DCIT, Central Circle - VII, Kolkata, Kolkata V. M/s. Apsara Fintrade Pvt. Ltd., Kolkata

ITA 404/KOL/2011

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 0193 (ITAT-KOLKATA)
• Duration Of Justice: 8 year(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-03-2019
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2006-2007
• Appeal Filed On: 09-03-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: A K NAYAK
• Keywords: Accommodation entries; Set aside
• Section: 143(3); 131

Judgement Text

I.T.A. NOS. 404 & 405/KOL/2011 ASSESSMENT YEAR: 2006-07 & 2007-08 & I .T.A. NO. 489/KOL/2013 AS SESSMENT YEAR: 2008-09 M/S. APSARA FINTRADE PVT. LIMITED 1 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA A BENCH, KOLKATA BEFORE SHRI P.M. JAGTAP, VICE-PRESIDENT (KZ) AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER I.T.A. NOS. 404 & 405/KOL/2011 ASSESSMENT YEARS: 2006-2007 & 2007-2008 & I.T.A. NO. 489/KOL/2013 ASSESSMENT YEAR: 2008-2009 DEPUTY COMMISSIONER OF INCOME TAX,...... .........APPELLANT CENTRAL CIRCLE-VII, KOLKATA, AAYAKAR BHAWAN POORVA, 110, SHANTI PALLY, KOLKATA-700 107 -VS.- M/S. APSARA FINTRADE PVT. LIMITED,.......... ............RESPONDENT 39, KALI KRISHNA TAGORE STREET, KOLKATA-700 007 [PAN:AACCA 2014 P] APPEARANCES BY: SHRI A.K. NAYAK, CIT (D.R.), FOR THE APPELLANT SHRI SUBHAS AGARWAL, ADVOCATE, FOR THE RESPONDENT DATE OF CONCLUDING THE HEARING : MARCH 25, 2019 DATE OF PRONOUNCING THE ORDER : MARCH 25, 2019 O R D E R PER SHRI P.M. JAGTAP, VICE-PRESIDENT (KOLKATA ZONE) :- THESE THREE APPEALS ARE PREFERRED BY THE REVENUE A GAINST THREE SEPARATE ORDERS PASSED BY THE LD. COMMISSIONER OF I NCOME TAX (APPEALS), CENTRAL-I, KOLKATA DATED 21.12.2010, 21.12.2010 AND 31.12.2012 FOR A.Y. 2006-07, 2007-08 AND 2008-09 RESPECTIVELY AND SINCE THE ISSUES INVOLVED THEREIN ARE COMMON, THE SAME HAVE BEEN HEARD TOGETH ER AND ARE BEING DISPOSED OF BY A SINGLE CONSOLIDATED ORDER. I.T.A. NOS. 404 & 405/KOL/2011 ASSESSMENT YEAR: 2006-07 & 2007-08 & I .T.A. NO. 489/KOL/2013 AS SESSMENT YEAR: 2008-09 M/S. APSARA FINTRADE PVT. LIMITED 2 2. THE ASSESSEE IN THE PRESENT CASE IS A COMPANY. T HE INVESTIGATION CARRIED OUT BY THE DEPARTMENT OF INCOME TAX (INVEST IGATION), KOLKATA REVEALED THAT SOME ENTITIES WERE INVOLVED IN PROVID ING ACCOMMODATION ENTRIES TO VARIOUS COMPANIES BASED IN MUMBAI, WHICH IN TURN HAD USED THE SAID FUNDS FOR PAYMENTS TO MADHIPURA