Income Tax Appellate Tribunal - Hyderabad
Maheshwari Gems And Jewels India ... vs Ito, Ward-16(3), Hyderabad, Hyderabad on 27 July, 2017
ITA No 42 of 2017 Maheshwari Gems and Jewels India P Ltd Hyderabad
IN THE INCOME TAX APPELLATE TRIBUNAL
Hyderabad ' A ' Bench, Hyderabad
Before Smt. P. Madhavi Devi, Judicial Member
AND
Shri S.Rifaur Rahman, Accountant Member
ITA No.42/Hyd/2017
(Assessment Year: 2012-13)
M/s. Maheshwari Gems & Vs Income Tax Officer
Jewels India P Ltd Ward 16(3)
Hyderabad Hyderabad
PAN: AAHCM 2585 L
(Appellant) (Respondent)
For Assessee : Shri Siddharth Toshnival
For Revenue : Shri Mohan Kumar Singhania,DR
Date of Hearing: 25.07.2017
Date of Pronouncement: 27.07.2017
ORDER
Per Smt. P. Madhavi Devi, J.M.
This is assessee's appeal for the A.Y 2012-13. In this appeal, though the assessee has raised as many as 8 grounds of appeal, the main grievance of the assessee is that the assessee has not been given sufficient opportunity of hearing before completing the assessment and therefore, it is in violation of the principles of natural justice.
2. As this ground goes to the root of the matter, we have examined the assessment order and we find that the notice for hearing of the appeal on 25.3.2015 has been served on the assessee only on 24.3.2015 and the assessment order was passed Page 1 of 2 ITA No 42 of 2017 Maheshwari Gems and Jewels India P Ltd Hyderabad on 26.3.2015. Further, we also find that the entire capital of the assessee has been brought to tax and not the share premium alone. The assessee has raised the ground of violation of principles of natural justice before the CIT (A), but the CIT (A) has failed to adjudicate on the same. Hence, we are of the opinion that it is clear violation of principles of natural justice and the entire issue needs to be reconsidered by the AO on merits. In view of the same, we set aside the order of the CIT (A) and the AO and remand the proceeding to the file of the AO for reconsideration in accordance with law. Needless to mention that the assessee shall be given a fair opportunity of hearing and also to produce all the relevant material in support of its contentions.
3. In the result, assessee's appeal is treated as allowed for statistical purposes.
Order pronounced in the Open Court on 27th July, 2017.
Sd/- Sd/-
(S.Rifaur Rahman) (P. Madhavi Devi)
Accountant Member Judicial Member
Hyderabad, dated 27th July, 2017.
Vinodan/sps
Copy to:
1 Shri Siddharth Toshnival, Advocate, O/o Shri K.L. Rathi, Advocate, 3-5-144/5 Eden Garden, Hyderabad 500001 2 Income Tax Officer Ward 16(3) Hyderabad 3 CIT (A)-4 Hyderabad 4 Pr. CIT - 4 Hyderabad 5 The DR, ITAT Hyderabad 6 Guard File By Order Page 2 of 2