INCOME TAX OFFICER WARD-7(1), Nagpur V. M/S KRISHNUM INVESTMENT PVT. LTD.,

ITA 425/NAG/2014

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 7538 (ITAT-NAGPUR)
• Duration Of Justice: 5 year(s) 1 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-10-2019
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 31-05-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 08-09-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Set aside
• Section: 201

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL BENCH, NAGPUR (AT E - COURT, PUNE) BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI PARTHA SARATHI CHAUDHURY , JM SL. NO. ITA NO. NAME OF APPELLANT NAME OF RESPONDENT ASST. YEAR 1. 41 6/NAG/2014 ITO, WARD 3(3), NAGPUR M/S. AMBAJI PAPERS PVT. LTD. C/O. POONAMCHAND BHATTAD, 204, M.B.K. BUILDING, NEAR INDORE NAMKEEN, CENTRAL AVENUE, NAGPUR - 440008. PAN:AAFCA2276C 2009 - 10 2. 418/NAG/2014 ITO, WARD 4(2), NAGPUR M/S. KANHAIYA MINING & MINERALS PVT. LTD. C/O - SUKHRAM PRAJAPAT PLOT NO.36, HIWARI NAGAR, BESIDES PATIL FLOOR MILL, NAGPUR - 440008 PAN:AACCK5740L 2009 - 10 3. 419/NAG/2014 ITO, WARD 4(2), NAGPUR M/S. INCO INFRASTRUCTURE PVT. LTD. C/O. SHRI SANJAY LUTE NEAR PARDI POLICE STATION, BHANDARA ROAD, PARDI, NAGPUR - 440008 PAN:AABCI3615H 2009 - 10 2 GROUP OF 7 CASES, NAGPUR A.Y S . 2006 - 07, 2008 - 09 & 2009 - 10 4. 421/NAG/2014 ITO, WARD - 7(2), NAGPUR M/S. RUNICHA ALLOYS & STEEL PVT. LTD. C/O. NILESH JAIN, PLOT NO.42, TULSI NAGAR COLONY, SHANTI NAGAR, NAGPUR - 440002 PAN:AACCR9947E 2009 - 10 5. 422/NAG/2014 ITO, WARD - 7(2), NAGPUR M/S. RAMJI AGRI BUSINESS PVT. LTD. LALIT LOYA, C/O. KESHAVRAO INGOLE, 1 ST FLOOR, ADYALAALE LAYOUT, NR. GAS GODOWN, TAHSIL ROAD, UMRED, NAGPUR - 441 203 PAN:AACCR9947F 2009 - 10 6 - 7 423/NAG/2014 425/NAG/2014 ITO, WARD 7(1), NAGPUR M/S. KRISHNUM INVESTMENT PVT. LTD. O/O. LALIT RAM NIWAS LOHIYA, PLOT NO.102, 1 ST FLOOR, S.P ARCADE, KOTHARI LAYOUT, UMRED, NAGPUR - 444203. PAN:AACCK5953H 2006 - 07 2008 - 09 A SSESSEE BY : SHRI MAHAVIR ATAL REVENUE BY : SHRI MILIND BHUSARI / DATE OF HEARING : 17 .10 .2019 / DATE OF PRONOUNCEMENT : 18 .10 .2019 3 GROUP OF 7 CASES, NAGPUR A.Y S . 2006 - 07, 2008 - 09 & 2009 - 10 / ORDER PER BENCH : THIS BUNCH OF SEVEN APPEALS PREFERRED BY THE REVENUE EMANATES FROM THE RESPECTIVE ORDERS OF THE LD. CIT(APPEALS), NAGPUR FOR THE ASSESSMENT YEARS 2006 - 07, 2008 - 09 AND 2009 - 10 AS PER CAPTION MENTIONED HEREINABOVE AND AS PER THE GROUNDS OF APPEAL ON RECORD. 2. BROADLY , THE ISSUE RAISED IN ALL THESE APPEALS PERTAINS TO THE SHARE APPLICATION MONEY INCLUDING SHARE PREMIUM FOR ALLOTMENT OF SHARES WHICH THE ASSESSEE COMPANY RECEIVED FROM VARIOUS COMPANIES. 3. AT THE VERY OUTSET, IT WAS BROUGHT TO OUR NOTICE BY THE LD. AR OF THE ASSESSEE THAT THEY ARE WITHDRAWING ANNEXURE - B (HEARING THROUGH VIDEO CONFERENCE) AND IN THIS RESPECT, THE ASSESSEE SUBMITTED THAT THOUGH THEY HAVE OPTED FOR NOT HEARING OF THE APPEAL THR OUGH VIDEO CONFERENCE BUT AT THE PRESENT MOMENT VIDE LETTER DATED 17.10.2019 BEFORE US, THE ASSESSEE HAS WITHDRAWN ANNEXURE - B. WE, THEREFORE, ALLOW THE ASSESSEE TO WITHDRAW ANNEXURE - B AND HEARING TAKES PLACE THROUGH VIDEO CONFERENCE. THAT DURING THE COURSE OF HEARING THROUGH E - COURT, THE LD. AR FURTHER STATED THAT THE OBJECTION HAS BEEN RAISED BY THE LD. DR THAT THE LD. CIT(A) WHO HAS PASSED ORDER ON 3 0.06.2014, WAS UNABLE TO HAVE THE OPPORTUNITY TO REFER TO THE JUDGMENT OF THE HONBLE SUPREME COURT OF INDI A IN THE CASE OF PR. COMMISSIONER OF INCOME TAX VS. NRA IRON & STEELS PVT. LTD. DATED 05 TH MARCH, 2019 WHICH PERTAINS TO THE ISSUES RAISED IN ALL THESE APPEALS. 