MERCANTILE COOPERATIVE BANK AT MUMBAI, WHICH WAS CONTROLLED BY SHRI KETAN PAREKH. SINCE THE ASSESSEE- COMPANY WAS ONE OF SUCH ENTITIES, THE STATEMENT OF ITS DIRECTOR SHRI KALIKANT CHOWDHURY WAS RECORDED UNDER SECTION 131 B Y THE DDIT(INVESTIGATION), KOLKATA ON 24.11.2006. IN THE SAID STATEMENT GIVEN ON OATH, SHRI KALIKANT CHOWDHURY ACCEPTED THAT HE H AD GOT CASH OF EQUIVALENT AMOUNT FROM THE MUMBAI BASED COMPANIES B ELONGING TO SHRI KETAN PAREKH GROUP AND AFTER DEPOSITING THE SAID CA SH INTO THE BANK ACCOUNT OF THE ASSESSEE-COMPANY, CHEQUES WERE ISSUE D TO THE SAID COMPANIES. HE ALSO FURNISHED A LIST OF CHEQUES SO I SSUED AGAINST CASH THAT HAD BEEN RECEIVED BY HIM. ALTHOUGH SHRI KALIKANT CH OWDHURY SUBSEQUENTLY FILED AN AFFIDAVIT RETRACTING HIS STAT EMENT, THE ASSESSING OFFICER DID NOT ACCEPT THE SAME ON THE BASIS OF THE ENQUIRIES CONDUCTED BY THE INVESTIGATION WING ON A TEST-CHECK BASIS, WHICH REVEALED THAT CASH WAS DEPOSITED IN VARIOUS BANK ACCOUNTS IN DIFFERENT STAGES. ACCORDING TO THE ASSESSING OFFICER, THIS FACTUAL POSITION SUBSTA NTIATED THE STATEMENT OF SHRI KALIKANT CHOWDHURY, DIRECTOR OF THE ASSESSEE-C OMPANY THAT CASH WAS INDEED RECEIVED BY THE ASSESSEE-COMPANY IN LIEU OF CHEQUES GIVEN TO VARIOUS COMPANIES BELONGING TO KETAN PAREKH GROUP. HE ACCORDINGLY HELD THAT ACCOMMODATION ENTRIES WERE GIVEN BY THE ASSESS EE-COMPANY TO VARIOUS MUMBAI BASED COMPANIES BELONGING TO KETAN P AREKH GROUP AND SINCE THE ACCOMMODATION ENTRIES SO GIVEN DURING THE PREVIOUS YEAR RELEVANT TO A.Y. 2006-07 AGGREGATED TO RS.17,85,67, 375/-, HE ADDED THE COMMISSION INCOME @ 2% AMOUNTING TO RS.35,71,347/- TO THE TOTAL INCOME OF THE ASSESSEE IN THE ASSESSMENT COMPLETED FOR A.Y. 2006-07 UNDER SECTION 143(3) VIDE AN ORDER DATED 30.12.2008 . IN THE ASSESSMENT SO MADE, HE ALSO MADE AN ADDITION OF RS.17,85,67,37 5/- IN THE HANDS OF I.T.A. NOS. 404 & 405/KOL/2011 ASSESSMENT YEAR: 2006-07 & 2007-08 & I .T.A. NO. 489/KOL/2013 AS SESSMENT YEAR: 2008-09 M/S. APSARA FINTRADE PVT. LIMITED 3 THE ASSESSEE ON PROTECTIVE BASIS OBSERVING THAT THE UNEXPLAINED INCOME TO THAT EXTENT IN THE FORM OF CASH GIVEN BY THE MUMBAI BASED COMPANIES WAS ASSESSABLE ON SUBSTANTIVE BASIS IN THE HANDS OF THE SAID COMPANIES. THE ASSESSING OFFICER MADE A FURTHER ADDITION OF RS.4,8 0,000/- TO THE TOTAL INCOME OF THE ASSESSEE FOR AY 2006-07 ON ACCOUNT OF UNEXPLAINED CASH DEPOSITS FOUND TO BE MADE IN THE BANK ACCOUNT