MR. NITESH MUNJE, Indore v. THE ACIT 2(1), Indore

ITA 6/IND/2015 | 2005-2006
Pronouncement Date: 29-09-2016 | Result: Allowed

Appeal Details

RSA Number 622714 RSA 2015
Assessee PAN ADTPN0657Q
Bench Indore
Appeal Number ITA 6/IND/2015
Duration Of Justice 1 year(s) 8 month(s) 23 day(s)
Appellant MR. NITESH MUNJE, Indore
Respondent THE ACIT 2(1), Indore
Appeal Type Income Tax Appeal
Pronouncement Date 29-09-2016
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted DB
Tribunal Order Date 29-09-2016
Assessment Year 2005-2006
Appeal Filed On 05-01-2015
Judgment Text
NITESH MUNJE ITA NO. 6/IND/2015 1 IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH INDORE .. ..!' #$ # !% BEFORE SHRI D.T. GARASIA JUDICIAL MEMBER AND SHRI O.P. MEENA ACCOUNTANT MEMBER ..& ./ I.T.A. NO. 6/IND/2015 ' ' ()' / ASSESSMENT YEAR: 2005-06 NITESH MUNJE INDORE PAN ADTPN 0657Q :: * / APPELLANT VS ACIT 2(1) INDORE :: -* / RESPONDENT * . # /APPELLANT BY SHRI C.P. RAWKA -* . # / RESPONDENT BY SHRI LALCHAND / '(0 . $ DATE OF HEARING 21.9.2016 1234) . $ DATE OF PRONOUNCEMENT 29.09.2016 / O R D E R PER SHRI D.T. GARASIA JM THIS APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE ORDER OF THE LEARNED CIT(A)-I INDORE DATED 25.9.20 14. NITESH MUNJE ITA NO. 6/IND/2015 2 2. DURING THE COURSE OF HEARING THE LEARNED COUNSEL FOR THE ASSESSEE HAS RAISED THE FOLLOWING ADDITIONAL GROUND AS WELL AS AMENDED GROUND NO. 1 :- ADDITIONAL GROUND ON THE FACTS AND CIRCUMSTANCES OF THE CASE COMMISSIONER OF INCOME TAX- APPEALS HAS ERRED IN MAINTAINING ADDITION IN RESPECT OF RS.26 73 230/- AND RS.40 345/- WHILE PASSING ORDER UNDER SECTION 153A READ WITH 143(3) WITHOUT APPRECIATING THAT NO INCRIMINATING DOCUMENTS WERE FOUND AND SEIZED DURING THE COURSE OF SEARCH SO AS TO JUSTIFY THE SA ID ADDITION. AMENDED GROUND NO. 1 THAT THE LD. CIT(A) ERRED IN LAW AND FACTS OF THE CASE AND CONFIRMED THE DISALLOWANCE MADE BY THE ASSESSING OFFICER BEING THE LOSS SUSTAINED IN MCX TRADING AT RS.26 73 230/- WITHOUT CONSIDERING THE FACTS AND DOCUMENTS SUBMITTED. THE DISALLOWANCE OF LOSS MADE BY A.O. AND CONFIRMED BY THE CIT-A IS TOTALLY WRONG AND ILLEGAL ON THE FACTS OF THE CASE. 2. DURING THE COURSE OF HEARING THE LEARNED COUNSEL F OR THE ASSESSEE SUBMITTED THAT THESE GROUNDS GO TO THE ROO T OF THE CASE AND SUBMITTED THAT SEARCH OPERATION WAS CARRIED OUT U/S 132 OF THE ACT ON 25.11.2010 DURING WHICH NO INCRIMINATING MAT ERIAL OR NITESH MUNJE ITA NO. 6/IND/2015 3 DOCUMENT WAS FOUND FROM THE ASSESSEES PREMISES. I N CONSEQUENCE TO THAT NOTICE U/S 153A OF THE ACT WAS SERVED ON 2 8.11.2011 AND IN COMPLIANCE THEREOF THE ASSESSEE SUBMITTED RETURN OF INCOME. THE ASSESSMENT U/S 153A READ WITH SECTION 143(3) WAS CO MPLETED ON 20.3.2013 AND THE ASSESSING OFFICER MADE THE ADDITI ON OF RS.26 73 230/- BEING LOSS IN MCX TRANSACTIONS. THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT NO INCRIMIN ATING MATERIAL WAS FOUND DURING THE COURSE OF SEARCH. THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THIS GROUND IS TAKEN FOR TH E FIRST TIME BEFORE THE TRIBUNAL THEREFORE IT MAY BE DECIDED B EING THE LEGAL GROUND. 3. ON THE OTHER HAND THE LEARNED DR SUPPORTED THE ORD ERS OF THE AUTHORITIES BELOW AND STRONGLY PROTESTED AGAINS T ADMISSION OF THE ADDITIONAL GROUND. 4. WE HAVE HEARD BOTH THE SIDES. THE LEARNED DR HAS NO OBJECTION IF THE MATTER IS RESTORED TO THE FILE OF THE ASSESSING OFFICER FOR DECIDING THE ADDITIONAL GROUND WHICH IS TAKEN F OR THE FIRST TIME BEFORE THE TRIBUNAL. WE THEREFORE IN THE INTERES T OF JUSTICE AND FAIR PLAY SET ASIDE THE ORDERS OF THE AUTHORITIES BELOW AND RESTORE THE MATTER TO THE FILE OF THE ASSESSING OFFICER WITH TH E DIRECTION TO NITESH MUNJE ITA NO. 6/IND/2015 4 DECIDE THE AFOREMENTIONED ADDITIONAL GROUND TAKEN B Y THE ASSESSEE FOR THE FIRST TIME AFTER PROVIDING ADEQUATE OPPORT UNITY OF BEING HEARD. 5. IN THE RESULT THE APPEAL IS ALLOWED FOR STATISTICA L PURPOSES. THE ORDER HAS BEEN PRONOUNCED IN OPEN COURT ON 2 9 SEPTEMBER 2016. SD/- SD/- (. . ) ( ..) (O.P.MEENA) (D.T.GARASIA) ACCOUNTANT MEMBER J UDICIAL MEMBER / DATED : 29 SEPTEMBER 2016. DN/ NITESH MUNJE ITA NO. 6/IND/2015 5