Ganga Industrial Corporation Ltd, Hyderabad v. ITO, Hyderabad

ITA 89/HYD/2011 | 2007-2008
Pronouncement Date: 08-07-2011 | Result: Allowed

Appeal Details

RSA Number 8922514 RSA 2011
Assessee PAN AAACG7474K
Bench Hyderabad
Appeal Number ITA 89/HYD/2011
Duration Of Justice 5 month(s) 20 day(s)
Appellant Ganga Industrial Corporation Ltd, Hyderabad
Respondent ITO, Hyderabad
Appeal Type Income Tax Appeal
Pronouncement Date 08-07-2011
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted A
Tribunal Order Date 08-07-2011
Date Of Final Hearing 16-06-2011
Next Hearing Date 16-06-2011
Assessment Year 2007-2008
Appeal Filed On 19-01-2011
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH A' HYDERABAD BEFORE SHRI G.C. GUPTA VICE PRESIDENT & SHRI CHANDRA POOJARI ACCOUNTANT MEMBER I.T.A. NO. 89/HYD/2011 ASSESSMENT YEAR 2007-08 M/S. GANGA INDUSTRIAL CORPORATION LTD. HYDERABAD PAN: AAACG7474K VS. INCOME - TAX OFFICER WARD-2(2) HYDERABAD APPL IC ANT RESPONDENT APPELLANT BY: SHRI P. MURALI MOHAN RAO RESPONDENT BY: SMT. NIVEDITA BISWAS O R D E R PER G.C. GUPTA VP : THIS APPEAL BY THE ASSESSEE FOR THE ASSESSMENT YE AR 2007-08 IS DIRECTED AGAINST THE ORDER OF THE CIT(A )-III HYDERABAD DATED 24.11.2010. 2. THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE MAIN ISSUE IN THIS APPEAL OF THE ASSESSEE IS REGAR DING ESTIMATION OF INCOME OF THE ASSESSEE ON PERCENTAGE BASI S BY REJECTING THE BOOKS OF ACCOUNT OF THE ASSESSEE. HE SUBMITTED THAT THE FACTS WERE NOT PROPERLY APPRECIATED BY THE ASSESSING OFFICER AND THE CIT(A) AND THEREFORE THE ISSUE MAY BE SET ASIDE TO THE FILE OF THE ASSESSING OFF ICER FOR A DE NOVO ASSESSMENT. 3. THE LEARNED DR HAS RELIED ON THE ORDERS OF THE ASSESSING OFFICER AND THE CIT(A). 4. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE ORDERS OF THE ASSESSING OFFICER AND THE CI T(A). I.T.A. NO. 89/HYD/2011 M/S. GANGA INDUSTRIAL CORPN. LTD. ========================= 2 WE FIND THAT THE FACTS OF THE CASE OF THE ASSESSEE DESE RVE TO BE RE-APPRECIATED IN ACCORDANCE WITH LAW. THE ASSE SSEE HAS SERIOUSLY CHALLENGED THE FINDING OF THE ASSESSIN G OFFICER THAT THE BOOKS OF ACCOUNT WERE NOT MAINTAINED BY THE ASSESSEE. THE CASE OF THE ASSESSEE IS THAT THE BOOK S OF ACCOUNT MAINTAINED BY THE ASSESSEE ARE COMPLETE AND TH E EXPENDITURE CLAIMED WAS FULLY VOUCHED. IN THESE FACTS OF THE CASE WE ARE OF THE VIEW THAT IT SHALL BE IN THE INTER EST OF JUSTICE TO SET ASIDE THE ISSUE IN THE GROUNDS OF APP EAL OF THE ASSESSEE TO THE FILE OF THE ASSESSING OFFICER WITH DIRECTION TO FRAME A DE NOVO ASSESSMENT IN ACCORDANCE WITH LAW AFTER PROVIDING ADEQUATE OPPORTUNITY OF HEARING TO THE ASSESSEE. WE DIRECT ACCORDINGLY. 5. IN THE RESULT THE APPEAL OF THE ASSESSEE IS ALLOWED F OR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 8 TH JULY 2011. SD/- (CHANDRA POOJARI) ACCOUNTANT MEMBER SD/- (G.C. GUPTA) VICE PRESIDENT HYDERABAD DATED 8 TH JULY 2011 TPRAO COPY FORWARDED TO: 1. M/S. GANGA INDUSTRIAL CORPORATION LTD. C/O. M/S . P. MURALI & CO. CHARTERED ACCOUNTANTS 6-3-655/2/3 1 ST FLOOR SOMAJIGUDA HYDERABAD-82. 2. THE INCOME-TAX OFFICER WARD-2(2) HYDERABAD. 3. THE CIT(A)-III HYDERABAD 4 THE CIT-II HYDERABAD. 5. THE DR A BENCH ITAT HYDERABAD `