OF TH E ASSESSEE. THE ASSESSMENTS FOR A.Y. 2007-08 AND 2008-09 WERE ALSO COMPLETED BY THE ASSESSING OFFICER UNDER SECTION 143(3) VIDE ORDERS DATED 22.12.2009 AND 28.12.2010 RESPECTIVELY WHEREIN HE MADE SIMILAR ADD ITION ON ACCOUNT OF COMMISSION INCOME AT THE RATE OF 2% AMOUNTING TO RS .23,08,049/- AND RS.2,89,909/- TO THE TOTAL INCOME OF THE ASSESSEE F OR A.Y. 2007-08 AND 2008-09 RESPECTIVELY. HE ALSO MADE ADDITIONS OF RS. 11,54,02,442/- AND RS.1,44,95,484/- SIMILARLY ON PROTECTIVE BASIS IN T HE ASSESSMENTS COMPLETED UNDER SECTION 143(3) FOR A.YS. 2007-08 AN D 2008-09 RESPECTIVELY FOR THE TOTAL AMOUNT OF ACCOMMODATION ENTRIES PROVIDED BY THE ASSESSEE-COMPANY TO THE MUMBAI BASED COMPANIES BELONGING TO KETAN PAREKH GROUP OBSERVING THAT UNEXPLAINED INCOME TO T HAT EXTENT WAS LIABLE TO BE ASSESSED ON SUBSTANTIVE BASIS IN THE HANDS OF THE SAID COMPANIES FOR THE CASH GIVEN TO THE ASSESSEE-COMPANY. 3. AGAINST THE ORDERS PASSED BY THE ASSESSING OFFIC ER UNDER SECTION 143(3) FOR ALL THE THREE YEARS UNDER CONSIDERATION, APPEALS WERE PREFERRED BY THE ASSESEE-COMPANY BEFORE THE LD. CIT (APPEALS) AND AFTER CONSIDERING THE SUBMISSIONS MADE BY THE ASSESSEE AS WELL AS THE MATERIAL AVAILABLE ON RECORD, THE LD. CIT(APPEALS) DELETED T HE ADDITION MADE BY THE ASSESSING OFFICER TO THE TOTAL INCOME OF THE ASSESS EE FOR A.Y. 2006-07 ON ACCOUNT OF THE ALLEGED ACCOMMODATION ENTRIES GIVEN TO THE MUMBAI BASED COMPANIES IN THE FORM OF COMMISSION INCOME AT THE R ATE OF 2% AS WELL AS FURTHER ADDITION ON ACCOUNT OF PROTECTIVE BASIS FOR THE FOLLOWING REASONS GIVEN IN PARAGRAPH NO. 3.4 OF HIS IMPUGNED ORDER:- I.T.A. NOS. 404 & 405/KOL/2011 ASSESSMENT YEAR: 2006-07 & 2007-08 & I .T.A. NO. 489/KOL/2013 AS SESSMENT YEAR: 2008-09 M/S. APSARA FINTRADE PVT. LIMITED 4 3.4. CONSIDERING ABOVE FACTS IT IS HELD THAT THE A DDITION MADE BY THE A.O IS NOT SUPPORTED BY ANY CORROBORATIVE OR SUPPORTIVE EVIDENCE. IN SHRISHAIL NAGESHI PARE V. STATE OF MAH ARASHTRA AIR 1985 SC 866, THE HON'BLE SUPREME COURT HAS HELD THAT, THE RETRACTED CONFESSION BY AN ACCUSED MAY FORM THE BAS IS OF CONVICTION OF THAT ACCUSED IF IT RECEIVES SOME GENE RAL CORROBORATION FROM OTHER INDEPENDENT SOURCES. HOWEV ER IN THE CASE UNDER CONSIDERATION NO EVIDENCE HAS BEEN BROUG HT ON RECORD TO PROVE THAT THE TRANSACTION DECLARED IN TH E BOOKS OF THE ASSESSEE IS NOT CORRECT. MOREOVER EVEN IT THE R ETRACTED STATEMENT IS MADE SOLE BASIS OF ADDITION, THEN ALSO THERE WAS NO BASIS TO MAKE PROTECTIVE ADDITION IN THE HAND OF THE ASSESSEE. HENCE CONSIDERING ABOVE AND RESPECTFULLY FOLLOWING THE ORDER OF THE HON'BLE ITAT IN THE CASE OF MLS. A NKITA FINVEST PVT.LTD. (I.T.A .NO.2009(KOL) OF2008 .A.Y 2 005-06, DT. 30.04.2010) , MLS BANSIDHAR VYAPAAR PVT. LTD.