ITO, WD-5(3), KOLKATA, Kolkata V. M/s Emersec Holding Pvt. Ltd., Kolkata

ITA 1158/KOL/2015

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 6070 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 10 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-07-2018
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 11-09-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: P K SRIHARI
• Section: 68

Judgement Text

PAGE | 1 IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH A, KOLKATA BEFORE SH. J.SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SH. S.S.VISWANETHRA RAVI, JUDICIAL MEMBER ITA NO.1158/KOL/2015 [ASSESSMENT YEAR: 2008 - 09] APPELLANT BY SH. P.K.SRIHARI, CIT RESPONDENT BY SH. SIDDHARTH AGARWAL, ADV. DATE OF HEARING 17.05.2018 DATE OF PRONOUNCEMENT 1 1 .07.2018 ORDER PER S.S . VISWANETHRA RAVI , JUDICIAL MEMBER THIS APPEAL FILED BY THE REVENUE AGAINST THE OR DER DATED 30.04.2014 PASSED BY CIT(A) - 2, KOLKATA FOR AY 2008 - 09. 2. THE ONLY ISSUE IS TO BE DECIDED AS TO WHETHER CIT(A) HAS JUSTIFIED IN DELETING THE ADDITION MADE BY THE AO U/S 68 OF THE INCOME TAX ACT, 1961 (IN SHORT ACT). 3. AFTER HEARING BOTH THE PARTIES, IT IS NOTICED THAT THE AO MADE ADDITION U/S 68 OF THE ACT. I T IS CLEAR FROM PARA 4 OF AOS ORDER THAT THE ASSESSEE FAILED TO PROVE ITS CONTENTIONS AS PER SECTION 68 OF THE ACT. W E FIND THE SUBMISSIONS AS RIGHTLY POINTED OUT BY LD. DR THE ASSESSEE COULD NOT PUT FORWARD ANY EXPLANATION IN RESPECT OF THE SHARE APPLICA TION MONEY AS NOTICED FROM THE BALANCE SHEET OF THE ASSESSEE BY THE AO. IT IS ALSO NOTICED FROM THE IMPUGNED ORDER AS POINTED OUT BY LD. DR THAT NO DOCUMENTS OR EXPLANATION FILED BEFORE CIT(A) IN THE COURSE OF APPELLATE PROCEEDINGS SUPPORTING THE CONTENTI ON OF THE ASSESSEE EXCEPT PLACING RELIANCE ON CASE LAWS AS IT IS CLEAR FROM PAGE NO.16 & 17 OF CIT(A). LD.AR AGREED FOR REMAND OF THE MATTER TO THE FILE OF CIT(A) FOR H IS FRESH CONSIDERATION AS THE ITO, WARD - 5(3), KOLKATA. VS M/S. EMERSE HOLDING PVT.LTD., 32, EZRA STREET, ROOM NO.757, KOLKATA - 700001. PAN - AAACE7460K (APPELLANT) (RESPONDENT) ITA NO. 11 5 8 / KOL/201 5 [ASSESSMENT YEAR: 20 08 - 09 ] PAGE | 2 ASSESSEE IS READY TO FILE ALL THE DOCUMENTS RELATING TO T HE ADDITION MADE BY THE AO U/S 68 OF THE ACT . THEREFO RE, TAKING INTO CONSIDERATION, WE DEEM IT PROPER TO REMAND THE MATTER TO THE FILE OF CIT(A) FOR FRESH CONSIDERATION AND THE ASSESSEE IS LIBERTY TO FILE ALL EVIDENCES , IF ANY, BEFORE THE AO. THUS, THE I MPUGNED ORDER OF CIT(A) IS SET ASIDE AND GROUND NO.1 RAISED BY THE REVENUE IS ALLOWED FOR STATISTICAL PURPOSES. 4. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT 1 1 . 0 7 . 2 0 1 8 . S D / - S D / - (J.SUDHAKAR REDDY) (S.S. VISWANETHRA RAVI) ACCOUNTANT MEMBER JUDICIAL MEMBER DATE: - 1 1 .07.2018 *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT - ITO, WARD - 5(3), KOLKATA. 2. RESPONDENT - M/S. EMERSEC HOLDING PVT.LTD., 32, EZRA STREET, ROOM NO.757, KOLKATA - 700001. 3. CIT 4. CIT(APPEALS) CONCERNED 5. DR: ITAT SR.P.S./H.O.O ITAT, KOLKATA