M/s Goutami Constructions, Hyderabad V. ITO,Ward 6(3), Hyderabad

MA 65/HYD/2014

• Counselvise Citation: [2014] 124 COUNSELVISE.COM (IT) 1849 (ITAT-HYDERABAD)
• Duration Of Justice: 1 month(s) 19 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 28-05-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: misc
• Appeal Filed On: 08-04-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD A BENCH, HYDERABAD BEFORE SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER AND SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER M.A. NO. 65/HYD/2014 ARISING OUT OF ITA.NO.1585/HYD/2013 - ASSESSMENT YEAR 2004-2005 M/S. GAUTAMI CONSTRUCTIONS HYDERABAD PAN AABFG 6614P VS. ITO, WARD 6 (3) HYDERABAD (APPELLANT (RESPONDENT) FOR ASSESSEE : MR. K.C. DEVDAS FOR REVENUE : MR. SOLGY JOSE T. KOTTARAM DATE OF HEARING : 09.05.2014 DATE OF PRONOUNCEMENT : 28.05.2014 ORDER PER B. RAMAKOTAIAH, A.M. THIS MISCELLANEOUS APPLICATION FILED BY RESPONDEN T M/S. GAUTAMI CONSTRUCTIONS AGAINST THE ORDER OF ITA T IN ITA.NO.1585/HYD/2013 DATED 26.03.2014. IT WAS BROUG HT TO THE NOTICE OF THE ITAT THAT GROUND NO.2 RAISED BY T HE REVENUE WHICH WAS ALSO ARGUED BY THE LD. COUNSEL WAS NOT CO NSIDERED AND DISPOSED OF IN THE APPEAL. 2. AFTER CONSIDERING THE RIVAL CONTENTIONS, WE NOT ICE THAT GROUND NO.2 RAISED BY THE REVENUE HAS NOT BEEN DISPOSED 2 MA.NO.65/HYD/2014 IN ITA.NO.1585/HYD/2013 M/S. GAUTAMI CONSTRUCTIONS, HYDERABAD. OF EVEN THOUGH THE SAME WAS ARGUED AND HEARD AT THE TIME OF ORIGINAL HEARING. THIS IS A MISTAKE. THE SAME IS TO BE RECTIFIED ACCORDINGLY, THE FOLLOWING PARAS (5 AND 6) ARE INSE RTED AFTER PARA NO.4 OF THE ORDER. 5. GROUND NO.2 OF THE REVENUE PERTAIN TO ISSUE OF ADDITION OF RS.24,25,679/-. ASSESSING OFFICER NO T ONLY ESTIMATED THE INCOME BUT ALSO ADDED THE AMOUNT OF RS.24,25,679/- AS A SEPARATE CONTRACT RECEIPT FROM THE FLAT OWNERS ASSOCIATION AND NOT SALE CONSIDERATION RECEIVED OUT OF 18 FLATS SOLD TO BUYERS. THEREFORE, HE BROUGHT THE RECEIPT AS INCOME IN THE YEAR. LD. CIT( A) AFTER RECONCILING VARIOUS RECEIPTS OF THE ASSESSEE, DELET ED THE SAME STATING AS UNDER : 4.4. IT IS ALSO CLEAR THAT THE GROSS RECEIPTS OF RS.64,06,580/- FORMED PART OF THE P & L ACCOUNT WHICH FORMED THE BASIS OF THE RETURNED INCOME AND ON WHICH THE INCOME WAS ESTIMATED BY THE A.O. THEREFORE, THE ASSESSMENT OF RS.24,25,679/- RESULTS INTO A DOUBLE ADDITION, FIRSTLY ON THE BASIS OF ESTIMATION OF PROFITS ON TH E GROSS RECEIPTS AND THEN THE ASSESSMENT OF PART OF THE GROSS RECEIPTS THEMSELVES. THE ADDITION OF RS.24,25,659/- IS, THEREFORE, ALSO DIRECTED TO BE DELETED. 6 . AFTER CONSIDERING THE RIVAL CONTENTIONS, WE AGREE WITH THE FINDINGS OF THE LD. CIT(A). THERE IS NO MERIT IN THE REVENUE GROUND AND ACCORDINGLY GROUND NO.2 O F THE REVENUE IS ALSO REJECTED. 3 MA.NO.65/HYD/2014 IN ITA.NO.1585/HYD/2013 M/S. GAUTAMI CONSTRUCTIONS, HYDERABAD. PARA 5 IN THE ORIGINAL ORDER, CONSEQUENTIALLY BECOM E PARA- 7 . 3. IN THE RESULT, M.A. OF THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 28.05.2014. SD/- SD/- (ASHA VIJAYARAGHAVAN) (B.RAMAKOTAIAH) JUDICIAL MEMBER ACCOUNTANT MEMBER HYDERABAD DATED 28 TH MAY, 2014 VBP/- COPY TO 1. M/S. GAUTAMI CONSTRUCTIONS, PLOT NO.44, ROAD NO. 7/72, PRASHASHAN NAGAR, JUBILEE HILLS, HYDERABAD 96. 2. THE ITO, WARD 6 (3), HYDERABAD 3. CIT(A)-IV, HYDERABAD 4. CIT-III, HYDERABAD 5. D.R. ITAT, A BENCH, HYDERABAD.