Nilotpal Paul, Kolkata V. ACIT, Circle - 51(1) , Kolkata

ITA 1792/KOL/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 4503 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 2 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-10-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2015-2016
• Appeal Filed On: 29-07-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Unexplained cash credit; Sale consideration of property below Jantri Value; Unexplained expenditure
• Section: 50C; 14A; 20

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH VIRTUAL B KOLKATA BEFORE SHRI J.SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI S.S.GODARA, JUDICIAL MEMBER ITA NO.1769/KOL/2019 ASSESSMENT YEAR: 2012-13 M/S TORRENT RETAILRES PVT. LTD., C/O AGARWAL VISHWANATH & ASSOCIATES, 133/1/1A, S.N.BANERJEE ROAD, PUSHKAL BHAWAN, 3 RD FLOOR, KOLKATA-700 013 [ PAN NO.AADCT 9385 P ] / V/S . INCOME TAX OFFICER WAR-2(3), AYAKAR BHAWAN, 7 TH FLOOR, P-7, CHOWRINGHEE SQUARE, KOLKATA-700 069 /APPELLANT .. /RESPONDENT /BY APPELLANT SHRI ANKIT JALAN, A.R /BY RESPONDENT SMT. RANU BISWAS ADDL. CIT-DR ITA NO.1792/KOL/2019 ASSESSMENT YEAR: 2015-16 SHRI NILOTPAL PAUL ECOSPACE BUSINESS PARK, BLOCK-4A, 2 ND FLOOR, UNIT- 0204, RAJARHAT NEWTOWN,II- F/11, ACTION AREA-II, KOLKATA-700 160 [ PAN NO.AADCT 9385 P ] / V/S . INCOME TAX OFFICER WAR-2(3), AYAKAR BHAWAN, 7 TH FLOOR, P-7, CHOWRINGHEE SQUARE, KOLKATA-700 069 /APPELLANT .. /RESPONDENT ITA NO.217/KOL/2020 ASSESSMENT YEAR: 2013-14 REALTECH NIRMAN PVT.LTD. T-68, TEGHORIA MAIN ROAD, P.S. BAGUIATI, PIN-700157 [ PAN NO.AADCR 6464 K ] / INCOME TAX OFFICER WAR-2(3), AYAKAR BHAWAN, 7 TH FLOOR, P-7, CHOWRINGHEE SQUARE, ITA NO1769,17892/KOL/2019 & 217/KOL/2020 A.YS 12 -13, 15-16 & 113-14 PAGE 2 V/S . KOLKATA-700 069 /APPELLANT .. /RESPONDENT /BY APPELLANT NONE ' /BY RESPONDENT SMT. RANU BISWAS ADDL. CIT-DR /DATE OF HEARING 20-10-2020 /DATE OF PRONOUNCEMENT 20-10-2020 /O R D E R PER S.S.GODARA, JUDICIAL MEMBER:- THESE THREE ASSESSEES APPEAL(S) FOR ASSESSMENT YE AR(S) 2012-13, 2015-16 & 2013-14 ARISE AGAINST THE COMMISSIONER OF INCOME TA X (APPEALS)-17, CIT(A)-15 & CIT(A)-4 KOLKATAS ORDER(S) DATED 06.02.2019, 31.04 5.2019 & 19.12.20019 PASSED IN CASE NOS. 454/CIT(A)-17/KOL/17-18,169/CIT(A)-15/17- 18/CIR.5211(1)/KOL &122/CIT(A)-4/19-20 INVOLVING PROCEEDINGS U/S 143(3 ); RESPECTIVELY OF THE INCOME TAX ACT, 1961; IN SHORT THE ACTRESPECTIVELY. HEARD THE RESPECTIVE PARTIES. CASE FILE(S) PERUSED . 