Utsav Commercial Pvt. Ltd., Kolkata V. Income Tax Officer-Ward-11(2), Kolkata, Kolkata

ITA 2586/KOL/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 100195 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-12-2015
• Appeal Filed By: Assessee
• Bench Allotted: C
• Assessment Year: 2007-2008
• Appeal Filed On: 13-11-2013
• Court: TRIBUNAL
• Assessee Lawyers: MIRAJ D. SHAH
• Section: 143(3); 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH: KOLKATA [BEFORE SHRI MAHAVIR SINGH, JM] I.T.A NO.2586/KOL/2013 ASSESSMENT YEAR: 2007-08 UTSAB COMMERCIAL PVT. LTD. VS. INCOME-TAX OFFIC ER, WD-11(2), KOLKATA. (PAN: AAACE7324E) ( APPELLANT ) ( RESPONDENT ) DATE OF HEARING: 10.12.2015 DATE OF PRONOUNCEMENT: 10.12.2015 FOR THE APPELLANT: SHRI MIRAJ D. SHAH, ADVOCATE FOR THE RESPONDENT: SHRI TANUJ NIYOGI, JCIT, SR. DR THIS APPEAL BY ASSESSEE IS ARISING OUT OF ORDER OF CIT(A)-XII, KOLKATA IN APPEAL NO.728/XII/11(2)/09-10 DATED 09.07.2012. ASSESSMENT WAS FRAMED BY ITO, WARD-11(2), KOLKATA, U/S. 143(3) OF THE INCOME-TAX ACT, 1961 (H EREINAFTER REFERRED TO AS THE ACT) FOR AY 2007-08 VIDE ITS ORDER DATED 30.12.2009. 2. THE ONLY ISSUE IN THIS APPEAL OF ASSESSEE IS AGA INST THE ORDER OF CIT(A) CONFIRMING THE ACTION OF AO IN MAKING ADDITION OF RS.9.88 LACS ON ACCOUNT OF UNEXPLAINED SHARE APPLICATION U/S. 68 OF THE ACT. 3. AT THE OUTSET, LD. COUNSEL FOR THE ASSESSEE STAT ED THAT NEITHER THE AO NOR CIT(A) HAS GONE INTO THE CREDITWORTHINESS, GENUINENESS OF TRANSACTI ON AND IDENTITY OF THE PARTIES DESPITE THE FACT THAT ALL DETAILS WERE FILED BEFORE THE LOWER AUTHOR ITIES. LD. COUNSEL FOR THE ASSESSEE REFERRED TO TH E FINDINGS OF CIT(A) AT PAGE 3 OF HIS ORDER AND ALSO THE FINDINGS OF THE AO AND STATED THAT DESPITE SPECIFIC INFORMATION RELATING TO THE SHARE APPLICAT IONS WERE FILED BEFORE BOTH THE AUTHORITIES BELOW BUT NONE OF THE AUTHORITIES HAVE DELIBERATED ON THE SAME. IN VIEW OF THIS, LD. COUNSEL FOR THE ASSESSEE ARGUED THAT THE ISSUE CAN BE REMITTED BACK TO THE FILE OF THE AO FOR FRESH EXAMINATION AND THE EVIDENCE WHICH ARE ALREADY AVAILABLE BEFORE THE AO. ON QUERY FROM THE BENCH, LD. SR. DR DID NOT CONTROVERT THE STATEMENT OF THE LD. COUNSEL FOR THE ASSESSEE AND CONCURRED WITH THE PROPOSAL OF THE LD. COUNSEL THAT THE ISSUE CAN BE REMITTED T O THE FILE OF THE AO FOR FRESH ADJUDICATION. ACCORDINGLY, I SET ASIDE THE ORDERS OF THE LOWER AU THORITIES AND REMIT THE MATTER BACK TO THE FILE OF THE AO FOR FRESH ADJUDICATION AS PER LAW. APPEAL O F ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 4. IN THE RESULT, THE APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 5. ORDER IS PRONOUNCED IN THE OPEN COURT. SD/-(MAHAVIR SINGH) JUDICIAL MEMBER DATED : 10 TH DECEMBER, 2015 JD. SR. P.S 2 ITA NO.2586/K/2013 UTSAB COMMERCIAL PVT. LTD. AY 2007-08 COPY OF THE ORDER FORWARDED TO: 1 . APPELLANT UTSAB COMMERCIAL PVT. LTD., C/O, D.J. S HAH & CO., KALYAN BHAVAN, 2, ELGIN ROAD, KOLKATA-700 020 2 RESPONDENT ITO, WARD-11(2), KOLKATA. 3 . THE CIT(A), KOLKATA 4. 5. CIT KOLKATA DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, ASSTT. REGISTRAR .