Savitri Realbuild Pvt. Ltd., , Kolkata V. ITO, Ward - 2(4) , Kolkata

ITA 2472/KOL/2018

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 1175 (ITAT-KOLKATA)
• Duration Of Justice: 9 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-09-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 05-09-2019
• Assessment Year: 2012-2013
• Appeal Filed On: 27-11-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: C J SINGH JCITSRDR
• Assessee Lawyers: BRIJESH KR SINGH
• Keywords: Source of fund
• Section: 68; 143(3)

Judgement Text

, A , IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH A KOLKATA BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND DR. A.L. SAINI, ACCOUNTANT MEMBER ITA NO. 2472 / KOL / 2018 ASSESSMENT YEAR :2012-13 SAVITRI REALBUILD PVT. LTD. C/O S.S. LOHAI & CO. 27, BRABOURNE ROAD, ROOM NO.711, 7 TH FLOOR, KOLKAT-700 001 [ PAN NO.AAQCS 5786 G ] V/S . INCOME TAX OFFICER, WARD-2(4), P-7, CHOWRINGHEE SQUARE, KOLKATA-69 /APPELLANT .. / RESPONDENT /BY APPELLANT SHRI BRIJESH KR. SINGH, ADVOCATE /BY RESPONDENT SHRI C.J. SINGH, JCIT, SR-DR /DATE OF HEARING 05-09-2019 /DATE OF PRONOUNCEMENT 13-09-2019 / 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)-1, KOLKATAS O RDER DATED 04.09.2018 PASSED IN CASE NO.469/CIT(A)-1/WARD-2(4)/2017-18, INVOLVIN G PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. THE ASSESSEES SOLE SUBSTANTIVE GROUND RAISED IN THE INSTANT APPEAL CHALLENGES CORRECTNESS OF BOTH THE LOWER AUTHORITIE S ACTION TREATING ITS SHARE APPLICATION MONEY RAISED FROM INVESTOR PARTIES AS U NEXPLAINED CASH CREDITS U/S 68 OF THE ACT. BOTH THE LEARNED REPRESENTATIVES INVITE OU R ATTENTION TO THE ASSESSING OFFICERS ASSESSMENT ORDER DATED 13.03.2015 AND MOR E PARTICULARLY THE LAST PAGE THEREOF THAT NEITHER THE ASSESSEE HAD COMPLIED WITH THE SUMMONS ISSUED DURING THE COURSE OF SCRUTINY NOR HAS IT FILED ON RECORD ANY D ETAILS FOR THE PURPOSE OF FACTUAL ITA NO.2472/KOL/2018 A.Y. 2012-13 SAVITRI REALBUILD PVT. LTD. VS. ITO WD-2(4), KOL. PAGE 2 VERIFICATION OF THE SHARE CAPITAL IN ISSUE. ALL THI S RESULTED IN THE IMPUGNED ADDITION MADE IN THE ASSESSMENT ORDER. THE CIT(A)S LOWER AP PELLATE ORDER HOLDS THAT THE ASSESSEE HAD FILED DOCUMENTARY EVIDENCE ONLY AS PER PARA 1.3 PAGE 5 IN THE NATURE OF CONFIRMATION FROM ITS SHARE APPLICANTS, SHARE AP PLICATION FORMS, ALLOTMENT LETTER, BANK STATEMENT, DIRECTORS DETAILS ITR ACKNOWLEDGME NT, AUDITED ANNUAL ACCOUNTS AND CLARIFICATION REGARDING SOURCE OF FUNDS, THE SA ME COULD NOT PROVE GENUINENESS / CREDITWORTHINESS OF THE IMPUGNED SHARE APPLICATION OF ALLOTMENT OF 51,000 UNITS WITH FACE VALUE OF 10 PER SHARE AND PREMIUM OF 90/- PER SHARE; RESPECTIVELY. ALL THIS SUGGESTS THAT BOTH THE LOWER AUTHORITIES HAVE PASSE D MUTUAL CONTRADICTORY ORDERS. THE ASSESSING OFFICER HAS NOWHERE EXAMINED THE ASSE SSEES DETAILED EVIDENCE. WE THEREFORE DEEM IT APPROPRIATE IN THESE PECULIAR FAC TS TO RESTORE THE INSTANT LIS BACK TO THE ASSESSING OFFICER FOR AFRESH ADJUDICATION AS PE R LAW WITHIN THREE EFFECTIVE OPPORTUNITIES OF HEARING. THE ASSESSEE IS DIRECTED TO APPEAR BEFORE THE ASSESSING OFFICER ON OR BEFORE 10 TH JANUARY, 2010 ALONGWITH A COPY OF OUR INSTANT REMAND DIRECTIONS AT ITS OWN RISK AND RESPONSIBILITY. 3. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICA L PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT 13 /09/2019 SD/- SD/- ( %) (' %) ( A.L.SAINI) (S.S.GODARA) (ACCOUNTANT MEMBER) (JUDICIAL MEMBER) KOLKATA, *DKP (- 13 / 09 /201 9 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-SAVITRI REALBUILD PVT. LTD., C/O S.S.LOH IA & CO. 27, BRABOURNE ROAD, R NO.711, 7 TH FLOOR, KOLKATA-001 2. /RESPONDENT-ITO WARD-2(4), P-7, CHOWRINGHEE SQ. KOL AKATA-69 3. 3 4 / CONCERNED CIT KOLKATA 4. 4- / CIT (A) KOLKATA 5. 7 ''3, 3, / DR, ITAT, KOLKATA 6. < / GUARD FILE. BY ORDER/ , /TRUE COPY/ 3,