2. IT EMERGES AT THE OUTSET WITH THE ABLE ASSISTANC E OF THE LEARNED REPRESENTATIVE(S) APPEARING FOR THE ASSESSEE(S) AND THE REVENUE THAT THE CIT(A)S RESPECTIVE ORDERS UNDER CHALLENGE HAVE BEEN PASSED EX PARTE THEREBY A FFIRMING THE ASSESSING OFFICERS ACTION TREATING SHARE APPLICATION / PREMIUM SUM(S) 4,50,26,611 AS UNEXPLAINED CASH CREDITS FOLLOWED BY THE SEC. 14A R.W.S. 8D DISALLOW ANCE OF 26,611, SEC. 50C AND SEC. 50 ADDITION(S) OF 29,25,656/- AND PUJA EXPENSES DISALLOWANCE OF 135,000/- AND UNEXPLAINED EXPENDITURE OF 31,69,010/-, INTEREST ON LATE PAYMENT OF 7,137/- AND PRIOR PERIOD EXPENSES OF 4,23,124/-; APPEAL-WISE RESPECTIVELY, HAVE BEEN PAS SED EX PARTE. THE REVENUE FAILS TO DISPUTE THAT NONE OF TH E SAID LOWER APPELLATE ORDERS UNDER CHALLENGE FORMING SUBJECT-MATTER OF INSTANT THREE C ASES HAS FRAMED ANY POINT OF DETERMINATION FOLLOWED BY DETAILED ADJUDICATION THE REUPON AS CONTEMPLATED U/S 250(6) OF THE ACT. WE THEREFORE DEEM IT APPROPRIATE TO RES TORE ALL THE THESE APPEALS BACK TO THE ITA NO1769,17892/KOL/2019 & 217/KOL/2020 A.YS 12 -13, 15-16 & 113-14 PAGE 3 CIT(A) FOR THEIR AFRESH ADJUDICATION OF ALL THE ISS UE(S) RAISED THEREIN WITHIN THREE EFFECTIVE OPPORTUNITIES OF HEARING TO THE CORRESPON DING TAXPAYERS AS PER LAW. 4. THESE THREE ASSESSEES APPEAL(S) ITA NO.1769/KOL/2019, ITA NO.1792/KOL/2019 & ITA NO.217/KOL/2020 ARE ALLOWED FOR STATISTICAL PURPOSES IN ABOVE TERMS. A COPY OF THIS COMMON ORDER BE PLACED IN THE RESPEC TIVE CASE FILES. ORDER PRONOUNCED IN OPEN COURT AT THE CLOSE OF HEAR ING ON TUESDAY 20 TH OCTOBER, 2020 SD/- SD/- ( ') (* ') (J.SUDHAKAR REDDY) (S.S.GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER *DKP-SR.PS + - 20/10/2020 / KOLKATA / COPY OF ORDER FORWARDED TO:- 1. /ASSESSEE -M/S TORRENT RETAILERS PVT. LTD., C/O AG ARWAL VISHWANATH & & ASSOCIATES 133/ 1/1A, S.N.BANERJE ROAD, PUSHKAL BHAWAN, 3 RD FLOOR. KOLKATA-13 / NILOTPAL PAUL, ECOSPACE B USINESS PARK, BLOCK-4A, 2 ND FL, UNIT-0204 RAJARHAT NEWTOWN,II-F/11 KOLKATAA-160 /REA LTECH NIRMAN PVT. LTD., T-68, TEGHORIA MAIN ROAD, P.S. BAGUIA TI, PIN-700157 2. ' /REVENUE-ITO WD-2(3), AYAKAR BHAWAN, 7 TH FL, P-7, CHOWRINGHEE SQUARE KOLKATA-69/ACIT, C IR-51(1), KOLKATA /DCIT, CIR-10(2), KOLKATA 3. . / / CONCERNED CIT 4. / - / CIT (A) 5. **. , . /DR, ITAT, KOLKATA 6. 3 / GUARD FILE. BY ORD ER/ , /TRUE COPY/ .,