Ivorysands Infrastructure and Hospitality Private Limited, Hyderabad V. Income Tax Officer, Ward-2(1), Hyderabad

ITA 1060/Hyd/2018

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 6083 (ITAT-HYDERABAD)
• Duration Of Justice: 3 year(s) 3 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-09-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB-B
• Assessment Year: 2012-2013
• Appeal Filed On: 23-05-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Period of limitation; Time period of passing order
• Section: 13

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES B : HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI A.MOHAN ALANKAMONY, ACCOUNTANT MEMBER AND SHRI S.S.GODARA, JUDICIAL MEMBER I.T.A. NO. 1060/HYD/2018 ASSESSMENT YEAR: 2012-13 IVORYSANDS INFRASTRUCTURE AND HOSPITALITY PRIVATE LIMITED, HYDERABAD [PAN: AABCI8857M] VS INCOME TAX OFFICER, WARD-2(1), HYDERABAD (APPELLANT) (RESPONDENT) FOR ASSESSEE : NONE FOR REVENUE : SHRI ROHIT MUJUMDAR, DR DATE OF HEARING : 04-05-2021 DATE OF PRONOUNCEMENT : 13-09-2021 O R D E R PER S.S.GODARA, J.M. : THIS ASSESSEES APPEAL FOR AY.2012-13 ARISE AGAINST THE CIT(A)-9, HYDERABADS ORDER DATED 23-03-2018, IN CAS E NO.0187 / ITO-2(1), HYD / 2016-17, INVOLVING PROCEE DINGS U/S.143(3) OF THE INCOME TAX ACT, 1961 [IN SHORT, THE ACT]; RESPECTIVELY. CASE CALLED TWICE. NONE APPEARS AT ASSESSEES BEHES T. IT IS ACCORDINGLY PROCEEDED EX-PARTE. 2. WITH THE ABLE ASSISTANCE COMING FROM THE REVENUES SIDE DURING THE COURSE OF HEARING, WE NOTICE THAT THE CIT(A) S DETAILED DISCUSSION HAS AFFIRMED THE ASSESSING OFFICE RS ACTION TREATING ITS SHARE CAPITAL/SHARE PREMIUM(S) OF RS.2,11,15,100/-. HE HAS DECLINED THE ASSESSEES ITA NO. 1060/HYD/2018 :- 2 -: EXPLANATION/CONFIRMATIONS FILED BY THE ALLEGED INVESTO R PARTIES ON ACCOUNT OF LACK OF GENUINENESS/CREDITWORTHINESS TH EREIN. HON'BLE APEX COURTS RECENT DECISION IN PCIT VS. NRA IRON & STEEL PVT. LTD (2019) 412 ITR 161 (SC), SUMATI DAYAL VS. CIT (1995) [214 ITR 801] (SC) AND CIT VS. DURGA PRASAD MORE (1972) [82 ITR 540] (SC) HAVE SETTLE THE LAW THAT MERE FILING OF DOCUMENTARY EVIDENCE ITSELF IS NOT THE CONCLUSIVE PRO OF OF GENUINENESS/CREDITWORTHINESS AS THE ASSESSEE CONCERNE D HAS TO EXPLAIN THE SOURCE OF THE CASH CREDITS IN ISSUE IN TH E LIGHT OF HUMAN PROBABILITIES. WE THUS AFFIRM THE LEARNED LOWER AUTHORITIES ACTION MAKING THE IMPUGNED UN-EXPLAINED CASH CREDITS ADDITION. 3. WE LASTLY ACKNOWLEDGE THAT ALTHOUGH THE INSTANT LIS IS BEING DECIDED AFTER A PERIOD OF 90 DAYS FROM THE DATE OF HEARING AS PER RULE 34(5) OF THE IT(AT) RULES 1963, THE SAME HOWEVER, DOES NOT APPLY IN THE COVID LOCKDOWN SITUATI ON AS PER HON'BLE APEX COURTS RECENT DIRECTIONS DATED 27-04-2021 IN M.A.NO.665/2021 IN SM(W)C NO.3/2020 IN RE COGNIZANCE FOR EXTENSION OF LIMITATION MAKING IT CLEAR THAT IN SUCH CASES WHERE THE LIMITATION PERIOD (INCLUDING THAT PRESCRIBED FOR INS TITUTION AS WELL AS TERMINATION) SHALL STAND EXCLUDED FROM 14 TH OF MARCH, 2021 TILL FURTHER ORDERS IN ABOVE TERMS. 4. THIS ASSESSEES APPEAL IS DISMISSED IN ABOVE TERM S. ORDER PRONOUNCED IN THE OPEN COURT ON 13 TH SEPTEMBER, 2021 SD/- SD/- ( A. MOHAN ALANKAMONY ) ( S.S. GODAR A ) ACCOUNTANT MEMBER JUDICIAL MEMBER HYDERABAD, DATED: 13-09-2021 TNMM ITA NO. 1060/HYD/2018 :- 3 -: COPY TO : 1.M/S.IVORYSANDS INFRASTRUCTURE AND HOSPITALITY (P) LIMITED, PLOT NO.16, FLAT B-101, SRI SAI APARTMENTS , LIC COLONY, YELLAREDDYGUDA, HYDERABAD. 2.THE INCOME TAX OFFICER, WARD-2(1), HYDERABAD. 3.CIT(APPEALS)-9, HYDERABAD. 4.THE PR.CIT-2, HYDERABAD. 5.D.R. ITAT, HYDERABAD. 6.GUARD FILE.