ITO, Ward-13(1), Kolkata V. M/s Wise Commotrade Pvt Ltd, Kolkata

ITA 388/KOL/2021

• Counselvise Citation: [2022] 107 COUNSELVISE.COM (IT) 0793 (ITAT-KOLKATA)
• Duration Of Justice: 10 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-08-2022
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2012-2013
• Appeal Filed On: 30-09-2021
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 32

Judgement Text

ITA No. 388/KOL/2021 Assessment Year: 2012-2013 M/s. Wise Commotrade Pvt. Limited 1 IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A(SMC)’ BENCH, KOLKATA Before Shri Rajpal Yadav, Vice-President (KZ) & Shri Girish Agrawal, Accountant Member I.T.A. No. 388/KOL/2021 Assessment Year: 2012-2013 Income Tax Officer,............................................................................ Appellant Ward-13(1), Kolkata, Aayakar Bhawan Poorva, 7 th Floor, Room No. 711, 110, Shanti Pally, Kolkata-700107 -Vs.- M/s. Wise Commotrade Pvt. Limited,.................................................Respondent 3H, Block B, 3 rd Floor, P-141, Kalindi Housing Estate, Lake Town, North 24 Parganas, Kolkata-700089 [PAN: AAACW8240M] Appearances by: Md. Ghayas Uddin, CIT, D.R., appeared on behalf of the Revenue Shri Abhishak Bansal, A.R., appeared on behalf of the assessee Date of concluding the hearing : August 03, 2022 Date of pronouncing the order: August 3, 2022 O R D E R Per Rajpal Yadav, Vice-President (KZ):- T h e R e v e n u e i s i n a p p e a l b e f o r e t h e T r i b u n a l a g a i n st t h e o r d e r o f l d . C o m m i s s i o n e r o f I n c o m e T a x ( A p p e a l s ) - 7 , K o l k a t a d a t e d 1 9 . 0 3 . 2 0 2 0 p a s s e d f o r t h e a s s e s s m e n t y e a r 2 0 1 2 - 1 3 . 2 . T h e l d . C o u n s e l f o r t h e a s s e s s e e , a t t h e v e r y o ut s e t , s u b m i t t e d t h a t t h e a p p e a l o f t h e R e v e n u e i s n o t m a i n t a i n a b l e i n v ie w o f t h e C B D T C i r c u l a r N o . 1 7 / 2 0 1 9 d a t e d 0 8 . 0 8 . 2 0 1 9 . B y v i r t u e o f t h i s C i r c u l a r , i t h a s b e e n p r o v i d e d t h a t w h e r e t a x e f f e c t b y v i r t u e o f r el i e f g i v e n b y t h e l d . C I T ( A p p e a l s ) i s l e s s t h a n R s . 5 0 l a k h s , i n t h o s e c a se s , R e v e n u e A u t h o r i t i e s a r e p r o h i b i t e d t o f i l e a p p e a l b e f o r e t h e T r i b u n a l un l e s s t h e c a s e f a l l s w i t h i n t h e e x c e p t i o n s p r o v i d e d a t S e r i a l N o . 8 o f th e I n s t r u c t i o n s . H e ITA No. 388/KOL/2021 Assessment Year: 2012-2013 M/s. Wise Commotrade Pvt. Limited 2 p o i n t e d o u t t h a t t h e c a s e o f t h e a s s e s s e e d o e s n o t f a l l i n t h o s e I n s t r u c t i o n s a n d a d d i t i o n o f R s . 3 2 l a k h s w a s m a d e wi t h t h e a i d o f S e c t i o n 6 8 , i . e . s h a r e c a p i t a l a n d p r e m i u m r e c e i v e d b y t h e a s s e s s e e . 3 . T h i s a p p e a l w a s l i s t e d o n 1 s t o f A u g u s t , 2 0 2 2 . W e h a v e p u t t o t h e l d . c o u n s e l f o r t h e a s s e s s e e t h a t t h e r e a r e s u b s e q u e n t C i r c u l a r s i s s u e d b y t h e B o a r d o n 6 t h o f S e p t e m b e r , 2 0 1 9 a n d 1 6 t h o f S e p t e m b e r , 2 0 1 9 . W h e t h e r i n t h o s e C i r c u l a r s i t h a s b e e n p r o v i d e d t h a t c a s e s w h er e b o g u s s h a r e p r e m i u m o r s h a r e c a p i t a l i s i n v o l v e d , w o u l d b e c o v er e d b y C i r c u l a r N o . 