The ACIT, Circle, RAJKOT-GUJARAT v. M/s Ashok Engineering & Foundry Works, RAJKOT-GUJARAT

MA 16/RJT/2011 | 2003-2004
Pronouncement Date: 30-11-2011 | Result: Allowed

Appeal Details

RSA Number 1624924 RSA 2011
Assessee PAN AADFA6132A
Bench Rajkot
Appeal Number MA 16/RJT/2011
Duration Of Justice 8 month(s) 13 day(s)
Appellant The ACIT, Circle, RAJKOT-GUJARAT
Respondent M/s Ashok Engineering & Foundry Works, RAJKOT-GUJARAT
Appeal Type Miscellaneous Application
Pronouncement Date 30-11-2011
Appeal Filed By Department
Order Result Allowed
Bench Allotted DB
Tribunal Order Date 30-11-2011
Date Of Final Hearing 14-10-2011
Next Hearing Date 14-10-2011
Assessment Year 2003-2004
Appeal Filed On 17-03-2011
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH RAJKOT BEFORE SHRI T.K. SHARMA (JM) AND SHRI A.L. GEHLOT ( AM) M.A. NO.15/RJT/2011 & MA NO.16/RJT/2011 (ARISING OUT OF I.T.A. NO.378/RJT/2007 & ITA NO.344 /RJT/2011) (ASSESSMENT YEAR 2003-04) THE ACIT CIR.5 VS M/S ASHOK ENGG & FOUNDRY RAJKOT ASHOK VATIKA DHEBAR ROAD RAJKOT PAN : AADFA6132A (APPLICANT) (RESPONDENT) DATE OF HEARING : 25-11-2011 DATE OF PRONOUNCEMENT : 30-11-2011 APPLICANT BY : SHRI CJ MANIAR RESPONDENT BY : SHRI CIMAL DESAI O R D E R PER AL GEHLOT (AM) THESE MISCELLANEOUS APPLICATIONS FILED BY THE REVE NUE ARISES OUT OF THE ORDER OF THE TRIBUNAL DATED 29-03-2006 IN ITA NO.37 8/RJT/2007. 2. THE POINTS OUT TWO MISTAKE AS APPARENT ON THE OR DER OF THE TRIBUNAL (I) AS PER THE DIRECTION OF THE TRIBUNAL WHILE DECIDING GROUND NO.1 OF ASSESSEES APPEAL TO ADOPT GP AT 10.60% WHICH IS BELOW THE GRO SS PROFIT DECLARED IN THE RETURN OF INCOME FILED BY THE ASSESSEE; AND (II) WI TH REGARD TO THE DIFFERENCE IN STOCK OF FINISHED GOODS THE ITAT WHILE DECIDING FOU RTH GROUND OF ASSESSEES APPEAL HAS HELD THAT THE ORDER OF CIT(A) UPHOLDING ADDITION OF RS.6 86 605/- IS MA 15/RJT/2011 2 HEREBY UHELD WHERE THE CIT(A) HAS CONFIRMED ONLY A N ADDITION OF RS.3 86 605/- ON ACCOUNT OF FINISHED GOODS STOCK DIFFERENCE. 3. WITH REGARD TO THE FIRST MISTAKE POINTED OUT BY THE REVENUE THE REVENUE WAS SUCCESSFUL IN EXHIBITING THEIR CASE BY FURNISHI NG DETAILED WORKING. FROM THE WORKING GIVEN IN THE MISCELLANEOUS APPLICATION ITSE LF IT REVEALS THAT THE GROSS PROFIT RETURNED BY THE ASSESSEE IN ITS RETURN OF INCOME IS RS.1 06 46 261 WHEREAS AS PER THE DIRECTION OF THE ITAT TO ADOPT THE GROSS PR OFIT AT 10.60% THE GROSS PROFIT WORKS OUT TO RS.1 02 60 139. TO THIS THE LD.AR OF THE ASSESSEE WHO APPEARED BEFORE US HAS GIVEN THE FOLLOWING UNDERTAKING: WE HAVE NO OBJECTION IN RETAINING THE GP UPTO 11 % WHICH IS DECIDED BY CIT(A) INSTEAD OF 10.60% MENTIONED IN IT AT ORDER. IN VIEW OF THIS AGREED PROPOSITION WE MODIFY OUR O RDER DATED 30-11-2010 AND DIRECT THE ASSESSING OFFICER TO ADOPT GROSS PROFIT RATE AT 11% INSTEAD OF 10.60% AS DIRECTED IN THE ORDER DATED 30.11.2010. GROUND NO. 2 OF THE ASSESSEE THUS STANDS REJECTED. 4. WITH REGARD TO THE SECOND MISTAKE POINTED OUT BY THE REVENUE WE FIND THAT IT IS AN INADVERTENT TYPOGRAPHICAL ERROR. ACCORDIN GLY WE MOVE TO MODIFY THE ORDER AS UNDER: 5. THE LAST TWO SENTENCES OF PARAGRAPH 10 ON PAGE 7 MAY BE READ AS FOLLOWS: THE ORDER OF THE CIT(A) UPHOLDING ADDITION OF RS.3 86 605 IS HEREBY UPHELD. AS A RESULT GROUND NO.4 OF THE ASS ESSEE FAILS. MA 15/RJT/2011 3 INSTEAD OF THE ORDER OF OF THE CIT(A) UPHOLDING ADDITION OF R S.6 86 605 IS HEREBY UPHOLD. AS A RESULT GROUND NO.4 OF THE ASS ESSEE FAILS. 6. IN THE RESULT THE MISCELLANEOUS APPLICATIONS FI LED BY THE REVENUE ARE ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 30-11-2011. SD/- SD/- (T.K. SHARMA) (A.L. GEHLOT) JUDICIAL MEMBER ACCOUNTANT MEMBER RAJKOT DT : 30 TH NOVEMBER 2011 PK/- COPY TO: 1. APPLICANT 2. ASSESSEE 3. THE CIT(A)-IV RAJKOT 4. THE CIT-III RAJKOT 5. THE DR I.T.A.T. RAJKOT (TRUE COPY) BY ORDER ASSTT.REGISTRAR ITAT RAJKOT