Quest Online , Kolkata V. ITO,Ward-49(1), Kolkata. , Kolkata

ITA 1046/KOL/2023

• Counselvise Citation: [2024] 100 COUNSELVISE.COM (IT) 2542 (ITAT-KOLKATA)
• Duration Of Justice: 7 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-05-2024
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 02-01-2024
• Assessment Year: misc
• Appeal Filed On: 02-10-2023
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

I.T.A. No.472/Kol/2023 Assessment Year: 2020-21 Quest Online 14 We also note that the Assessing Officer has relied on the fact that agreement/MOU was not valid as the same was not registered. However, the ld. AR contended that MOU/agreement entered between parties, were not required to be registered compulsorily u/s 17(1) of the Registration Act, 1908. Considering the aforesaid facts and circumstances, we are inclined to hold that the assessee was only a facilitator and the transactions between the parties were only on principal to principal basis with the assessee acting only as facilitator. Therefore, the payments cannot be treated to have been made by the assessee who was only a middleman/facilitator. Considering the aforesaid facts, we are inclined to set aside the order of the CIT(A) and direct the Assessing Officer to delete the addition. 8. In the result, the appeal of the assessee is allowed. Kolkata, the 3 rd May, 2024. Sd/- Sd/- [Sanjay Garg] [Rajesh Kumar] Ɋाियक सद˟/Judicial Member लेखा सद˟ /Accountant Member Dated: 03.05.2024. RS Copy of the order forwarded to: 1. Quest Online 2. ITO, Ward-49(1), Kolkata 3. CIT(A)- 4. CIT- , 5. CIT(DR), //True copy// By order Assistant Registrar, Kolkata Benches