1 7 o r n o t . T h e c a s e w a s a d j o u r n e d f o r t o d a y , i . e . 3 r d o f A u g u s t , 2 0 2 2 . L d . C o u n s e l f o r t h e a s s e s s e e h a s p l a c e d o n r e c o r d c o p i es o f s i x C i r c u l a r s a n d J u d g e m e n t o f H o n ’ b l e G u j a r a t H i g h C o u r t i n t h e c a s e o f P r i n c i p a l C o m m i s s i o n e r o f I n c o m e T a x ( C e n t r a l ) – v s . - A n a n d N at w a r l a l S h a r d a r e p o r t e d i n 1 2 8 t a x m a n n . c o m 3 7 6 . H e s u b m i t t e d t h a t i n n o n e o f t h e s u b s e q u e n t C i r c u l a r s , i t h a s b e e n p r o v i d e d t h a t t h es e I n s t r u c t i o n s w i l l n o t b e a p p l i c a b l e o n t h e c a s e s w h e r e s h a r e p r e m i u m o r s h a r e c a p i t a l i s s u e s a r e i n v o l v e d . T h e C i r c u l a r o n l y i n c l u d e s t h os e c a s e s w h e r e s h o r t - t e r m c a p i t a l g a i n s / l o n g - t e r m c a p i t a l g a i n s o n p e n n y s t o c k s w e r e c l a i m e d . 4 . L d . S r . D . R . o f ‘ S M C ’ B e n c h a l l o f a s u d d e n f a l le n i l l a n d s t a t e d t o b e a d m i t t e d i n t h e H o s p i t a l . T h e f i l e s w e r e r e m a i n e d wi t h h i m a n d n o t a v a i l a b l e . H o w e v e r , w e h a v e a p p r i s e d t h e i s s u e w i t h l d . C I T ( D R ) , w h o g o n e t h r o u g h t h e s e C i r c u l a r s w i t h u s . 5 . O n d u e c o n s i d e r a t i o n o f t h e a b o v e f a c t s a n d c i r cu m s t a n c e s , w e a r e o f t h e v i e w t h a t t h e p r e s e n t a p p e a l i s n o t m a i n t a i na b l e i n v i e w o f t h e C B D T C i r c u l a r N o . 1 7 / 2 0 1 9 b e c a u s e t a x e f f e c t i n v o l ve d i n t h e a p p e a l i s l e s s t h a n R s . 5 0 l a k h s . 6 . H o w e v e r , w e m a k e i t c l e a r t h a t s i n c e f i l e i s n o t a v a i l a b l e w i t h t h e R e v e n u e O f f i c e r s p r e s e n t i n t h e C o u r t , i n c a s e o n cr o s s v e r i f i c a t i o n , i t e m e r g e s o u t t h a t e i t h e r c a s e o f t h e a s s e s s e e i s n o t c o v e r e d b y C i r c u l a r ITA No. 388/KOL/2021 Assessment Year: 2012-2013 M/s. Wise Commotrade Pvt. Limited 3 N o . 1 7 o r o n r e - v e r i f i c a t i o n o f t h e t a x e f f e c t a m o un t . I t i s f o u n d m o r e t h a n t h e l i m i t a v a i l a b l e i n t h e C i r c u l a r , t h e n R e v e n u e wi l l b e a t l i b e r t y t o g e t i t s a p p e a l r e v i v e b y f i l i n g a M i s c e l l a n e o u s A p p l i c at i o n . T h i s a p p l i c a t i o n i s t o b e f i l e d w i t h i n t h e t i m e l i m i t p r o v i d e d i n S e c t io n 2 5 4 ( 2 ) o f t h e I n c o m e T a x A c t . 7 . I n v i e w o f t h e a b o v e , t h e a p p e a l o f t h e R e v e n u e i s d i s m i s s e d . O r d e r p r o n o u n c e d i n t h e o p e n C o u r t o n A u g u s t 3 r d , 2 0 2 2 . S d / - S d / - (Girish Agrawal) (Rajpal Yadav) Accountant Member Vice-President (KZ) Kolkata, the 3 rd day of August, 2022 Copies to : (1) Income Tax Officer, Ward-13(1), Kolkata, Aayakar Bhawan Poorva, 7 th Floor, Room No. 711, 110, Shanti Pally, Kolkata-700107 (2) M/s. Wise Commotrade Pvt. Limited, 3H, Block B, 3 rd Floor, P-141, Kalindi Housing Estate, Lake Town, North 24 Parganas, Kolkata-700089 (3) Commissioner of Income Tax(Appeals)-7, Kolkata (4) The Departmental Representative (5) Guard File TRUE COPY By order Assistant Registrar, Income Tax Appellate Tribunal, Kolkata Benches, Kolkata Laha/Sr. P.S.