The ACIT, Circle-5(1), Visakhapatnam v. Sri M Venkata Ramakrishna, Vakkapatlavani Palem

ITA 527/VIZ/2009 | 2006-2007
Pronouncement Date: 01-07-2010 | Result: Allowed

Appeal Details

RSA Number 52725314 RSA 2009
Assessee PAN AGQPM1827K
Bench Visakhapatnam
Appeal Number ITA 527/VIZ/2009
Duration Of Justice 7 month(s) 11 day(s)
Appellant The ACIT, Circle-5(1), Visakhapatnam
Respondent Sri M Venkata Ramakrishna, Vakkapatlavani Palem
Appeal Type Income Tax Appeal
Pronouncement Date 01-07-2010
Appeal Filed By Department
Order Result Allowed
Bench Allotted DB
Tribunal Order Date 01-07-2010
Date Of Final Hearing 02-06-2010
Next Hearing Date 02-06-2010
Assessment Year 2006-2007
Appeal Filed On 20-11-2009
Judgment Text
ITA NO.527/VIZAG/200 9 M. VENKAT RAMAKRISHNA VISAKHAPATNAM PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH VISAKHAPATNAM BEFORE: SHRI SUNIL KUMAR YADAV JUDICIAL MEMBER AND SHRI BR BASKARAN ACCOUNTANT MEMBER ITA NO.527/VIZAG/2009 ASSESSMENT YEAR: 2006-07 ACIT CIRCLE 5(1) VISAKHAPATNAM M. VENKAT RAMAKRISHNA VISAKHAPATNAM (APPELLANT) VS. (RESPONDENT) (PAN NO:AGQPM 1827 K) APPELLANT BY: SHRI G.S.S. GOPINATH DR RESPONDENT BY: NONE ORDER PER SHRI B. R. BASKARAN ACCOUNTANT MEMBER: THE APPEAL OF THE REVENUE IS DIRECTED AGAINST THE ORDER DATED 07-07- 2009 PASSED BY LEARNED CIT(A) VISAKHAPATNAM AND IT RELATES TO THE ASSESSMENT YEAR 2006-07. NONE APPEARED ON BEHALF O F THE ASSESSEE DESPITE THE FACT THAT THE NOTICE OF HEARING WAS SER VED BY AFFIXTURE. HENCE WE PROCEED TO HEAR THE APPEAL EX-PARTE QUA THE ASS ESSEE. 2. IN THIS APPEAL THE REVENUE IS ASSAILING THE DECI SION OF THE LEARNED CIT (A) IN REDUCING THE ESTIMATE OF PROFIT FROM 12% TO 8%. 3. THE FACTS OF THE CASE ARE STATED IN BRIEF. THE A SSESSEE IS A LABOUR CONTRACTOR. DURING THE COURSE OF ASSESSMENT PROCEED INGS THE ASSESSEE COULD NOT PRODUCE THE BOOKS OF ACCOUNT. HENCE THE A R OF THE ASSESSEE AGREED TO THE REJECTION OF BOOK RESULTS AND ALSO FO R ESTIMATION OF INCOME AT 12% OF THE CONTRACTUAL RECEIPTS. IN THE APPEAL FILE D BY THE ASSESSEE THE LEARNED CIT (A) REDUCED THE ESTIMATE FROM 12% TO 8% FOR THE REASON THAT THE INCOME OF THE ASSESSEE HAD BEEN ESTIMATED AT 8% IN THE ASSESSMENT YEARS 2003-04 AND 2004-05. AGGRIEVED THE REVENUE IS IN APPEAL BEFORE US. ITA NO.527/VIZAG/200 9 M. VENKAT RAMAKRISHNA VISAKHAPATNAM PAGE 2 OF 2 4. WE HAVE HEARD THE LEARNED DEPARTMENTAL REPRESENT ATIVE IN THIS REGARD AND ALSO PERUSED THE RECORD. THE LEARNED DEP ARTMENTAL REPRESENTATIVE HAS FILED A COPY OF ORDER SHEET MAIN TAINED FOR THE ASSESSMENT PROCEEDINGS. FROM THE COPY OF THE ORDER SHEET WE NOTICE THAT THE AR OF THE ASSESSEE HAD AGREED TO THE ESTIMATION OF THE INCOME AT 12% OF THE GROSS RECEIPTS. AS CONTENDED BY THE LEARNED DEPARTMENTAL REPRESENTATIVE IT IS A WELL SETTLED LAW THAT THE P RINCIPLE OF RES-JUDICATA IS NOT APPLICABLE TO THE ASSESSMENT PROCEEDINGS. HENCE THE INCOME ESTIMATED IN THE EARLIER YEARS CANNOT BE TAKEN AS THE BASIS F OR REDUCTION OF THE INCOME OF THE YEAR UNDER CONSIDERATION. BEFORE US THE AS SESSEE HAS NOT FILED ANY MATERIAL TO SUPPORT THE DECISION OF THE LEARNED CIT (A). IN VIEW OF THE ABOVE WE DO NOT FIND ANY REASON FOR REDUCTION OF I NCOME THAT WAS AGREED BY THE ASSESSEE AND ACCORDINGLY WE SET ASIDE THE ORDER OF THE LEARNED CIT (A). 5. IN THE RESULT THE APPEAL OF THE REVENUE IS ALLO WED. PRONOUNCED IN THE OPEN COURT ON 1.7.2010. SD/- SD/- (SUNIL KUMAR YADAV) (B R BASKARAN ) JUDICIAL MEMBER ACCOUNTANT MEMBER VISAKHAPATNAM DATE: 1 ST JULY 2010 COPY TO 1 THE ACIT CIRCLE-5(1) VISAKHAPATNAM 2 SHRI M. VENKATA RAMAKRISHNA D.NO. 8-12-11 OLD GA JUWAKA VISAKHAPATNAM 3 4. THE CIT 1 VISAKHAPATNAM THE CIT(A) VISAKHAPATNAM 5 THE DR ITAT VISAKHAPATNAM. 6 GUARD FILE. BY ORDER SENIOR PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM