M/s. Timelink Properties Pvt. Ltd., , Kolkata V. ITO, Ward - 9(1), Kolkata , Kolkata

ITA 1923/KOL/2018

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 0779 (ITAT-KOLKATA)
• Duration Of Justice: 2 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-11-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2012-2013
• Appeal Filed On: 05-09-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P
• Assessee Lawyers: AGAINST DATED PASSED
• Section: 68

Judgement Text

ITA NO.1923/KOL/2018 (ASSESSMENT YEAR-2012-13) IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH A, KOLKATA BEFORE SH. J.SUDHAKAR REDDY, ACCOUNTANT MEMBER & SH. S.S.VISWANETHRA RAVI, JUDICIAL MEMBER ITA NO.1923/KOL/2018 (ASSESSMENT YEAR-2012-13) ORDER PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER THIS APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER DATED 25.06.2018 PASSED BY CIT(A)-18, KOLKATA FOR AY 2012-13. 2. HEARD BOTH PARTIES AND PERUSED THE MATERIAL AVAILABLE ON RECORD. LD.AR CONTENDED THAT NO OPPORTUNITY ACCORDED BY THE CIT(A) TO THE ASSESSEE TO PROSECUTE ISSUE RAISED THEREIN. FURTHER, HE SUBMITS THAT THE AO ADDED AN AMOUNT OF RS.5,70,00,000/- TO THE TOTAL INCOME OF THE ASSESSEE U/S 68 OF THE INCOME TAX ACT, 1961 (IN SHORT ACT) BY HOLDING THAT THE ASSESSEE COULD NOT PROVE THE GENUINENESS OF TRANSACTION AND CREDITWORTHINESS OF SHARE SUBSCRIBERS. THE LD.DR DID CONTROVERT THE SAME. WE FIND THE ISSUE RAISED IN THIS APPEAL RELATING TO ADDITION ON ACCOUNT OF INTRODUCING SHARE CAPITAL. THEREFORE, TAKING INTO CONSIDERATION THE SUBMISSIONS OF THE LD.AR AND DR AND FACTS AND CIRCUMSTANCES OF THE CASE, WE DEEM IT PROPER TO REMAND THE MATTER TO THE FILE OF AO FOR HIS FRESH CONSIDERATION IN THE INTEREST OF JUSTICE. THE 1 M/S. TIMELINK PROPERTIES PVT.LTD., C/O-NARESH AGARWAL, NEAR SBI BESIDE LADOO GOPAL, SALUGARA SILIGURI-734001. PAN-AAECT1243K VS ITO, WARD-9(1), KOLKATA. (APPELLANT) (RESPONDENT) APPELLANT BY SOUMITRA CHOUDHURY, ADV. & JAYDEV CHAKRABORTY, ADV. RESPONDENT BY SANKAR HALDER JCIT, SR.DR DATE OF HEARING 22.11.2018 DATE OF PRONOUNCEMENT 30.11.2018 ITA NO.1923/KOL/2018 (ASSESSMENT YEAR-2012-13) ASSESSEE IS LIBERTY TO FILE EVIDENCES, IF ANY, IN SUPPORT OF HIS CONTENTION. THUS, GROUNDS RAISED BY THE ASSESSEE ARE ALLOWED FOR STATISTICAL PURPOSES. 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 30.11.2018. SD/- SD/- (J.SUDHAKAR REDDY) (S.S.VISWANETHRA RAVI) ACCOUNTANT MEMBER JUDICIAL MEMBER DATE:- 30.11.2018 *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT- M/S. TIMELINK PROEPRTIES PVT. LTD., C/O-NARESH AGARWAL, NEAR SBI BESIDE LADOO GOPAL, SALUGARA SILIGURI- 734001. 2. RESPONDENT- ITO, WARD-9(1), KOLKATA. 3. CIT-KOLKATA 4. CIT(APPEALS)-KOLKATA 5. DR: ITAT -KOLKATA BENCHES AR/H.O.O ITAT, KOLKATA 2