ACIT CEN CIR 32, MUMBAI v. SANSKAR JEWELES LTD, MUMBAI

ITA 8152/MUM/2010 | 2007-2008
Pronouncement Date: 21-10-2016 | Result: Dismissed

Appeal Details

RSA Number 815219914 RSA 2010
Assessee PAN AAECS0950Q
Bench Mumbai
Appeal Number ITA 8152/MUM/2010
Duration Of Justice 5 year(s) 10 month(s) 26 day(s)
Appellant ACIT CEN CIR 32, MUMBAI
Respondent SANSKAR JEWELES LTD, MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 21-10-2016
Appeal Filed By Department
Order Result Dismissed
Bench Allotted E
Tribunal Order Date 21-10-2016
Date Of Final Hearing 16-09-2016
Next Hearing Date 16-09-2016
Assessment Year 2007-2008
Appeal Filed On 25-11-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL E BENC H MUMBAI BEFORE SHRI R.C.SHARMA AM & SHRI PAWAN SINGH JM ITA NO.8152/MUM/2010 (ASSESSMENT YEAR : 2007-08) ACIT C.C.32 ROOM NO. 32(2) GROUND FLOOR AAYAKAR BHAWAN M.K. ROAD MARINE LINES MUMBAI-400020. VS. M/S SANSKAR JEWELS LTD. OFFICE NO.BW 4120 BHARAT DIAMOND BOURSE BANDRA KURLA COMPLEX BANDRA(E) MUMBAI-400051 PAN/GIR NO.:AAECS0950Q ( APPELLANT ) .. ( RESPONDENT ) REVENUE BY : SHRI PRADEEP KUMAR SINGH (DR) ASSESSEE BY : SHRI S.L. PODDAR (AR) DATE OF HEARING : 21/10/2016 DATE OF PRONOUNCEMENT: 21 /10/2016 O R D E R PER PAWAN SINGH JM: 1. THE ABOVE APPEAL IS FILED BY THE ASSESSING OFFIC ER (AO) RAISING VARIOUS GROUNDS OF APPEAL FOR THE ASSESSMENT YEARS MENTIONED ABOVE. TH E TAX EFFECT INVOLVED IN THE ABOVE REFERRED CASE IS BELOW THE MONETARY LIMIT (RS. 10 0 0 000/-) PRESCRIBED BY THE CENTRAL BOARD OF DIRECTOR TAXES(CBDT) VIDE ITS CIRCULAR NO .21/2015(F.NO.142/2007-ITJ (PT.) DATED 10 TH DECEMBER 2015. 2. EVEN ON MERIT THE PERUSAL OF ASSESSMENT ORDER I T IS REVEALED THAT NO SEIZED DOCUMENTS WERE UTILIZED AGAINST THE ASSESSEE IN THE ASSESSMENT ORDER. THE ADDITIONS WERE MADE ON GP RATES. NO DISCREPANCY WAS POINTED O UT IN THE SALES AND NEITHER PURCHASE NOR ANY INCRIMINATING DOCUMENT WAS FOUND A ND SEIZED AND AS SUCH THE ADDITIONS WERE MADE ON PRESUMPTION BASIS. THUS THE ORDER WAS NOT SUSTAINABLE AS HELD BY LD. CIT(A). THUS ON MERIT IN THE APPEAL WE DO NOT FIND ANY MERIT IN THE APPEAL OF THE REVENUE. 3. IN THE RESULT APPEAL OF THE REVENUE IS DISMISSED. 2 ITA NO. 8152/M/10- M/S SANSKAR JEWELS LTD. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 21/10 /2016. SD/- SD/- (R.C.SHARMA) (PAWAN SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI; DATED : 21/10/2016 SK PS COPY OF THE ORDER FORWARDED TO : / BY ORDER / ( ASSTT. REGISTRAR) / ITAT MUMBAI 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) MUMBAI. 4. / CIT 5. / DR ITAT MUMBAI 6. / GUARD FILE. //TRUE COPY/