Court :
ITAT Chandigarh
Brief :
These three appeals of three different assessees are being taken up together as in each of these appeals pertaining to 2011-12 assessment years, the issues and arguments remain identical. Accordingly, on the request of the parties, common order in all these appeals is being passed.
Citation :
ITA No. 1156/CHD/2019
IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH
BENCH ‘SMC’ CHANDIGARH
BEFORE: SMT. DIVA SINGH, JM
ITA No. 1152/CHD/2019
Assessment Year : 2011-12
Shri Ashish Chaudhry,
C-12, Focal Point,
Phase-V, Ludhiana.
PAN No: AASPC4446N
Appellant
VS
The ITO,
Ward 1(1),
Ludhiana.
Respondent
Assessee by : Shri Vibhor Garg, C.A.
Revenue by : Smt. Meenakshi Vohra, Addl. CIT
ITA No. 1154/CHD/2019
Assessment Year : 2011-12
Shri Suresh Chaudhry,
C-12, Focal Point,
Phase-V, Ludhiana.
PAN No: AASPC4450C
Appellant
VS
The ITO,
Ward 1(3),
Ludhiana.
Respondent
Assessee by : Shri Vibhor Garg, C.A.
Revenue by : Shri Ashok Khanna, Addl. CIT
ITA No. 1156/CHD/2019
Assessment Year : 2011-12
Shri Amit Chaudhry,
C-12, Focal Point,
Phase-V, Ludhiana.
PAN No: AASPC4449D
Appellant
VS
The ITO,
Ward 1(1),
Ludhiana.
Respondent
Assessee by : Shri Vibhor Garg, C.A.
Revenue by : Smt. Meenakshi Vohra, Addl. CIT
Date of Hearing : 16.06.2021
Date of Pronouncement : 18.06.2021
Hearing conducted via Webex
ORDER
These three appeals of three different assessees are being taken up together as in each of these appeals pertaining to 2011-12 assessment years, the issues and arguments remain identical. Accordingly, on the request of the parties, common order in all these appeals is being passed.
2. For the sake of convenience, the issues as found addressed in ITA 1152/CHD/2019 are being taken up first. Herein the assessee is aggrieved by the order passed by the CIT(A)-I Ludhiana. Various grounds have been raised therein, however, the parties argued ground No. 2 & 3 in the present appeal. These read as under :
“2. That in the facts & circumstances of the case, the re-opening of the assessment proceedings u/s 147/148 are illegal, without jurisdiction and without application of mind as addition is made on protective basis and further ignored the fact that the investment was made in AY 2012-13 and not in AY 2011-12.
3. That the Ld Appellate Authority wrongly & illegally confirmed the protective assessment without a clear finding regarding the addition on protective basis.”
3. Referring to the submissions advanced on 06.05.2021 and 09.06.2021, the ld. Sr.DR invited attention to the reply of the department by way of information relatable to M/s KOC Industries Ltd. wherein the position and facts required to be addressed has been clarified. It has been informed that this very addition had been made on a substantive basis therein and by way of abundant caution had also been made in the case of the assessee on a protective basis so as to keep the department’s interest alive. Accordingly, elaborating her stand referring to submission made on earlier dates, it was submitted that the present appeal can accordingly be disposed off.
To know more in details find the attachment file
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)