M/s. Park Leather Company, Kolkata V. ACIT, Circle - 31, Kolkata, Kolkata

ITA 1507/KOL/2017

• Counselvise Citation: [2018] 118 COUNSELVISE.COM (IT) 8461 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 6 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-12-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2013-2014
• Appeal Filed On: 23-06-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PRADIP MAJUMDAR CITSRDR
• Assessee Lawyers: MIRAJ D. SHAH
• Section: 143(3); 10B

Judgement Text

, A , IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH A KOLKATA BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND SHRI, M. BALAGANESH, ACCOUNTANT MEMBER ITA NO. 1507 / KOL / 20 17 ASSESSMENT YEAR :2013-14 M/S PARK LATHER COMPANY, 79, MUFIDUL ISLAM LANE, TOPSIA, KOLKATA-700 006 [ PAN NO.AAIFP 5359 D ] V/S . ACIT, CIRCLE-31, 10B, MIDDLETON ROW, 3 RD FLOOR, KOLKATA-71 /APPELLANT .. / RESPONDENT /BY APPELLANT SHRI MIRAJ D SHAH, ADVOCATE /BY RESPONDENT SHRI PRADIP MAJUMDAR, ADDL. CIT-SR-DR /DATE OF HEARING 26-12-2018 /DATE OF PRONOUNCEMENT 31-12-2018 / O R D E R PER S.S.GODARA, JUDICIAL MEMBER:- THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2013-14 ARISES AGAINST COMMISSIONER OF INCOME TAX (APPEALS)-9 KOLKATAS OR DER DATED 23.03.2017 PASSED IN CASE NO.359/CIT(A)-9/CIR-31/2015-16/KOL I NVOLVING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE A CT. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. THE ASSESSEES SOLE SUBSTANTIVE GRIEVANCE CHALLE NGES BOTH THE LOWER AUTHORITIES ACTION DISALLOWING / ADDING ITS SHORT T ERM CAPITAL LOSS OF 5,62,63,659/- IN THE COURSE OF ASSESSMENT AS AFFIRM ED IN CIT(A)S LOWER APPELLATE ORDER PASSED EX PARTE . WE NOTICE AT THE OUTSET THAT THE CIT(A)S ORDER HAS STATED TO HAVE ISSUED THREE HEARING NOTIC E(S) 02.11.2016, 22,12,2016 & 22.03.2017 BEFORE UPHOLDING ASSESSING OFFICERS ACTION DISALLOWING ASSESSEES CAPITAL LOSS IN ISSUE. IT IS AN ADMITTED FACT THAT CIT(A) ITA NO.1507/KOL/2017 A.Y. 2013 -14 M/S PARK LEATHER CO. VS. ACIT CIR-31, KO L. PAGE 2 HAS SIMPLY AFFIRMED THE IMPUGNED DISALLOWANCE IN PA GE-2 VIDE VERY VERY CRITIC FINDINGS NOT EVEN DISCUSSING THE RELEVANT FACTS OF THE CASE FOLLOWED BY A DETAILED ADJUDICATION AS CONTEMPLATED U/S 250(6) OF THE ACT. WE THEREFORE RESTORE THE INSTANT LIS BACK TO THE CIT(A) FOR AFRE SH ADJUDICATION ON MERITS AFTER AFFORDING ADEQUATE OPPORTUNITY OF HEARING TO THE AS SESSEE. 3. THIS ASSESSEES APPEAL IS ACCEPTED FOR STATISTIC AL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT 3 1/12/2018 SD/- SD/- ( %) (' %) (M.BALAGANESH) (S.S.GODARA) (ACCOUNTANT MEMBER) (JUDICIAL MEMBER) KOLKATA, *DKP, SR.P.S (- 31 / 12 /201 8 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-M/S PARK LEATHER CO. 79, MUFIDUL ISLAM L ANE, TOPSIA, KOLKAKATA-006 2. /RESPONDENT-ACIT, CIR-31, 10B MIDDLETON ROW, 3 RD FLOOR,KOLKATA-071 3. 3 4 / CONCERNED CIT KOLKATA 4. 4- / CIT (A) KOLKATA 5. 7 ''3, 3, / DR, ITAT, KOLKATA 6. < / GUARD FILE. BY ORDER/ , /TRUE COPY/ / 3,