ITO, Ward-10(4), Kolkata, Kolkata V. M/s Sheela Cold Storage Pvt. Ltd., Kolkata

ITA 1876/KOL/2016

• Counselvise Citation: [2018] 118 COUNSELVISE.COM (IT) 8809 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 3 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-12-2018
• Appeal Filed By: Department
• Order Result: Partly Allowed
• Bench Allotted: A
• Assessment Year: 2012-2013
• Appeal Filed On: 26-09-2016
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: C J SINGH
• Section: 68

Judgement Text

1 ITA NO.1876/KOL/20176 M/S. SHEELA COLD STORAGE LTD. AY- 2012-13 IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH: KOL KATA [BEFORE SHRI J. SUDHAKAR REDDY, AM & SHRI A.T. VARK EY, JM] I.T.A. NO. 1876/KOL/2016 ASSESSMENT YEAR: 2012-13 ITO, WARD 10(4), KOLKATA VS. M/S. SHEELA COLD STOR AGE PVT. LTD. (PAN: AAHCS 6451 K) APPELLANT RESPONDENT DATE OF HEARING 10.12.2018 DATE OF PRONOUNCEMENT 28.12.2018 FOR THE APPELLANT SHRI C.J. SINGH, JCIT, SR. DR FOR THE RESPONDENT NONE ORDER PER SHRI A.T.VARKEY, JM THIS IS AN APPEAL PREFERRED BY THE REVENUE AGAINST THE ORDER OF LD. CIT(A)- 4, KOLKATA DATED 14.07.2016 FOR AY 2012-13. 2. AT THE OUTSET, WE NOTE THAT THOUGH THIS APPEAL IS PREFERRED BY THE REVENUE AND THAT THE IMPUGNED ORDER WAS PASSED ON 14.07.2016 AND TILL DA TE WHEN THE APPEAL WAS FIXED FOR HEARING, NONE APPEARED ON BEHALF OF THE ASSESSEE. WE NOTE THAT THIS IS THE 9 TH TIME THE APPEAL HAS BEEN FIXED AND THE NOTICES HAVE BEEN SENT BY RP AD SEVERAL TIMES TO THE ASSESSEE AND THE ASSESSEE HAS NOT CARED TO APPEAR OR MAKE ARRANGEMEN T TO ENGAGE AN AR TO DEFEND THE APPEAL PREFERRED AGAINST IT BEFORE US. 3. WE NOTE THAT THIS IS A CASE WHERE IS ADDITION HA S BEEN MADE BY THE AO U/S 68 TO THE TUNE OF RS. 3,03,02,730/-. ACCORDING TO THE AO, THE ASSESSEE COMPANY HAD FAILED TO DISCHARGE ITS ONUS OF PROVING THE GENUINENESS OF TH E TRANSACTIONS AND IDENTITY AND CREDITWORTHINESS OF THE SUBSCRIBERS WHILE RAISING C APITAL AT HUGE SHARE PREMIUM AND THAT THE ASSESSEE FAILED TO CORROBORATE THE HIGH VALUE AND C REDITWORTHINESS OF THE RATIO OF SUCH SHARE PREMIUM BEFORE THE AO DURING THE ASSESSMENT PROCEED INGS. WE NOTE THAT THE APPEAL FILED BY REVENUE RAISES MIXED QUESTION OF FACT AND LAW AND N EEDS TO EXAMINE THE DOCUMENTS IN ORDER 2 ITA NO.1876/KOL/20176 M/S. SHEELA COLD STORAGE LTD. AY- 2012-13 TO ADJUDGE THE LEGALITY OF THE ACTION OF THE LD. CI T(A) IN RESPECT TO IDENTITY, CREDITWORTHINESS AND GENUINENESS OF THE SHARE SUBSC RIBERS WHO HAD INTRODUCED CREDIT IN THE BOOKS OF THE ASSESSEE. SINCE NEITHER THE ASSESSEE N OR THE AR HAS APPEARED THOUGH THE MATTER WAS LISTED SEVERAL TIMES AND HAS NOT EVEN CARED TO FILE ANY PAPER BOOK, WE ARE UNABLE TO ASCERTAIN THE LEGALITY OF THE ADDITION DELETED BY T HE LD. CIT(A), WITHOUT PROPER ASSISTANCE FROM THE LD. AR OF THE ASSESSEE. IN THE LIGHT OF AF ORESAID FACTS AND CIRCUMSTANCES WE WOULD NOT BE ABLE TO ADJUDICATE THE QUESTION/GROUNDS RAIS ED BEFORE US AND SO IN THE INTEREST OF JUSTICE AND FAIR PLAY WE SET ASIDE THE ORDER OF THE LD. CIT(A) AND REMAND THE MATTER BACK TO THE FILE OF THE LD. CIT(A) FOR DE NOVO ADJUDICATION OF THE APPEAL OF THE ASSESSEE CHALLENGING THE ADDITION MADE BY THE ASSESSING OFFICER AFTER HE ARING THE ASSESSEE AND AO AS PER INCOME TAX RULES 1962 AND PASS A SPEAKING ORDER IN ACCOR DANCE WITH LAW. 4. IN THE RESULT, THE APPEAL OF THE REVENUE IS ALLO WED FOR STATISTICAL PURPOSES. ORDER IS PRONOUNCED IN THE OPEN COURT ON 28TH DECE MBER, 2018 SD/- SD/- (J. SUDHAKAR REDDY) (ABY. T. VARKEY) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 28 TH DECEMBER, 2018 BISWAJIT (SR.P.S.) COPY OF THE ORDER FORWARDED TO: 1. APPELLANT ITO, WARD 10(4), P-7, CHOWRINGHEE SQ UARE, 3 RD FLOOR, KOLKATA -700 069. 2 RESPONDENT M/S. SHEELA COLD STORAGE PVT. LTD., 49, GANESH CHANDRA AVENUE, KOLKATA 700 013. 3. THE CIT(A) -4, KOLKATA. (SENT THROUGH E-MAIL) 4. 5. CIT KOLKATA. DR, ITAT, KOLKATA. (SENT THROUGH E-MAIL) / TRUE COPY, BY ORDER, ASSISTANT REGISTRAR