ITO, WD-10(1), KOLKATA, Kolkata V. M/s J J Development Pvt. Ltd., Kolkata

MA 87/KOL/2015

• Counselvise Citation: [2016] 124 COUNSELVISE.COM (IT) 3901 (ITAT-KOLKATA)
• Duration Of Justice: 4 month(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 01-01-2016
• Appeal Filed By: Assessee
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 31-08-2015
• Court: TRIBUNAL
• Section: 143(3); 147; 148

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH: KO LKATA [BEFORE SHRI P. M. JAGTAP, AM & SHRI MAHAVIR SINGH , JM] M.A NO. 87/KOL/2015 IN I.T.A NO.74/KOL/2012 ASSESSMENT YEAR: 2007-08 INCOME-TAX OFFICER, WD-10(1), KOLKATA. VS. J. J. DEVELOPMENT PVT. LTD. (PAN: AAACJ8800C) ( APPLICANT ) ( RESPONDENT ) DATE OF HEARING: 01.01.2016 DATE OF PRONOUNCEMENT: 01.01.2016 FOR THE APPLICANT: SHRI DEBASISH BANERJEE, JCIT, S R. DR FOR THE RESPONDENT: SHRI S. M. SURANA & SHRI V. N. PUROHIT ORDER PER SHRI MAHAVIR SINGH, JM: BY WAY OF THIS MISC. APPLICATION THE REVENUE HAS RA ISED THE ISSUE THAT THE AO HAS MADE ADDITION QUA THE INCOME ESCAPED ASSESSMENT FOR WHICH REASONS WERE RECORDED FOR ISSUANCE OF NOTICE U/S. 148 OF THE ACT. LD. SR. DR STATED THAT THE ESCAPED INCOME IS PART OF THE TOTAL INCOME AND THE SAME IS EMBEDDED IN THE TOTAL ADDITION MADE BY THE AO. ON THE OTHER HAND, THE LD. COUNSEL FOR THE ASSESSEE DR EW OUR ATTENTION SPECIFIC FACTUAL FINDING RECORDED BY THE AO AND CONCEDED BY THE LD. DR BEFORE THE BENCH, WHICH READS AS UNDER: FOR THIS, HE STATED THAT NO ADDITION QUA THE INCOM E ESCAPED ASSESSMENT AS REASONS RECORDED FOR ISSUANCE OF NOTICE U/S. 147 READ WITH SECTION 148 OF THE ACT HAS BEEN INCLUDED IN THE ASSESSED INCOME WHILE COMPLETING AS SESSMENT U/S. 147 READ WITH SECTION 143(3) OF THE ACT. ON QUERY FROM THE BENCH, LD. SR . DR SHRI SANJAY PERUSED THE ASSESSMENT ORDER FRAMED U/S. 143(3) READ WITH SECTI ON 147 OF THE ACT DATED 29.12.2010 AND STATED THAT IN RESPECT TO REASONS RECORDED FOR EXCESS SALE CONSIDERATION OF RS.26,84,942/-, OF ONE SHRI MANISH JHUNJHUNWALA VID E AGREEMENT DATED 02.06.2006, WHICH FORMED BASIS FOR ISSUANCE OF NOTICE U/S. 148 OF THE ACT HAS NOT BEEN INCLUDED IN THE TOTAL INCOME AS ASSESSED BY THE AO. 2. WE HAVE HEARD RIVAL SUBMISSIONS AND GONE THROUGH FACTS AND CIRCUMSTANCES OF THE CASE. WE FIND THAT THE TRIBUNAL HAS SPECIFICALLY R ECORDED THE FACT AS ARGUED BY LD. SR. DR AT THE TIME OF HEARING OF THE APPEAL THAT THE ES CAPED INCOME FOR WHICH REASONS RECORDED FOR EXCESS SALE CONSIDERATION OF RS.26,84, 942/- TO ONE MANISH JHUNJHUNWALA VIDE AGREEMENT DATED 02.06.2006 HAVE NOT BEEN INCLU DED IN THE TOTAL INCOME AS ASSESSED BY THE AO. THE TRIBUNAL HAS TAKEN A VIEW AND AT TH E TIME OF HEARING THE LD. DR HIMSELF CONCEDED THE POSITION AND THIS IS FACTUAL POSITION. ACCORDINGLY, THERE IS NO MISTAKE 2 M A NO.87/K/2015 J. J. DEV. PVT. LTD. AY 2007-08 APPARENT FROM RECORD, WHICH CAN BE RECTIFIED IN THE ORDER OF THE TRIBUNAL. MISC. APPLICATION OF REVENUE IS DISMISSED. 3. IN THE RESULT, MISC. APPLICATION OF REVENUE IS D ISMISSED. 4. ORDER IS PRONOUNCED IN THE OPEN COURT. SD/- SD/- (P. M. JAGTAP) (MAHAVIR SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 01 ST JANUARY, 2016 JD.(SR.P.S.) COPY OF THE ORDER FORWARDED TO: 1 . APPELLANT ITO, WD-10(1), KOLKATA 2 RESPONDENT J. J. DEVELOPMENT PVT. LTD., 43/3, HAZR A ROAD, KOLKATA- 700019. 3 . THE CIT(A), KOLKATA 4. 5. CIT , KOLKATA DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, ASSTT. REGISTRAR .