M/s Bhagya Vinimoy Pvt. Ltd., Kolkata V. ITO, Ward 5(3), Kolkata, Kolkata

ITA 1012/KOL/2017

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 0455 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 4 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-09-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 11-05-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ROBIN CHOUDHUR Y
• Keywords: Unexplained cash credit
• Section: 143(3); 14A

Judgement Text

, B , IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH B KOLKATA BEFORE SHRI J.SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI S.S.GODARA, JUDICIAL MEMBER ITA NO.1012/KOL/2017 ASSESSMENT YEAR:2012-13 M/S BHAGYA VINIMOY PVT. LTD., 7A, 1 ST FLOOR, R.NO. 101, BENTINCK STREET, OLD WING, KOLKATA-001 [ PAN NO.AABCB 4476 H ] / V/S . INCOME TAX OFFICER, WARD-5(3), CHOWRINGHEE SQUARE, AAYAKAR BHAWAN, KOLKATA-69 /APPELLANT .. /RESPONDENT /BY APPELLANT SHRI SUNIL SURANA, FCA /BY RESPONDENT SHRI ROBIN CHOUDHURY, ADDL. CIT-DR /DATE OF HEARING 21-08-2018 /DATE OF PRONOUNCEMENT 19-09-2018 /O R D E R PER S.S.GODARA, JUDICIAL MEMBER:- THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 1012-13 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS)-23, KOLKATAS ORDER DATED 13.02.2017 PASSED IN CASE NO.101/CIT(A)-23/W-5(3)/16-17, AFFIRMING AS SESSING OFFICERS ACTION ADDING ITS SHARE APPLICATION / PREMIUM OF 1,38,50,000/- TO BE UNEXPLAINED CASH CREDITS AND DISALLOWANCE U/S 14A R.W.S. 8D DISALLOWANCE OF 1,34,454/- IN ASSESSMENT ORDER DATED 13.03.2015, INVOLVING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEARD BOTH THE PARTIES STRONGLY REITERATED THEIR RE SPECTIVE STANDS AGAINST AND IN SUPPORT OF THE IMPUGNED ADDITIONS. CASE FILE PERUSE D. 2. IT EMERGES AT THE OUTSET THAT THE CIT(A)S ORDER PASSED EX PARTE HAS REJECTED ASSESSEES TWIN SUBSTANTIVE GROUNDS (SUPRA) MAINLY FOR THE REASON THAT IT HAD FAILED TO ITA NO.1012/KOL/2017 A.Y. 2012-13 M/S BHAGYA VINIMOY PVT. LTD. VS. ITO WD-5(3), KOL. PAGE 2 APPEAR IN THE COURSE OF LOWER APPELLATE PROCEEDINGS . WE DO NOT FIND ANY DISCUSSION AT ALL REGARDING MERITS OF THE TWO ISSUES. SECTION 250 (6) OF THE ACT ENVISAGES THAT THE CIT(A) HAS TO FRAME POINT OF HIS DETERMINATION FOLL OWED BY DETAILED ADJUDICATION THEREOF ON MERITS. THERE IS NO SUCH COMPLIANCE FORT HCOMING IN THE CIT(A)S ORDER UNDER CHALLENGE. HE SIMPLY OBSERVES IN PARAS C & D THAT THE ASSESSEE HAD FAILED TO APPEAR IN FURTHERANCE TO LOWER APPELLATE HEARING NO TICE(S). HE DRAWS SUPPORT OF THIS TRIBUNALS DECISION IN SUBHALAKSHMI VANIJYA PVT. LTD. & OTHERS ITA NO.1104/KOL/2014 AFFIRMING THE CITS REVISIONAL ORDER INVOLVING SHA M APPLICATION / PREMIUM ISSUES IN THE GIVEN FACTS AND CIRCUMSTANCES OF THE SAID CASE. 3. FILE SUGGESTS THAT THE ASSESSEE HAD PLACED ON RE CORD OF THE RELEVANT DETAILS OF ITS INVESTORS ENTITIES IN SUPPORT OF PROVING IDENTITY, GENUINENESS AND CREDITWORTHINESS OF THE SHARE APPLICATION / PREMIUM DURING SCRUTINY. NE ITHER OF THE LOWER AUTHORITY HAS CONSIDERED THE SAME IN ASSESSMENT NOR THE LOWER APP ELLATE PROCEEDINGS. THE ASSESSEES ADDRESS HAS ALSO REMAINED SAME THROUGHOUT BOTH THE LOWER APPELLATE PROCEEDINGS. WE THEREFORE DEEM IT APPROPRIATE TO RESTORE THE INSTAN T APPEAL BACK TO THE CIT(A) FOR AFRESH ADJUDICATION ON MERITS AFTER AFFORDING ADEQU ATE OPPORTUNITY OF HEARING TO THE ASSESSEE. 4. THIS ASSESSEES APPEAL IS ACCEPTED FOR STATISTIC AL PURPOSES. ORDER PRONOUNCED IN OPEN COURT ON 19/09/2018 SD/- SD/- ( &) (( &) (J.SUDHAKAR REDDY) (S.S.GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER *DKP-SR.PS ) - 19/09/2018 / KOLKATA / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-M/S BHAGYA VINIMOY PVT. LTD., 7A, 1 ST FL, R.NO.101, BENTINCK STREET, OLD WING, KOLKATA-001 2. /RESPONDENT-ITO WARD-5(3), AAYAKAR BHAWAN, CHOWRINGHE E SQ. KOLKATA-69 3. , - / CONCERNED CIT 4. - - / CIT (A) 5. . ((, , , /DR, ITAT, KOLKATA 6. 2 / GUARD FILE. BY ORDE R/ , /TRUE COPY/ SR. PRIVATE SECRETARY, HEAD OF OFFICE/DDO ,,