Azure Securities Pvivate Limited, Kolkata V. ITO, Ward-Tech-2, Kolkata, Kolkata

ITA 1058/KOL/2017

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 1837 (ITAT-KOLKATA)
• Duration Of Justice: 3 year(s) 6 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-12-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 08-10-2020
• Assessment Year: 2012-2013
• Appeal Filed On: 15-05-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAM BILASH MEENA
• Keywords: Unexplained cash credit; Rule 8D
• Section: 143(3); 14A; 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH VIRTUAL COURT-A KOLKATA BEFORE SHRI P.M. JAGTAP, VICE-PRESIDENT AND SHRI S.S.GODARA, JUDICIAL MEMBER ITA NO.1058/KOL/2017 ASSESSMENT YEAR:2012-13 AZURE SECURITIES PVT. LTD., 27, BRABOURNE ROAD, 5 TH FLOOR, KOLKATA-700 001 [ PAN NO.AAJCA 4460 C ] / V/S . INCOME TAX OFFICER, WARD-TECH-2, AAYKAR BHAWAN, P-7, CHOWRINGHEE SQUARE, 8 TH FLOOR, KOLKATA-69 /APPELLANT .. /RESPONDENT /BY APPELLANT NONE /BY RESPONDENT SHRI RAM BILASH MEENA, CIT-DR /DATE OF HEARING 08-10-2020 /DATE OF PRONOUNCEMENT 07-12-2020 /O R D E R PER S.S.GODARA, JUDICIAL MEMBER:- THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2012-13 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS)-23, KOLKATAS ORDER DATED 01.03.2017, PASSED IN CASE NO. 72/CIT(A)-23/W-TECH-2/16-17 INVOLVING P ROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. CASE CALLED TWICE. NONE APPEARS AT THE ASSESSEES B EHEST. WE ACCORDINGLY DISPOSE OF THE APPEAL EX PARTE AFTER HEARING THE LEARNED CIT-DR. 2. WITH THE ABLE ASSISTANCE OF LEARNED DEPARTMENTAL REPRESENTATIVE, WE NOTICE AT THE OUTSET THAT THE CIT(A)S LOWER APPELLATE ORDER UNDER CHALLENGE AFFIRMING THE ASSESSING OFFICERS INTER ALIA ACTION TREATING THE ASSESSEES SHARE CAPITAL / PRE MIUM ITA NO.1058/KOL/2017 ASSESSMENT YEAR:201 2-13 AZURE SECURITIES PVT. LTD. VS. ITO WD-TECH-2, K OL. PAGE 2 SUM OF 15,75,00,000/- AS UNEXPLAINED CASH CREDITS U/S 68 F OLLOWED BY THE SEC. 14A R.W.S. RULE 8D DISALLOWANCE OF 3,58,925/-, HAS BEEN PASSED EX PARTE WITHOUT DEALIN G WITH THE CORRESPONDING DETAILED DOCUMENTARY EVIDENC E AVAILABLE IN THE CASE FILE AS IT IS EVIDENT FROM A PERUSAL OF THE ASSESSMENT ORDER DATE D 23.03.2015 PASSED U/S 143(3) OF THE ACT. 3. WE OBSERVE IN THIS FACTUAL BACKDROP THAT THE CIT (A)S LOWER APPELLATE ORDER FAILS TO CONFIRM TO THE STATUTORY REQUIREMENT OF FR AMING OF POINTS OF DETERMINATION FOLLOWED BY A DETAILED ADJUDICATION U/S. 250(6) OF THE ACT. WE ACCORDINGLY DEEM IT APPROPRIATE TO RESTORE THE INSTANT LIS BACK TO THE CIT(A) FOR HIS AFRESH APPROPRIATE ADJUDICATION AS PER LAW WITHIN THREE EFFECTIVE OPPO RTUNITIES OF HEARING. ORDERED ACCORDINGLY. 4. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICA L PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN OPEN COURT ON 07/12/2020 SD/- S D/- (P.M.JAGTAP) (S.S.GODARA) ( !) (#$ ') VICE PRESIDENT JUDICIAL MEMBER *DKP-SR.PS ( - 07/12/2020 / KOLKATA / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-AZURE SECURITIES PVT.LTD., 27, BRABOURNE RD. 5 TH FL. KOLKATA-01 2. /RESPONDENT-ITO WARD-TECH-2, AAYKAR BHAWAN, P-7, CH OWRINGHEE SQUARE KOLKATA-700 069 3. + . / CONCERNED CIT 4. . - / CIT (A) 5. / $$+ , + / DR, ITAT, KOLKATA 6. 3 / GUARD FILE. BY ORD ER/ , /TRUE COPY/ +,