Sapphire Paper Mills Pvt. Ltd., , Darjeeling V. DCIT, Circle - 2, Siliguri , Siliguri

ITA 1479/KOL/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 0801 (ITAT-KOLKATA)
• Duration Of Justice: 8 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-03-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 09-07-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: AGAINST DATED PASSED
• Section: 143(3); 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH D, KOLKATA BEFORE SH. J.SUDHAKAR REDDY, ACCOUNTANT MEMBER & SH.S.S.VISWANETHRA RAVI, JUDICIAL MEMBER ITA NO.1479/KOL/2018 (ASSESSMENT YEAR-2012-13) ORDER PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER THIS APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER DATED 03.05.2018 PASSED BY CIT(A), SILIGURI FOR AY 2012-13 U/S 143(3) OF THE INCOME TAX ACT, 1961 (IN SHORT ACT). 2. HEARD BOTH PARTIES AND PERUSED THE MATERIAL AVAILABLE ON RECORD. THE CONTENTION OF THE LD.AR IS THAT THE ISSUE RAISED IN THIS APPEAL RELATING TO ADDITION MADE ON ACCOUNT OF SHARE CAPITAL AND SHARE PREMIUM. SINCE NO COMPLIANCE IN RESPECT OF PROVING THE CREDITWORTHINESS, EXISTENCE AND GENUINENESS OF TRANSACTIONS IN RESPECT OF SHARE SUBSCRIBING COMPANY AND THE MATTER REQUIRES VERIFICATION BY THE AO IN RESPECT OF ADDITION MADE U/S 68 OF THE ACT. HE PRAYED TO REMAND THE MATTER TO THE AO FOR HIS VERIFICATION. HE PLACED RELIANCE IN THE CASES OF KASHVI DISTRIBUTOR PVT.LTD. IN ITA NO.1588/KOL/2017 DATED 19.11.2018; M/S AIC SPONGE & POWER PVT. LTD. IN ITA NO.995/KOL/2017 DATED 15.06.2018 AND M/S. AMBASSADOR VINCOM PVT. LTD. IN ITA NO.2139/KOL/2017 DATED 24.08.2018 . LD. DR DID SAPPHIRE PAPER MILLS PVT.LTD., 3 RD FLOOR, LEELASHRI BUILDING, SUBHASH MARKET, GEORGE MAHABERT SCHOOL RAOD, SILIGURI, DARJEELING-734001. PAN-AAICS6140A VS DCIT, CIRCLE-2, AAYAKAR BHAWAN, A- WING, PARIBAHAN NAGAR, MATIGARA, SILIGURI- 734010. (APPELLANT) (RESPONDENT) APPELLANT BY SH. MIRAJ D.SHAH, AR RESPONDENT BY SH. SHANKAR HALDER, SR.DR JCIT DATE OF HEARING 28.02.2019 DATE OF PRONOUNCEMENT 27 .03.2019 ITA NO.1479/KOL/2018 (ASSESSMENT YEAR-2012-13) PAGE | 2 NOT CONTROVERT THE SAME. WE FIND ON SIMILAR CIRCUMSTANCES THAT THIS TRIBUNAL REMANDED THE MATTER TO THE FILE OF AO IN ORDER TO EXAMINE THE ASSESSEE REGARDING THE RECEIPT OF SHARE CAPITAL AND SHARE PREMIUM. AS UNDERTAKEN BY THE COUNSEL OF THE ASSESSEE SHALL MAKE DUE COMPLIANCES BEFORE THE AO AND SHALL EXTEND COOPERATION IN ORDER TO ENABLE THE AO TO COMPLETE THE ASSESSMENT AFRESH EXPEDITIOUSLY. THUS, WE REMAND THE MATTER TO AO FOR HIS CONSIDERATION. THEREFORE, GROUNDS RAISED BY THE ASSESSEE ARE ALLOWED FOR STATISTICAL PURPOSES. 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 27.03.2019. SD/- SD/- (J.SUDHAKAR REDDY) (S.S.VISWANETHRA RAVI) ACCOUNTANT MEMBER JUDICIAL MEMBER DATE:- 27.03.2019 *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT- SAPPHIRE PAPER MILLS PVT.LTD., 3 RD FLOOR, LEELASHRI BUILDING, SUBHASH MARKET, GEORGE MAHABERT SCHOOL RAOD, SILIGURI, DARJEELING-734001. 2. RESPONDENT- DCIT, CIRCLE-2, AAYAKAR BHAWAN, A- WING, PARIBAHAN NAGAR, MATIGARA, SILIGURI-734010. 3. CIT-KOLKATA 4. CIT(APPEALS)-KOLKATA 5. DR: ITAT -KOLKATA BENCHES BY ORDER AR/H.O.O ITAT, KOLKATA