DCIT Vs M/s. Ganesh Plantation Ltd. (ITAT Ahmadabad)

Last updated: 18 December 2020

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Quick Summary

This case involves an appeal by the Revenue against an order from the CIT(A) concerning M/s. Ganesh Plantation Ltd. for the assessment year 2009-10. The Revenue's grounds of appeal focus on the validity of the notice issued under Section 148 and the deletion of a significant share loss disallowance claimed by the assessee. The Revenue argues that the CIT(A) erred in not upholding the Assessing Officer's decision.

Court :
ITAT Ahmedabad

Brief :
The appeal has been filed by the Revenue and the Cross Objection has been filed by the assessee for A.Y. 2009-10 which are arising from the order of the CIT(A)-2, Ahmedabad dated 18.12.2015, in the proceedings under Section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (in short “the Act”).

Citation :
ITA No.472/Ahd/2016

IN THE INCOME TAX APPELLATE TRIBUNAL
“ D ” BENCH, AHMEDABAD
( Through Virtual Court )

BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT And
SHRI WASEEM AHMED, ACCOUNTANT MEMBER

ITA No.472/Ahd/2016 (by Revenue)
CO No.59/Ahd/2016 (by Assessee)
[ in ITA No.472/Ahd/2016 ]
Assessment Year : 2009-10 )

The DCIT
Central Circle-1(3)
Ahmedabad
PAN/GIR No. : AAACG 7004 R
(Appellant)

Vs.

M/s.Ganesh Plantat ion Ltd.
Ganesh Corporate House
100 Ft. Hebatpur -Thal tej Road
Nr. Sola Bridge,
Of f . S.G. Highway
Ahmedabad-380 054
Respondent & Cross Objector)

Revenue by : Shri Karunkant Ojha, CIT-DR
Assessee by : Ms. Nipur Shah, AR

Date of Hear ing 26/10/2020
Date of Pronouncement 11/12/2020

O R D E R

PER WASEEM AHMED, ACCOUNTANT MEMBER:

The appeal has been filed by the Revenue and the Cross Objection has been filed by the assessee for A.Y. 2009-10 which are arising from the order of the CIT(A)-2, Ahmedabad dated 18.12.2015, in the proceedings under Section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (in short “the Act”).

2. The Revenue has raised the following grounds of appeal:

“1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in law and/or on facts in not sustaining the notice issued u/s. 148 of the Act and treating the order passed u/s. 143(3) r.w.s. 147 of the Act as invalid.

2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in law and/or on facts in deleting the disallowance of lossclaimed of Rs. 10,18,15,500/- on sale and purchase of shares although no valuation report of share was submitted by the assessee justifying the huge loss incurred.

3. On the facts and in the circumstances of the case and in law, the CIT(A) ought to have upheld the order of the A.O.

4. It is, therefore, prayed that the order of the CIT(A) be set aside and that of the A.O. be restored to the above extent.”

To know more in details find the attachment file

FAQ :

The main issues are the validity of the notice issued under Section 148 of the Income Tax Act and the deletion of a substantial disallowance of loss claimed by M/s. Ganesh Plantation Ltd. on the sale and purchase of shares.

This appeal concerns the assessment year 2009-10.

The Revenue filed the appeal (ITA No.472/Ahd/2016), and the assessee filed the Cross Objection (CO No.59/Ahd/2016).

The Revenue contested the deletion of a disallowance of Rs. 10,18,15,500/- claimed as loss on the sale and purchase of shares, arguing that no valuation report was provided by the assessee to justify this loss.

The Revenue is appealing against the CIT(A)'s decision to not sustain the notice issued under Section 148 and to delete the disallowance of the claimed share loss.