M/s. KPS Finance & Trade Pvt. ltd., , Kolkata V. ITO, Ward - 4(4), Kolkata , Kolkata

ITA 2512/KOL/2017

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 4272 (ITAT-KOLKATA)
• Duration Of Justice: 10 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-10-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 22-12-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: G MALLIKARJUNA
• Assessee Lawyers: V N PUROHIT
• Keywords: Unexplained cash credit
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH D, KOLKATA BEFORE SH. S.S.GODARA, JUDICIAL MEMBER AND DR.A.L.SAINI, ACCOUNTANT MEMBER ITA NO.2512/KOL/2017 [ASSESSMENT YEAR: 2012-13] M/S. KPS FINANCE & TRADE PVT.LTD., 9/12, LAL BAZAR STREET, BLOCK-E, 4 TH FLOOR, ROOM NO.9A, KOLKATA-700001. PAN-AACCK1583R V S ITO, WARD-4(4), AAYAKAR BHAWAN, KOLKATA-700069. (APPELLANT) (RESPONDENT) APPELLANT BY SH. V.N.PUROHIT, FCA RESPONDENT BY S H. G.MALLIKARJUNA, CI T DR DATE OF HEARING 2 6 .0 9 .20 18 DATE OF PRONOUNCEMENT 26 .10.2018 ORDER PER S.S.GODARA, JUDICIAL MEMBER THIS ASSESSEES APPEAL FOR AY 2012-13 ARISES AGAINST THE ORDER DATED 04.10.2016 PASSED BY LEARNED CIT(A)-2, KOLKATA UPHOLDING ASSESSING OFFICERS ACTION TREATING ITS SHARE APPLICATION MONEY OF RS.9,25,00,000/- TO BE UNEXPLAINED CASH CREDITS IN ASSESSMENT ORDER DATED 13.03.2015, INVOLVING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961 (IN SHORT ACT). HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. WE NOTICE AT THE OUTSET THAT LEARNED CIT(A) HAS PASSED HIS LOWER APPELLATE ORDER EX-PARTE AGAINST THE ASSESSEE. HE ADJOURNED THE CASE ON ASSESSEES REQUEST ON FOUR OCCASIONS I.E. 28.06.2016, 21.07.2016, 28.03.2016 & 20.09.2016 INVOLVING THREE ADJOURNMENT PETITIONS. THE ASSESSEE DID NOT APPEAR ON THE LAST DATE OF HEARING ON 28.09.2016 WHICH MADE LEARNED CIT(A) TO CONFIRM THE IMPUGNED ADDITION. LEARNED DR VEHEMENTLY SUBMITTED DURING THE COURSE OF HEARING THAT BOTH THE LOWER AUTHORITIES AFFORDED SUFFICIENT OPPORTUNITIES OF HEARING TO THE ASSESSEE TO PRESENT ITS CASE AND THEREFORE, THE IMPUGNED ADDITION OF UNEXPLAINED SHARE APPLICATION AMOUNTING TO RS.9,25,00,000/- HAS BEEN RIGHTLY MADE IN THE COURSE OF ASSESSMENT AND UPHELD IN LOWER APPELLANT PROCEEDINGS. WE FIND NO MERIT IN THE ITA NO.2512/KOL/2017 [ASSESSMENT YEAR: 2012-13] PAGE | 2 REVENUES INSTANT ARGUMENTS. THE FACT REMAINS THAT LEARNED CIT(A)S ORDER UNDER CHALLENGE HAS NOT DISCUSSED THE RELEVANT MERITS OF THE ISSUE FOLLOWED BY A DETAILED ADJUDICATION STIPULATED U/S 250(6) OF THE ACT. COUPLED WITH THIS, WE FIND THAT THE ASSESSEE HAS ALSO BEEN AFFORDED THREE OPPORTUNITY OF HEARING WHEREIN IT COULD NOT COMPLETE ITS ARGUMENTS. WE THEREFORE DEEM IT APPROPRIATE IN LARGER INTEREST OF JUSTICE THAT THE ASSESSEE SHALL NOW PUT ANY APPEARANCE BEFORE LEARNED CIT(A) ON OR BEFORE 05.12.2018 WITH A COPY OF THIS ORDER. THE CIT(A) SHALL THEREAFTER AFFORD THREE EFFECTIVE OPPORTUNITIES OF HEARING TO THE ASSESSEE TO CONCLUDE ITS ARGUMENTS. OUR INSTANT REMAND ORDER WOULD STAND VACATED INCASE THE ASSESSEE FAILS TO CONCLUDE ITS ARGUMENTS WITHIN THE SAID SPECIFIED OPPORTUNITIES. 3. IN THE RESULT, THE ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 26.10.2018. SD/- SD/- (A.L.SAINI) (S.S.GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER DATE:- 26.10.2018 *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT- M/S. KPS FINANCE & TRADE PVT.LTD., 9/12, LAL BAZAR STREET, BLOCK-E, 4 TH FLOOR, ROOM NO.9A, KOLKATA-700001. 2. RESPONDENT- ITO, WARD-4(4), AAYAKAR BHAWAN, KOLKATA-700069. 1. CIT-KOLKATA 2. CIT(APPEALS)-KOLKATA 3. DR: ITAT-KOLKATA BENCHES SR.P.S./H.O.O ITAT, KOLKATA