Real Touch Finance Ltd., Kolkata V. ITO, Ward 7(1), Kolkata, Kolkata

ITA 1862/KOL/2016

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 1850 (ITAT-KOLKATA)
• Duration Of Justice: 6 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-04-2017
• Appeal Filed By: Assessee
• Bench Allotted: SMC
• Assessment Year: 2009-2010
• Appeal Filed On: 23-09-2016
• Court: TRIBUNAL
• Department Lawyers: MD GHAYAS UDDIN
• Keywords: Transactions in derivatives

Judgement Text

ITA NO.1862/KOL/2016-REAL TOUCH FINANCE LTD. A.Y.20 09-10 1 IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCHE S : SMC : KOLKATA BEFORE SHRI J.SUDHAKAR REDDY, ACCOUNTANT MEMBER ITA NO.1862/KOL/2016 ASSESSMENT YEAR: 2009 - 10 REAL TOUCH FINANCE LTD. C/O S.L.KOCHAR, ADVOCATE 86, CANNING STREET, KOLKATA-. PAN : AACCA 2470 P VS. I.T.O.-7(1), AAYAKAR BHAWAN, 69, CHOWRINGHEE SQUARE, KOLKATA (APPELLANT) (RESPONDENT) FOR THE APPELLANT : SHRI ANIL KOCHAR, ADVOCATE FOR THE RESPONDENT : MD. GHAYAS UDDIN, JCIT DATE OF HEARING : 03.04.2017. DATE OF PRONOUNCEMENT : 12.04.2017. ORDER THIS IS AN APPEAL FILED BY THE ASSESSEE DIRECTED AG AINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS)-15, KOLKATA DT .23.06.2016 RELATING TO A.Y.2009- 10 ON THE FOLLOWING GROUNDS :- 1. FOR THAT THE LD. CIT CA) ERRED IN DISMISSING TH E APPEAL OF THE APPELLANT ON THE ALLEGED GROUNDS. 2. FOR THAT THE LD. CIT CA) ERRED IN CONFIRMING THE ADDITION OF RS.20,61,089/- BEING LOSS IN DERIVATIVES WHICH WAS DULY SUPPORTED BY DOC UMENTARY EVIDENCES. 3. FOR THAT THE ASSESSING OFFICER HAVING PROCEEDED ONLY WITH REFERENCE TO SOME REPORTS RELATING TO THE TRANSACTIONS IN DERIVATIVES , THE LD. CIT CA) OUGHT TO HAVE PROPERLY APPRECIATED THE FACTS & EVIDENCES RELATING TO THE TRANSACTIONS WHICH RESULTED IN LOSS AND OUGHT NOT TO HAVE CONFIRMED TH E ACTION OF THE A.O. WHO MADE ARBITRARY ASSESSMENT WITHOUT GIVING OPPORTUNITY TO CROSS EXAMINE THE EVIDENCES RELIED UPON BY THE A.O. 4. FOR THAT FURTHER GROUNDS OF APPEAL MAY KINDLY BE ALLOWED TO BE TAKEN AT THE TIME OF HEARING OF THE APPEAL. ITA NO.1862/KOL/2016-REAL TOUCH FINANCE LTD. A.Y.20 09-10 2 2. AFTER HEARING THE RIVAL CONTENTIONS I AM OF TH E CONSIDERED VIEW THAT THE ISSUE IN QUESTION REQUIRES FRESH ADJUDICATION IN ACCORDANCE WITH LAW AS THE AO HAS NOT VERIFIED THE CLAIM OF THE ASSESSEE OF HAVING PAID FOR THE TRANSA CTIONS IN QUESTION THROUGH BANKING CHANNELS. THE ASSESSEE HAS PRODUCED DETAILS FROM IT S BANK TO DEMONSTRATE ITS CASE THAT THE TRANSACTIONS IN QUESTION WERE GENUINE AND THE LOSS IS NOT A FACTITIOUS LOSS. THE LD. CIT(A) WHILE RECORDING THE CLAIM OF THE ASSESSEE THAT IT H AS MADE ALL PAYMENTS BY CHEQUES TO THE BROKERS DIRECTLY, HAS NOT VERIFIED THE BANK DETAILS SUBMITTED BY THE ASSESSEE. 3. UNDER THIS CIRCUMSTANCES, I SET ASIDE THE MA TTER TO THE AO WITH THE DIRECTION THAT THE BANK DETAILS FURNISHED BY THE ASSESSEE BE VERIFIED. 4. IN THE RESULT THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. SD/- [J.SUDHAKAR REDDY] ACCOUNTANT MEMBER DATED : 12.04.2017. RG.PS COPY OF THE ORDER FORWARDED TO: APPELLANT/ASSESSEE- REAL TOUCH FINANCE LTD. RESPONDENT-I.T.O.-WARD-7(1), KOLKATA. CIT-3, KOLKATA CIT (A)-15, KOLKATA CIT (DR), KOLKATA BENCHES, KOLKATA TRUE COPY BY ORDER ASS TT. REGISTRAR, ITAT, KOLKATA . ITA NO.1862/KOL/2016-REAL TOUCH FINANCE LTD. A.Y.20 09-10 3