DCIT, Circle - 2, Kolkata, Kolkata V. M/s. Tanna Crank Tech Pvt. Ltd., Kolkata

ITA 1984/KOL/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 54667 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 1 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-11-2011
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2005-2006
• Appeal Filed On: 28-10-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: A K PARAMANIK
• Assessee Lawyers: SUBASH AHARWAL A R
• Keywords: Assessment record; Onus to prove

Judgement Text

, ' , , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH : KOLKATA ( ) . . , , , , , , ) [BEFORE SRI S.V. MEHROTRA, A.M. & SRI MAHAVIR SING H, J.M.] ! ! ! ! / I.T.A NO. 1984/KOL/2010 ASSESSMENT YEAR : 2005-2006 DEPUTY COMMISSIONER OF INCOME TAX, -VS.- M/S. TANNA CRANK TECH PVT. LIMITED, KOLKATA CIRCLE-2, KOLKATA (PAN : AABCT 9893 L) ( '# /APPELLANT ) ( $%'# / RESPONDENT ) FOR THE APPELLANT ( '# ) : SHRI A.K. PARAMANIK, D.R. FOR THE RESPONDENT ( $%'# ) : SHRI SUBASH AHARWAL, A.R. &' ( ) * &' ( ) * &' ( ) * &' ( ) * /DATE OF HEARING : 29.11.2011 +, ) * +, ) * +, ) * +, ) * /DATE OF PRONOUNCEMENT : 29.11.2011 - / ORDER PER SHRI S.V. MEHROTRA, ACCOUNTANT MEMBER/ . . , :- THIS APPEAL FILED BY THE REVENUE IS AGAINST THE OR DER OF LD. COMMISSIONER OF INCOME- TAX (APPEALS)-I, KOLKATA DATED 10.08.2010 FOR THE A SSESSMENT YEAR 2005-06. 2. THE ASSESSEE-COMPANY IN THE RELEVANT ASSESSMENT YEAR CARRIED ON THE BUSINESS OF CRANK SHAFT MANUFACTURER. IT HAD FILED ITS RETURN OF INCO ME DECLARING NIL INCOME. THE ASSESSING OFFICER ADMITTED THE ADDITION OF RS.12,00,000/- IN RESPECT OF FOLLOWING LOANS :- NAME AMOUNT NIRAJ PRAFUL TANNA RS.7,00,000/- JAYKISHAN L. KHAKHAR RS.5,00,000/- LD. CIT(APPEALS) DELETED THE ADDITION, INTER ALIA, OBSERVED AS UNDER :- I HAVE CONSIDERED THE FACTS OF THE CASE AS WELL AS THE ASSESSMENT ORDER. THE CIRCUMSTANCES OF THE CASE ARE SUCH AS DO NOT CA LL FOR ADDITION IN THE SUMMARY MANNER RESTORED TO BY THE AO. THE ASSESSEE FOR CERTAIN HAS DISCHARGED HIS BURDEN OF PROOF. THE ADDITION COULD HAVE BEEN JUSTIFIED IF THE AO COULD SHOW THAT THE ASSESSMENT RECORDS OF TH E DIRECTORS WITH THE DEPARTMENT DO NOT REFLECT THE LOAN TRANSACTIONS NOR THE ENQUIRY AT THE BANK SHOWED ANY PASSAGE OF THE MONEYS THROUGH THE BANK A CCOUNTS OF THE ITA NO. 1984/KOL./2010 2 CREDITORS. THE PRESUMPTION WOULD BE THAT SUCH RECOR DS CORROBORATE THE TRANSACTIONS. 3. FROM BARE PERUSAL OF THE AFOREMENTIONED FINDING, IT IS EVIDENT THAT CERTAIN ENQUIRIES WERE TO BE CONDUCTED AT THE END OF ASSESSING OFFICE R. THEREFORE, WE RESTORE THE MATTER TO THE FILE OF ASSESSING OFFICER TO DECIDE THIS ISSUE AFRE SH IN THE LIGHT OF OBSERVATIONS OF LD. CIT(APPEALS) NOTED ABOVE. 4. IN THE RESULT, THE APPEAL FILED BY THE REVENUE I S ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 29/ 11/2011. & . / - 29/11/2011. SD/- SD/- [ MAHAVIR SINGH / ] [S.V. MEHROTRA/ ( . . )] JUDICIAL MEMBER/ ACCOUNTANT MEMBER/ DATED : 29 / 11/ 2011 COPY OF THE ORDER FORWARDED TO: 1. M/S. TANNA CRANK TECH PVT. LTD., 5 TH FLOOR, SUIT NO. 1, SIR R.N.M. HOUSE, 3B, LAL BAZAR STREET, KOLKATA-1. 2 DCIT, CIRCLE-2, KOLKATA, P-7, CHOWRINGHEE SQUARE, K OLKATA-700 069. 3. COMMISSIONER OF INCOME-TAX (APPEALS)- , KOLKATA 4. CIT- , KOLKATA 5. DR, KOLKATA BENCHES, KOLKATA (TRUE COPY) BY ORDER ASSISTANT REGISTRAR, I.T.A.T., KOLKATA LAHA, SR. P.S.