(. I.T .A .NO 2010(KOL) OF 2008 ,A.Y 2005-06, DT. 30.04.2010) AND M/S BAKLIWAL FINVEST PVT. LTD.(I.T.A .NO 2011(KOL) OF 2 008 .A.Y 2005-06, DT. 30.04.2010) ON IDENTICAL ADDITIONS MAD E BY THE A.O CONSIDERING IDENTICAL FACTS, THE GROUND NO 2 TO 4 TAKEN BY THE APPELLANT IS ALLOWED AND ADDITION MADE BY THE A .O. ON ACCOUNT OF UNEXPLAINED INCOME RS.17,85,67,375/- ON PROTECTIVE BASIS AND RS.35,71,347/- ON ACCOUNT OF C OMMISSION IS DELETED. FOR ALMOST IDENTICAL REASONS AS GIVEN IN HIS IMPUGN ED ORDER FOR A.Y. 2006-07, THE LD. CIT(APPEALS) ALSO DELETED THE SIMI LAR ADDITIONS MADE BY THE ASSESSING OFFICER TO THE TOTAL INCOME OF THE AS SESSEE FOR A.Y. 2007-08 AND 2008-09 ON ACCOUNT OF THE ALLEGED ACCOMMODATION ENTRIES GIVEN TO THE MUMBAI BASED COMPANIES IN THE FORM OF COMMISSIO N INCOME AND FURTHER ADDITION ON ACCOUNT OF PROTECTIVE BASIS. 4. AS REGARDS THE ADDITION OF RS.4,80,000/- MADE BY THE ASSESSING OFFICER TO THE TOTAL INCOME OF THE ASSESSEE FOR A.Y . 2006-07 ON ACCOUNT OF UNEXPLAINED CASH DEPOSITS FOUND TO BE MADE IN THE B ANK ACCOUNTS, THE LD. CIT(APPEALS) DID NOT FIND THE SAME TO BE SUSTAINABL E FOR THE FOLLOWING REASONS GIVEN IN PARAGRAPH NO. 4.1 OF HIS IMPUGNED ORDER:- 4.1. I HAVE CAREFULLY CONSIDERED THE SUBMISSION OF THE LD. A.R. THE AO HAS NOT DISPUTED THE FACT THAT THE BOOKS OF ACCOUNTS AND BANK STATEMENTS WERE PRODUCED BEFORE HIM. FROM THE EXTRACT OF THE CASH BOOK FILED , IT I.T.A. NOS. 404 & 405/KOL/2011 ASSESSMENT YEAR: 2006-07 & 2007-08 & I .T.A. NO. 489/KOL/2013 AS SESSMENT YEAR: 2008-09 M/S. APSARA FINTRADE PVT. LIMITED 5 IS APPARENT THAT SUFFICIENT FUNDS WERE AVAILABLE WI TH THE ASSESSEE COMPANY FOR DEPOSITS MADE IN THE BANK ACCOUNTS, THEREFORE, GROUND NO. 5 TAKEN BY THE APPELLANT IS ALLOWED AND ADDITION OF RS.4,80,000/- IS DELETED. AGGRIEVED BY THE ORDERS OF THE LD. CIT(APPEALS) GIV ING RELIEF TO THE ASSESSEE FOR ALL THE THREE YEARS UNDER CONSIDERATIO N, THE REVENUE HAS PREFERRED THESE APPEALS BEFORE THE TRIBUNAL. 