Asiatic Industries,, Ahmedabad v. The ACIT., Cent.Circle-3,, Ahmedabad

ITA 485/AHD/2013 | 2003-2004
Pronouncement Date: 04-04-2014 | Result: Allowed

Appeal Details

RSA Number 48520514 RSA 2013
Assessee PAN AACFA8887H
Bench Ahmedabad
Appeal Number ITA 485/AHD/2013
Duration Of Justice 1 year(s) 1 month(s) 11 day(s)
Appellant Asiatic Industries,, Ahmedabad
Respondent The ACIT., Cent.Circle-3,, Ahmedabad
Appeal Type Income Tax Appeal
Pronouncement Date 04-04-2014
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted A
Tribunal Order Date 04-04-2014
Date Of Final Hearing 20-03-2014
Next Hearing Date 20-03-2014
Assessment Year 2003-2004
Appeal Filed On 22-02-2013
Judgment Text
A IN THE INCOME TAX APPELLATE TRIBUNAL AT AHMEDABAD A BENCH . .. . . .. . !' !' !' !' #$ %&'( #$ %&'( #$ %&'( #$ %&'( )* + ) ' )* + ) ' )* + ) ' )* + ) ' BEFORE S/SHRI G.C. GUPTA VICE-PRESIDENT AND ANIL CHATURVEDI ACCOUNTANT MEMBER) ITA NO.446/AHD/2007 [ASSTT.YEAR : 2003-2004] M/S.ASIATIC INDUSTRIES 1503 GIDC NARODA AHMEDABAD 382 330. /VS. ACIT CIR.3 AHMEDABAD. ITA NO.485/AHD/2013 [ASSTT.YEAR : 2003-2004] M/S.ASIATIC INDUSTRIES 1505 PHASE-I GIDC NARODA AHMEDABAD 382 330. PAN : AACFA 8887 H /VS. ACIT CIR.3 AHMEDABAD. ( (( (-. -. -. -. / APPELLANT) ( (( (/0-. /0-. /0-. /0-. / RESPONDENT) 1& 2 3 )/ ASSESSEE BY : SHRI TUSHAR HEMANI + 2 3 )/ REVENUE BY : SHRI O.P.BATHEJA SR.DR 5 2 &(*/ DATE OF HEARING : 20 TH MARCH 2014 678 2 &(*/ DATE OF PRONOUNCEMENT : 04/04/2014 )9 / O R D E R PER G.C. GUPTA VICE-PRESIDENT: THESE TWO APPEALS BY THE ASSESSEE FOR THE ASSESSMENT YEAR 2003-2004 ARE DIRE CTED AGAINST THE ORDER OF THE CIT(A). THESE ARE BEING DISPOSED OF WITH THI S CONSOLIDATED ORDER. ITA NO.446 AND 485/AHD/2007 -2- ITA NO.446/AHD/2007 ASSTT.YEAR 2003-2004 (QUANTUM APPEAL) 2. THE LEARNED COUNSEL FOR THE ASSESSEE AT THE OUT SET SUBMITTED THAT THE ISSUES MAY BE RESTORED TO THE FILE OF AO SINCE THE ISSUE OF DEDUCTION UNDER SECTION 80IA/80HHC REGARDING DEPB A NUMBER OF DECI SIONS OF THE HONBLE HIGH COURTS HAVE COME AFTER ASSESSMENT FRAM ED IN THIS CASE. THE LEARNED DR HAS NO OBJECTION TO THE SUBMISSION OF TH E LEARNED COUNSEL FOR THE ASSESSEE. 3. WE HAVE CONSIDERED RIVAL SUBMISSIONS. IN VIEW O F THE SUBMISSIONS MADE BY THE LEARNED COUNSEL FOR THE ASSESSEE AND I N VIEW OF THE FACT THAT A NUMBER OF CASE LAWS HAVE COME AFTER ASSESSMENT WAS FRAMED IN THIS CASE AND THE APPLICABILITY THEREOF IN LIGHT OF THE FACTS IN THE INSTANT CASE HAVE TO BE EXAMINED WE ARE OF THE VIEW THAT IT SHALL BE IN THE INTEREST OF JUSTICE TO SET ASIDE THE ORDERS OF THE AUTHORITIES BELOW TO TH E FILE OF THE AO WITH DIRECTION TO FRAME A DE NOVO ASSESSMENT IN ACCORDANCE WITH LAW AFTER CONSIDERING THE APPLICABILITY OF DECISIONS ON THE I SSUE AND AFTER PROVIDING REASONABLE OPPORTUNITY OF HEARING TO THE ASSESSEE. WE DIRECT ACCORDINGLY. ITA NO.485/AHD/2013 (PENALTY UNDER SECTION 271(1)(C ) OF THE I.T.ACT. 4. BOTH THE PARTIES SUBMITTED THAT IN CASE THE QUAN TUM IS RESTORED TO THE FILE OF THE AO THE PENALTY UNDER SECTION 271(1)(C) MAY ALSO BE RESTORED TO THE FILE OF THE AO. WE HAVE CONSIDERED RIVAL SUBMI SSIONS. IN VIEW OF OUR DECISION SETTING ASIDE THE ORDERS OF THE CIT(A) AND THE AO IN THE QUANTUM APPEAL OF THE ASSESSEE TO THE FILE OF THE AO WE SE T ASIDE ORDERS OF THE AUTHORITIES BELOW ON THE ISSUE OF PENALTY UNDER SEC TION 271(1)(C) OF THE ACT TO THE FILE OF AO WITH DIRECTION TO RE-INITIAT E THE PENALTY PROCEEDINGS ITA NO.446 AND 485/AHD/2007 -3- UNDER SECTION 271(1)(C) IF SO REQUIRED AS PER LAW AT THE TIME OF FRAMING OF ASSESSMENT IN THIS CASE. WE DIRECT ACCORDINGLY. 5. IN THE RESULT BOTH THE APPEALS OF THE ASSESSEE ARE ALLOWED FOR STATISTICAL PURPOSE. ORDER PRONOUNCED IN OPEN COURT ON THE DATE MENTIONE D HEREINABOVE. SD/- SD/- ( %&'( %&'( %&'( %&'( / ANIL CHATURVEDI) )* + )* + )* + )* + /ACCOUNTANT MEMBER ( .. /G.C. GUPTA ) !' !' !' !' /VICE-PRESIDENT C OPY OF THE ORDER FORWARDED TO: 1) : APPELLANT 2) : RESPONDENT 3) : CIT(A) 4) : CIT CONCERNED 5) : DR ITAT. BY ORDER DR/AR ITAT AHMEDABAD