Ram Dev Rice Pvt. Ltd. Vs ACIT (ITAT Delhi)
Income Tax Appellate Tribunal (ITAT) dismissed the appeal filed by the assessee against the order dated 17.11.2016 passed by the CIT(A). During the hearing, no representative appeared on behalf of the assessee, while the Revenue was represented by the Senior Departmental Representative (Sr. DR).
After examining the records, including the Assessing Officer’s order dated 31.03.2014 and the CIT(A)’s detailed and reasoned appellate order, the ITAT found no material to challenge the CIT(A)’s conclusions. Consequently, the Tribunal declined to interfere with the CIT(A)’s findings and dismissed the appeal.
However, the ITAT clarified that the assessee retains the liberty to seek restoration of the appeal under Rule 24 of the Income Tax (Appellate Tribunal) Rules, 1963. If such a request is made, the matter will be reviewed in accordance with the law.
FULL TEXT OF THE ORDER OF ITAT DELHI
[A] This appeal has been filed by the assessee against the impugned appellate order dated 17.11.2016 passed by Learned Commissioner of Income Tax (Appeals), Karnal, [in short, “Ld.CIT(A)”] pertaining to Assessment Year 2006-07. The Assessee has raised following grounds of appeal:-
“1. On the facts and in the circumstances of the case as well as in the law the re-opening of Assessment is bad in law, ab initio void and without jurisdiction.
2. On the facts and circumstances of the case as well as in the law the Ld. Commissioner of Income Tax Appeals grossly erred in upholding addition of Rs. 90,00,000/- made U/s 68 of the Income Tax Act, 1961.
3. The appellant crave leave to add/ delete/ alter or modify any or all grounds of appeal.
These action of Ld. Income Tax Authorities below being arbitrary, unjust and invalid in the law liable to the quashed and it is prayed to Your honor that they please be quashed and / or any other relief just deem fit and proper please be directed.
Appellant pray accordingly.”
[B] Vide Assessment Order dated 31.03.2014 passed under Section 143(3) / 147 of the Income Tax Act, 1961 (in short “the Act”). The relevant portion of the Assessment Order dated 31.03.2014 is reproduced as under:-
