M/s.Cytozyme Eastern India Private Limited, Kolkata V. ITO, Ward - 7(4), Kolkata, Kolkata

ITA 2051/KOL/2017

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 3547 (ITAT-KOLKATA)
• Duration Of Justice: 11 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-08-2018
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 15-09-2017
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: G HANGSHING CIT LD
• Assessee Lawyers: S M SURANA LD
• Section: 14A; 68

Judgement Text

1 ITA NO . 205 1/KOL/2017 M/S. CYTOZYME EASTERN INDIA PRIVATE LIMITED THE INCOME TAX APPELLATE TRIBUNAL D BENCH: KOLKATA BEFORE: SHRI M. BALAGANESH , ACCOUNTANT MEMBER AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER I.T.A NO. 205 1 /KOL/2017 A.Y 2012 - 13 M/S. CYTOZYME EASTERN VS . INCOME TAX OFFICER PRIVATE LIMITED WARD 7(4), KOLKATA PAN: AABCC 0809P [APPELLANT] [RESPONDENT] FOR THE APPELLANT : SHRI S. M. SURANA, ADVOCATE, LD. AR FOR THE RESPONDENT : SHRI G. HANGSHING , CIT, LD.SR.D R DATE OF HEARING : 09 - 08 - 2018 DATE OF PRONOUNCEMENT : 21 - 08 - 201 8 ORDER SHRI S.S. VISWANETHRA RAVI TH IS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER DT. 28 - 02 - 2017 PASSED BY THE COMMISSIONER OF INCOME TAX ( APPEALS ) , 16, KOLKATA FOR THE A.Y 2012 - 13 . 2. AFTER HEARING BOTH THE PARTIES, WE FIND THAT THE CIT - A DISMISSED THE GROUNDS OF APPEAL OF ASSESSE EX PARTE. ON PERUSAL OF RECORD, WE FIND THAT THE AO MADE ADDITIONS OF RS.7,42,50,000/ - U/S. 68 OF THE ACT AND RS. 23,784/ - U/S. 14A OF THE ACT , WHICH WAS CONFIRMED BY THE CIT - A EX PARTE. BEFORE US THE CONTENTION OF THE LD. AR WAS THAT NO OPPORTUNITY WAS GIVEN TO ASSESSE E BY THE CIT - A TO PROVE/ EXPLAIN THE TRANSACTIONS INVOLVED IN INTRODUCTION OF SHARE CAPITAL. HE ALSO CONTENDED THAT TAK ING INTO CONSIDERATION THE FACT OF AMOUNT OF ADDITION INVOLVED IN THE APPEAL, THE MATTER MAY BE REMANDED TO THE AO INSTEAD OF CIT - A. AS NOTED ABOVE, THE ADDITION MADE U/S. 68 OF THE ACT REQUIRES EXPLANATION TO BE OFFERED TO THE SATISFACTION OF AO. THEREFO RE, TAKING INTO CONSIDERATION THE FACTS AND CIRCUMSTANCES OF THE CASE, SUBMISSIONS OF THE LD. AR AND IN THE INTEREST OF NATURAL 2 ITA NO . 205 1/KOL/2017 M/S. CYTOZYME EASTERN INDIA PRIVATE LIMITED JUSTICE, WE DEEM IT FIT AND PROPER TO REMAND THE ISSUE(S) INVOLVED IN THE APPEAL TO THE FILE OF AO FOR HIS CONSIDERATION TO COND UCT ASSESSMENT DE NOVO. THE ASSESSE IS AT LIBERTY TO FILE NECESSARY EVIDENCES/EXPLANATION , IF ANY . GROUNDS RAISED BY THE ASSESSE ARE ALLOWED FOR STATISTICAL PURPOSE. 3. IN THE RESULT, THE APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSE . ORDER PRONOUNCED IN THE OPEN COURT ON 21 - 0 8 - 2018 SD/ - SD/ - M. BALAGANESH S.S. VISWANETHRA RAVI ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 21 - 0 8 - 2018 PP(SR.P.S.) COPY OF THE ORDER FORWARDED TO: 1. A PPELLAN T /ASSESSEE : M/S. CYTOZYME EASTERN INDIA PVT. LTD CIRCULAR COURT, GROUND FLOOR, 8 AJC BOSE RD., KOLKATA - 17. 2 RESPONDENT /REVENUE : INCOME - TAX OFFICER, WARD 7(4), KOLKATA AAYKAR BHAWAN, P - 7 CHOWRINGHEE SQUARE, KOLKATA - 69. 3. CIT - A - 16, KOLKATA 4. 5. CIT , KOLKATA DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, SR.PS/H.O.O ITAT KOLKATA