M/s Virtuous Dealers Pvt. Ltd., Kolkata V. I.T.O.,Ward-2(4), Kolkata

ITA 2119/KOL/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 1835 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 2 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-12-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 08-10-2020
• Assessment Year: 2012-2013
• Appeal Filed On: 13-09-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DHRUBAJYOTI RAY J
• Keywords: Unexplained cash credit; Rule 8D
• Section: 143(3); 14A; 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH VIRTUAL COURT-A KOLKATA BEFORE SHRI P.M. JAGTAP, VICE-PRESIDENT AND SHRI S.S.GODARA, JUDICIAL MEMBER ITA NO.2119/KOL/2019 ASSESSMENT YEAR:2012-13 M/S VIRTUOUS DEALERS PVT. LTD., 16, GANESH CHANDRA AVENUE, 2 ND FLOOR, KOLKATA- 700 013 [ PAN NO.AABCV 0403 A ] / V/S . INCOME TAX OFFICER, WARD-2(4), AAYKAR BHAWAN, P-7, CHOWRINGHEE SQUARE, 8 TH FLOOR, KOLKATA-69 /APPELLANT .. /RESPONDENT /BY APPELLANT NONE /BY RESPONDENT SHRI DHRUBAJYOTI RAY, JCIT-DR /DATE OF HEARING 08-10-2020 /DATE OF PRONOUNCEMENT 07-12-2020 /O R D E R PER S.S.GODARA, JUDICIAL MEMBER:- THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2012-13 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS)-17, KOLKATAS ORDER DATED 19.07.2019, PASSED IN CASE NO. 492/CIT(A)-17/KOL/17-18 INVOLVING PROCE EDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. CASE CALLED TWICE. NONE APPEARS AT THE ASSESSEES B EHEST. IT IS ACCORDINGLY PROCEEDED EX PARTE . 2. WITH THE ABLE ASSISTANCE OF LEARNED DEPARTMENTAL REPRESENTATIVE WE NOTICE AT THE OUTSET THAT THE CIT(A)S LOWER APPELLATE ORDER UNDE R CHALLENGE INTER ALIA AFFIRMING THE ASSESSING OFFICERS ACTION TREATING THE ASSESSEES SHARE CAPITAL / PREMIUM SUM OF ITA NO.2119/KOL/2019 ASSESSMENT YEAR:201 2-13 M/S VIRTUOUS DEALERS PVT. LTD. VS. ITO WD-2(4), KOL. PAGE 2 1,50,00,000/- AS UNEXPLAINED CASH CREDITS U/S 68 FO LLOWED BY THE SEC. 14A R.W.S. RULE 8D DISALLOWANCE OF 67,715/-, HAS BEEN PASSED EX PARTE WITHOUT DEALING WITH THE CORRESPONDING DETAILED DOCUMENTARY EVIDENCE AVAILAB LE IN THE CASE FILE AS IT IS EVIDENT FROM A PERUSAL OF THE ASSESSMENT ORDER DATED 16.03. 2015 PASSED U/S 143(3) OF THE ACT. 3. WE OBSERVE IN THIS FACTUAL BACKDROP THAT THE CIT (A)S LOWER APPELLATE ORDER HAS FAILED TO CONFIRM TO THE STATUTORY REQUIREMENT OF F RAMING OF POINTS OF DETERMINATION FOLLOWED BY A DETAILED ADJUDICATION U/S. 250(6) OF THE ACT. WE ACCORDINGLY DEEM IT APPROPRIATE TO RESTORE THE INSTANT LIS BACK TO THE CIT(A) FOR HIS AFRESH APPROPRIATE ADJUDICATION AS PER LAW WITHIN THREE EFFECTIVE OPPO RTUNITIES OF HEARING. ORDERED ACCORDINGLY. 4. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICA L PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN OPEN COURT ON 07/12/2020 SD/- SD/ - (P.M.JAGTAP) (S.S.GODARA) ( !) (#$ ') VICE PRESIDENT JUDICIAL MEMBER *DKP-SR.PS ( - 07/12/2020 / KOLKATA / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-M/S VIRTUOUS DEALERS PVT. LTD., 16, GANE SH CHANDRA AVENUE 2 ND FLOOR, KOLKATA-700 013 2. /RESPONDENT-ITO WD-2(4), AAYKAR BHAWAN, P-7, 7 TH FLOOR, CHOWRINGHEE SQUARE, KOLKAT A-700 069 3. + . / CONCERNED CIT 4. . - / CIT (A) 5. / $$+ , + / DR, ITAT, KOLKATA 6. 3 / GUARD FILE. BY ORD ER/ , /TRUE COPY/ +,