Alisa Cold Storage Pvt. Ltd., , Burdwan V. ACIT, Circle - 1, Burdwan , Burdwan

ITA 329/KOL/2018

• Counselvise Citation: [2018] 122 COUNSELVISE.COM (IT) 4157 (ITAT-KOLKATA)
• Duration Of Justice: 7 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-10-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2012-2013
• Appeal Filed On: 23-02-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: G MALLIKARJUNA
• Assessee Lawyers: D S DAMLE
• Keywords: Unexplained cash credit; Unexplained investment
• Section: 68; 144

Judgement Text

, C , IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH C KOLKATA BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND DR. A.L. SAINI, ACCOUNTANT MEMBER ITA NO. 329 / KOL / 20 18 ASSESSMENT YEAR :2012-13 ALISA COLD STORAGE PVT. LTD., 1, J.B. HAZRA ROAD, RASIKPUR, BUDDWAN, WEST BENGAL-713101 [ PAN NO.AAFCA 7080 A ] V/S . ACIT, CIRCLE-1, AAYAKAR BHAWAN, ANNEXE, 2 ND FLOOR, COURT COMPOUND, BURDWAN-713101 /APPELLANT .. / RESPONDENT /BY APPELLANT SHRI D.S. DAMLE, FCA /BY RESPONDENT SHRI G. MALLIKARJUNA, CIT-DR /DATE OF HEARING 08-10-2018 /DATE OF PRONOUNCEMENT 12-10-2018 / 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)-BURDWANS ORDE R DATED 30.03.2017, PASSED IN CASE NO.60/CIT(A)/BWN/CIRCLE-1/2015-16, I N PROCEEDINGS U/S. 144 OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. THE ASSESSEES TWIN SUBSTANTIVE GROUNDS RAISED I N THE INSTANT APPEAL CHALLENGE CORRECTNESS OF CIT(A)S ORDER AFFIRMING T HE ASSESSING OFFICERS ACTION IN BOTH ADDING ITS SHARE APPLICATION MONEY O F 1,34,60,000/- TO BE UNEXPLAINED CASH CREDITS FOLLOWED BY UNEXPLAINED IN VESTMENT ADDITION OF 2,75,63,680/-; RESPECTIVELY MADE IN THE COURSE OF A SSESSMENT IN ISSUE FRAMED ON 19.03.2015. LEARNED COUNSEL SUBMITS DURIN G THE COURSE OF HEARING THAT ALTHOUGH ASSESSEES MANAGING DIRECTOR HAD PUT IN APPEARANCE BEFORE THE ITA NO.329/KOL/2018 A.Y. 2012-13 ALISA COLD STORAGE PVT. LTD. VS. ACIT, C IR-1 BWD. PAGE 2 CIT(A) AS PER LOWER APPELLATE ORDER, HE WAS SUFFERI NG FROM CHRONIC AILMENTS ON THAT DATE RENDERING HIM UNABLE TO PUT FORTH ALL THE RELEVANT EXPLANATION AGAINST BOTH THE IMPUGNED ADDITION(S). HE THEREAFTER SUBMIT S THAT THE LOWER AUTHORITIES HAVE ALSO MADE THE TWO ADDITION(S) ON CREDIT SIDE T O BE UNEXPLAINED CASH CREDITS SEC. 68 AND ON THE DEBIT SIDE AS WELL REGAR DING THE LATTER ISSUE OF UNEXPLAINED INVESTMENT (SUPRA). LEARNED DEPARTMENTA L REPRESENTATIVE FAILS TO DISPUTE THE FACT THAT THIS CRUCIAL ASPECT HAS ESCAP ED THE CIT(A)S CONSIDERATION. COUPLED WITH THIS, WE FIND THAT THE CIT(A)S ORDER HAS ALSO NOT DISCUSSED MERITS OF THE TWO ISSUES FOLLOWED BY A DE TAILED ADJUDICATION AS STIPULATED U/S 250(6) OF THE ACT. WE THEREFORE DEEM IT APPROPRIATE IN LARGER INTEREST OF JUSTICE THAT THE CIT(A) NEEDS TO RE-DEC IDE ASSESSEES LOWER APPEAL AFRESH AS PER LAW ON ALL THE SUBSTANTIVE ISSUES RAI SED THEREIN AFTER AFFORDING THREE EFFECTIVE OPPORTUNITIES OF HEARING. 3. THIS ASSESSEES APPEAL IS ACCEPTED FOR STATISTIC AL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT 12/10/2018 SD/- SD/- ( %) (' %) (DR. A.L. SAINI) (S.S.GODARA) (ACCOUNTANT MEMBER) (JUDICIAL MEMBER) KOLKATA, *DKP, SR.P.S (- 12 / 10 /201 8 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-ALISA COLD STORAGE PVT. LTD., 1,J.B. HAZ RA ROAD, RASIKPUR, BURDWAN, WEST BE NGAL-713101 2. /RESPONDENT-ACIT, CIR-1, AAYAKAR BHAWAN 2 ND , FLOOR, COURT COMPOUND, BURDWAN 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/ SR. PRIVATE SECRETARY, HEAD OF OFFICE/DDO 3,