IDEAL MAKERS PRIVATE LIMITED, Kolkata V. I. T.O. Wd-2(3), Kolkata, Kolkata

ITA 1540/KOL/2009

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 78391 (ITAT-KOLKATA)
• Duration Of Justice: 4 year(s) 10 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-07-2014
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2003-2004
• Appeal Filed On: 01-09-2009
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Business income

Judgement Text

I.T.A. NO. 1540/KOL./2009 ASSESSMENT YEAR: 2003-2004 PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA C BENCH, KOLKATA BEFORE SHRI P.K. BANSAL (ACCOUNTANT MEMBER), AND SHRI GEORGE MATHAN (JUDICIAL MEMBER) I.T.A. NO. 1540/KOL./ 2009 ASSESSMENT YEAR : 2003-2004 IDEAL MAKERS PRIVATE LIMITED,...................... ................................APPELLANT C/O. A.K. KHEMKA, 8, GANESH CHANDRA AVENUE, 1 ST FLOOR, SAHA COURT, KOLKATA-700 013 [PAN : AABCI 1313 G] -VS.- INCOME TAX OFFICER,................................ .................................RESPONDENT WARD-2(3), KOLKATA, AAYAKAR BHAWAN, 7 TH FLOOR, P-7, CHOWRINGHEE SQUARE, KOLKATA-700 069 APPEARANCES BY: N O N E, FOR THE ASSESSEE SMT. RANU BISWAS, JCIT, SR. D.R., FOR THE DEPARTMEN T DATE OF CONCLUDING THE HEARING : JULY 24, 2014 DATE OF PRONOUNCING THE ORDER : JULY 24, 2014 O R D E R PER GEORGE MATHAN: THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST TH E ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS), CENTRAL-I, KO LKATA IN APPEAL NO.204/CC-XXIV/CIT(A),C-1/08-09 DATED 16.04.2009 FO R THE ASSESSMENT YEAR 2003-04. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE AND SMT. RANU BISWAS, LD. JCIT, SR. D.R., REPRESENTED ON BEHALF OF THE REVENU E. A PERUSAL OF THE ORDER-SHEET RECORDINGS IN THE PRESENT CASE SHOWS TH AT THE APPEAL WAS FILED ON 02.09.2009 AND THE APPEAL WAS POSTED FOR H EARING ON VARIOUS I.T.A. NO. 1540/KOL./2009 ASSESSMENT YEAR: 2003-2004 PAGE 2 OF 3 DATES, SUCH AS 13.10.2009, 30.12.2009, 02.02.2010, 24.05.2010, 17.02.2011, 23.01.2012, 18.06.2012, 29.10.2012, 27. 03.2014, TODAY ON 24.07.2014. THE ASSESSEE HAS NOT REPRESENTED ON ANY OF THE ABOVE DATES OF HEARING. CONSEQUENTLY THE APPEAL FILED BY THE AS SESSEE IS BEING HEARD EX-PARTE. 3. IT WAS SUBMITTED BY THE LD. D.R. ON BEHALF OF TH E REVENUE THAT THE ISSUE IN THE APPEAL WAS AGAINST THE ACTION OF THE L D. CIT(APPEALS) IN CONFIRMING THE ALLOCATION OF THE EXPENSES RELATED T O SHARE TRADING BUSINESS AMOUNTING TO RS.1,00,000/-. LD. D.R. DREW OUR ATTENTION TO PARA 2.3 AT PAGES 3 TO 5 OF THE ORDER OF LD. CIT(APPEALS ). IT WAS THE SUBMISSION THAT THE ASSESSING OFFICER HAD DISALLOWED EXPENSES TO AN EXTENT OF RS.2,94,547/- WHICH WAS REDUCED TO RS.1,00,000/- BY THE LD. CIT(APPEALS). IT WAS THE SUBMISSION THAT THIS REDUC TION BY THE LD. CIT(APPEALS) ITSELF WAS UNACCEPTABLE IN SO FAR AS T HE ASSESSING OFFICER HAD GIVEN DETAILED CALCULATION FOR THE APPORTIONMEN T OF THE ADMINISTRATIVE EXPENSES. IT WAS THE SUBMISSION THAT NO FURTHER RELIEF WAS CALLED FOR IN THE ASSESSEES CASE. 4. WE HAVE CONSIDERED THE SUBMISSIONS OF THE LD. D. R. AND PERUSED THE STATEMENT OF FACTS FILED BY THE ASSESSEE AS ALSO TH E GROUNDS OF APPEAL. A PERUSAL OF THE ASSESSMENT ORDER CLEARLY SHOWS THAT THE ASSESSING OFFICER HAS GIVEN SPECIFIC CALCULATION FOR ARRIVING AT THE PROPORTIONATE ADMINISTRATIVE EXPENSES IN RELATION TO THE TURNOVER FOR THE PURPOSE OF DISALLOWING THE PROPORTIONATE ADMINISTRATIVE EXPENS ES WHEN COMPUTING THE SHARE TRADING BUSINESS INCOME. BEFORE THE LD. C IT(APPEALS) ALSO, THE ASSESSEE HAS NOT BEEN ABLE TO DISLODGE THIS SPECIFI C CALCULATION. HOWEVER, THE LD. CIT(APPEALS) HAS GIVEN THE ASSESSEE RELIEF OF NEARLY RS.1,94,547/-. BEFORE US, THE ASSESSEE HAS NOT BEEN ABLE TO PRODUC E ANY EVIDENCE TO SHOW WHY THIS PROPORTIONATE EXPENSES DISALLOWED BY THE LD. CIT(APPEALS) SHOULD BE DELETED OR FURTHER REDUCED. IN THESE CIRC UMSTANCES, WE ARE OF I.T.A. NO. 1540/KOL./2009 ASSESSMENT YEAR: 2003-2004 PAGE 3 OF 3 THE VIEW THAT THE FINDING OF THE LD. CIT(APPEALS) I S ON THE RIGHT FOOTING AND DOES NOT CALL FOR ANY INTERFERENCE. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 24 TH JULY, 2014. SD/- SD/- P.K. BANSAL GEORGE MATHAN (ACCOUNTANT MEMBER) (JU DICIAL MEMBER) KOLKATA, THE 24 TH DAY OF JULY, 2014 COPIES TO : (1) IDEAL MAKERS PRIVATE LIMITED, C/O. A.K. KHEMKA, 8, GANESH CHANDRA AVENUE, 1 ST FLOOR, SAHA COURT, KOLKATA-700 013 (2) INCOME TAX OFFICER, WARD-2(3), KOLKATA, AAYAKAR BHAWAN, 7 TH FLOOR, P-7, CHOWRINGHEE SQUARE, KOLKATA-700 069 (3) COMMISSIONER OF INCOME-TAX (APPEALS) (4) COMMISSIONER OF INCOME TAX (5) THE DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.