Chitrakoot Tradelink Pvt. Ltd., , Kolkata V. TRO - 2, Kolkata, Kolkata

ITA 1594/KOL/2017

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 5306 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 10 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-05-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2012-2013
• Appeal Filed On: 06-07-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHANKAR HALDER JCITSRDR
• Assessee Lawyers: ANKIT JALAN
• Keywords: Bogus Share capital
• Section: 68

Judgement Text

, D , IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH D KOLKATA BEFORE SHRI J.SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI S.S.GODARA, JUDICIAL MEMBER ITA NO.1594/KOL/2017 ASSESSMENT YEARS:2012-13 CHITRAKOOT TRADELINK PVT LTD., 5/1, CLIVE ROW, 2 ND FLOOR, KOLKATA-700001 [ PAN NO.AABCC 3130 H ] / V/S . TAX RECOVERY OFFICER-2, AYAKAR BHAWAN, P-7, CHOWRINGHEE SQUARE, 7 TH FLOOR, KOLKATA-69 /APPELLANT .. /RESPONDENT /BY APPELLANT SHRI ANKIT JALAN, AR /BY RESPONDENT SHRI SHANKAR HALDER, JCIT-SR-DR /DATE OF HEARING 18-02-2019 /DATE OF PRONOUNCEMENT 15-05-2019 /O R D E R PER S.S.GODARA, JUDICIAL MEMBER:- THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2012-13 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS)-23, KOLKATAS ORDER DATED 25.05.2017 PASSED IN CASE NO.155/CIT(A)-23/TRO-2/16-17, INVOLVING PRO CEEDINGS U/S143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEARD BOTH THE PARTIES. CASE FILE(S) PERUSED. 2. THE ASSESSEES SOLE SUBSTANTIVE GRIEVANCE SEEKS TO DELETE SEC. 68 UNEXPLAINED SHARE CAPITAL ADDITION AMOUNTING TO 2,95,600/- IN THE COURSE OF ASSESSMENT AS AFFIRMED IN LOWER APPELLATE PROCEEDINGS. IT EMERGES DURING THE COURSE OF HEARING THAT THE ASSESSEE HAD DULY PUT IN APPEARANCE IN LOWER AP PELLATE PROCEEDINGS. IT FURTHER ITA NO.1594/KOL/2017 A.Y 2012-13 M/S CHITRAKOOT TRADELINK PVT. LTD. VS TRO-2 ), KOL. PAGE 2 APPEARS TO HAVE PLACED ON RECORD THE RELEVANT PARTI CULARS REGARDING INVESTOR PARTI(ES) DETAILS AS WELL AS WRITTEN SUBMISSIONS IN ASSESSMEN T AND IN LOWER APPELLATE PROCEEDINGS. THE SAME HAVE NOWHERE BEEN CONSIDERED IN EITHER OF THE LOWER AUTHORITIES ORDERS UNDER CHALLENGE. THE ASSESSEE A LSO PLACED ON RECORD THE ASSESSMENT NOTE-SHEETS AS WELL AS HIS LOWER APPELLATE WRITTEN SUBMISSIONS TO THIS EFFECT ON RECORD. LEARNED DEPARTMENTAL REPRESENTATIVE FAILS TO REBUT ALL THESE CLINCHING FACTS AVAILABLE IN THE CASE FILE. WE THEREFORE RESTORE THE INSTANT LIS BACK TO THE ASSESSING OFFICER FOR AFRESH ADJUDICATION ON MERITS AS PER LAW AFTER AFFO RDING ADEQUATE OPPORTUNITY OF HEARING TO THE TAXPAYER. 3. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICA L PURPOSE IN ABOVE TERMS. ORDER PRONOUNCED IN OPEN COURT ON 15/05/2019 SD/- SD/- ( &) (( &) (J.SUDHAKAR REDDY) (S.S.GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER *DKP-SR.PS ) - 15/05/2019 / KOLKATA / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-CHITRAKOOT TRADELINK PVT.LTD.5/1 CLIVE R OW, 2 ND FL, KOL-001 2. /RESPONDENT-TRO-2, AYAKAR BHAWAN, P-7, CHOWRINGHEE SQ. 7 TH FL, KOL-69 3. , - / CONCERNED CIT 4. - - / CIT (A) 5. . ((, , , /DR, ITAT, KOLKATA 6. 2 / GUARD FILE. BY ORD ER/ , /TRUE COPY/ ,,