M/s Ram Dev International Ltd., Karnal V. ACIT, Karnal

ITA 1707/DEL/2017

• Counselvise Citation: [2019] 112 COUNSELVISE.COM (IT) 1470 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 8 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-12-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: F
• Assessment Year: 2013-2014
• Appeal Filed On: 22-03-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: SURENDER PAL
• Section: 143(3); 13

Judgement Text

ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 1 OF 26 IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: F: NEW DELHI) BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA NO:- 1707/DEL/2017 ( ASSESSMENT YEAR: 2013-14) M/S RAM DEV INTERNATIONAL LTD., KARNAL. VS. ACIT, CIRCLE, KARNAL. PAN NO: AACCR7125A APPELLANT RESPONDENT ASSESSEE BY : NONE REVENUE BY : SHRI SURENDER PAL, SR. DR ORDER PER ANADEE NATH MISSHRA, AM [A] THIS APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE IMPUGNED APPELLATE ORDER DATED 16.01.2017 PASSED BY LEARNED COMMISSIONER OF INCOME TAX (APPEALS) KARNAL, [IN SHORT, LD.CIT(A)] PERTAINING TO ASSESSMENT YEAR 2 013-14. THE ASSESSEE HAS RAISED FOLLOWING GROUNDS OF APPEAL:- 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE AS WELL AS IN THE LAW THE LD. COMMISSIONER OF INCOME TAX APPEALS GROSSLY ERRE D IN UPHOLDING ADDITION OF RS. 7,00,00,000 /- MADE U/S 68 OF THE I NCOME TAX ACT, 1961. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE A S WELL AS IN THE LAW THE LD. COMMISSIONER OF INCOME TAX APPEALS GROSSLY ERRED IN UPHOLDING THE ACTION OF LD. ASSESSING OFFICER THAT THE SHARE CAPITAL & SHARE PREMIUM IS GENUINE AND SHAREHOLDERS DOES NOT EXIST. 3. THE APPELLANT CRAVE LEAVE TO ADD/DELETE/ALTER OR MO DIFY ANY OR ALL GROUNDS OF APPEAL ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 2 OF 26 THESE ACTIONS OF LD. INCOME TAX AUTHORITIES BELOW, BEING ARBITRARY, UNJUST AND INVALID IN THE LAW LIABLE TO BE QUASHED AND IT IS PRAYED TO YOUR HONOR THAT THEY PLEASE BE QUASHED AND/ OR ANY OTHER RELIE F JUST DEEM FIT AND PROPER PLEASE BE DIRECTED. APPELLANT PRAY ACCORDINGLY. [B] VIDE ASSESSMENT ORDER DATED 08.03.2016 PASSED UNDE R SECTION 143(3) / 144 OF THE INCOME TAX ACT, 1961 (IN SHORT THE I.T. ACT). THE RELEVANT PORTION OF THE ASSESSMENT ORDER DATED 08.03.2016 IS REPRODUCED AS UNDER:- ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 3 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 4 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 5 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 6 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 7 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 8 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 9 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 10 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 11 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 12 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 13 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 14 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 15 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 16 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 17 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 18 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 19 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 20 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 21 OF 26 [C] THE ASSESSEE FILED APPEAL BEFORE THE LD. CIT(A). V IDE IMPUGNED APPELLATE ORDER DATED 16.01.2017, THE LD. CIT(A) DISMISSED THE ASSE SSEES APPEAL. THE RELEVANT PORTION OF THE ORDER DATED 16.01.2017 OF THE LD. CIT(A) IS REPRODUCED AS UNDER: ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 22 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 23 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 24 OF 26 ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 25 OF 26 [D] THIS PRESENT APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE AFORESAID IMPUGNED APPELLATE ORDER DATED 16.01.2017 OF THE LD. CIT(A). AT THE TIME OF HEARING, REVENUE WAS REPRESENTED BY SHRI SURENDER PAL, THE LEARNED SENIO R DEPARTMENTAL REPRESENTATIVE (LD. SR. DR, FOR SHORT). HOWEVER, NONE WAS PRESENT FROM THE ASSESSEES SIDE. IN THE ABSENCE OF ANY REPRESENTATION FROM ASSESSEES SIDE, AT THE TIME OF HEARING BEFORE US, WE HEARD THE LD. SR. DR; WHO RELIED UPON THE ORDER DAT ED 08.03.2016 OF THE ASSESSING OFFICER AND THE AFORESAID IMPUGNED ORDER DATED 16.0 1.2017OF THE LD. CIT(A). AFTER PERUSAL OF THE MATERIALS ON RECORD, INCLUDING THE O RDER OF THE AO AND THE AFORESAID IMPUGNED ORDER DATED 16.01.2017OF THE LD. CIT(A), W E FIND THAT THE LD. CIT(A) HAS PASSED SPEAKING ORDER ON MERITS. RELEVANT PORTION O F THE IMPUGNED ORDER OF THE LD. CIT(A) HAS ALREADY BEEN REPRODUCED IN FOREGOING PAR AGRAPH [C] OF THIS ORDER. WE FIND THAT THE LD. CIT(A) HAS GIVEN DETAILED REASONS FOR HIS DECISION ON MERITS IN THE AFORESAID IMPUGNED APPELLATE ORDER DATED 16.01.2017OF LD. CIT (A). DURING APPELLATE PROCEEDINGS IN INCOME TAX APPELLATE TRIBUNAL (ITAT, FOR SHORT ) NO MATERIAL HAS BEEN BROUGHT FOR OUR CONSIDERATION TO PERSUADE US TO TAKE A VIEW DIFFERE NT FROM THE VIEW TAKEN BY THE LD. CIT(A) IN THE IMPUGNED ORDER ON MERIT. AFTER HEARI NG THE LD. SR. DR AND AFTER PERUSAL OF ITA NO.- 1707/DEL/2017. RAM DEV INTERNATIONAL LTD. PAGE 26 OF 26 MATERIALS ON RECORD, AND FURTHER, IN VIEW OF THE FO REGOING DISCUSSION, WE DECLINE TO INTERFERE WITH THE AFORESAID IMPUGNED APPELLATE ORD ER DATED 16.01.2017 OF LD. CIT(A), AND ACCORDINGLY, THIS APPEAL IS DISMISSED. [E] BEFORE WE PART; WE EXPLICITLY CLARIFY THAT THE ASSESSEE WILL BE AT LIBERTY TO APPROACH ITAT FOR RESTORATION OF THE APPEAL IN ACCO RDANCE WITH PROVISO TO RULE 24 OF INCOME TAX (APPELLATE TRIBUNAL), RULES, 1963. IF THE ASSESSEE DOES APPROACH ITAT FOR RESTORATION OF THE APPEALS IN ITA T, THE MATTER WILL BE CONSIDERED IN ACCORDANCE WITH LAW HAVING REGARD TO THE FACTS AND CIRCUMSTANCES. [F] IN THE RESULT, APPEAL FILED BY ASSESSEE IS DISMISS ED. ORDER PRONOUNCED IN THE OPEN COURT ON 16 /12/2019 SD/- SD/- (AMIT SHUKLA) (ANADEE NATH MISSHRA) JUDICIAL MEMBER ACCOUN TANT MEMBER DATED: 16/12/2019 POOJA/- COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI