M/S Sabind Venture Pvt. Ltds., Jamshedpur V. ITO,Ward-3(2), Jamshedpur

ITA 154/RAN/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 8292 (ITAT-RANCHI)
• Duration Of Justice: 11 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-03-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2011-2012
• Appeal Filed On: 02-04-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Unexplained cash credit
• Section: 143(3); 68; 148

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL: RANCHI BENCH, RANCHI BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER I.T.A NO.154/RAN/2019 ASSESSMENT YEAR: 2011-12 M/S SABIND VENTURE PVT. LTD. 307, 3 RD FLOOR, AASHIANA TRADE CENTRE, TATA KANDRA ROAD, JAMSHEDPUR-831001. VS. ITO, WARD-3(2), JAMSHEDPUR PAN/GIR NO. : AACKS7329B ( APPELL ANT ) .. (RESPONDENT) APPELLANT BY NONE RESPONDENT BY SHRI AJAY KUMAR, ADDL. CIT, DR DATE OF HEARING 05.03.2020 DATE OF PRONOUNCEMENT 05.03.2020 O R D E R S. S. GODARA(ORAL): THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2011-12 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS), JAMSHEDPUR DATED 02.01.2019 PASSED IN CASE NO.42/JSR/2018-19 INVOLVING PROCEEDINGS U/S 143(3) R.W.S 147 OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT). CASE CALLED TWICE. NONE APPEARS AT ASSESSEES BEHEST. I ACCORDINGLY PROCEED EX PARTE. 2. I NOTICE WITH THE ABLE ASSISTANCE OF THE LEARNED DEPARTMENTAL REPRESENTATIVE THAT ALTHOUGH THE ASSESSEE HAS CHALLENGED VALIDITY OF REOPENING AS WELL AS SECTION 68 ADDITION OF UNEXPLAINED CASH CREDITS IN THE NATURE OF SHARE APPLICATION MONEY TO THE TUNE OF RS.7,50,000/-. THERE IS NO REBUTTAL COMING FROM TAXPAYERS SIDE IN SUPPORT OF THE TWIN PLEAS. I ACCORDINGLY AFFIRM THE CIT(A)S LOWER APPELLATE FINDINGS CONFIRMING INITIATION OF SECTION 148 PROCEEDINGS FOLLOWED BY THE IMPUGNED ADDITION ON MERITS. 3. THIS ASSESSEES APPEAL IS DISMISSED. ORDER IS PRONOUNCED IN THE OPEN COURT ON 05.03.2020. SD/- (S. S. GODARA) JUDICIAL MEMBER DATED: 05.03.2020. RS I.T.A NO.154/RAN/2019 M/S SABIND VENTURE PVT. LTD. 2 COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE CIT(A) - 5. THE DR, ITAT, RANCHI 6. GUARD FILE BY ORDER SR. P.S., ITAT, RANCHI (ON TOUR)