MAJESTIC INTERNATIONAL,CHENNAI vs. ACIT, CHENNAI

This appeal is filed by the assessee aggrieved by the order passed by the Commissioner of Income Tax (Appeals)-5, Chennai in 5/13-14 dated 27.05.2016 for the assessment year 2008-09 passed u/s.143(3) r.w.s 250(6) of the Act.

The assessee has raised seven grounds in his appeal with respect to two issues regarding arithmetic computations.

At the outset, the Ld. AR submitted that the Ld. AO erred with respect to arithmetic computation of opening stock, closing stock, work- in- progress, etc., due to which the additions were made and sustained by the Ld. CIT(A). He further prayed that one more opportunity may be provided to the assessee so that the assessee will be in a position to vividly explain the error in the arithmetic computation before the Ld. AO and accordingly rectify the same. The Ld. DR could not controvert to the submission of the Ld. AO because prima facie some mistake appeared to be in the arithmetic calculations.

After hearing both sides, I am of the considered view that the matter requires to be re-examined by the Ld. AO afresh. Therefore, in the interest of justice, I hereby remit the entire matter back to the file of AO for de-nova consideration.

In the result appeal of the assessee is allowed for statistical purposes.