SOWBARNIKA JEWELLERY,COIMBATORE vs. ACIT, NCC-1,, COIMBATORE

PDF · subscribers
ITA 1306/CHNY/2024Status: DisposedITAT Chennai08 August 2024AY 2017-18Bench: HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL (Accountant Member)2 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal, while acknowledging the assessee's negligence, granted another opportunity for hearing based on the principle of natural justice. The impugned order was set aside, and the appeal was restored to the CIT(A) for fresh adjudication.

What were the facts?

The assessee, engaged in silver trading, was subjected to a survey where excess stock was found. The Assessing Officer added this excess stock under Section 69A read with Section 115BBE. The assessee's appeal to the CIT(A) remained non-compliant, leading to the confirmation of the assessment.

What were the issues?

Whether the assessee should be granted another opportunity to present its case before the CIT(A) despite prior non-compliance, and if the additions made by the AO were justified.

Which sections of the Income-tax Act were involved?

Section 133A,Section 69A,Section 115BBE

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH, CHENNAI

Before: HON’BLE SHRI MAHAVIR SINGH, VP & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

आयकर अपीलीय अिधकरण “ए” �ायपीठ चे�ई म�। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, CHENNAI माननीय �ी महावीर िसंह, उपा ! एवं माननीय �ी मनोज कुमार अ%वाल ,लेखा सद( के सम!। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपीलसं./ (िनधा)रणवष) / Assessment Year: 2017-18) M/s. Sowbarnika Jewellery ACIT बनाम/ 355-M, Ruby Complex, Non-Corporate Circle-1 Vs. Big Bazzar Street, Coimbatore-641 001. Coimbatore. �थायीलेखासं./जीआइआरसं./PAN/GIR No.ABOFS-1177-R (अपीलाथ�/Appellant) : (� थ� / Respondent) अपीलाथ�कीओरसे/ Appellant by : Shri A. Suraj Nahar (CA)- Ld.AR � थ�कीओरसे/Respondent by : Ms. Samantha (Addl.CIT) -Ld. DR सुनवाईकीतारीख/Date of Hearing : 22-07-2024 घोषणाकीतारीख /Date of Pronouncement : 08-08-2024 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member)

1.

Aforesaid appeal by assessee for Assessment Year (AY) 2017-18 arises out of the order of the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 06-03-2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s.143(3) of the Act on 27-12-2019. Upon perusal of assessment order, it could be seen that the assessee is engaged in trading of silver. The assessee was subjected to survey u/s 133A and the assessee offered excess stock. The Ld. AO added the same u/s 69A r.w.s. 115BBE. The Ld. AO also made similar additions of Rs.5.38 Lacs & Rs.11.52 Lacs. Though the assessee preferred appeal against the same, it remained non-compliant. Accordingly, Ld. CIT(A) confirmed the assessment against which the assessee is in further appeal before us.

2.

The Ld. AR pleaded for another opportunity of hearing which has been opposed by Ld. Sr. DR. 3. Though the assessee has remained negligent, however, keeping in mind the principle of natural justice, we deem it fit to grant another opportunity to the assessee to substantiate its case. Accordingly, the impugned order is set aside and the appeal is restored back to the file of Ld. CIT(A) for de novo adjudication after affording opportunity of hearing to the assessee. The assessee is directed to substantiate its case forthwith failing which Ld. CIT(A) shall be at liberty to proceed with disposal of appeal on merits on the basis of material on record. 4. The appeal stand allowed for statistical purposes. Order pronounced on 8th August, 2024 Sd/- Sd/- (MAHAVIR SINGH) (MANOJ KUMAR AGGARWAL) उपा34 / VICE PRESIDENT लेखा सद6 / ACCOUNTANT MEMBER चे8ई Chennai; िदनांक Dated :08-08-2024 DS आदेशकीHितिलिपअ%ेिषत/Copy of the Order forwarded to : 1. अपीलाथ�/Appellant 2. � थ�/Respondent 3. आयकरआयु@/CIT Chennai. 4. िवभागीय�ितिनिध/DR 5. गाडEफाईल/GF

More judgments on Section 133A

All 5,893 judgments and leading authorities on Section 133A →

Recent GST High Court judgments

Search GST case law →