NEELKANTH PLYWOOD PVT. LTD., NEW DELHI V. ITO, WARD- 18(1), NEW DELHI

ITA 1015/DEL/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 2914 (ITAT-DELHI)
• Duration Of Justice: 1 year(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-03-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2009-2010
• Appeal Filed On: 08-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SARAS KUMAR
• Section: 143(3); 147; 148

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH SMC NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER I.T.A. NO.1015/DEL/2019 ASSESSMENT YEAR: 2009-10 NEELKANTH PLYWOOD PVT. LTD., 611, SURYA KIRAN BUILDING, K.G. MARG, NEW DELHI. VS. ITO, WARD-18(1), NEW DELHI. TAN/PAN: AAACN0805B (APPELLANT) (RESPONDENT) APPELLANT BY: NONE RESPONDENT BY: SHRI SARAS KUMAR, SR.D.R. DATE OF HEARING: 10 12 2019 DATE OF PRONOUNCEMENT: 05 03 2020 O R D E R PER AMIT SHUKLA, JM THE AFORESAID APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE IMPUGNED ORDER DATED 15.11.2018, PASSED BY LD. COMMISSIONER OF INCOME TAX (APPEALS)-VI, NEW DELHI FOR THE QUANTUM OF ASSESSMENT PASSED U/S.147/143(3) FOR THE ASSESSMENT YEAR 2009-10. IN THE GROUNDS OF APPEAL, THE ASSESSEE HAS RAISED FOLLOWING GROUNDS:- 1. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE AN D THE PROVISION OF THE LAW THE LD CIT (A) HAS FAILED TO APPRECIATE T HAT THE ORDER PASSED BY THE LD AO UNDER SECTION 147 R.W.S. 143(3) OF THE INCOME TAX ACT IS ILLEGAL AND BAD IN LAW CONTRARY TO THE FACTS ON REC ORDS. 2. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND THE PROVISION OF THE LAW THE LD CIT (A) HAS FAILED TO APPRECIATE THA T INITIATION OF REASSESSMENT PROCEEDING U/S 147 AND ISSUANCE OF NOT ICE U/S 148 IS ILLEGAL AND BAD IN LAW. I.T.A. NO.1015/DEL/2019 2 3. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND THE PROVISIONS OF LAW, THE LD CIT (A) HAS ERRED IN SUSTAINING AN ADDI TION OF RS. 7,12,600/- ON ACCOUNT OF SHARE APPLICATION MONEY AS CASH CREDIT U/S 68. 4. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND THE PROVISIONS OF LAW, THE CIT (A) HAS FAILED TO APPRECIATE THAT VARI OUS OBSERVATIONS AND FINDINGS OF THE LD AO IN THE IMPUGNED ASSESSMENT OR DER ARE IRRELEVANT, UNJUSTIFIED, BASELESS AND VITIATED IN T HE LAW. 5. THAT THE INTEREST CHARGED U/S 234A/ 234C IS ILLEGAL AND EXCESSIVE. 6. THAT THE APPELLANT CRAVES LEAVE TO RESERVE TO IT TH E RIGHT TO ADD, ALTER, AMEND, VARY, MODIFY AND/ OR WITHDRAW ANY GROUND(S) OF APPEAL AT OR BEFORE THE TIME OF HEARING. 2. AT THE OUTSET, IT IS SEEN THAT LD. CIT (A) HAS P ASSED AN EX-PARTE ORDER. IN THE BODY OF THE ORDER, IT HAS BE EN MENTIONED THAT EITHER ADJOURNMENT WAS SOUGHT BY THE ASSESSEE OR NONE ATTENDED ON THE DATE OF HEARING. ACCORDINGLY, LD. CIT (A) HELD THAT ASSESSEE IS NOT INTERESTED IN PROSECUTING THE APPEAL. IN THIS CASE, REOPENING HAS BEEN DONE ON THE BASIS OF INFORMATION RECEIVED FROM INVESTIGA TION WING THAT ASSESSEE HAS RECEIVED SHARE CAPITAL AND SHARE PREMIUM OF RS.7 LAC THROUGH COMPANY NAMED AS VIP LEASING AN D FINANCE PVT. LTD. WHICH WAS A COMPANY CONTROLLED B Y ENTRY PROVIDER SHRI S.K. JAIN. AFTER DETAILED DISCUSSION, LD. ASSESSING OFFICER HAS MADE ADDITION OF RS.7 LAC U/S .68. 3. SINCE, APPEAL HAS BEEN DECIDED EX-PARTE WITHO UT CONSIDERING THE OBJECTION OF THE ASSESSEE AGAINST N OTICE U/S.148 AND VARIOUS OTHER DOCUMENTS ON MERIT, THERE FORE, IN THE INTEREST OF JUSTICE MATTER IS REMANDED BACK TO T HE FILE OF THE LD. CIT(A) WHO SHALL DECIDE THE ISSUE AFRESH ON MERITS AND I.T.A. NO.1015/DEL/2019 3 IN ACCORDANCE WITH LAW AFTER GIVING DUE AND EFFECTI VE OPPORTUNITY OF HEARING TO THE ASSESSEE. 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 5 TH MARCH, 2020. SD/- [AMIT SHUKLA] JUDICIAL MEMBER DATED: 5 TH MARCH, 2020 PKK: