ITO, WD-6(2), KOLKATA, Kolkata V. M/s Jackson Investment Pvt. Ltd., Kolkata

ITA 1210/KOL/2015

• Counselvise Citation: [2018] 121 COUNSELVISE.COM (IT) 6305 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 8 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-06-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2010-2011
• Appeal Filed On: 17-09-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: MANOJ TIWARI
• Section: 68

Judgement Text

ITA NO.1210/KOL/2015 M/S JACKSON INVESTMENT PVT. LT D. A.Y.2010-11 1 IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH A KOL KATA [BEFORE HONBLE SHRI J.SUDHAKAR REDDY, AM & SMT. MADHUMITA ROY, JM ] ITA NO.1210/KOL/2015 ASSESSMENT YEAR : 2010-11 I.T.O. WARD-6(2) -VERSUS- M/S JACKSON INVEST MENT PVT. LTD. KOLKATA KOLKATA (PAN : AAACJ 7612 E) (APPELLANT) (RESPONDENT) FOR THE APPELLANT: SHRI SALLONG YADEN, ADDL. CI T FOR THE RESPONDENT: SHRI MANOJ TIWARI, FCA DATE OF HEARING : 31.05.2018. DATE OF PRONOUNCEMENT : 01.06.2018. ORDER PER BENCH THIS IS AN APPEAL BY THE REVENUE DIRECTED AGAINST T HE ORDER OF THE LD. COMMISSIONER OF INCOME TAX-2, KOLKATA PASSED U/S 25 0 OF THE INCOME TAX ACT, 1961 (THE ACT) RELATING TO A.Y. 2010-11 ON THE FOLLOWING GROUNDS :- 1. THAT ON THE FACTS AND IN CIRCUMSTANCES OF THE C ASE, LD. CIT(A) ERRED IN DELETING THE ADDITION MADE U/S 68 THOUGH, THE GENUI NE OF TRANSACTION AS CLAIMED BY THE ASSESSEE COULD NOT BE EXPLAINED. 2. THE APPELLANT CRAVES TO ADD, ALTER OR AMEND ANY GROUND BEFORE OR AT THE TIME OF HEARING. 2. THE ASSESSEE IS A COMPANY AND IS ENGAGED IN TRA DING OF SHARES. IT ALSO HAD INCOME FROM TEXTILE BUSINESS. THE AO FOR THE VARIOU S REASONS GAVE IN HIS ORDER, DISBELIEVED THE CASH SALES RECORDED BY THE ASSESSEE S MADE IN ITS TEXTILE BUSINESS AND MADE AN ADDITION U/S 68 OF THE ACT AS UNEXPLAINED C ASH CREDIT. ON APPEAL THE FIRST APPELLATE AUTHORITY GRANTED RELIEF. AGGRIEVED THE R EVENUE IS IN APPEAL BEFORE US. 3. AFTER HEARING THE RIVAL CONTENTIONS WE FIND THA T THE AO COMMITTED A MISTAKE BY MAKING ADDITION U/S 68 OF THE ACT. WHEN THE ASSESSE E HAS DISCLOSED THE CASH IN ITA NO.1210/KOL/2015 M/S JACKSON INVESTMENT PVT. LT D. A.Y.2010-11 2 QUESTION AS ITS INCOME, THE QUESTION OF ADDING THE VERY SAME AMOUNT AGAIN U/S 68 DOES NOT ARISE. THIS AMOUNTS TO DOUBLE ADDITION. 4. THIS IS WHAT THE LD. CIT(A) HAS HELD IN HIS ORDE R AT PAGE 12. FURTHER MORE THE LD. CIT(A), ON FACTS HAS HELD THAT THE CASH SALES A RE CO-RELATED WITH THE CASH DEPOSITS IN QUESTION AND HENCE THE AMOUNT OF CASH DEPOSITED IN BANK IS EXPLAINED. HE ALSO GIVES A FACTUAL FINDING THAT THE ENTIRE PURCHASES W ERE ACCEPTED BY THE AO AND EVEN THE POSITION OF STOCK WAS NOT IN DISPUTE AND HENCE THER E IS NO REASON TO DISBELIEVE THE CASH SALES, WHICH WAS SUBSEQUENTLY DEPOSITED IN THE BANK ACCOUNT. WE FIND NO INFIRMITY IN THE ORDER OF CIT(A). HENCE WE UPHOLD THE SAME AND DISMISS THE APPEAL OF THE REVENUE. 5. IN THE RESULT THE APPEAL OF THE REVENUE IS DISM ISSED. O RDER PRONOUNCED IN THE COURT ON 01.06.2018. SD/- SD/- [MADHUMITA ROY] [ J.SUDHAKAR REDDY ] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 01.06.2018. [RG SR.PS] COPY OF THE ORDER FORWARDED TO: 1.M/S JACKSON INVESTMENT PVT. LTD., 1, R.N.MUKHERJE E ROAD, MEZZAINE FLOOR, ROOM NO.12, KOLKATA-700001. 2. I.T.O., WARD-6(2), KOLKATA. 3. CIT(A) -2, KOLKATA 4. C.I.T-2, KOLKATA. 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER, SENIOR PRIVATE SECRETARY HEAD OF OFFICE/D.D.O, ITAT KOLKATA BENCHES ITA NO.1210/KOL/2015 M/S JACKSON INVESTMENT PVT. LT D. A.Y.2010-11 3