M/s. Stupendors Traders Pvt. Ltd., , Kolkata V. ITO, Ward - 5(4), Kolkata , Kolkata

ITA 2317/KOL/2017

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 2778 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 6 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-06-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 13-11-2017
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Unexplained cash credit

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH: KOLKATA BEFORE: SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER I.T.A NO.2317/KOL/2017 (ASSESSMENT YEAR: 2012-13) M/S. STUPENDORS TRADERS PVT. LTD. APPELLANT [PAN: AADCS 7524 F] VS ITO, WARD-5(4), KOLKATA RESPONDENT FOR THE APPELLANT : NONE FOR THE RESPONDENT : SHRI A. K. SINGH, CIT, DR DATE OF HEARING : 11.04.2019 DATE OF PRONOUNCEMENT : 12.06.2019 ORDER PER SHRI S.S. VISWANETHRA RAVI, JM: THIS APPEAL BY THE ASSESSEE AGAINST THE ORDER DATED 02.08.2017 PASSED BY THE COMMISSIONER OF INCOME TAX(APPEALS)-2, KOLKATA FOR THE ASSESSMENT YEAR 2012-13. 2. AT THE TIME OF HEARING, WE FIND NO REPRESENTATION ON BEHALF OF THE ASSESSEE NOR ANY APPLICATION FILED SEEKING ADJOURNMENT. THE ASSESSEE CALLED ABSENT AND SET EX PARTE. THEREFORE, WE PROCEED TO HEAR THE LD. DR. 3. HEARD LD. DR AND PERUSED THE MATERIAL AVAILABLE ON RECORD. GROUND NOS.1 & 2 RAISED BY THE ASSESSEE CHALLENGING THE ACTION OF THE CIT(A) IN DISMISSING THE APPEAL GROUNDS IN THE ABSENCE OF THE ASSESSEE. GROUND NO.3 RAISED BY THE ASSESSEE IS RELATING TO CONFIRMATION OF ADDITIONS MADE ON ACCOUNT OF SHARE CAPITAL AND SHARE PREMIUM TO THE TUNE OF RS.17,75,00,000/-. 4. IN OUR OPINION, ON MERITS THE ASSISTANCE OF THE ASSESSEE IS REQUIRED TO EXPLAIN THE UNEXPLAINED CASH CREDIT AS FOUND BY THE M/S. STUPENDORS TRADERS PVT. LTD. I.T.A NO.2317/KOL/2017 ASSESSMENT YEAR: 2012-13 2 ASSESSING OFFICER. SINCE THERE IS NO OPPORTUNITY FOR THE ASSESSEE TO CONTEST THE SAME IN THE FIRST APPELLATE PROCEEDINGS TAKING INTO CONSIDERATION OF THE FACTS AND CIRCUMSTANCES OF THE CASE AND THE SUBMISSIONS OF LD. DR, WE DEEM IT PROPER TO REMAND THE MATTER TO THE FILE OF CIT(A) FOR HIS FRESH CONSIDERATION SUBJECT TO A PAYMENT OF COSTS OF RS.5,000/- PAYABLE IN FAVOUR OF PRIME MINISTERS RELIEF FUND. THE CIT(A) SHALL SATISFY HIMSELF THE PAYMENT OF SUCH COSTS AND PROCEED TO ADJUDICATE THE ISSUES RAISED BEFORE HIM. THE ASSESSEE IS AT LIBERTY TO FILE EVIDENCES, IF ANY, TO SUBSTANTIATE ITS CLAIM AND SHALL COOPERATE IN THE APPELLATE PROCEEDINGS FOR SPEEDY DISPOSAL. THUS GROUND NOS.1 TO 3 RAISED BY THE ASSESSEE ARE ALLOWED FOR STATISTICAL PURPOSES. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 12.06.2019. SD/- SD/- [J. SUDHAKAR REDDY] [S.S. VISWANETHRA RAVI] ACCOUNTANT MEMBER JUDICIAL MEMBER DATED :12.06.2019 PLACE : KOLKATA RS, SR.PS COPY OF THE ORDER FORWARDED TO: 1 . APPELLANT M/S STUPENDORS TRADERS PVT. LTD., MARSHALL HOUSE, 25 STRAND ROOD, ROOM NO.613, 6 TH FLOOR, KOL-1. 2 RESPONDENT ITO, WARD-5(4), KOLKATA. 3 . THE CIT(A), KOLKATA 4. 5. CIT , KOLKATA DR, KOLKATA BENCHES, KOLKATA //TRUE COPY// BY ORDER, ASSISTANT REGISTRAR, ITAT, KOLKATA