M/s. Alankar Merchandise Pvt. Ltd., , Kolkata V. ITO, Ward - 12(1), Kolkata , Kolkata

ITA 2407/KOL/2017

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 7521 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 7 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-07-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2012-2013
• Appeal Filed On: 04-12-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: AGAINST DATED PASSED
• Keywords: Unexplained cash credit
• Section: 68; 144

Judgement Text

PAGE | 1 IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH A, KOLKATA BEFORE SH. P.M.JAGTAP, VICE PRESIDENT & SH.S.S.VISWANETHRA RAVI, JUDICIAL MEMBER ITA NO.2407/KOL/2017 (ASSESSMENT YEAR-2012-13) ORDER PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER THIS APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER DATED 30.10.2017 PASSED BY THE COMMISSIONER OF INCOME TAX (APPEALS)-16, KOLKATA [HEREINAFTER CIT(A)] FOR AY 2012-13. 2. THE ONLY ISSUE IS TO BE DECIDED AS TO WHETHER THE CIT(A) JUSTIFIED IN CONFIRMING THE ADDITION MADE BY THE AO UNDER SECTION (HEREINAFTER U/S) 68 OF THE INCOME TAX ACT, 1961 (HEREINAFTER THE ACT). 3. HEARD BOTH PARTIES AND PERUSED THE MATERIALS AVAILABLE ON RECORD. 4. ADMITTEDLY THE ISSUE INVOLVED IS ON ACCOUNT OF SHARE CAPITAL AND PREMIUM AND FOR NON-COMPLIANCE, THE AO ADDED AN AMOUNT OF RS. 5,32,00,000/- UNDER THE HEAD UNEXPLAINED CASH CREDIT VIDE ASSESSMENT ORDER DATED 12.03.2015 PASSED U/S 144 OF THE ACT. IT IS NOTED THAT THE CIT(A) CONFIRMED THE VIEW OF THE AO BY PLACING RELIANCE IN THE CASE OF M/S. RAJMANDIR ESTATES PVT.LTD. THE CONTENTION OF THE LD. AR IS THAT ALL THE DETAILS RELATING TO THE SHARE CAPITAL AND PREMIUM WERE FILED BEFORE THE AO BUT HE REFUSED TAKE THE SAID DETAILS ON FILE. IN THE FIRST APPELLATE PROCEEDINGS, M/S. ALANKAR MERCHANDISE PVT.LTD. UV 14, 4A, 1050/1, SURVEY PARK, KOLKATA- 700075. PAN-AAICA9761D VS INCOME TAX OFFICER WARD- 12(1), KOLKATA. (APPELLANT) (RESPONDENT) APPELLANT BY SH. R AJEEVA KUMAR , ADV. RESPONDENT BY SH.C.J.SINGH, JCIT, SR.DR DATE OF HEARING 18 .06.2019 DATE OF PRONOUNCEMENT 26 .07.2019 ITA NO.2407/KOL/2017 (ASSESSMENT YEAR-2012-13) PAGE | 2 IT WAS BROUGHT TO THE NOTICE OF THE LD. CIT(A), BUT HE DID NOT TAKE INTO ACCOUNT IN VIEW OF THE ISSUE INVOLVED SHARE CAPITAL AND PREMIUM. THE LD. AR SUBMITS THAT THE ASSESSEE IS READY TO PRODUCE ALL THE DETAILS RELATING TO THE IMPUGNED ADDITION MADE U/S 68 OF THE ACT AND PRAYED TO REMAND THE MATTER TO THE FILE OF AO FOR HIS FRESH CONSIDERATION. THE LD. DR DID NOT OBJECT THE SAME. 5. WE FIND IN SIMILAR IDENTICAL ISSUES, THIS TRIBUNAL IS REMANDING THE MATTER TO THE FILE OF AO TO CONDUCT ENQUIRIES UNDER 131 PROCEEDINGS BY SUMMONING THE SHARE SUBSCRIBER COMPANIES TO JUSTIFY THE INVESTMENT CONCERNED. AS DISCUSSED ABOVE, THE LD. AR SUBMITTED THAT THE ASSESSEE IS READY TO PRODUCE AGAIN ALL THE DETAILS IN RESPECT OF THE SAME. THEREFORE, TAKING INTO CONSIDERATION THE FACTS AND CIRCUMSTANCES OF THE CASE AND SUBMISSIONS OF LD. AR AND DR, WE DEEM IT PROPER TO REMAND THE MATTER TO THE FILE OF AO FOR HIS FRESH CONSIDERATION TO EXAMINE THE ISSUE IN DETAILS AS INDICATED ABOVE. THE ASSESSEE IS AT LIBERTY TO FILE EVIDENCES IF ANY IN SUPPORT OF ITS CLAIM AND SHALL COOPERATE WITH THE ASSESSING AUTHORITY FOR SPEEDY DISPOSAL. THUS, GROUNDS RAISED BY THE ASSESSEE ARE ALLOWED FOR STATISTICAL PURPOSES. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 26.07.2019. SD/- SD/- (P.M.JAGTAP) (S.S.VISWANETHRA RAVI) VICE PRESIDENT JUDICIAL MEMBER DATE:- 26.07.2019 BIDHAN ITA NO.2407/KOL/2017 (ASSESSMENT YEAR-2012-13) PAGE | 3 COPY FORWARDED TO: 1. APPELLANT- M/S. ALANKAR MERCHANDISE PVT.LTD., UV 14, 4A, 1050/1, SURVEY PARK, KOLKATA- 700075. 2. RESPONDENT- ITO, WARD- 12(1), KOLKATA. 3. CIT-KOLKATA 4. CIT(APPEALS)-16, KOLKATA 5. DR: ITAT -KOLKATA BENCHES BY ORDER AR/H.O.O ITAT, KOLKATA