Finergy Transport Finance Ltd., Namakkal V. ACIT, Circle-1, Namakkal

ITA 1600/CHNY/2024

• Counselvise Citation: [2024] 129 COUNSELVISE.COM (IT) 0236 (ITAT-CHENNAI)
• Duration Of Justice: 3 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-09-2024
• Appeal Filed By: Assessee
• Order Result: PartlyAllowed
• Bench Allotted: A
• Next Hearing Date: 27-08-2024
• Assessment Year: 2016-2017
• Appeal Filed On: 26-05-2024
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: KAVITHA LD.
• Assessee Lawyers: N. ARJUN RAJ LD
• Section: 143(3); 68

Judgement Text

आयकर अपीलीय अिधकरण ‘ए’ ायपीठ चे ई म । IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI माननीय +ी मनोज कु मार अ/वाल ,लेखा सद4 एवं माननीय +ी मनु कु मार िग7र, ाियक सद4 के सम8। BEFORE HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM AND HON’BLE SHRI MANU KUMAR GIRI, JM आयकरअपील सं./ ITA No.1600/Chn y/2024 (िनधा9रणवष9 / As sessment Year: 2016-17) M/s Finergy Transport Finance Ltd. (Formerly known as M/s.Trancity Finance Ltd.) 88, Mullai Mahal, Narashima Sannathi Street, Namakkal-637 001. बनाम/ Vs . ACIT Circle-1 Namakkal. थायीलेखासं./जीआइआरसं./PAN/GIR No. AACCT-5557-A (अपीलाथ /Appellant) : ( थ / Respondent) अपीलाथ कीओरसे/ Appellant by : Shri N.Arjun Raj (CA)- Ld. AR थ कीओरसे/Respondent by : Ms. Kavitha (Addl.CIT)-Ld. Sr. DR सुनवाई की तारीख/Date of Hearing : 28-08-2024 घोषणा की तारीख /Date of Pronouncement : 03-09-2024 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2016-17 arises out of the order of learned Addl. /Joint Commissioner of Income Tax (Appeals), Thane [CIT(A)] dated 03-04-2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) of the Act on 18-12-2018. In the assessment order, Ld. AO made addition of Rs.20 Lacs u/s 68 which represent share capital introduced by one shareholder by the name Shri C. Thangaraju who did not file Income Tax Return and 2 accordingly, Ld. AO held that he lacked creditworthiness. The Ld. CIT(A) confirmed the same for want of documentary evidences. Aggrieved, the assessee is in further appeal before us. The Ld. AR has pleaded for another opportunity to the assessee to substantiate its case which has been opposed by Ld. Sr. DR. 2. Accepting the plea of Ld. AR, we restore the impugned issue back to the file of Ld. AO for de novo adjudication with a direction to the assessee to substantiate the introduction of share capital to the extent of Rs.20 Lacs. No other ground has been urged in the appeal. 3. The appeal stands partly allowed. Order pronounced on 3 rd September, 2024 Sd/- (MANU KUMAR GIRI) ाियक सद4 / JUDICIAL MEMBER Sd/- (MANOJ KUMAR AGGARWAL) लेखा सद4 / ACCOUNTANT MEMBER चे4ई Chennai; िदनांक Dated : 03-09-2024 DS आदेशकीNितिलिपअ/ेिषत/Copy of the Order forwarded to : 1. अपीलाथ /Appellant 2. थ /Respondent 3. आयकरआयु=/CIT Salem. 4. िवभागीय ितिनिध/DR 5. गाडBफाईल/GF