ITO, WD-4(1), KOLKATA, Kolkata V. M/s Trimudra Credit Ltd., Kolkata

ITA 1212/KOL/2015

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 7594 (ITAT-KOLKATA)
• Duration Of Justice: 3 year(s) 3 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-01-2019
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: C
• Assessment Year: 2012-2013
• Appeal Filed On: 17-09-2015
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: P K SRIHARI
• Assessee Lawyers: MANISH TIWARI
• Keywords: Unexplained cash credit
• Section: 68

Judgement Text

M/S TRIMUDRA CREDIT LTD. I.T.A NO.1212/KOL/2015 ASSESSMENT YEAR: 2012-13 PAGE | 1 IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH: KOLKATA BEFORE: SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER I.T.A NO.1212/KOL/2015 (ASSESSMENT YEAR: 2012-13) INCOME TAX OFFICER, WARD-4(1), KOLKATA APPELLANT VS M/S TRIMUDRA CREDIT LTD. RESPONDENT [PAN: AABCT 0282 B] FOR THE APPELLANT : SHRI P. K. SRIHARI, CIT, DR FOR THE RESPONDENT : SHRI MANISH TIWARI, AR DATE OF HEARING : 08.01.2019 DATE OF PRONOUNCEMENT : 11.01.2019 ORDER SHRI S.S. VISWANETHRA RAVI, JM: THIS APPEAL BY THE REVENUE AGAINST THE ORDER DATED 30.06.2015 PASSED BY THE COMMISSIONER OF INCOME TAX (APPEALS)-2, KOLKATA [CIT(A)] FOR ASSESSMENT YEAR 2012-13. 2. THE ONLY ISSUE IS TO BE DECIDED AS TO WHETHER THE CIT IS JUSTIFIED IN DELETING THE ADDITION MADE BY THE ASSESSING OFFICER ON ACCOUNT OF UNEXPLAINED CASH CREDIT U/S 68 OF THE ACT. 3. HEARD BOTH PARTIES AND PERUSED THE MATERIALS AVAILABLE ON RECORD. THE LD. AR SUBMITS THAT THE ADDITIONS MADE U/S 68 OF THE ACT BY THE ASSESSING OFFICER ON THE GROUND THAT THE ASSESSEE FAILED TO JUSTIFY HIS RETURN WITH EVIDENCES IN RESPECT OF PRIMARY SOURCES OF ITS CAPITAL RAISED. THE ASSESSING OFFICER DID NOT CONSIDER THE FACTS RELATING TO THE ASSESSEE IN A PROPER WAY AND PRAYED TO REMAND THE MATTER TO THE FILE OF THE ASSESSING OFFICER FOR HIS FRESH CONSIDERATION. M/S TRIMUDRA CREDIT LTD. I.T.A NO.1212/KOL/2015 ASSESSMENT YEAR: 2012-13 PAGE | 2 THE LD. DR REPORTED NO OBJECTION IN REMANDING THE MATTER TO THE FILE OF ASSESSING OFFICER ONLY ON THE CONDITION THAT THE ASSESSEE SHALL COMPLY ALL THE OBJECTIONS RAISED BY THE ASSESSING OFFICER IN RESPECT OF ADDITION MADE BY THE ASSESSING OFFICER INVOLVING THE SHARE CAPITAL AND SHARE PREMIUM. TAKING INTO CONSIDERATION THE SUBMISSIONS OF THE LD. AR & DR AND IN THE FACTS AND CIRCUMSTANCES OF THE CASE, WE DEEM IT PROPER TO REMAND THE MATTER TO THE FILE OF THE ASSESSING OFFICER FOR FRESH CONSIDERATION. THE ASSESSEE IS AT LIBERTY TO FILE EVIDENCES, IF ANY, IN SUPPORT OF ITS CLAIM. THE GROUND RAISED BY THE REVENUE IS ALLOWED FOR STATISTICAL PURPOSES. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 11.01.2019. SD/- SD/- [J. SUDHAKAR REDDY] [S.S. VISWANETHRA RAVI] ACCOUNTANT MEMBER JUDICIAL MEMBER DATED :11.01.2019 PLACE : KOLKATA RS, SR.PS COPY OF THE ORDER FORWARDED TO: 1 . APPELLANT ITO, WARD-4(1), KOL, P-7, CHOWRINGHEE SQUARE, 8 TH FLOOR, KOL- 700 069. 2 RESPONDENT M/S. TRIMUDRA CREDIT LTD., 8, LYONS RANGE, GROUND FLOOR, KOL-1. 3 . THE CIT(A), KOLKATA 4. 5. CIT , KOLKATA DR, KOLKATA BENCHES, KOLKATA //TRUE COPY// BY ORDER, ASSISTANT REGISTRAR, ITAT, KOLKATA