5. WE HAVE HEARD THE ARGUMENTS OF BOTH THE SIDES AN D ALSO PERUSED THE RELEVANT MATERIAL AVAILABLE ON RECORD. THE TWO COMM ON ISSUES INVOLVED IN ALL THESE THREE APPEALS RELATE TO THE DELETION BY T HE LD. CIT(APPEALS) OF THE ADDITIONS MADE BY THE ASSESSING OFFICER ON ACCO UNT OF ALLEGED ACCOMMODATION ENTRIES GIVEN TO THE MUMBAI BASED COM PANIES ON PROTECTIVE BASIS AND THE DELETION BY THE LD. CIT(AP PEALS) OF THE ADDITION MADE BY THE ASSESSING OFFICER ON ACCOUNT OF COMMISS ION INCOME ALLEGEDLY RECEIVED BY THE ASSESSEE FOR GIVING ACCOMMODATION E NTRIES. IT IS OBSERVED THAT THE SIMILAR ISSUES WERE INVOLVED IN SOME OTHER CASES AND ALL THESE CASES WERE ADJOURNED IN THE PAST AND ALSO BLOCKED F OR SOME PERIOD FOR GETTING THE INFORMATION ABOUT THE STATUS OR OUTCOME OF THE CASES WHERE THE SIMILAR AMOUNTS WERE ADDED ON SUBSTANTIVE BASIS . INSPITE OF SUFFICIENT TIME GIVEN TO BOTH THE PARTIES, THEY HAVE FAILED TO FURNISH THE SAID INFORMATION. IT IS WELL SETTLED THAT PROTECTIVE ASS ESSMENT IS PERMISSIBLE IN LAW AND IN CASE A DOUBT OR AMBIGUITY ABOUT REAL ENT ITY IN WHOSE HANDS A PARTICULAR INCOME IS TO BE ASSESSED, THE ASSESSING AUTHORITY IS ENTITLED TO HAVE RECOURSE TO MAKE A PROTECTIVE ASSESSMENT. AS H ELD BY THE HONBLE SUPREME COURT IN THE CASE OF LALJI HARIDAS VS.- IT O (43 ITR 387), THE OFFICER MAY, WHEN IN DOUBT, TO SAFEGUARD THE INTERE ST OF THE REVENUE CAN ASSESS IT IN MORE THAN ONE HAND BUT THIS PROCEDURE CAN BE PERMITTED ONLY AT THE STAGE OF ASSESSMENT. PROTECTIVE ASSESSMENT B ECOMES REDUNDANT WHEN THE SUBSTANTIVE ASSESSMENT BECOMES FINAL AND I F THE SUBSTANTIVE I.T.A. NOS. 404 & 405/KOL/2011 ASSESSMENT YEAR: 2006-07 & 2007-08 & I .T.A. NO. 489/KOL/2013 AS SESSMENT YEAR: 2008-09 M/S. APSARA FINTRADE PVT. LIMITED 6 ASSESSMENT FAILS, IT IS PROTECTIVE ASSESSMENT WHICH IS TO BE TREATED AS SUBSTANTIVE. KEEPING IN VIEW THIS COROLLARY BETWEEN THE SUBSTANTIVE ASSESSMENT AND PROTECTIVE ASSESSMENT, AN APPEAL AGA INST THE PROTECTIVE ASSESSMENT SHOULD ORDINARILY AWAIT THE OUTCOME OF T HE SUBSTANTIVE ASSESSMENT SO THAT THE PROTECTIVE ASSESSMENT CAN BE INCONFORMITY WITH THE SUBSTANTIVE ASSESSMENT. IN THE CASE OF CIT VS. - SURENDRA GULAB CHAND MODI (140 ITR 517), THE APPEAL ARISING OUT OF THE P ROTECTIVE ASSESSMENT WAS DISPOSED OF BY THE APPELLATE AUTHORITY I.E. TRI BUNAL VACATING THE PROTECTIVE ASSESSMENT WITHOUT WAITING FOR THE FINAL OUTCOME OF THE PROCEEDINGS ARISING FROM THE SUBSTANTIVE ASSESSMENT , WHICH MATTER WAS PENDING IN THE HONBLE SUPREME COURT. THE HONBLE G UJARAT HIGH COURT