UNDER CONSIDERATION. 3 MA NOS.47 TO 49/COCH/2014 4. WITH THE ABOVE OBSERVATIONS, THE MISCELLANEOUS A PPLICATIONS OF THE REVENUE STAND ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 18 TH JULY, 2014. SD/- SD/- (CHANDRA POOJARI) (N.R.S. GANESAN) ACCOUNTANT MEMBER JUDICIAL MEMBER COCHIN, DT : 18 TH JULY, 2014 PK/- COPY TO: 1. ACIT, CENT.CIR.2, ERNAKULAM 2. SHRI R VIJAYAKUMAR, JAWAHAR ROAD, MATTANCHERRY, KOCHI-2 3. THE COMMISSIONER OF INCOME-TAX-III, KOCHI 4. THE COMMISSIONER OF INCOME-TAX(A)-III, KOCHI 5. THE DR (TRUE COPY) BY ORDER ASSTT. REGISTRAR, INCOME-TAX APPELLATE TRIBUNAL, COCHIN BENCH