ITO, BHUBANESWAR vs. TARA PRASAD PATTNAIK, BHUBANESWAR

आयकर अपीलीय अधधकरण, कटक न्यायपीठ,कटक IN THE INCOME TAX APPELLATE TRIBUNAL CUTTACK BENCH CUTTACK BEFORE SHRI N.S.SAINI, AM & SHRI PAVAN KUMAR GADALE, JM आयकर अपील सं./ITA No.454/CTK/2014 (धनधाारण वषा / Assessment Year :2008-2009) Shri Ramesh Kumar Behuria, Vs. ACIT, C-1(1), Sambalpur Baneikala, Joda, Keonjhar, Odisha-758035 स्थायी लेखा सं./जीआइआर सं./ PAN/GIR No. : AEWPB 1583 M (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) धनधााररती की ओर से /Assessee by : Shri Chitta Ranjan Sahoo, AR राजस्व की ओर से /Revenue by : Shri D.K.Pradhan, DR सुनवाई की तारीख / Date of Hearing : 05/07/2017 घोषणा की तारीख/Date of Pronouncement 07/07/2017 आदेश / O R D E R Per Shri Pavan Kumar Gadale, JM: The assessee has filed this appeal against the order of CIT(A), Cuttack, dated 29.09.2014 in I.T.Appeal No.0332/14-15, passed u/s.144/147/143(3) of the Act. The assessee has raised only sole substantive ground with respect to valuation of closing stock and also the assessee was not provided sufficient opportunity to present his evidence before the appellate authorities. 2. Brief facts of the case are that the assessee is in the business of iron ore trading and filed the return of income for the assessment year 2008-2009 on 09.03.2010 declaring total income of Rs.93,36,250/-, subsequently the case was selected for scrutiny and notices u/s.143(2) & 142(1) were issued along with questionnaire. Thereafter assessment was completed u/s.143(3) on 21.5.2010 with assessed income of Rs.1,24,93,950/-. On perusal of the profit and loss account the AO found that there is a difference in the valuation of closing stock and also dealt on

2 ITA No.454/2014 the tax audit report and finally concluded that there is a suppression of closing stock to the extent of Rs.1,72,88,053/- and made addition, and assessed income at Rs.2,93,82,003/- and passed the order u/s.143(3), dated 19.2.2003. 3. Aggrieved by the order of AO, the assessee preferred an appeal before the CIT(A). In the appellate proceedings, ld. AR of the assessee argued the grounds and reiterated the submissions made before the AO in respect of disputed issue. Ld. CIT(A) after considering the findings of the AO and submissions of the assessee found that the assessee could not submit any evidence and also the calculation in respect of the valuation of closing stock is not properly made and sustained the action of AO and dismissed the appeal of the assessee. 4. Aggrieved by the order of the CIT(A) the assessee has filed the present appeal before the Tribunal. 5. Before us, ld. AR argued that the ld. CIT(A) has erred in not providing opportunity to submit the evidence and also erred in confirming the addition made by the AO and prayed for allowing the appeal. 6. Contra, the ld. DR relied on the orders of lower authorities. 7. We heard rival submissions and perused the findings of lower authorities and material on record. Ld. AR’s contention at the time of hearing that the ld CIT(A) has not granted sufficient opportunity to present its case with evidence and, therefore, ld. AR prayed for one more opportunity be provided. Considering the facts and circumstances and the submissions of the assessee, we are of the opinion, in the interest of

3 ITA No.454/2014 justice, one more opportunity be provided to the assessee. Accordingly, we remit the disputed issue to the file of CIT(A), who shall pass the order after considering the submissions and evidence filed by the assessee and assessee shall cooperate in disposal of the appeal. Accordingly, assessee’s appeal is allowed for statistical purposes. 8. In the result, appeal of the assessee is allowed for statistical purposes. Order pronounced in the open court on this 07/07/2017. Sd/- Sd/- (N. S. SAINI) (PAVAN KUMAR GADALE) लेखा सदस्य / ACCOUNTANT MEMBER न्याधयक सदस्य / JUDICIAL MEMBER कटक Cuttack; ददनांक Dated 07/07/2017 प्र.कु.धि/PKM, Senior Private Secretary आदेश की प्रधतधलधप अग्रेधषत/Copy of the Order forwarded to : 1. अपीलाथी / The Appellant- Shri Ramesh Kumar Behuria, Baneikala, Joda, Keonjhar, Odisha-758035 2. प्रत्यथी / The Respondent- ACIT, C-1(1),Sambalpur आयकर आयुक्त(अपील) / The CIT(A), 3. आयकर आयुक्त / CIT 4. विभागीय प्रविविवि, आयकर अपीलीय अविकरण, कटक / DR, ITAT, Cuttack 5. आदेशानुसार/ BY ORDER, 6. गाडा फाईल / Guard file. सत्याधपत प्रधत //True Copy// (Senior Private Secretary) आयकर अपीलीय अधधकरण, कटक / ITAT, Cuttack