Shri Ajay Bhargava, v. The DCIT, 2(1),

ITA 89/IND/2008 | 2005-2006
Pronouncement Date: 28-05-2010 | Result: Allowed

Appeal Details

RSA Number 8922714 RSA 2008
Assessee PAN ACIPB3700G
Bench Indore
Appeal Number ITA 89/IND/2008
Duration Of Justice 2 year(s) 3 month(s)
Appellant Shri Ajay Bhargava,
Respondent The DCIT, 2(1),
Appeal Type Income Tax Appeal
Pronouncement Date 28-05-2010
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted DB
Tribunal Order Date 28-05-2010
Date Of Final Hearing 26-05-2010
Next Hearing Date 26-05-2010
Assessment Year 2005-2006
Appeal Filed On 28-02-2008
Judgment Text
PAGE 1 OF 3 - I.T.A.NOS. 89 & 130/IND/2008 SHRI AJAY BHARGAVA UJJAIN IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH : INDORE BEFORE SHRI JOGINDER SINGH JUDICIAL MEMBER AND SHRI V.K. GUPTA ACCOUNTANT MEMBER PAN NO. : ACIPB3700G I.T.A.NO. 89/IND/2008 A.Y. : 2005-06 SHRI AJAY BHARGAVA DY. CIT UJJAIN VS 2(1) UJJAIN APPELLANT RESPONDENT PAN NO. : ACIPB3700G I.T.A.NO. 130/IND/2008 A.Y. : 2005-06 ACIT SHRI AJAY BHARGAVA 2(1) VS UJJAIN UJJAIN APPELLANT RESPONDENT ASSESSEE BY : SHRI S.S.DESHPANDE C. A. DEPARTMENT BY : SMT. APARNA KARAN SR. DR DATE OF HEARING : 26.05.2010 O R D E R PER V.K. GUPTA A.M. THESE CROSS APPEALS ARISE OUT OF ORDER OF THE LD. C IT(A) UJJAIN DATED 18.01.2008 FOR THE ASSESSMENT YEAR 2005-06. PAGE 2 OF 3 - I.T.A.NOS. 89 & 130/IND/2008 SHRI AJAY BHARGAVA UJJAIN 2. WE HAVE HEARD BOTH THE PARTIES AND HAVE ALSO PERUSE D THE MATERIAL AVAILABLE ON RECORD. 3. IN THESE CROSS APPEALS THE ISSUE IS REGARDING APPL ICATION OF PROVISIONS OF SECTION 2(22)(E) OF THE INCOME-TAX AC T 1961. THE CONTROVERSY CENTERS AROUND THE NATURE OF TRANSACTIO NS. THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE LD. CI T(A) IN RESPECT OF ONE OF THE TRANSACTIONS DID NOT GIVE ANY FINDING AS REG ARD TO THE NATURE OF SUCH TRANSACTION I.E. WHETHER SUCH TRANSACTION WAS ENTER ED INTO IN THE ORDINARY COURSE OF BUSINESS. THE LEARNED COUNSEL ALSO SUBMI TTED THAT AS PER THE DIRECTIONS OF THE BENCH CERTAIN ADDITIONAL EVIDENC ES IN THE FORM OF AGREEMENT BETWEEN THE ASSESSEE AND M/S. AAA FUND-N. FOOD PRIVATE LIMITED WERE ALSO SUBMITTED. AS REGARD TO THE TRANS ACTIONS BETWEEN THE ASSESSEE AND G.M.P.L. THE COPY OF THE RESOLUTION P ASSED BY THE SAID COMPANY TO SHOW THAT THE DEPOSIT MADE BY THAT COMPA NY WITH THE ASSESSEE WAS A TRADE DEPOSIT WAS ALSO FILED. THE LD . SR. DR AT THIS STAGE SUBMITTED THAT THOUGH THESE EVIDENCES WERE FILED AS PER THE DIRECTIONS OF THE BENCH HOWEVER THE MATTER COULD BE RESTORED TO THE FILE OF AO TO DECIDE THE ISSUE AFRESH AFTER TAKING INTO CONSIDERA TION THESE ADDITIONAL EVIDENCES. THE LEARNED COUNSEL ALSO AGREED. ACCORDI NGLY WE RESTORE THE ISSUES INVOLVED IN THESE APPEALS TO THE FILE OF AO TO DECIDE THE SAME AFRESH AS PER LAW AFTER TAKING INTO CONSIDERATION T HESE EVIDENCES AND AFTER PAGE 3 OF 3 - I.T.A.NOS. 89 & 130/IND/2008 SHRI AJAY BHARGAVA UJJAIN ASCERTAINING THE TRUE NATURE OF THESE TRANSACTIONS. IT IS NEEDLESS TO MENTION THAT THE AO SHALL GRANT DUE OPPORTUNITY OF HEARING TO THE ASSESSEE IN DOING SO AND THE ASSESSEE SHALL BE AT LIBERTY TO FU RNISH OTHER DOCUMENTS/EVIDENCES TO SUBSTANTIATE ITS CLAIMS. 4. IN THE RESULT THE APPEAL OF THE ASSESSEE AS WELL A S OF THE REVENUE STAND ALLOWED FOR STATISTICAL PURPOSES. THIS ORDER HAS BEEN PRONOUNCED IN THE OPEN COURT ON 28 TH MAY 2010. SD/- SD/- (JOGINDER SINGH) (V. K. GUPTA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 28 TH MAY 2010. CPU* 265