Acit Rg 6 1 Mumbai v. Jayant Oil Amp Derivatives Ltd Mumbai

In The Income Tax Appellate Tribunal Mumbai Benches J Mumbai Before Shri R S Syal Am And Shri N V Vasudevan Jm Ita No 3255 Mum 2009 Asst Year 2005 2006 The Asstt Commissioner Of Income Tax Circle 6 1 Mumbai Vs M S Jayant Oil Derivatives Limited 13 Sitafalwadi Mazgaon Mumbai 400 010 Pa No Aaacj 2845 F Appellant Respondent Appellant By Shri N K Bhalodia Respondent By None O R D E R Per R S Syal Am This Appeal By The Revenue Arises Out Of The Order Passed By The Commissioner Of Income Tax Appeals On 18 03 2009 In Relation To The Assessment Year 2005 2006 2 The Only Issue Raised In This Appeal Is Against The Deletion Of Addition Of Rs 7 Lakhs Made By The Assessing Officer On Account Of P Rofessional Fees Received By The Assessee From M S Jayant Oil Mills Baroda Bri Efly Stated The Facts Of The Case Are That The Assessing Officer On The Basis Of Inf Ormation Available With The Department On Air System Observed That The Assesse E Had Received Professional Fees Amounting To Rs 7 Lakhs From M S Jayant Oil Mi Lls Baroda On Verification It Was Seen That The Assessee Had Not Shown This Recei Pt In Its Return Of Income In The Absence Of The Assessee Reconciling Or Explaining T He Discrepancy The A O Made Addition Of Rs 7 Lakhs Which Came To Be Deleted In The First Appeal 3 There Is No Appearance From The Side Of The Asse Ssee Despite Notice After Going Through The Relevant Material On Record In Th E Light Of Submissions Made By The Ld Dr It Is Observed That The Case Of The Ass Essee Before The Learned Cit A Was That The Baroda Unit Of The Assessee Company Ha D Remitted The Sum Of Rs 7 Ita No 3255 Mum 2009 M S Jayant Oil Derivatives Limited 2 Lakhs To The Assessees Head Office And Since The P Ayer And Payee Remained The Same There Was No Question Of Any Income We Find That This Contention Was Raised Before The Learned Cit A For The First Time Who Accepted The Same Without Calling For The Report From The Assessing Officer More Specifically In View Of The Fact That The Assessee Failed To Furnish Any Reconc Iliation Or Explanation About This Income Received From M S Jayant Oil Mills Baroda B Efore The Ao Obviously If The Payer And Payee Are One Person Then There Cann Ot Be Any Question Of Income Arising From Assessee To Itself In View Of The Fac T That The Name Of The Payer Has Been Mentioned As M S Jayant Oil Mills Baroda Wher Eas The Assessee Is Named As M S Jayant Oil Derivatives Limited It Needs Ver Ification Whether Both The Parties Are Same Or Not Under Such Circumstances W E Are Of The Considered Opinion That It Will Be In The Interest Of Justice If The I Mpugned Order Is Set Aside And The Matter Is Restored To The File Of The Assessing Off Icer We Order Accordingly And Direct Him To Decide This Issue Afresh As Per Law A Fter Allowing A Reasonable Opportunity Of Being Heard To The Assessee Needles S To Say The Assessee Will Furnish Complete Details As Called For By The Assessing Off Icer To Prove His Case 4 In The Result The Appeal Is Allowed For Statist Ical Purposes Order Pronounced On This 28 Th Day Of January 2010 Sd Sd N V Vasudevan R S Syal Judicial Member Accountant Me Mber Mumbai 28 Th January 2010 Devdas Copy To 1 The Appellant 2 The Respondent 3 The Cit Concerned 4 The Cit A Vi Mumbai 5 The Dr Itat Mumbai 6 Guard File Ita No 3255 Mum 2009 M S Jayant Oil Derivatives Limited 3 True Copy By Order Assistant Registrar Itat Mumbai Ita No 3255 Mum 2009 M S Jayant Oil Derivatives Limited 4 Date Initial 1 Draft Dictated On 28 01 2010 Sr Ps 2 Draft Placed Before Author 28 01 2010 Sr Ps 3 Draft Proposed Placed Before The Second Member Jm Am 4 Draft Discussed Approved By Second Member Jm Am 5 Approved Draft Comes To The Sr Ps Ps Sr Ps Ps 6 Kept For Pronouncement On Sr Ps 7 File Sent To The Bench Clerk Sr Ps 8 Date On Which File Goes To The Head Clerk 9 Date Of Dispatch Of Order