M/s. Danodia Investments & Finance Ltd., Kolkata V. D.C.I.T.,CC-2(3), Kolkata

ITA 1492/KOL/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 6295 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 3 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-09-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 10-09-2020
• Assessment Year: 2009-2010
• Appeal Filed On: 19-06-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: PASS KOLKATA
• Keywords: Unexplained cash credit
• Section: 68

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH VIRTUAL COURT A KOLKATA BEFORE SHRI J.SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI S.S.GODARA, JUDICIAL MEMBER ITA NO.1492/KOL/2019 ASSESSMENT YEAR: 2009-10 DANODIA INVESTMENTS AND FINANCE LTD., 50, CHOWRINGHEE ROAD, KOLKATA-700 071 [ PAN NO.AAACD 2577 Q ] / V/S . DY. COMMISSIONER OF INCOME TAX, CENTRALCIRCLE-2(3), 110, SHANTIPALLY, E.M. BYPASS, KOLKATA-107 /APPELLANT .. /RESPONDENT /BY APPELLANT NONE /BY RESPONDENT SHRI DHRUBAJYOTI RAY, JCIT-DR /DATE OF HEARING 10-09-2020 /DATE OF PRONOUNCEMENT -09-2020 /O R D E R PER S.S.GODARA, JUDICIAL MEMBER:- THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2009-10 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS)-3, KOLKATAS O RDER DATED 04.09.2018 PASSED IN CASE NO.278/16-17 INVOLVING PROCEEDINGS 147 R.W. S.143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. CASE CALLED TWICE. NONE APPEARS AT THE ASSESSEES B EHEST. IT IS ACCORDINGLY PROCEEDED EX PARTE. THE CASE IS NOW TAKEN UP FOR AD JUDICATION ON MERITS. ITA NO.1492/KOL/2019 ASSESSMENT YEAR 2009-10 DANODIA INVESTMENTS & FINANCE LTD. VS DCIT, CC-2(3) KOL. PA GE 2 2. WE NOTICE AT THE OUTSET THAT THE CIT(A)S EX PARTE LOWER APPELLATE ORDER UNDER CHALLENGE HAS AFFIRMED THE ASSESSING OFFICERS ACTI ON TREATING THE ASSESSEES SHARE APPLICATION / PREMIUM SUM OF 4,50,00,000/- AS BOGUS UNEXPLAINED CASH CREDITS U/S 68 OF THE ACT SINCE LACKING GENUINENESS / CREDITWORTHI NESS OF THE INVESTORS CONCERNED. THIS WAS FOLLOWED BY UNEXPLAINED COMMISSION PAYMENT OF 8.10 LAKH @ 1.8% BY WAY OF ACCOMMODATION ENTRY(IES). LEARNED DEPARTMENT AL REPRESENTATIVE HAS TAKEN PAINS TO HIGHLIGHT THE FACT THAT ALTHOUGH THE ASSES SEE DID NOT APPEAR BEFORE THE CIT(A); BUT THE LATTER HAS CONSIDERED ALL FACTUAL MATRIX I N THE LOWER APPELLATE ORDER RUNNING INTO 34 PAGES. 3. WE FIND NO MERIT IN THE REVENUES ARGUMENT(S). T HE FACT REMAINS THAT THE CIT(A)S ORDER HAS NOT INDEPENDENTLY EXAMINED THE D ETAILED EVIDENCE FILED AT THE ASSESSEES BEHEST FORMING PART OF THE CASE RECORD L EADS US TO THE CONCLUSION THAT THIS TAXPAYER DESERVES ONE MORE INNINGS BEFORE THE CIT(A ) SO AS TO PROVE GENUINENESS / CREDITWORTHINESS OF ITS SHARE APPLICATION / PREMIUM SUM(S). WE THUS RESTORE THE ASSESSEES ABOVE SOLE GRIEVANCE BACK TO THE CIT(A) FOR HIS APPROPRIATE ADJUDICATION AS PER LAW WITHIN THREE EFFECTIVE OPPORTUNITIES OF HEA RING. 4. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICA L PURPOSES IN ABOVE TERMS.. ORDER PRONOUNCED IN OPEN COURT ON 23/09/2020 SD/- SD/ - ( ') () ') (J.SUDHAKAR REDDY) (S.S.GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER *DKP-SR.PS * - 23/09/2020 / KOLKATA / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-DANODIA INVESTMENTS & FINANCE LTD., 50, CHOWRINGHEE ROAD KOLKATA-700 071 2. /RESPONDENT-DCIT, CC-2(3), AAYAKAR BHAWAN, POORVA, 110, SHANTIPALLY, E.M.BYPASS KOLKATA-107 3. - . / CONCERNED CIT 4. . - / CIT (A) 5. / ))- , - /DR, ITAT, KOLKATA 6. 3 / GUARD FILE. BY ORD ER/ , /TRUE COPY/ -,