Mahamani Vinimay Pvt. Ltd., Uttar Dinajpur V. I.T.O.,Ward-2(1), Kolkata

ITA 265/KOL/2020

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 8104 (ITAT-KOLKATA)
• Duration Of Justice: 5 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-08-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 03-08-2020
• Assessment Year: 2012-2013
• Appeal Filed On: 02-03-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DHRUBA JYOTI RAY JCITSRDR
• Assessee Lawyers: K M ROY
• Keywords: Unexplained cash credit
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH VIRTUAL COURT A KOLKATA BEFORE SHRI P.M.JAGTAP, VICE-PRESIDENT AND SHRI S.S.GODARA, JUDICIAL MEMBER ITA NO.265/KOL/2020 ASSESSMENT YEAR:2012-13 MAHAMANI VINIMAY PVT. LTD. C/O PAWAN KUMAR AGARWAL, N.S. ROAD, ISLAMPUR, UTTAR DINAJPUR-733 202 [ PAN NO.AAHCM 7689 M ] / V/S . INCOME TAX OFFICER, WARD-2(1), AAYAKAR BHAWAN, P-7, CHOWRINGHEE SQUARE, 7 TH FLOOR, KOLKATA-69 /APPELLANT .. /RESPONDENT /BY APPELLANT SHRI K.M. ROY, CA /BY RESPONDENT SHRI DHRUBAJYOTI RAY, JCIT-SR-DR /DATE OF HEARING 03-08-2020 /DATE OF PRONOUNCEMENT 19-08-2020 /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)-17, KOLKATAS ORDER DATED 18.10.2019, PASSED IN CASE NO. 198/CIT(A)-17/KOL/17-18, INVOLVING PROC EEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. WITH THE ABLE ASSISTANCE OF BOTH THE LEARNED REP RESENTATIVES APPEARING AT ASSESSEE AND REVENUES BEHEST, WE NOTICE AT THE OUT SET THAT THE FORMERS SOLE SUBSTANTIVE GRIEVANCE CHALLENGES CORRECTNESS OF THE LOWER AUTHORITIES ACTION ADDING ITS SHARE APPLICATION / PREMIUMS SUM OF 5,21,00,000/- TO BE LACKING GENUINENESS AND CREDITWORTHINESS. WE ALSO FIND THE CIT(A) WHO HAVE AFFIRMED THE IMPUGNED ADDITION IN HIS LOWER APPELLATE ORDER PASSED EX PARTE . ITA NO.265/KOL/20 A.Y.2012-13 MAHAMANI VINIMAY PVT. LTD. VS. ITO WD-2(1), KOL PA GE 2 3. LEARNED AUTHORIZED REPRESENTATIVE SUBMITS DURING THE COURSE OF HEARING THAT BOTH THE LOWER AUTHORITIES HAVE ERRED IN LAW AND ON FACTS IN TREATING THE ASSESSEES SHARE APPLICATION / PREMIUM SUM AS UNEXPLAINED CASH CREDITS. HE INVITED OUR ATTENTION TO THE ASSESSING OFFICERS ASSESSMENT ORDER DATED 1 2.03.2015 THAT ALTHOUGH THE ASSESSEE HAD FILED ALL NECESSARY EVIDENCE IN SUPPOR T OF THE IMPUGNED SHARE APPLICATION / PREMIUM, IT HAD FAILED TO PRODUCE THE CORRESPONDI NG INVESTOR ENTITIES DIRECTORS. HE THEREAFTER SUBMITTED AN UNDERTAKING THAT THE ASSESS EE TO VERY MUCH READY TO PRODUCE THE SAID DIRECTORS; IF GIVEN AFRESH INNINGS BEFORE THE ASSESSING OFFICER. 4. LEARNED DEPARTMENTAL REPRESENTATIVE ON THE OTHER HAND HAS SUBMITTED THAT THE ASSESSEE HAD NOT PUT IN APPEARANCE BEFORE THE CIT(A ) DESPITE AVAILING NUMEROUS OPPORTUNITIES. AND ALL THIS NON-COOPERATION RESULTE D IN THE IMPUGNED ADDITION BEING AFFIRMED IN LOWER APPELLATE ORDER UNDER CHALLENGE. HE FAILS TO DISPUTE THAT THERE IS NO INDICATION IN THE CIT(A)S APPELLATE ORDER AS TO WH ETHER THE ASSESSEE HAD BEEN ACTUALLY SERVED THE RELEVANT HAVING NOTICE OR NOT. BE THAT A S IT MAY, THE FACT REMAINS NEITHER THIS ASSESSING OFFICER NOR THE CIT(A) HAVE CONSIDERED TH E ASSESSEES SUPPORTIVE EVIDENCE QUA ITS SHARE APPLICATION / PREMIUM SUM IN DISPUTE. FACE WITH THIS SITUATION, WE DEEM IT APPROPRIATE TO RESTORE THE ASSESSEES INSTANT SO LE GRIEVANCE BACK TO THE ASSESSING OFFICER FOR AFRESH ADJUDICATION AS PER LAW WITHIN T HREE EFFECTIVE OPPORTUNITIES. IT IS MADE CLEAR THAT THE ASSESSEE SHALL ITSELF PRODUCE T HE INVESTOR ENTITIES DIRECTORS BEFORE THE ASSESSING OFFICER IN CONSEQUENTIAL PROCEEDINGS. 5. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICA L PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN OPEN COURT ON 19/08/2020 SD/- SD /- ( !) (#$ ') (P.M.JAGTAP) (S.S.GODARA) VICE PRESIDENT JUDICIAL MEMBER *DKP-SR.PS ( - 19/08/2020 / KOLKATA ITA NO.265/KOL/20 A.Y.2012-13 MAHAMANI VINIMAY PVT. LTD. VS. ITO WD-2(1), KOL PA GE 3 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-MAHAMANI VINIMAY PVT. LTD. C/O PAWAN KR. AGARWAL, N.S. ROAD, ISLAMPUR , UTTAR DINAJPUR-733 203 2. /RESPONDENT-ITO WD-2(1), AAYAKAR BHAWAN, P-7, CHOWR INGHEE SQUARE 7 TH FLOOR, KOLKATA-69 3. + . / CONCERNED CIT 4. . - / CIT (A) 5. / $$+ , + / DR, ITAT, KOLKATA 6. 3 / GUARD FILE. BY ORD ER/ , /TRUE COPY/ +,