Spectrum Vanijya Pvt. Ltd., , Kolkata V. ITO, Ward - 3(3), Kolkata, Kolkata

ITA 1207/KOL/2017

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 1195 (ITAT-KOLKATA)
• Duration Of Justice: 5 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-10-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2006-2007
• Appeal Filed On: 26-05-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ZAFARUL HAQUE TANWEER ADD L
• Keywords: Business expenditure

Judgement Text

ITA NO.1387/KOL/2017 MAHESH KUMAR SINGHANIA (HUF) A.Y.2013-14 1 IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH SMC K OLKATA [BEFORE HONBLE SHRI J.SUDHAKAR REDDY, AM] ITA NO.1207//KOL/2017 ASSESSMENT YEAR : 2006-07 SPECTRUM VANIJYA PVT. LTD. VERSUS- I.T.O., WA RD-3(3) KOLKATA KOLKATA (PAN: AADCS 5491 D) (APPELLANT) (RESPONDENT) FOR THE APPELLANT: NONE FOR THE RESPONDENT: SHRI ZAFARUL HAQUE TANWEER, ADD L/ JCIT DATE OF HEARING : 15.09.2017. DATE OF PRONOUNCEMENT : 31.10.2017. ORDER THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX-(A)-17, KOLKATA RELATING TO A.Y. 200 6-07. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE DES PITE ISSUE OF NOTICE. HENCE THIS CASE IS DECIDED EXPARTE QUA THE ASSESSEE. 3. I FIND THAT THE FIRST APPELLATE AUTHORITY HAS P ASSED AN ORDER ON MERITS. HE HELD THAT A SINGLE ADVANCE GIVEN BY THE ASSESSEE CANNOT CONST ITUTE REGULAR BUSINESS. ACCORDINGLY HE HELD THAT THE INTEREST IS TAXABLE UNDER THE HEAD OTHER SOURCES THE EXPENSES RELATABLE TO SUCH EXPENDITURE IS ALLOWABLE U/S 57(I II) OF THE INCOME TAX ACT, 19061 (ACT). 4. THE LD. CIT(A) AT PARA 4 HELD AS FOLLOWS :- IV. GROUND NO.2 : FOR THAT THE ACTION OF THE LE. AO ACTING AS A JUDICIAL AUTHORITY, ASSESSING THE TOTAL INCOME OF THE ASSESS EE COMPANY BY MAKING ADDITION OF RS.185387/- U/S 57(III) OF THE INCOME T AX ACT, 1961 AS NON-BUSINESS EXPENSES IN IS ARBITRARY, BAD, ERRONEOUS, EXCESSIVE , AND UNJUSTIFIED IN FACTS AND CIRCUMSTANCES OF THE CASE. ITA NO.1387/KOL/2017 MAHESH KUMAR SINGHANIA (HUF) A.Y.2013-14 2 I DO NOT FIND ANY INFIRMITY IN THIS ORDER. HENCE TH IS APPEAL OF THE ASSESSEE IS DISMISSED. 5. IN THE RESULT THE APPEAL BY THE ASSESSEE IS DISMISSED. O RDER PRONOUNCED IN THE COURT ON 31.10.2017. SD/- [ J.SUDHAKAR REDDY ] ACCOUNTANT MEMBER DATED : 31.10.2017. [RG SR.PS] COPY OF THE ORDER FORWARDED TO: 1.SPECTRUM VANIJYA PVT. LTD., P-148A, C.I.T.ROD, SC HEME-VIM, KOLKATA-700054. 2. I.T.O., WARD-3(3), KOLKATA. 3. C.I.T.(A)- 17, KOLKATA 4. C.I.T-1, KOLKATA 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER, SENIOR PRIVATE SECRETARY HEAD OF OFFICE/D.D.O, ITAT KOLKATA BENCHES