Adhunik Ventures Pvt. Ltd., , Kolkata V. ITO, Ward - 4(3), Kolkata , Kolkata

ITA 2438/KOL/2017

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 4483 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 3 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-03-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 11-12-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: CITA KOLKATA AY HAS RAISE
• Assessee Lawyers: AGAINST DATED PASSED
• Keywords: Unexplained cash credit
• Section: 131; 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH B, KOLKATA BEFORE SH. J.SUDHAKAR REDDY, ACCOUNTANT MEMBER & SH.S.S.VISWANETHRA RAVI, JUDICIAL MEMBER ITA NO.2438/KOL/2017 (ASSESSMENT YEAR-2012-13) ORDER PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER THIS APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER DATED 12.10.2015 PASSED BY CIT(A)-13, KOLKATA FOR AY 2012-13. 2. THE ASSESSEE HAS RAISED AS MANY AS EIGHT GROUNDS, BUT HOWEVER, THE ONLY ONE GROUND WHICH EMANATES IN CONFIRMING THE ADDITION MADE ON ACCOUNT OF SHARE APPLICATION RECEIVED U/S 68 OF THE ACT. 3. HEARD BOTH PARTIES AND PERUSED THE MATERIAL AVAILABLE ON RECORD. IT IS NOTED FROM THE ASSESSMENT ORDER THAT THE AO ADDED AN AMOUNT OF RS. 2,87,40,000/- UNDER THE HEAD OF UNEXPLAINED CASH CREDIT UNDER SECTION 68 OF THE ACT ON ACCOUNT OF SHARE AND PREMIUM AMOUNT. TO VERIFY THE DETAILS OF SHARE SUBSCRIBERS, THE AO ISSUED NOTICE UNDER SECTION 131 OF THE ACT AND THERE WAS NO COMPLIANCE TO THE SAID NOTICE. LD. AR SUBMITS THAT THE ASSESSEE DID NOT PRODUCE THE CONCERNED DIRECTOR OF SHARES SUBSCRIBER COMPANIES BEFORE THE AO AS WELL AS THE CIT(A). LD.AR PRAYED TO REMAND THE MATTER TO THE FILE OF AO FOR HIS FRESH VERIFICATION IN RESPECT OF DETAILS OF SHARES SUBSCRIBING COMPANIES. LD. ADHUNIK VENTURES PVT.LTD., P-44, RABINDRA SARANI, 3 RD FLOOR, R-306, KOLKATA-700001. PAN-AAHCA7165L VS ITO, WARD-4(3), AAYAKAR BHAWAN, 8 TH FLOOR, P-7, CHOWRINGHEE SQUARE, KOLKATA-700069. (APPELLANT) (RESPONDENT) APPELLANT BY SH.M.D.SHAH, LD.AR RESPONDENT BY SH. ROBIN SHOUDHURY, ADDL.CIT SR.DR DATE OF HEARING 11.02.2019 DATE OF PRONOUNCEMENT 20.03.2019 ITA NO.2438/KOL/2017 (ASSESSMENT YEAR-2012-13) DR DID NOT REPORT OBJECTION. TAKING INTO CONSIDERATION THE ISSUE RAISED IN THIS APPEAL AND IN THE FACTS AND CIRCUMSTANCES OF THE CASE, WE DEEM IT PROPER TO REMAND THE MATTER TO THE FILE OF AO FOR HIS FRESH VERIFICATION AS INDICATED ABOVE. THUS, GROUNDS RAISED BY THE ASSESSEE ARE ALLOWED FOR STATISTICAL PURPOSES. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 20.03.2019. SD/- SD/- (J.SUDHAKAR REDDY) (S.S.VISWANETHRA RAVI) ACCOUNTANT MEMBER JUDICIAL MEMBER [ DATE:-20.03.2019 *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT- ADHUNIK VENTURES PVT.LTD., P-44, RABINDRA SARANI, 3 RD FLOOR, R-306, KOLKATA-700001. 2. RESPONDENT- ITO, WARD-4(3), AAYAKAR BHAWAN, 8 TH FLOOR, P-7, CHOWRINGHEE SQUARE, KOLKATA-700069. 3. CIT-KOLKATA 4. CIT(APPEALS)-KOLKATA 5. DR: ITAT -KOLKATA BENCHES BY ORDER AR/H.O.O ITAT, KOLKATA