4 GROUP OF 7 CASES, NAGPUR A.Y S . 2006 - 07, 2008 - 09 & 2009 - 10 4. THE LD. DR SUBMITTED THAT IN VIEW OF THE JUDGMENT OF THE HONBLE SUPREME COURT (SUPRA.), TH E MATTER MAY BE REMITTED BACK TO THE FILE OF THE LD. CIT(A) FOR CONSIDERING THE FACTS AND CIRCUMSTANCES IN ALL THESE CASES IN THE BACKDROP OF THE FINDINGS AND OPINION RENDERED BY THE HONBLE APEX COURT THEREIN. THE LD. AR DOES NOT HAVE ANY OBJECTION IF THE SE CASES ARE REMITTED BACK TO THE FIRST APPELLATE AUTHORITY AND TO THIS EFFECT, THE LD. AR SUBMITTED BY WAY OF WRITTEN SUBMISSIONS DATED 17.10.2019 BEFORE US. 5. WE HAVE PERUSED THE CASE RECORDS AND HEARD THE RIVAL CONTENTIONS. WE HAVE ALSO CONSIDERED THE JUDICIAL PRONOUNCEMENT S PLACED BEFORE US SPECIFICALLY THE JUDGMENT OF THE HONBLE SUPREME COURT IN THE CASE OF PR. COMMISSIONER OF INCOME TAX VS. NRA IRON & STEELS PVT. LTD. DATED 05 TH MARCH, 2019. THE ISSUES RAISED IN ALL THESE APPEALS PERTAIN S TO SHARE APPLICATION MONEY AND SHARE PREMIUM ETC. THESE ISSUES IN THE PRESENT SCENARIO NEED S TO BE APPRECIATED IN THE BACKDROP OF THE FINDINGS AND OPINION OF THE HONBLE APEX COURT RENDERED IN THE ABOVE MENTIONED CASE (SUPRA.). WE ALSO OBSERVE THAT THE ORDER PASSED BY THE RESPECTIVE LD. CIT(A) WAS IN THE YEAR 2014 AND SO FAR AS THE PRESENT DATE IS CONCERNED, THERE HAVE BEEN MUCH DEVELOPMENT IN THIS AREA WITH REGARD TO THE VARIOUS JUDGMENTS OF THE HIGHER FORUM. IN THE INTEREST OF JUSTICE, WE SET ASIDE THE RESPECTIVE ORDERS OF THE LD. CIT(A) IN ALL THESE CASES AND REMIT THE MATTER BACK TO THEIR FILE TO CONSIDER THESE ISSUES AND ADJUDICATE THE SAME IN THE LIGHT OF THE DECISION OF THE HONBLE SUPREME COURT IN THE CASE OF PR. COMMISSIONER OF INCOME TAX VS. NRA IRON & STEE LS PVT. LTD. DATED 05 TH MARCH, 2019 AND ALSO VARIOUS OTHER DECISIONS RENDERED BY THE HIGHER FORUM ON THESE ISSUES. NEEDLESS TO SAY, THE LD. CIT(A) SHALL GRANT REASONABLE OPPORTUNITY OF HEARING TO THE ASSESSEE IN ACCORDANCE WITH LAW. 5 GROUP OF 7 CASES, NAGPUR A.Y S . 2006 - 07, 2008 - 09 & 2009 - 10 6. IN THE RESULT, ALL THE SE APPEALS OF THE REVENUE ARE ALLOWED FOR STATISTICAL PURPOSES. ORDER PRO NOUNCED ON 18 TH DAY OF OCTOBER , 201 9 . SD/ - SD/ - D. KARUNAKARA RAO PARTHA SARATHI CHAUDHURY ACCOUNTANT MEMBER JUDICIAL MEMBER / PUNE; / DATED : 18 TH O CTOBER, 2019. SB / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT. 2. / THE RESPONDENT. 3. THE CONCERNED CIT(APPEALS) 4. THE CONCERNED CIT. 5 . , , / DR, ITAT, NAGPUR. 6. / GUARD FILE. // TRUE COPY // / BY ORDER, / PRIVATE SECRETARY , / ITAT, PUNE . 6 GROUP OF 7 CASES, NAGPUR A.Y S . 2006 - 07, 2008 - 09 & 2009 - 10 DATE 1 DRAFT DICTATED ON 17 . 10 .2019 SR.PS/PS 2 DRAFT PLACED BEFORE AUTHOR 17 .10 .201 9 SR.PS/PS 3 DRAFT PROPOSED AND PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER AM/JM 5 APPROVED DRAFT COMES TO THE SR. PS/PS SR.PS/PS 6 KEPT FOR PRONOUNCEMENT ON SR.PS/PS 7 DATE OF UPLOADING OF ORDER SR.PS/PS 8 FILE SENT TO BENCH CLERK SR.PS/PS 9 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 10 DATE ON WHICH FILE GOES TO THE A.R 11 DATE OF DISPATCH OF ORDER