V Guard Industries Limited, Vennala vs. The Principal Commissioner of Income Tax-1, Kochi
In the result, the assessee’s appeal is partly allowed
ITA 63/COCH/2022[2016-2017]Status: DisposedITAT Cochin20 Mar 2023AY 2016-2017
Bench: Shri Sanjay Arora & Shri Sandeep Gosainv-Guard Industries Ltd. Principal Cit-1, 42/962, Vennala High School C R Building, I S Press Road, Vs. Road, Vennala, Kochi 682018 Ernakulam 682028 [Pan: Aaacv5492Q] (Appellant) (Respondent) Appellant By: Shri Anil D. Nair, Advocate Respondent By: Shri Prashant V.K., Cit-Dr Date Of Hearing: 01.02.2023 Date Of Pronouncement: 20.03.2023 O R D E R Per: Bench This Is An Appeal By The Assessee Challenging The Revision Of It’S Assessment Under Section 143(3) Of The Income Tax Act, 1961 (‘The Act’ Hereinafter) Dated 28/12/2018 For Assessment Year (Ay) 2016-17 By The Principal Commissioner Of Income Tax-1, Kochi (‘Pr. Cit’ For Short) Vide Order U/S. 263 Dated 22/03/2021. 2. The Appeal, Filed On 08/03/2022, Though Delayed By 256 Days, Was Admitted In View Of The Blanket Condonation By The Apex Court In Suo Motu Wp(C) No.3/2020, Dated 10/01/2022, Excluding The Period From 15/3/2020 To 28/02/2022 In Reckoning The Delay In Computing Limitation Under Law & The Hearing Accordingly Proceeded With. The Assessee Is A Company Manufacturing Electrical Cables, Pumps, Solar Water Heaters, Etc. & Trading In Electrical & Electronic Goods. Revision Of It’S Impugned Assessment Is On Several Issues On Which The Revisionary Authority Found An Absence Or Lack Of Enquiry By The Assessing Officer
For Appellant: Shri Anil D. Nair, AdvocateFor Respondent: Shri Prashant V.K., CIT-DR
Section 143(3)Section 263
…ach year. This explanation, along with others, may have been furnished before him had the AO enquired in the matter, and place the observations by the ld. Pr. CIT in context. The matter being factual, reference to the decision in Rotork Controls v. CIT [2009] 314 ITR 62 (SC), also relied upon by the Revenue, would be of no consequence; the instant being rather a case of application of the principles laid down therein. The basis for the provision of warranty, claimed to be on empirical evidence, generated by past data, would have to be examined by him, even if on a test-check basis, arriving at a satisfaction befo…
