Soumitra Paul, South 24 parganas V. I.T.O.,Ward-37(3), Kolkata

ITA 376/KOL/2019

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 6634 (ITAT-KOLKATA)
• Duration Of Justice: 5 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-07-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 18-07-2019
• Assessment Year: 2014-2015
• Appeal Filed On: 28-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NICHOLUS MURMU CITSRDR
• Keywords: Peak credit
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH SMC KOLKATA BEFORE SHRI S.S, GODARA, JUDICIAL MEMBER ITA NO.376/KOL/2019 ASSESSMENT YEAR:2014-15 SOUMITRA PAUL MADARAT UTTARPARA, MADARAT, BARUIPUR, SOUTH 24-PARGANAS, PIN-743610 [ PAN NO.AOHPP 3039 D ] / V/S . INCOME TAX OFFICER WARD-37(3), 3, GOVT. PLACE (WEST), 1 ST FLOOR, KOLKATA- 700001 /APPELLANT .. /RESPONDENT /BY APPELLANT NONE /BY RESPONDENT SHRI NICHOLUS MURMU, ADDL. CIT-SR-DR /DATE OF HEARING 18-07-2019 /DATE OF PRONOUNCEMENT 31-07-2019 /O R D E R THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2014-15 , ARISES AGAINST THE COMMISSIONER OF INCOME-TAX (APPEALS)-11, KOLKATAS ORDER DATED 02.11.2018 PASSED IN CASE NO.CITA-11/KOL/E-FILE-120/16-17, INVOLVING PROCEEDINGS U/S. 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. CASE CALLED TWICE. NONE APPEARS AT THE ASSESSEES B EHEST SAME IS ACCORDINGLY PROCEEDED EX PARTE . 2. THE ASSESSEES TWIN SUBSTANTIVE GROUNDS CHALLENG E CORRECTNESS OF THE BOTH THE LOWER AUTHORITIES ACTION DISALLOWING HIS LOSS FROM SHARE TRADING OF RS.4,41,837/- FOLLOWED UNEXPLAINED BY INVESTMENTS ADDITION OF RS. 6.48 LAC. THE CIT(AS DETAILED FINDINGS MAKE IT CLEAR THAT THE LATTER SUMS REPRESE NTS THE ASSESSEES CASH DEPOSIT S IN HIS BANK ACCOUNT(S) ON VARIOUS DATES IN THE RELEVAN T PREVIOUS YEAR AND ALSO THAT THIS MAIN ISSUE IS VERY MUCH INTER-CONNECTED WITH THE FO RMER GRIEVANCE OF LOSS ON SHARE TRANSACTION. THE CIT(A)S APPEARS TO HAVE DECLINED THE ASESSEES PEAK CREDIT AND ITA NO.376/KOL/2019 A.Y. 2014-15 SOUMITRA PAUL VS. ITO WD--37(3), KOL. PAGE 2 TELESCOPYING IN HIS LOWER APPELLATE DISCUSSION. I N OTICE FROM THE ASSESSMENT ORDER DATED 16.12.2016 THAT THE ASSESSEE HAD MADE CASH DE POSITS IN HIS THREE BANK ACCOUNT(S) WITH THE BANK OF INDIA, INDIAN BANK AND BANK OF MAH ARASHTRA IN THE RELEVANT PREVIOUS YEAR FOLLOWED BY THE CORRESPONDING WITHDRAWALS. LEA RNED DEPARTMENTAL REPRESENTATIVE FAILS TO DISPUTE THAT THE LEARNED LOWER AUTHORITIES HAVE NOT EXAMINED SIMULTANEOUSLY ALL THE CREDIT AS WELL AS DEBIT SIDES IN ALL THESE BANK ACCOUNT(S) FOR THE PURPOSE ARRIVING AT THE PEAK CREDIT FIGURE NOR HAVE THEY CONSIDERED THE TELESCOPYING BENEFIT ASPECT OF THE ISSUE IN ORDER TO AVOID DOUBLE ADDITION. I THEREFOR E RESTORE THIS INTERCONNECTED ISSUE FORMING SUBJECT-MATTER FOR ADJUDICATION OF ASSESSEE S BOTH THE FOREGOING SUBSTANTIVE GROUNDS BACK TO THE ASSESSING OFFICER FOR AFRESH AD JUDICATION AS PER LAW AFTER AFFORDING THREE EFFECTIVE OPPORTUNITIES TO THE TAXP AYER. 3. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICA L PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN OPEN COURT ON 31/07/2019 SD/- ( S.S. GODARA) JUDI CIAL MEMBER KOLKATA, *DKP/SR.PS - 31/07/2019 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-SOUMITRA PAUL MADARAT UTTARPARA, MADARAT , BARUIPUR, SOUTH 24-PARGANAS, PIN-743610 2. /RESPONDENT-ITO WD-37(3), 3, GOVT. PLACE (WEST), 1 ST FL. KOLKATA-007 3. ' % / CONCERNED CIT 4. % - / CIT (A) 5. & ))' , ' / DR, ITAT, KOLKATA 6. + / GUARD FILE. BY ORDER/ , /TRUE COPY/ ',