M/s UK N Properties P Ltd, Bangalore V. Deputy Commissioner of Income tax, Bangalore

MA 72/BANG/2017

• Counselvise Citation: [2017] 124 COUNSELVISE.COM (IT) 5655 (ITAT-BANGALORE)
• Duration Of Justice: 2 month(s) 21 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 07-06-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 05-05-2017
• Assessment Year: 2008-2009
• Appeal Filed On: 16-03-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: INDER SOLANKI
• Assessee Lawyers: A SHANKAR

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH: BANGALORE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI LALIET KUMAR, JUDICIAL MEMBER MP NOS. 72 & 73/BANG/2017 (IN ITA NOS. 1559, 1534 & 1654/BANG/2013) ASSESSMENT YEARS: 2008-09 TO 2009-10 M/S. UKN PROPERTIES P. LTD., NO. 102, ST. PATRICKS ARCADE, RESIDENCY ROAD, BANGALORE 560 025. PAN: AAACU 3584A APPELLANT VS. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 12(5), BANGALORE. .....RESPONDENT APPELLANT BY : SHRI A. S HANKAR, ADVOCATE RESPONDENT BY : SHRI INDER SOLANKI, JCIT DATE OF HEARING : 0 5 .0 5 .2017 DATE OF PRONOUNCEMENT : 07 .0 6 .2017 O R D E R PER SHRI INTURI RAMA RAO, AM: THIS MISCELLANEOUS PETITION IS FILED BY THE ASSESSE E-COMPANY SEEKING THE RECALL OF THE ORDER PASSED BY THIS TRIBUNAL IN ITA NOS. 1559, 1534 & 1654/BANG/2013 FOR THE ASSESSMENT YEARS 2008-09 AND 2009-10 VIDE ORDER DATED 19.10.2016. AS THE TRIBUNAL HAD FAILED TO AD JUDICATE THE SECOND LIMB OF THE ISSUE IN APPEAL I.E. COMPUTATION OF THE INCO ME EVEN IF PERCENTAGE OF COMPLETION METHOD OF ACCOUNTING IS UPHELD, HE SUBMI TTED THAT THE ASSESSEE- MP NOS. 72 & 73/BANG/2017 IN ITA NOS. 1559, 1534 & 1654/BANG/2013 PAGE 2 OF 3 COMPANY RAISED THE ISSUE OF METHOD OF COMPUTATION O F INCOME EVEN IF PERCENTAGE OF COMPLETION METHOD IS HELD TO BE APPLI CABLE VIDE GROUND NO. 2 MENTIONED IN THE GROUNDS OF APPEAL AND HE ALSO INVI TED ATTENTION TO PARA 4 OF THE ORDER WHEREIN THE ISSUES IN THE APPEAL WAS SUMM ARIZED. THE ARGUMENTS OF THE COUNSEL FOR THE APPELLANT WAS RAISED VIDE GR OUND NOS. 1,2 AND 3. THUS IT IS PRAYED THAT THE HONBLE TRIBUNAL WHILE PASSIN G THE IMPUGNED ORDER HAD IGNORED THE SPECIFIC LIMB OF ARGUMENT AND ACCORDING LY SUBMITTED THAT THE IMPUGNED ORDER MAY BE RECALLED FOR LIMITED PURPOSE OF ADJUDICATING THE CORRECTNESS OF COMPUTATION OF INCOME MADE EVEN UNDE R THE PERCENTAGE TO COMPLETION OF METHOD OF ACCOUNTING. 2. AFTER HEARING THE RIVAL SUBMISSIONS AND PERUSAL OF THE MATERIAL ON RECORD, WE ARE OF THE CONSIDERED OPINION THAT THERE IS A ME RIT IN THE SUBMISSIONS THAT THE TRIBUNAL HAD FAILED TO ADJUDICATE THE ISSU E OF COMPUTATION OF INCOME AND PERCENTAGE OF COMPLETION METHOD OF ACCOU NTING. THEREFORE THE APPEAL IS RECALLED FOR THE LIMITED PURPOSE OF A DJUDICATING THIS PART OF THE ISSUE IN APPEAL. WE DIRECT THE REGISTRY TO FIX THE DATE OF HEARING OF THE APPEAL IN NORMAL COURSE. 3. IN THE RESULT, THE MISCELLANEOUS PETITION FILED BY THE ASSESSEE IS ALLOWED. 4. PRONOUNCED IN THE OPEN COURT ON THIS 07 TH DAY OF JUNE, 2017 SD/- SD/- ( LALIET KUMAR ) (INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER BANGALORE, DATED, THE 07 TH JUNE, 2017. / MS/ MP NOS. 72 & 73/BANG/2017 IN ITA NOS. 1559, 1534 & 1654/BANG/2013 PAGE 3 OF 3 COPY TO: 1. APP ELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR, ITAT, BANGALORE.