Chittaranjan Panja, Kolkata V. I.T.O.,Ward-37(4), Kolkata

ITA 1440/KOL/2019

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 3169 (ITAT-KOLKATA)
• Duration Of Justice: 5 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-11-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2012-2013
• Appeal Filed On: 12-06-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: DHRUBAJYOTI RAY
• Assessee Lawyers: M D SHAH
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH KOLKATA [BEFORE SRI S. S. GODARA, JUDICIAL MEMBER] ./I.T.A NO.1440/KOL/2019 ( [ [ / ASSESSMENT YEAR: 2012-13) CHITTARANJAN PANJA C/O. SUBASH AGARWAL & ASSOCIATES, ADVOCATES SIDDHA GIBSON, 1, GIBSON LANE, SUITE 213, 2 ND FLOOR, KOLKATA 7000069. VS. ITO, WARD-37(4), KOLKATA ./ ./PAN/GIR NO.: AFHPP8207N (APPELLANT) .. (RESPONDENT) APPELLANT BY : SHRI M. D. SHAH, ADVOCATE RESPONDENT BY : SHRI DHRUBAJYOTI RAY, JCIT, SR. DR / DATE OF HEARING : 11/11/2019 /DATE OF PRONOUNCEMENT : 15/11/2019 / O R D E R PER SHRI S. S. GODARA: THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2012-13 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (A) - 25, KOLKATA ORDER DATED 08.05.2019 PASSED IN CASE NO.275/CIT(A)-25/KOL/2018-19 INVOLVING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT). HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. THE ASSESSEES SOLE SUBSTANTIVE GRIEVANCE CHALLENGES CORRECTNESS OF BOTH THE LOWER AUTHORITIES ACTION DISALLOWING LOSS OF RS.14,59,714/- ON ACCOUNT OF TRADING IN GOLD BARS IN CERTAIN MONTHS. I NOTICE AT THE OUTSET WITH THE ASSISTANCE OF LD. COUNSEL THAT THE CIT(A)S ORDER IN PAGE NO.11 HAS TABULATED THE ASSESSEES LOSSES TO BE PERTAINING TO AUGUST-11, OCTOBER-11 TO DECEMBER-11 AND MARCH-2012 MONTHS ON CASH SALES. IT IS VEHEMENTLY CONTENDED AT THE REVENUES BEHEST THAT BOTH THE I.T.A NO.1440/KOL/2019 CHITTARANJAN PANJA PAGE | 2 LOWER AUTHORITIES HAVE RIGHTLY DISALLOWED THE ASSESSEES LOSSES MORE PARTICULARLY IN VIEW OF THE FACT THAT HE HAD NOT BOOKED THE CORRESPONDING SUMS AS INCOME FOR LONGER DURATION OF TIME GOING BY THE TRANSACTION DETAILS. IT FAILS TO REBUT THE CLINCHING FACT THAT BOTH THE LOWER AUTHORITIES HAVE ADOPTED MUTUAL CONTRADICTORY APPROACH IN ACCEPTING THE ASSESSEES SALES INVOLVING POSITIVE FIGURES AND DISALLOWED THE SAID FIVE MONTHS NEGATIVE FIGURES IN ISSUE ONLY. MR. AGARWALS CASE ON THE OTHER HAND IS THAT THE ASSESSEE HAD FILED ALL THE RELEVANT DETAILS IN SUPPORT OF HIS LOSSES ON CASH SALES INVOLVED. 3. AFTER GIVING MY THOUGHTFUL CONSIDERATION TO THE RIVAL PLEADINGS AS WELL AS ASSESSEES DETAILED PAPER BOOK AGAINST AND IN SUPPORT OF THE IMPUGNED ADDITION, I FIND NO REASON TO CONCUR WITH EITHER PARTYS SUBMISSIONS IN ENTIRETY. THE FACT REMAINS THAT NEITHER THE ASSESSEE HAS BEEN ABLE TO SUBSTANTIATE THE LOSS MAKING TRANSACTION ITEM/CUSTOMER WISE NOR THE DEPARTMENTAL AUTHORITIES HAVE ANY EXPLANATION IN SUPPORT OF THEIR ABOVE-STATED MUTUAL CONTRADICTORY APPROACH. I THEREFORE DEEM IT APPROPRIATE IN THESE PECULIAR FACTS THAT A LUMSUM ADDITION OF RS.1,50,000/- WOULD MEET THE ENDS OF JUSTICE WITH A RIDER THAT SAME SHALL NOT BE TREATED AS A PRECEDENT IN ANY OTHER CASE. THE ASSESSEE GETS RELIEF TO THE TUNE OF RS.13,09,714/-. NECESSARY COMPUTATION TO FOLLOW AS PER LAW. 4. THIS ASSESSEES APPEAL IS PARTLY ALLOWED IN ABOVE TERMS. ORDER IS PRONOUNCED IN THE OPEN COURT ON 15.11.2019. SD/- (S. S. GODARA) JUDICIAL MEMBER /KOLKATA; / DATE:15/11/2019 (RS, SR.PS) I.T.A NO.1440/KOL/2019 CHITTARANJAN PANJA PAGE | 3 / COPY OF THE ORDER FORWARDED TO : TRUE COPY BY ORDER ASSISTANT REGISTRAR, I.T.A.T, KOLKATA BENCHES, KOLKATA . 1. THE APPELLANT - CHITTARANJAN PANJA 2. THE RESPONDENT- ITO, WARD-37(4), KOLKATA 3. ( ) / THE CIT(A), KOLKATA [SENT THROUGH EMAIL] 4. / CIT 5. , , / DR, ITAT, KOLKATA [SENT THROUGH EMAIL] 6. [ / GUARD FILE.