Futuristic Ceramics & Composite Pvt. Ltd., , Kolkata V. ITO, Ward - 12(3), Kolkata, Kolkata

ITA 1314/KOL/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 4766 (ITAT-KOLKATA)
• Duration Of Justice: 8 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-02-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2012-2013
• Appeal Filed On: 14-06-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHANKAR HALDER SRDR
• Assessee Lawyers: MANISH TIWARI
• Keywords: Unexplained cash credit
• Section: 68; 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH (D), KOLKATA [BEFORE SHRI P.M. JAGTAP, VICE PRESIDENT & SHRI A. T. VARKEY, JM] I.T.A. NO.1314/KOL/2018 ASSESSMENT YEAR: 2012-13 FUTURISTIC CERAMICS & COMPOSITE PVT. LTD...................................APPELLANT 27, SARAT BOSE ROAD, KOLKATA 700 020. [PAN: AABCF 6931 B] INCOME TAX OFFICER....................................RESPONDENT WARD 12(3), KOLKATA. APPEARANCES BY: SHRI MANISH TIWARI, FCA APPEARING ON BEHALF OF THE ASSESSEE. SHRI SHANKAR HALDER, SR(DR), JCIT, APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : FEBRUARY 06, 2019 DATE OF PRONOUNCING THE ORDER : FEBRUARY 15, 2019 ORDER PER P.M. JAGTAP, VICE PRESIDENT THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF LD. CIT(A) 4, KOLKATA DATED 24.01.2018 PASSED EX-PARTE DISMISSING THE APPEAL OF THE ASSESSEE. 2. THE ASSESSEE IN THE PRESENT CASE IS A COMPANY WHICH FILED ITS RETURN OF INCOME FOR THE YEAR UNDER CONSIDERATION ON 31.03.2013 DECLARING ITS TOTAL INCOME AT NIL. IN THE ASSESSMENT COMPLETED U/S 143(3) VIDE AN ORDER DATED 23.03.2015, THE TOTAL INCOME OF THE ASSESSEE WAS DETERMINED BY THE AO AT RS. 6,53,50,000/- AFTER MAKING AN ADDITION TO THAT EXTENT U/S 68 ON ACCOUNT OF SHARE CAPITAL AND SHARE PREMIUM RECEIVED DURING THE YEAR UNDER CONSIDERATION BY TREATING THE SAME AS UNEXPLAINED CASH CREDIT. AGAINST THE ORDER PASSED BY THE AO U/S 143(3), AN APPEAL WAS PREFERRED BY THE ASSESSEE BEFORE THE LD. CIT(A) AND SINCE THERE WAS NO SATISFACTORY COMPLIANCE TO THE NOTICES ISSUED BY HIM FIXING THE SAID APPEAL FOR HEARING FROM TIME TO TIME, THE 2 FUTURISTIC CERAMICS & COMPOSITE PVT. LTD. I.T.A. NO.1314/KOL/2018 ASSESSMENT YEAR: 2012-13 LD. CIT(A) DISMISSED THE APPEAL OF THE ASSESSEE VIDE HIS APPELLATE ORDER DATED 24.01.2018 EX-PARTE. AGGRIEVED BY THE ORDER OF THE LD. CIT(A), THE ASSESSEE HAS PREFERRED THIS APPEAL BEFORE THE TRIBUNAL. 3. WE HAVE HEARD THE ARGUMENTS OF BOTH THE SIDES AND ALSO PERUSED THE RELEVANT MATERIAL AVAILABLE ON RECORD. THE LEARNED COUNSEL FOR THE ASSESSEE HAS SUBMITTED THAT THE ASSESSEE AT MOST OF THE TIME WHEN ITS APPEAL WAS FIXED FOR HEARING BEFORE THE LD. CIT(A) HAD SOUGHT ADJOURNMENTS AND ONLY ON THE LAST DATE OF HEARING FIXED ON 23.01.2018 NOBODY COULD APPEAR BEFORE THE LD. CIT(A) DUE TO SOME UNAVOIDABLE CIRCUMSTANCES. HE HAS CONTENDED THAT THE LD. CIT(A) DID NOT GIVE ANY FURTHER OPPORTUNITY TO THE ASSESSEE AND PROCEEDED TO DISMISS THE APPEAL OF THE ASSESSEE VIDE HIS IMPUGNED ORDER PASSED EX- PARTE. HE HAS CONTENDED THAT THE LD. CIT(A) THUS HAS NOT GIVEN PROPER AND SUFFICIENT OPPORTUNITY TO THE ASSESSEE OF BEING HEARD AND URGED THAT THE MATTER MAY BE SENT BACK TO THE LD. CIT(A) FOR GIVING ONE MORE OPPORTUNITY TO THE ASSESSEE. SINCE THE LEARNED DR HAS ALSO NOT RAISED ANY OBJECTION FOR SENDING THE MATTER BACK TO THE LD. CIT(A), WE SET ASIDE THE IMPUGNED ORDER PASSED BY THE LD. CIT(A) EX-PARTE AND REMIT THE MATTER BACK TO HIM FOR DISPOSING THE APPEAL OF THE ASSESSEE AFRESH ON MERIT AFTER GIVING ONE MORE OPPORTUNITY TO THE ASSESSEE OF BEING HEARD. AS UNDERTAKEN BY THE LEARNED COUNSEL FOR THE ASSESSEE, THE ASSESSEE SHALL MAKE DUE COMPLIANCE BEFORE THE LD. CIT(A) AND SHALL EXTEND FULL COOPERATION IN ORDER TO ENABLE THE LD. CIT(A) TO DISPOSE OF THE APPEAL EXPEDITIOUSLY. 3 FUTURISTIC CERAMICS & COMPOSITE PVT. LTD. I.T.A. NO.1314/KOL/2018 ASSESSMENT YEAR: 2012-13 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS TREATED AS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 15 TH FEBRUARY, 2019. SD/- SD/- (A. T. VARKEY) (P.M. JAGTAP) JUDICIAL MEMBER VICE PRESIDENT DATED: 15/02/2019 BISWAJIT, SR. PS COPY OF ORDER FORWARDED TO: 1. FUTURISTIC CERAMICS & COMPOSITE PVT. LTD., 27, SARAT BOSE ROAD, KOLKATA 700 020. 2. ITO, WARD 12(3), P-7, CHOWRINGHEE SQUARE, KOLKATA 700 069. 3. THE CIT(A) 4. THE CIT 5. DR TRUE COPY, BY ORDER, ASSISTANT REGISTRAR / H.O.O. ITAT, KOLKATA