HELD THAT THE TRIBUNAL WAS NOT JUSTIFIED IN PROCEED ING WITH THE MATTER AND IN DISPOSING OF IT INSTEAD OF BLOCKING IT TILL THE DISPOSAL OF THE MATTER PENDING IN THE HONBLE SUPREME COURT IN ORDER TO BR ING IT INCONFORMITY WITH THE VIEW OF THE HONBLE SUPREME COURT. THE HON BLE GUJARAT HIGH COURT ACCORDINGLY DIRECTED THE TRIBUNAL TO KEEP THE MATTER ALIVE AND PENDING AWAITING THE DECISION OF THE HONBLE SUPREM E COURT IN THE PROCEEDINGS ARISING FROM THE SUBSTANTIVE ASSESSMENT . 6. IN THE PRESENT CASE, THE LD. CIT(APPEALS) DID NO T AWAIT THE OUTCOME OF THE PROCEEDINGS ARISING FROM THE SUBSTANTIVE ASS ESSMENT AND SINCE THE SAID INFORMATION WAS NOT FORTHCOMING EVEN AFTER A C ONSIDERABLE PERIOD FROM THE CONCERNED ASSESSING OFFICER, HE PROCEEDED TO DISPOSE OF THE APPEALS ARISING FROM THE PROTECTIVE ASSESSMENTS BY HIS IMPUGNED ORDERS AND DELETED THE ADDITION MADE ON PROTECTIVE BASIS W ITHOUT AWAITING THE FINAL OUTCOME OF THE PROCEEDINGS ARISING FROM THE S UBSTANTIVE ASSESSMENT. KEEPING IN VIEW THE DECISION OF THE HONBLE GUJARAT HIGH COURT IN THE CASE OF CIT VS.- SURENDRA GULAB CHAND MODI (SUPRA), WE HOLD THAT THE LD. CIT(APPEALS) WAS NOT JUSTIFIED IN DELETING THE ADDI TIONS MADE BY THE ASSESSING OFFICER ON PROTECTIVE BASIS IN ALL THE TH REE YEARS UNDER CONSIDERATION WITHOUT AWAITING FOR THE FINAL OUTCOM E OF THE PROCEEDINGS I.T.A. NOS. 404 & 405/KOL/2011 ASSESSMENT YEAR: 2006-07 & 2007-08 & I .T.A. NO. 489/KOL/2013 AS SESSMENT YEAR: 2008-09 M/S. APSARA FINTRADE PVT. LIMITED 7 ARISING FROM THIS SUBSTANTIVE ASSESSMENT. WE, THERE FORE, SET ASIDE THE IMPUGNED ORDERS OF THE LD. CIT(APPEALS) ON THIS ISS UE AND REMIT THE MATTER BACK TO HIM FOR KEEPING IT ALIVE AND PENDING TILL THE OUTCOME OF THE PROCEEDINGS ARISING FROM THE SUBSTANTIVE ASSESSMENT . 7. AS REGARDS THE ISSUE RELATING TO THE ADDITIONS M ADE ON ACCOUNT OF COMMISSION INCOME ALLEGEDLY RECEIVED BY THE ASSESSE E FOR GIVING ACCOMMODATION ENTRIES, WE FIND THAT THIS ISSUE IS C ONSEQUENTIAL TO THE ISSUE RELATING TO THE ADDITION MADE ON PROTECTIVE B ASIS ON ACCOUNT OF ACCOMMODATION ENTRIES ALLEGEDLY GIVEN BY THE ASSESS EE-COMPANY TO THE MUMBAI BASED COMPANIES. SINCE THE SAID ISSUE IS REM ITTED BACK BY US TO THE LD. CIT(APPEALS), WE ALSO REMIT THE CONSEQUENTI AL ISSUE RELATING TO ADDITION ON ACCOUNT OF COMMISSION INCOME BACK TO TH E LD. CIT(APPEALS) FOR DECIDING THE SAME AFRESH. GROUNDS NO. 1 & 2 OF THE REVENUES APPEALS FOR ALL THE THREE YEARS UNDER CONSIDERATION ARE ACC ORDINGLY TREATED AS ALLOWED FOR STATISTICAL PURPOSES. 