Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, CUTTACK ‘SMC’ BENCH,
Before: SHRI N.S SAINI
These are the appeals filed by the assessee against separate orders of
CIT(A)-2, Bhubaneswar, all dated 14.7.2016, for the assessment years 2009-
10, 2010-11 & 2011-12, respectively.
ITA No.367 & 368/CTK/2016 for A.Ys. 2009-10 & 2010-11:
The sole ground of the appeal for both the assessment year is that the
CIT(A) erred in determining the net profit at 2% on the turnover, which is
unjustified and otherwise highly excessive .
2 ITA No s.367,368 & 369 /CT K/20 16 Asse ssme nt Y ear s :2 009 -10, 2010- 11 & 201 1-1 2
At the time of hearing, ld A.R. of the assessee submitted that he is not
pressing this ground of appeal and also made an endorsement to this effect
to the grounds of appeal appended to Form No.36 of the appeal memo filed
before the Tribunal. Hence, same is dismissed as not pressed.
ITA No.369/CTK/2016 for A.Y. 2011-12:
In this appeal, the sole grievance of the assessee is that the CIT(A) is
not justified in confirming the net profit as determined at 2.5% on the
turnover.
At the time of hearing, ld A.R. of the assessee submitted that the CIT(A)
has quoted in para 2.1 of his order that the alternative submission of the
assessee to reduce the percentage of profit to reasonable extent of 2 to 2.5%
acceptable to the assessee. He submitted that in the case of Khusida Bibi for
the assessment years 2009-10 to 2011-12, the CIT(A) has estimated the net
profit by applying the rate of 2% and while estimating the net profit in the
case of the present assessee for the A.Y. 2011-12, he has applied the net
profit at 2.5%. He further submitted that in the earlier assessment years
2009-10 & 2010-11, the CIT(A) has applied the net profit at 2% and hence,
the net profit for the present assessment year i.e. 2011-12 should be applied
at 2% on the turnover.
Ld D.R. agreed to the above submission of ld A.R. of the assessee.
3 ITA No s.367,368 & 369 /CT K/20 16 Asse ssme nt Y ear s :2 009 -10, 2010- 11 & 201 1-1 2
In view of above submission of ld A.R. of the assessee, I modify the
order of ld CIT(A) and direct the Assessing Officer to assess the income of the
assessee from trading of fish by applying the net profit of 2% on the turnover.
In the result, appeals for assessment years 2009-10 & 2010-11 are
dismissed and appeal for assessment year 2011-12 is partly allowed.
Order pronounced in the open court on 24/01/2017 in the presence of parties.
Sd/- (N.S Saini) ACCOUNTANT MEMBER Cuttack; Dated 24/01 /2017 B.K.Parida, SPS
Copy of the Order forwarded to : 1. The Appellant : Imrak Khan, Ghantapada, New Fish Godown, Near Railway Station, Talcher. 2. The Respondent. ITO, Ward-2, Amrakunja, Dhenkanal. 3. The CIT(A) Cuttack 4. Pr.CIT, Cuttack 5. DR, ITAT, Cuttack 6. Guard file. //True Copy// BY ORDER,
ASST.REGISTRAR, ITAT, Cuttack