Income Tax Appellate Tribunal - Rajkot
Income Tax Officer, Ward-4,, Veraval vs Krishna Oil Industries,, Veraval on 16 February, 2017
ITA No.49/RJT/2016 & C.O. No.06/RJT/2016 A.Y. 2003-04 Page 1 of 3 IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT (Conducted through E-Court at Ahmedabad) [Coram: Pramod Kumar AM and S.S. Godara JM] ITA No.49/RJT/2016 Assessment Year 2003-04 Income Tax Officer, Ward - 4, Veraval. .......................Appellant Vs. Krishna Oil Industries, ....................Respondent Somnath Marketing Yard, Near Sai Baba Temple, Veraval.
[PAN: AAGFK 2758 P] C.O. No.06/RJT/2016 (In ITA No.49/RJT/2016) Assessment Year 2003-04 Krishna Oil Industries, ....................Appellant Somnath Marketing Yard, Near Sai Baba Temple, Veraval.
[PAN: AAGFK 2758 P] Vs. Income Tax Officer, Ward - 4, Veraval. .................Respondent Appearances by:
Arvind N. Sontakke, for the Revenue M.J. Ranpura, for the assessee Date of concluding the hearing : 16.02.2017 Date of pronouncing the order : 16.02.2017 O R D E R Per Pramod Kumar AM:ITA No.49/RJT/2016 & C.O. No.06/RJT/2016
A.Y. 2003-04 Page 2 of 3
1. By way of this appeal, the Assessing Officer has challenged correctness of the order dated 18.11.2015, passed by the learned CIT(A), for the assessment year 2003-
04, on the following grounds :-
"1. On the facts and circumstances of the case and in law, the ld. CIT(A) has erred in restricting the addition to Rs.3,52,116/- from the addition of Rs.23,48,263/- made by the AO on account of seizure made by the Civil Supply Department as unaccounted stock.
2. Any other ground that the revenue may raise before or during the proceeding before the Hon'ble ITAT.
3. On the facts of the case and in law, the Ld. CIT(A) ought to have upheld the assessment order of the A.O.
4. It is therefore, prayed that the order of the CIT(A) may be set-aside and that of the Assessing Officer be restored to the above extent."
2. We have noticed that the tax effect involved in this appeal is less than Rs.10,00,000/-. In view of this undisputed fact and in the light of CBDT Circular No.21/2015 dated 10th December, 2015, we are of the considered view that this appeal is liable to be dismissed as withdrawn for the simple reason that tax effect involved in the appeal is less than Rs.10,00,000/-.
3. In the result, appeal is dismissed.
4. In the Cross Objection, the assessee has raised the following grievance: -
"1. The grounds of cross-objection mentioned hereunder are without prejudice to one another.
2. The learned Commissioner of Income Tax (Appeals) - 2, Rajkot [hereinafter referred to as the "CIT(A)"] erred on facts and also in law in retaining addition of Rs.3,52,116/- out of total addition of Rs.23,48,263/- made on account of seizure made by the Civil Supply Department by holding as unaccounted stock. The addition retained is totally unjustified on facts as also in law and may kindly be deleted."
5. The assessee has not pressed the grounds raised in its Cross Objection. The Cross Objection is, therefore, dismissed as not passed. ITA No.49/RJT/2016 & C.O. No.06/RJT/2016
A.Y. 2003-04 Page 3 of 3
6. In the result, appeal filed by the Revenue and Cross Objection filed by the assessee, both are dismissed. Pronounced in the open Court on this 16th day of February, 2017.
Sd/- Sd/- S.S. Godara Pramod Kumar (Judicial Member) (Accountant Member)
Ahmedabad, the 16 th day of February, 2017 Copies to: (1) The appellant (2) The respondent (3) Commissioner (4) CIT(A) (5) Departmental Representative (6) Guard File By order Assistant Registrar Income Tax Appellate Tribunal Rajkot Bench, Rajkot