KRISHNA E CAMPUS PRIVATE LIMITED ,BANGALORE vs. JOINT COMMISSIONER OF INCOME TAX, CIRCLE 4(1)(1), BANGALORE
No AI summary yet for this case.
Income Tax Appellate Tribunal, ‘A’ BENCH : BANGALORE
Before: SHRI CHANDRA POOJARI
IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH : BANGALORE
BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND MS. MADHUMITA ROY, JUDICIAL MEMBER ITA No. 705/Bang/2023 Assessment Year : 2016-17 M/s. Krishna E Campus Pvt. The Joint Ltd., Commissioner of NIRMAL, 344 RMV II Stage, Income Tax, II Block, 1st Cross, Circle – 4(1)(1), Bangalore – 560 094. Vs. Bangalore. PAN: AACCK2999P APPELLANT RESPONDENT
Assessee by : Shri Prasanna Urala, Advocate Revenue by : Shri Nischal .B, Addl. CIT DR
Date of Hearing : 06-12-2023 Date of Pronouncement : 14-12-2023 ORDER PER MADHUMITA ROY, JUDICIAL MEMBER The instant appeal filed by the assessee is directed against the order dated 31.07.2023 passed by the National Faceless Appeal Centre (NFAC), Delhi arising out of the order dated 14.05.2019 passed by the ACIT, Circle – 4(1)(1), Bangalore u/s. 154 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) for A.Y. 2016-17.
The assessee engaged in developing of property and constructing residential apartments cum commercial
Page 2 ITA No. 705/Bang/2023 complex filed its return of income for the year under consideration on 16.10.2016 declaring loss of Rs.(-) 1,87,96,563/- which was finalized by the Ld.AO upon determining income at Rs.2,09,82,885/-. GP was determined on the basis of the percentage completion method. After allowing expenses from it, the income was determined by the Ld.AO at Rs.2,09,82,885/-. The loss claimed by the appellant in its return were rejected. The assessee preferred an application for rectification which also stood rejected.
At the time of hearing of the instant appeal, the Ld.Counsel appearing for the assessee submitted before us that the Ld.AO has not given a proper opportunity of being heard which was also recorded in the order passed by the Ld.CIT(A). However the order passed on the rectification application made by the assessee before the Ld.AO stood wrongly rejected by the Ld.CIT(A) as admittedly the assessee was not given proper opportunity of being heard.
In that view of the matter, the issue needs to be adjudicated afresh by the Ld.AO upon giving an opportunity to the assessee for the ends of justice as the crux of the arguments of the Ld.AR. Such contention made by the assessee’s counsel was not been able to be controverted by the Ld.DR. We also find force in such submission rendered by assessee’s counsel. Hence in order to prevent the miscarriage of justice, we remit the issue to the file of Ld.AO for adjudication of the same upon granting an opportunity of being heard to the
Page 3 ITA No. 705/Bang/2023 assessee and upon taking into consideration the evidence on record or any other evidence which the assessee may choose to file at the time of hearing of the matter.
In the result, the appeal filed by the assessee stands allowed for statistical purposes. Order pronounced in the open court on 14th December, 2023.
Sd/- Sd/- (CHANDRA POOJARI) (MADHUMITA ROY) Accountant Member Judicial Member Bangalore, Dated, the 14th December, 2023. /MS / Copy to: 1. Appellant 2. Respondent 3. CIT 4. DR, ITAT, Bangalore 5. Guard file By order
Assistant Registrar, ITAT, Bangalore
