ACIT, Cir-16(3), Hyderabad v. M/s. Pyramid Infrastrure Pvt.Ltd.,, Hyderabad

ITA 1231/HYD/2011 | 2005-2006
Pronouncement Date: 04-11-2011 | Result: Dismissed

Appeal Details

RSA Number 123122514 RSA 2011
Assessee PAN AACCP9650L
Bench Hyderabad
Appeal Number ITA 1231/HYD/2011
Duration Of Justice 4 month(s) 7 day(s)
Appellant ACIT, Cir-16(3), Hyderabad
Respondent M/s. Pyramid Infrastrure Pvt.Ltd.,, Hyderabad
Appeal Type Income Tax Appeal
Pronouncement Date 04-11-2011
Appeal Filed By Department
Order Result Dismissed
Bench Allotted B
Tribunal Order Date 04-11-2011
Assessment Year 2005-2006
Appeal Filed On 27-06-2011
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B' HYDERABAD BEFORE SHRI G.C.GUPTA VICE PRESIDENT AND SHRI CHANDRA POOJARI ACCOUNTANT MEMBER ITA NO.1231/HYD/11 : ASSTT. YEAR 2005-06 ASSISTANT COMMISSIONER OF INCOME-TAX CIRCLE 16(3) HYDERABAD V/S. M/S. PYRAMID INFRASTRUCTURE (P) LTD. HYDERABAD ( PAN AACCP 9650 L) (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI K.MYTHILI RANI RESPONDENT BY : SHRI V.RAGHAVENDRA RAO DATE OF HEARING 13.10.2011 DATE OF PRONOUNCEMENT 4.11.2011 O R D E R PER G.C.GUPTA VICE PRESIDENT: THIS APPEAL BY THE REVENUE FOR THE ASSESSMENT YEA R 2005-06 IS DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF I NCOME-TAX (APPEALS). 2. GROUNDS OF APPEAL OF THE REVENUE ARE AS UNDE R- 1) THE LEARNED CIT(APPEALS) ERRED IN BOTH LAW AND FACTS OF THE CASE. 2) THE LEARNED CIT(A) HAS ERRED IN NOT ADJUDICATING THE CASE ON THE FACTS AND CIRCUMSTANCES OF THE CASE. 3) THE CIT(A) OUGHT TO HAVE APPRECIATED THAT AS SEE N FROM THE SCHEDULE H TO PROFIT AND LOSS ACCOUNT FOR THE YEA R ENDING 31.3.2005 THE OPENING BALANCE OF THE INVENTORIES AS ON 31.3.2005 WAS TAKEN AT NIL WHEN THE CLOSING THE BALANCE OF INVENTORIES AS ON 31.3.2004 WAS RS.2 75 80 194/- AND THERE IS AN APP ARENT UNDER STATEMENT OF ASSET AND ALSO SUPPRESSION OF INFORMAT ION.: 3. WE HAVE HEARD THE PARTIES. WE FIND THAT THE ORD ER PASSED BY THE COMMISSIONER OF INCOME-TAX UNDER S.263 OF THE ACT W AS CANCELLED IN APPEAL BY THE HYDERABAD BENCH OF THE TRIBUNAL IN THE CASE OF THE ASSESSEE FOR THE RELEVANT ITA NO.1231/HYD/11 M/S. PYRAMID INFRASTRUCTURE (P) LTD. HYDERABAD 2 ASSESSMENT YEAR VIZ. 2005-06 VIDE ORDER DATED 18. 2.2011 AND ACCORDINGLY THE CIT(A) WAS JUSTIFIED IN HOLDING THAT THE ASSESSMENT FRAMED UNDER S.143(3) READ WITH S.263 ALSO CONSEQUENTLY GETS CANCELLED. ACCORDINGLY WE HOLD THAT THERE IS NO MISTAKE IN THE ORDER OF THE CIT(A) WHI CH IS CONFIRMED AND THE GROUNDS OF APPEAL OF THE REVENUE ARE DISMISSED 4. IN THE RESULT REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE COURT ON 4.11.2011 SD/- SD/ - (CHANDRA POOJARI) (G.C.GUPTA) ACCOUNTANT MEMBER VICE PRESIDENT DT/- 4.11.2011 COPY FORWARDED TO: 1. M/S. PYRAMID INFRASTRUCTURE (P)LTD. PLOT NO.126 7 ROAD NO.36 JUBILEE HILLS HYDERABAD 2. ASST. COMMISSIONER OF INCOME - TAX CIRCLE 16(3) HYDERABAD 3. COMMISSIONER OF INCOME - TAX(APPEALS) V HYDERABAD 4. COMMISSIONER OF INCOME - TAX - IV HYDERABAD 5 . THE DEPARTMENTAL REPRESENTATIVE ITAT HYDERABAD. B.V.S.