SOLUFEED PLANT PRODUCT AND SERVICES PRIVATE LIMITED,NASHIK V. NATIONAL FACELESS APPEAL CENTRE ( NFAC, NASHIK

ITA 283/PUN/2025

AI Insights

The case involves Solufeed Plant Products and Services Private Limited, which appealed against an order from the National Faceless Appeal Centre, Delhi, concerning the assessment year 2015-16. The appeal was directed against an addition of Rs. 22,622,630 to the assessee's income, which was identified as excess stock reported to a bank compared to the closing stock in the books during a survey under section 133A of the Income-tax Act, 1961. The CIT(A) had dismissed the appeal in a non-speaking order, leading to the current appeal before the Income Tax Appellate Tribunal.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 396399 (ITAT-PUNE)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-05-2025
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2015-2016
• Laws Referred To: Income-tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MANISH MEHTA
• Keywords: Set aside; Reasonable cause

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCHES “B”, PUNE BEFORE DR.MANISH BORAD, ACCOUNTANT MEMBER AND SHRI VINAY BHAMORE, JUDICIAL MEMBER आयकर अपील सं. / ITA No.283/PUN/2025 Assessment Year : 2015-16 Solufeed Plant Products and Services Private Limited, 1 Savkar Accident Hospital, Lokmanya Nagar, Gangapur Road, Nashik 422 002 Maharashtra PAN : AAECS0467Q Vs. ACIT, Circle-2, Nashik Appellant Respondent आदेश / ORDER PER DR. MANISH BORAD, ACCOUNTANT MEMBER : The captioned appeal at the instance of assessee pertaining to A.Y.2015-16 is directed against the order dated 02.12.2024 passed by National Faceless Appeal Centre, Delhi u/s.250 of the Income-tax Act, 1961 arising out of Assessment order dated 23.12.2017 passed u/s.143(3) of the Act. 2. When the appeal was called for, none appeared on behalf of the assessee despite due service of notice of hearing. We however on perusal of the record with the assistance of ld. Departmental Representative observe that the impugned order of ld.CIT(A) is a non-speaking order as ld.CIT(A) has summarily dismissed the assessee’s appeal observing as follows : Appellant by : None Revenue by : Shri Manish Mehta Date of hearing : 14.05.2025 Date of pronouncement : 27.05.2025 ITA No.283/PUN/2025 Solufeed Plant Product and Services Private Limited 2 “1. The grounds of appeal object to addition of Rs.22622630/- on account of excess stock with bank. In this case survey u/s133A of the IT Act was conducted on 13.02.2015. The survey action was conducted at business premises of M.s Solufeed Plant Products And Services Private Ltd. Dr.Sackar Accident Hospital, Lokmanya Nagar, Nagpur Road, Behind KTHM College Nashik-422002. During the survey a trial balance for a period from 01.04.2014 to 31.01.2015 was obtained from the assessee's books of account. As per this trial balance the closing stock was of Rs.3.38Cr. And as per the stock report submitted by the assessee to the TJSB Bank the closing stock was shown at Rs.5.63 Cr. This stock difference of Rs.2.26Cr. was accepted by the Director of the company as an additional income for the AY.2015-16. The only conclusion in this respect can be drawn is that the submission of the assessee dated 11.12.2017 on the basis of tutored facts is not tenable in the eyes of law and provisions of income Tax Act, 1961. Therefore, the addition of Rs.22622630/- is considered by the AO as his concealed income on account of excess stock found during the course of survey which was admitted by the director of the company. The addition of Rs.22622630/- being excess stock with bank is confirmed. 2. The appeal filed by the assessee is dismissed.” 3. We have heard the ld. Departmental Representative and perused the record placed before us. We notice that the said order cannot be categorised as a speaking order and therefore we in the larger interest of justice deem it proper to restore the issue on merits of the case to the file of ld.CIT(A) for afresh adjudication. Ld.CIT(A) after considering the submissions of the assessee shall pass a speaking order as contemplated u/s.250(6) of the Act. Assessee is directed to provide latest email id and contact detail to the department for receiving the notices from ITBA portal. Assessee is also directed to remain vigilant and not to take adjournment unless otherwise required for reasonable cause. Impugned order is set aside and the effective grounds of appeal raised by the assessee are allowed for statistical purposes. ITA No.283/PUN/2025 Solufeed Plant Product and Services Private Limited 3 4. In the result, appeal of the assessee is allowed for statistical purposes. Order pronounced on this 27th day of May, 2025. Sd/- Sd/- (VINAY BHAMORE) (MANISH BORAD) JUDICIAL MEMBER ACCOUNTANT MEMBER पुणे / Pune; \u0001दनांक / Dated : 27th May, 2025. Satish आदेश क\u0002 \u0003ितिलिप अ ेिषत / Copy of the Order forwarded to : 1. अपीलाथ / The Appellant. 2. \u000eयथ / The Respondent. 3. The Pr. CIT concerned. 4. िवभागीय ितिनिध, आयकर अपीलीय अिधकरण, “B” ब\u0014च, पुणे / DR, ITAT, “B” Bench, Pune. 5. गाड\u0004 फ़ाइल / Guard File. आदेशानुसार / BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण, पुणे / ITAT, Pune. "