M/s Annapurna Finance & Investment (P) Ltd, Kolkata V. A.C.I.T CC - XXIV,Kolkata, Kolkata

ITA 1918/KOL/2013

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 7899 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 5 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-11-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2003-2004
• Appeal Filed On: 17-06-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Unexplained cash credit; Block assessment

Judgement Text

I.T.A. NO . 1918 / KOL ./201 3 ASSESSMENT YEAR: 200 3 - 20 0 4 PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA SMC BENCH, KOLKATA BEFORE SHRI GEORGE MATHAN , JUDICIAL MEMBER I.T.A. NO. 1918 / KOL / 20 1 3 ASSESSMENT YEAR : 200 3 - 20 0 4 M/S. ANNAPURNA FINANCE & INVESTMENT (P) LTD., .. .. .APP ELL ANT 133, CANNING STREET, 3 RD FLOOR, KOLKATA - 700 001 [PAN : A A CCA 1362 Q ] - VS. - ASSISTANT COMMISSIONER OF INCOME TAX, ....... ... . RESPONDENT CENTRAL CIRCLE - XXIV, KOLKATA, 110, SHANTIPALLY, E.M. BYE PASS, KOLKATA - 700 107 APPEARANCES BY: N O N E , FOR THE ASSESSEE S MT. RANU B ISWAS , J CIT, SR. D.R., FOR THE DEPARTMENT DATE OF CONCLUDING THE HEARING : NOVEMBER 2 5 , 2 01 4 DATE OF PRONOUNCING THE ORDER : NOVEMBER 25 , 201 4 O R D E R PER GEORGE MATHAN : THIS IS AN APPEAL FILED BY THE ASSESSE E AGAINST THE ORDER OF LD. COMMIS SIONER OF INCOME TAX (APPEALS) , CENTRAL - II I , KOLKATA IN APPEAL NO. 40 / CC - XXIV/ CIT(A) C - III/2006 - 07/KOL. DATED 18 . 0 4 .201 3 FOR THE ASSESSMENT YEAR 200 3 - 0 4 . 2. AN ADJOURNMENT LETTER WAS FILED TODAY ON BEHALF OF THE ASSESSEE. HOWEVER, AS IT IS NOTICED THAT THE ISSUES IN THIS APPEAL ARE MEAGRE. THE ADJOURNMENT REQUEST IS REJECTED AND THE APPEAL OF THE ASSESSEE IS HEARD ON MERIT. 3 . SMT. RANU BISWAS, JCIT, SR. D.R. REPRESENTED ON BEHALF OF THE REVENUE. IT WAS SUBMITTED BY THE LD. D.R. THAT THE ONLY ISSUE IN THIS APPEAL WAS AN ADDITION OF THE UNEXPLAINED CASH CREDIT OF RS.50,000/ - ON I.T.A. NO . 1918 / KOL ./201 3 ASSESSMENT YEAR: 200 3 - 20 0 4 PAGE 2 OF 3 PROJECTIVE BASIS IN THE HANDS OF THE ASSESSEE. IT WAS THE SUBMISSION THAT THE ASSESSEE HAD RECEIVED AN AMOUNT OF RS.50,000/ - FROM SHRI SUNIL KUMAR IAIN. IT WAS THE SUBMISSION THAT ON APPEAL BEFORE THE LD. CIT(APPEALS), LD. CIT(APPEALS) HAD CONFIRMED THE SAME. IT WAS THE SUBMISSION THAT THE ORDER OF THE LD. CIT(APPEALS) WAS LIABLE TO BE UPHELD. 4. I HAVE CONSIDERED THE SUBMISSIONS. A PERUSAL OF THE ASSESSMENT ORDER SHOWS THAT THE ASS ESSING OFFICER HAS MADE THE ADDITION REPRESENTING THE TRANSACTIONS FROM BANK TO BANK. THERE IS A CASH DEPOSIT OF RS.4,50,000/ - IN THE ACCOUNT OF SHRI SUNIL KUMAR JAIN AND FROM THE SAID ACCOUNT, AN AMOUNT OF RS.50,000/ - HAS BEEN TRANSFERRED TO THE ACCOUNT O F THE ASSESSEE. A PERUSAL OF THE LETTER OF THE COMPANY AS EXTRACTED BY THE ASSESSING OFFICER SHOWS THAT THE SAID TR ANSACTION IS DATED 02.04.2002. THE ASSESSING OFFICER SAYS THAT THE ADDITION IS ON PROTECTIVE BASIS IN THE PRESENT ASSESSMENT AND THE SAME WOU LD BE CONSIDERED ON SUBSTANTIVE BASIS IN THE BLOCK ASSESSMENT PROCEEDINGS. LD. CIT(APPEALS) IN PAGE 6 OF HIS ORDER MENTIONS THAT THERE IS NO INDICATION THAT THE IMPUGNED AMOUNT OF RS.50,000/ - WAS INCLUDED IN THE BLOCK ASSESSMENT. THIS WOULD CLEARLY SHOW TH AT THE ASSESSING OFFICER HIMSELF IN THE BLOCK ASSESSMENT PROCEEDINGS H AS NOT TREATED THE SAID AMOUNT AS THE UNDISCLOSED INCOME OF THE ASSESSEE. IN THESE CIRCUMSTANCES, I AM OF THE VIEW THAT THE ADDITION AS MADE BY THE ASSESSING OFFICER AND AS CONFIRMED BY THE LD. CIT(APPEALS) IS LIABLE TO BE DELETED AND I DO SO. 5. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 25 TH NOV EMBER , 2014. SD/ - GEORGE MATHAN ( JUDICIAL MEMBER) KOLKATA, THE 25 TH D AY OF NOVE MBER , 201 4 I.T.A. NO . 1918 / KOL ./201 3 ASSESSMENT YEAR: 200 3 - 20 0 4 PAGE 3 OF 3 COPIES TO : (1) M/S. ANNAPURNA FINANCE & INVESTMENT (P) LTD., 133, CANNING STREET, 3 RD FLOOR, KOLKATA - 700 001 (2) ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - XXIV, KOLKAT A, 110, SHANTIPALLY, E.M. BYE PASS, KOLKATA - 700 107 (3) COMMISSIONER OF INCOME - TAX (APPEALS) (4) COMMISSIONER OF INCOME TAX ( 5 ) THE DEPARTMENTAL REPRESENTATIVE ( 6 ) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCHES, KOLKATA LAHA/SR. P.S .