Littlestar Securities Pvt. Ltd., , Kolkata V. ITO, Ward - 9(3), Kolkata , Kolkata

ITA 1616/KOL/2018

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 8105 (ITAT-KOLKATA)
• Duration Of Justice: 11 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-07-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 27-07-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHANKAR HALDER J
• Assessee Lawyers: MIRAJ D. SHAH
• Section: 68

Judgement Text

I.T.A NO.1616/KOL/2018 LITTLESTAR SECURITIES PVT. LTD. PAGE | 1 IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH: KOLKATA BEFORE: SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER I.T.A NO.1616/KOL/2018 (ASSESSMENT YEAR: 2012-13) LITTLESTAR SECURITIES PVT. LTD. APPELLANT [PAN:AACCL0740K] VS ITO, WARD-9(3), KOLKATA RESPONDENT FOR THE APPELLANT : SHRI MIRAJ D. SHAH, A.R FOR THE RESPONDENT : SHRI SHANKAR HALDER, JCIT-DR DATE OF HEARING : 05.07.2019 DATE OF PRONOUNCEMENT : 17.07.2019 ORDER PER SHRI S.S. VISWANETHRA RAVI, JM: THIS APPEAL BY THE ASSESSEE AGAINST THE ORDER DATED 18.05.2018 PASSED BY THE COMMISSIONER OF INCOME TAX (APPEALS)-3, KOLKATA [CIT(A)] FOR ASSESSMENT YEAR 2012-13. 2. THE ABOVE SAID APPEAL LISTED BEFORE US UNDER THE CAPTION EARLY HEARING. IT IS SUBMITTED BY THE LD. AR THAT THE ISSUE INVOLVED IN THE MAIN APPEAL IS RELATING TO SHARE CAPITAL AND PREMIUM AND FOR NON- COMPLIANCE ON BEHALF OF ASSESSEE AND SHARE SUBSCRIBING COMPANIES THE ASSESSING OFFICER ADDED AN AMOUNT U/S 68 OF THE ACT. THE CIT(A) CONFIRMED THE SAME. THE LD. AR SUBMITS THAT THE MAIN APPEAL CAN BE DISPOSED OFF BY SENDING THE MATTER TO THE FILE OF ASSESSING OFFICER AND THE ASSESSEE IS READY TO MAKE COMPLIANCES WITHOUT FAIL. HE FURTHER I.T.A NO.1616/KOL/2018 LITTLESTAR SECURITIES PVT. LTD. PAGE | 2 SUBMITS THAT ON IDENTICAL FACTS, THE COORDINATE BENCH REMANDED THE MATTER TO THE FILE OF ASSESSING OFFICER AND PLACED ON RECORD THE ORDER OF THIS TRIBUNAL IN THE CASE OF MEGHANA COMMODITIES PVT. LTD. VS. ITO IN ITA NO.1167/KOL/2018 AND PRAYED TO REMAND THE MATTER TO THE FILE OF ASSESSING OFFICER FOR HIS FRESH VERIFICATION. 3. THE LD. DR AGREED FOR THE SUBMISSIONS OF THE LD. AR IN REMANDING THE MATTER TO THE FILE OF ASSESSING OFFICER. 4. HEARD BOTH PARTIES AND PERUSED THE MATERIAL AVAILABLE ON RECORD. THERE IS NO DISPUTE WITH REGARD TO ISSUE INVOLVED. THE ASSESSING OFFICER ADDED AN AMOUNT OF RS.27,63,00,000/- ON ACCOUNT OF UNEXPLAINED INCOME U/S 68 OF THE ACT FOR NON-COMPLIANCE IN THE ASSESSMENT PROCEEDINGS VIDE PAGE NO.2. IT IS ALSO NOTED THE CIT(A) OBSERVED THAT THE ASSESSEE COULD NOT ESTABLISH THE IDENTITY, CAPACITY AND GENUINENESS OF TRANSACTION BEFORE THE ASSESSING OFFICER VIDE PAGE NO.17. AS PER THE LD. AR THAT THE ASSESSEE IS NOW READY TO MAKE COMPLIANCES BEFORE THE ASSESSING OFFICER IF THIS TRIBUNAL PLEASES TO REMAND THE MATTER TO ASSESSING OFFICER FOR HIS FRESH VERIFICATION. WE FIND ON SIMILAR CIRCUMSTANCES, THE COORDINATE BENCH IN THE CASE OF MEGHANA COMMODITIES PVT. LTD. (SUPRA) REMANDED THE MATTER THEREIN TO THE FILE OF ASSESSING OFFICER VIDE PARA-4. SINCE THE ISSUE IS UNDER SECTION 68 OF THE ACT, IN OUR OPINION, THE ASSESSEE HAS TO PROVE IDENTITY, CREDITWORTHINESS AND GENUINENESS OF TRANSACTIONS BY GIVING VALID EXPLANATION. THEREFORE, TAKING INTO CONSIDERATION THE SUBMISSIONS OF LD. AR AND DR AND WITH THE CONSENT OF BOTH THE PARTIES, WE PROCEED TO DISPOSE OFF THE MAIN APPEAL ITSELF IN REMANDING THE MATTER TO THE FILE OF ASSESSING OFFICER FOR HIS FRESH CONSIDERATION. THE ASSESSEE IS AT LIBERTY TO FILE EVIDENCES, IF ANY, IN SUPPORT OF ITS I.T.A NO.1616/KOL/2018 LITTLESTAR SECURITIES PVT. LTD. PAGE | 3 CLAIM. THUS THE GROUNDS RAISED IN THE APPEAL ARE ALLOWED FOR STATISTICAL PURPOSES. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 17.07.2019. SD/- SD/- [J. SUDHAKAR REDDY] [S.S. VISWANETHRA RAVI] ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 17.07.2019 PLACE : KOLKATA RS, SR.PS COPY OF THE ORDER FORWARDED TO: 1 . APPELLANT LITTLESTAR SECURITIES PVT. LTD., C/O. RSVPC & COMPANY, CHARTERED ACCOUNTANTS, 41A, A.J.C. BOSE ROAD, SUITE NO.613, KOLKATA 700017. 2 RESPONDENT ITO, WARD-9(3), KOLKATA 3 . THE CIT(A), KOLKATA 4. 5. CIT , KOLKATA DR, KOLKATA BENCHES, KOLKATA //TRUE COPY// BY ORDER, ASSISTANT REGISTRAR, ITAT, KOLKATA