ITO, Ward - 5(3), Kolkata, Kolkata V. M/s. Blue Chip Capital Market Pvt. Ltd., Kolkata

ITA 1284/KOL/2010

• Counselvise Citation: 128423514 RSA 2010
• Duration Of Justice: 10 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-05-2011
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 10-05-2011
• Assessment Year: 2005-2006
• Appeal Filed On: 21-06-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: S P CHOWDHURY
• Assessee Lawyers: SUBASH AGARWAL

Judgement Text

, , , , , , ,, , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH : KOLKATA [ , ,, , , ,, , , !' !' !' !' ] [BEFORE HONBLE SMT. DIVA SINGH , JM & HONBLE SRI AKBER BASHA, AM] # # # # / I.T.A NO. 1284/KOL/2010 $% &' $% &' $% &' $% &'/ // / ASSESSMENT YEAR : 2005-06 INCOME TAX OFFICER/WARD-5(3) -VS.- M/S. BLUE CHIP CAPITAL MARKET PVT. LTD. KOLKATA. KOLKATA [PAN : AABCB 1290 M] (*+ /APPELLANT ) (-.*+/ RESPONDENT ) *+ / FOR THE APPELLANT : / /SHRI S. P. CHOWDHURY -.*+ / FOR THE RESPONDENT : / / SHRI SUBASH AGARWAL ! /O R D E R [ , !' !' !' !' ] PER AKBER BASHA, AM THE DEPARTMENT HAS FILED THIS APPEAL FOR ASSESSMEN T YEAR 2005-06 AGAINST ORDER OF CIT (A)- VI, KOLKATA DATED 30.03.2010, ON THE FOLLOWING GROU ND :- THE CIT(A)-VI, HAS ERRED IN LAW AS WELL AS ON FACT S IN DECIDING THE ISSUE IN FAVOUR OF THE ASSESSEE BY DELETING THE DISALLOWANCE OF LOSS B Y STATING THAT THE BUYER HAS CONFIRMED THE TRANSACTIONS AND IS ASSESSED TO TAX, IGNORING THE HOST OF OTHER INCONSISTENCIES AND INCOHERENCE POINTED OUT BY THE A.O. TO PROVE THAT THE TRANSACTIONS ARE NOT GENUINE AND WERE MADE TO BOOK LOSSES AND AV OID PAYING DUE TAXES. 2. AT THE OUTSET, LD. COUNSEL APPEARING ON BEHALF O F THE ASSESSEE FAIRLY AGREED THAT THE ISSUE MAY BE RESTORED BACK TO THE FILE OF THE ASSESSING OFFIC ER ON THE GROUND THAT ASSESSEE FILED SOME CONFIRMATION LETTERS, CONTRACT NOTES BEFORE CIT (A) FOR THE FIRST TIME WHICH WAS NOT FILED BEFORE THE ASSESSING OFFICER. SINCE ASSESSING OFFICER HAD NO O CCASION TO VERIFY ALL THESE CONFIRMATION LETTERS AND DOCUMENTS WHICH ARE LISTED IN SL. NO. 6 TO 12 O F THE PAPER BOOK FILED BY THE ASSESSEE, IN THE ITA NO. 1640/KOL/2010 2 INTEREST OF JUSTICE, WE FEEL IT PROPER TO RESTORE T HIS ISSUE TO THE FILE OF THE ASSESSING OFFICER FOR FRESH CONSIDERATION AFTER GIVING PROPER OPPORTUNITY OF BE ING HEARD TO BOTH THE PARTIES. 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED FOR STATISTICAL PURPOSES. ! 0 1$ 2 3 4' ORDER PRONOUNCED IN THE OPEN COURT ON 10. 0 5. 2011. SD/- SD/- [ , ] [ , !' ] [ DIVA SINGH ] [ AKBER BASHA ] JUDICIAL MEMBER ACCOUNTANT M EMBER 4' / DATED : 10TH MAY, 2011. ! 5 -6 7!6&8 - COPY OF THE ORDER FORWARDED TO: 1. ! /APPLICANT- INCOME TAX OFFICER/WARD-5(3), P-7, CH OWRINGHEE SQUARE, AAYAKAR BHAWAN, 8 TH FLOOR, KOLKATA-700 069. 2 -.*+ / RESPONDENT : M/S. BLUE CHIP CAPITAL MARKET PVT. L TD., 36, STRAND ROAD, 2 ND FLOOR, KOLKATA-700 017. 3. $ / CIT 4. $ ( )/ CIT(A) 5. 92 -$ / DR, KOLKATA BENCHES, KOLKATA [ .6 - / TRUE COPY] ! $1 / BY ORDER : / ; /DEPUTY/ASSTT. REGISTRAR . [KKC <= $>; ? /SR.PS]