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Income Tax Appellate Tribunal, KOLKATA ‘SMC’ BENCH, KOLKATA
Before: Shri J. Sudhakar Reddy, Hon’ble]
IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘SMC’ BENCH, KOLKATA [Before Shri J. Sudhakar Reddy, Hon’ble Accountant Member] Assessment Year: 2001-02 & Assessment Year: 2002-03 Superb Plastic Thermoforming Pvt. Ltd...............……....………………..………………....……Appellant 103/24/1, Foreshore Road Shibpur Howrah – 711 102 [PAN: AADCS 6918 B] Vs. Income Tax Officer, Ward-10(3), Kolkata................................................….....….…......Respondent Appearances by: Shri A. Kochar, Advocate, appeared on behalf of the assessee. Shri Jayanta Khanra, JCIT, Sr. D/R, appearing on behalf of the Revenue Date of concluding the hearing : January 6th, 2020 Date of pronouncing the order : January 10th, 2020 O R D E R Per J. Sudhakar Reddy, AM :-
Both these appeals filed by the assessee are directed against separate orders of the Learned Commissioner of Income Tax (Appeals) – 11, Kolkata, (hereinafter the “ld.CIT(A)”), passed u/s. 250 of the Income Tax Act, 1961 (the ‘Act’), dt. 28/05/2019, for the Assessment Years 2001-02 & 2002-03.
After hearing both the parties, I am of the considered opinion that the interest of justice would be met if the net profit in question is estimated at 0.75% of the suppressed sales. The Assessing Officer had estimated the net profit @ 3% and whereas the ld. CIT(A) directed the Assessing Officer to calculate the rate at 1.26% of the suppressed sales. The Assessing Officer in an assessment for the Assessment Year 2003-04, had estimated the net profit at 0.09%.
Under these circumstances, I direct the Assessing Officer to calculate the profit @ .75% on the suppressed sales for both these Assessment Years. As this was accepted by both the parties, I do not adjudicate the other grounds on reopening.
Kolkata, the 10th day of January, 2020. Sd/- [J. Sudhakar Reddy] Accountant Member Dated : 10.01.2020 {SC SPS}
Assessment Year: 2001-02 & Assessment Year: 2002-03 Superb Plastic Thermoforming Pvt. Ltd. Superb Plastic Thermoforming Pvt. Ltd Copy of the order forwarded to: opy of the order forwarded to:
1. 1. Superb Plastic Thermoforming Pvt. Ltd Superb Plastic Thermoforming Pvt. Ltd 103/24/1, Foreshore Road Shibpur Howrah – 711 102 2. Income Tax Officer, Ward-10(3), Kolkata 10(3), Kolkata 3.
4. CIT(A)- 5. CIT- , Sent through e-mail.
6. CIT(DR), Kolkata Benches, Kolkata. . CIT(DR), Kolkata Benches, Kolkata.