NIYOSI TRADING & INVESTMENT P. LTD, MUMBAI v. ITO 20(3)(2), MUMBAI

ITA 4089/MUM/2009 | 2006-2007
Pronouncement Date: 30-04-2010 | Result: Partly Allowed

Appeal Details

RSA Number 408919914 RSA 2009
Bench Mumbai
Appeal Number ITA 4089/MUM/2009
Duration Of Justice 9 month(s) 28 day(s)
Appellant NIYOSI TRADING & INVESTMENT P. LTD, MUMBAI
Respondent ITO 20(3)(2), MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 30-04-2010
Appeal Filed By Assessee
Order Result Partly Allowed
Bench Allotted B
Tribunal Order Date 30-04-2010
Assessment Year 2006-2007
Appeal Filed On 02-07-2009
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH MUMBAI. BEFORE S/SHRI S.V.MEHROTRA AM & VIJAY PAL RAO JM I.T.A NO.4089/MUM/2009 ASSESSMENT YEAR: 2006-07 NIYOSI TRADING & INVESTMENT P.LTD. V. THE I.T.O. 2 0(3)(2) OXFORD CENTRE 10 SHROFF LANE COLABA PIRAMAL CH AMBERS PAREL CAUSEWAY MUMBAI-05. MUMBAI. PA NO.AAACN 2803 R (APPELLANT) (RESPONDENT) APPELLANT BY: SHRI SANJAY PARIKH RESPONDENT BY : SHRI S.S.RANA/DR. V.ANAJANEYULU O R D E R PER S.V.MEHROTRA AM THE APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAIN ST THE ORDER DATED 16.6.2009 OF LD CIT (A)-VII MUMBAI FOR THE ASSESSMENT YEAR 2006 -07. 2. FACTS IN BRIEF ARE THAT THE ASSESSEE CARRIED ON TRADING BUSINESS. IT HAD FILED ITS RETURN OF INCOME DECLARING TOTAL INCOME AT NIL. THE ASSESSMENT WAS COMPLETED AT A TOTAL INCOME OF RS.5 57 75 000/- INTER ALIA MAKING ADDI TION OF RS.1 80 75 000/- U/S.68 OF THE ACT. 3. BEFORE LD CIT (A) THE ASSESSEE HAD FURNISHED AD DITIONAL EVIDENCE ON WHICH LD CIT (A) HAD CALLED FOR REMAND REPORT AND THEREAFTER CONFIRMED THE ADDITION. ITA NO.4089/M/09 M/S. NIYOSI TRADING AND INVESTMENT P.LTD . 2 4. LD COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE A O HAD REQUIRED THE ASSESSEE TO SUBMIT THE DETAILS BY 24.11.2008 AND BECAUSE OF THE SHORTAGE OF TIME; THE ASSESSEE COULD NOT FURNISH THE DETAILS. HOWEVER BEFORE LD CIT (A ) ADDITIONAL EVIDENCES WERE FURNISHED BUT HE DID NOT ENTERTAIN THE SAME. THEREFORE HE S UBMITTED THAT THE MATTER MAY BE RESTORED BACK TO THE FILE OF THE AO TO EXAMINE THE ISSUE DENOVO. 5. WE HAVE CONSIDERED THE SUBMISSIONS OF BOTH THE P ARTIES. WE FIND THAT THOUGH THE REMAND REPORT WAS CALLED FOR FROM THE ASSESSING OFF ICER BY LD CIT (A) ON THE ADDITIONAL EVIDENCES AS PER PARA 9.2 OF HIS ORDER BUT IN PARA 10 HE HAS OBSERVED THAT THERE IS NO REASON FOR ENTERTAINING THE ADDITIONAL EVIDENCE AS THE ASSESSEE FAILED TO EXPLAIN THE REASONS FOR NON COMPLIANCE TO SPECIFIC QUERIES MADE BY THE AO VIDE ORDER SHEET DATED 19.11.2008. THE ASSESSMENT ORDER WAS PASSED ON 10. 12.2008 AND THEREFORE THE PERIOD AVAILABLE TO THE ASSESSEE FOR PRODUCTION OF NECESSA RY DOCUMENTS WAS TOO SHORT. UNDER SUCH CIRCUMSTANCES WE ARE OF THE OPINION THAT IT W OULD BE IN THE INTEREST OF JUSTICE THAT THE ORDER OF LD CIT (A) BE SET ASIDE AND THE MATTER BE RESTORED BACK TO THE FILE OF THE AO FOR DENOVO CONSIDERATION ON THIS ISSUE. WE ORDER A CCORDINGLY. 6. IN THE RESULT APPEAL FILED BY THE ASSESSEE STAN DS ALLOWED FOR STATISTICAL PURPOSES. PRONOUNCED ON 30 TH APRIL 2010 SD/- (VIJAY PAL RAO) (JUDICIAL MEMBER) SD/- (S.V. MEHROTRA) (ACCOUNTANT MEMBER) MUMBAI DATED 30 TH APRIL 2010 PARIDA COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. COMMISSIONER OF INCOME TAX (APPEALS)-C-VII MUM BAI 4. COMMISSIONER OF INCOME TAX CENTRAL-IV- MUMBAI 5. DEPARTMENTAL REPRESENTATIVE BENCH B MUMBAI //TRUE COPY// BY ORDER ITA NO.4089/M/09 M/S. NIYOSI TRADING AND INVESTMENT P.LTD . 3 ASSTT. REGISTRAR ITAT MUMBAI DATE INITIALS 1. DRAFT DICTATED ON 28.4.2010 PS 2. DRAFT PLACED BEFORE AUTHOR 28.4.2010 PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER AM/JM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER AM/J M 5. APPROVED DRAFT COMES TO THE SR. PS PS 6. KEPT FOR PRONOUNCEMENT ON PS 7. FILE SENT TO THE BENCH CLERK PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER ITA NO.4089/M/09 M/S. NIYOSI TRADING AND INVESTMENT P.LTD . 4