Income Tax Appellate Tribunal - Panji
The Assistant Commissioner Of Income ... vs Velingkar Brothers., Ponda on 22 November, 2016
IN THE INCOME TAX APPELLATE TRIBUNAL
PANAJI BENCH, PANAJI
BEFORE SHRI GEORGE MATHAN, HON'BLE JUDICIAL MEMBER &
SHRI RAMIT KOCHAR HON'BLE ACCOUNTANT MEMBER
ITA No. 131/PAN/2016
(Asst. Year : 2009-10)
ACIT, Circle-2(1), Vs. M/s. Velingkar Brothers,
Panaji - Goa. Velingkar Mardol,
Ponda, Goa
PAN No. AABFV 8653 M
(Appellant) (Respondent)
C.O.No.108/PAN/2016
(ITA No. 131/PAN/2016)
(Asst. Year : 2009-10)
M/s. Velingkar Brothers, Vs. ACIT, Circle-2(1),
Velingkar Mardol, Panaji - Goa.
Ponda, Goa
PAN No. AABFV 8653 M
(Appellant) (Respondent)
Assessee by : Shri D.E. Robinson - Adv.
Department By : Shri Raviraj Y.V. - DR
Date of hearing : 22/11/2016.
Date of pronouncement : 22/11/2016.
ORDER
PER GEORGE MATHAN, JUDICIAL MEMBER
ITA No. 131/PAN/2016 is an appeal filed by the Revenue against
the order of the Commissioner of Income Tax (Appeals), Panaji-1 in appeal No.58/PNJ/14-15, dated 04/04/2016 for the Assessment Year 2009-10 and the C.O. No.108/PAN/2016 is the Cross Objection filed by the assessee in Revenue's appeal in ITA No. 131/PAN/2016.
2 ITA No. 131/PAN/2016 & C.O.No.108/PAN/20162. Shri Raviraj Y.V. Departmental Representative represented on behalf of the Revenue and Shri D.E. Robinson, Advocate represented on behalf of the assessee.
3. In the Revenue's appeal, the Revenue has challenged the action of the Commissioner of Income Tax (Appeals) in deleting the addition on account of under-pricing of sales to its sister concern, which is entitled to exemption under section 10B of the Act. In the Cross Objection, the assessee has challenged the reopening of the assessment.
4. At the time of hearing, it was fairly agreed by both the sides that in respect of Revenue's appeal, which is on merits, the issue was squarely covered by the decision of the Coordinate Bench of this Tribunal in assessee's own case for the Assessment Year 2008-09 in ITA No.18/PNJ/2014 and C.O.No. 13/PNJ/2014, dated 30/05/2014 wherein the Coordinate Bench of this Tribunal has held that no under-invoicing or under-pricing has been done by the assessee of its sales made to sister concern. In these circumstances, respectfully following the decision of the Coordinate Bench of this Tribunal in assessee's own case for the Assessment Year 2008-09 (supra), the finding of the Commissioner of Income Tax (Appeals) on this issue stands confirmed. It is also noticed that the Commissioner of Income Tax (Appeals) has also followed judicial discipline in following the decision of the Coordinate Bench of this Tribunal in the assessee's own case for the Assessment Year 2008-09, to delete the addition. In these circumstances, we find no reason to interfere in the order of the Commissioner of Income Tax (Appeals). In the result, appeal of the Revenue stands dismissed.
3 ITA No. 131/PAN/2016 & C.O.No.108/PAN/20165. At the time of hearing, it was submitted by the Authorized Representative of the assessee that as the issue on merits has been decided in favour of the assessee, he does not wish to press the Cross Objection in respect of reopening of assessment. Consequently, the Cross Objection filed by the assessee stands dismissed as withdrawn.
6. In the result, appeal of the Revenue and the Cross Objection of the assessee stand dismissed.
Order Pronounced in the Court at the close of the hearing on Tuesday, the 22nd day of November, 2016 at Goa.
Sd/- sd/-
(RAMIT KOCHAR) (GEORGE MATHAN)
Accountant Member Judicial Member
Dated : 22 n d November , 2016.
vr/-
Copy to:
1. The Assessee.
M/s. Velingkar Brothers, Velingkar Mardol, Ponda, Goa.
2. The Revenue.
ACIT, Circle-2(1), Panaji - Goa.
3. The CIT
4. The CIT(A)
5. The D.R .
6. Guard file.
By order Assistant Registrar I.T.A.T., Panaji