Mr. Anil Samanta , Hooghly V. ITO, Ward - 23(2) , Hooghly

ITA 2582/KOL/2018

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 5167 (ITAT-KOLKATA)
• Duration Of Justice: 8 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-08-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 13-08-2019
• Assessment Year: 2015-2016
• Appeal Filed On: 11-12-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Business income
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH SMC KOLKATA BEFORE SHRI S.S, GODARA, JUDICIAL MEMBER ITA NO.2582/KOL/2018 ASSESSMENT YEAR:2015-16 MR. ANIL SAMANTA, VILL. & P.O.BALIGORI, P.S. TARAKESWAR, DIST. HOOGHLY-712410 [ PAN NO. AKAPS 2557 E ] / V/S . INCOME TAX OFFICE WARD-23(2), AAYKAR BHAWAN, GT. ROAD, KHADINAMORE, HOOGHLY /APPELLANT .. /RESPONDENT /BY APPELLANT SHRI SHANKAR LAL KAR, A.R /BY RESPONDENT SHRI SHANKAR HALDER, JCIT-SR-DR /DATE OF HEARING 13-08-2019 /DATE OF PRONOUNCEMENT 23-08-2019 /O R D E R THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2015-16 , ARISES AGAINST THE COMMISSIONER OF INCOME-TAX (APPEALS)-6, KOLKATAS O RDER DATED 14.09.2018 PASSED IN CASE NO.10213/CIT(A)-6/KOL/2017-18, INVOLVING PROCE EDINGS 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 GRIEVANCE CANVAS SED IN THE INSTANT LIS CHALLENGES CORRECTNESS OF BOTH THE LOWER AUTHORITIE S ACTION REJECTING HIS SET OFF LOSES CLAIM OF 8,53,672/- AGAINST BUSINESS INCOME. I MAKE IT CLEAR THAT THE ASSESSEES TOTAL LOSS IN SHARE TRADING ACCOUNT IS OF 8,53,672/-. LEARNED DEPARTMENTAL REPRESENTATIVE STRONGLY SUPPORTS BOTH THE LOWER AUTHORITIES ACTION THAT SINCE THE ASSESSEE COULD NOT PROVE THE ABOVE STATED LOSS FROM HIS ESTABLISHED BU SINESS ACTIVITIES, THE SAME CANNOT BE ITA NO.2582/KOL/2018 A.Y. 2015-16 MR. ANIL SAMANTA VS. ITO WD-23(2), HGY . PAGE 2 HELD TO BE LIABLE FOR SET OFF AGAINST BUSINESS INCO ME. I FIND NO MERIT IN REVENUES INSTANT ARGUMENT. HON'BLE GUJARAT HIGH COURTS DECI SION IN CIT VS. SILPA DYING AND PRINTING MILLS (P) LTD . (2013) 85 CCH 494 (GUJ) DECIDED ON 04.04.2013 HOL DS THAT ALL INCOMES CHARGEABLE TO TAX UNDER VARIOUS HEAD(S) SPE CIFIED IN SEC. 14 OF THE ACT ARE ELIGIBLE TO BE SET OFF AGAINST LOSSES CARRIED FORWA RD UNDER THE PROVISION OF THE ACT. THIS CLINCHING ASPECT HAS GONE UNREBUTTED FROM THE REVEN UE SIDE. I THEREFORE DIRECT THE ASSESSING OFFICER TO FRAME NECESSARY CONSEQUENTIAL COMPUTATION HOLDING THE ASSESSEES ABOVE STATED LOSSES AS ELIGIBLE FOR SET OFF AS PER LAW. 3. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICA L PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN OPEN COURT ON 23/08/2019 SD/- (S.S. GODARA) JUDICIAL MEMBE R KOLKATA, *DKP/SR.PS - 23/08/2019 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-MR. ANIL SAMANTA, VILL & P.O. BALIGORI, P.S. TARAKESWAR DIST. HOOGHLY- 712410 2. / RESPONDENT-ITO WD-23(2), AAYKAR BHAWAN, G.T. ROAD , KHADINAMORE, HOOGHLY-71210 1 3. ' % / CONCERNED CIT 4. % - / CIT (A) 5. & ))' , ' / DR, ITAT, KOLKATA 6. + / GUARD FILE. BY ORDER/ , /TRUE COPY/ ',