8. AS REGARDS THE REMAINING THIRD ISSUE RELATING TO THE DELETION BY THE LD. CIT(APPEALS) OF THE ADDITION OF RS.4,80,000/- M ADE BY THE ASSESSING OFFICER ON ACCOUNT OF UNEXPLAINED CASH DEPOSITS FOU ND TO BE MADE IN THE BANK ACCOUNT OF THE ASSESSEE, WHICH IS INVOLVED IN A.Y. 2006-07, WE FIND THAT THE IMPUGNED CASH DEPOSITS WERE CLAIMED TO BE MADE BY THE ASSESSEE OUT OF CASH BALANCES AVAILABLE IN THE CASH BOOK ON THE RESPECTIVE DATES. THE SAID CASH BOOK WAS ALSO PRODUCED BY THE ASSESSE E BEFORE THE ASSESSING OFFICER FOR VERIFICATION. THE ASSESSING O FFICER, HOWEVER, STILL DID NOT ACCEPT THIS EXPLANATION OF THE ASSESSEE AND PRO CEEDED TO TREAT THE CASH DEPOSITS FOUND TO BE MADE IN THE BANK ACCOUNT OF THE ASSESSEE AS UNEXPLAINED. IT IS OBSERVED THAT THE LD. CIT(APPEAL S), HOWEVER, FOUND THAT SUFFICIENT CASH BALANCE WAS AVAILABLE WITH THE ASSE SSEE AS PER THE CASH BOOK ON THE RESPECTIVE DATES TO MAKE THE DEPOSITS I N THE BANK ACCOUNT AND ACCORDINGLY DELETED THE ADDITION MADE BY THE AS SESSING OFFICER ON I.T.A. NOS. 404 & 405/KOL/2011 ASSESSMENT YEAR: 2006-07 & 2007-08 & I .T.A. NO. 489/KOL/2013 AS SESSMENT YEAR: 2008-09 M/S. APSARA FINTRADE PVT. LIMITED 8 THIS ISSUE. AT THE TIME OF HEARING BEFORE THE TRIBU NAL, NOTHING HAS BEEN BROUGHT ON RECORD TO REBUT OR CONTROVERT THE FINDIN G OF FACT RECORDED BY THE LD. CIT(APPEALS) ON VERIFICATION OF RELEVANT CA SH BOOK. WE, THEREFORE, FIND NO INFIRMITY IN THE IMPUGNED ORDER OF THE LD. CIT(APPEALS) DELETING THE ADDITION MADE BY THE ASSESSING OFFICER ON THIS ISSUE. 9. IN THE RESULT, THE APPEAL OF THE REVENUE FOR A.Y . 2006-07 IS PARTLY ALLOWED FOR STATISTICAL PURPOSES, WHILE THE APPEALS OF THE REVENUE FOR A.YS. 2007-08 & 2008-09 ARE TREATED AS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON MARCH 25, 201 9. SD/- SD/- (S.S. VISWANETHRA RAVI) (P.M. JAGTAP) JUDICIAL MEMBER VICE -PRESIDENT (KZ) KOLKATA, THE 25 TH DAY OF MARCH, 2019 COPIES TO : (1) DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-VII, KOLKATA, AAYAKAR BHAWAN POORVA, 110, SHANTI PALLY, KOLKATA-700 107 (2) M/S. APSARA FINTRADE PVT. LIMITED, 39, KALI KRISHNA TAGORE STREET, KOLKATA-700 007 (3) COMMISSIONER OF INCOME TAX (APPEALS), CENTRAL-1 , KOLKATA, (4) COMMISSIONER OF INCOME TAX- , (5) THE DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.