M/S. Larigo Investment Pvt Ltd., Kolkata V. I.T.O.,Ward-3(1), Kolkata

ITA 450/KOL/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 8498 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 3 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-07-2020
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2010-2011
• Appeal Filed On: 11-03-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: SUPRIYO PAL
• Assessee Lawyers: SHIKHA AGARWAL
• Keywords: Unexplained cash credit
• Section: 143(3); 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL D (VIRTUAL COURT HEARING), BENCH KOLKATA BEFORE SHRI P.M. JAGTAP, V.P & SHRI S. S. GODARA, JM ./I.T.A NO.450/KOL/2019 ( [ [ / ASSESSMENT YEAR: 2010-11) M/S LARIGO INVESTMENT PVT. LTD. 1 CROOKED LANE, ESPLANADE, KOLKATA- 700069. W.B VS. ITO, WARD-3(1), KOLKATA ./ ./PAN/GIR NO.: AAACL4319C (APPELLANT) .. (RESPONDENT) APPELLANT BY : SHRI SHIKHA AGARWAL, A/R RESPONDENT BY : SHRI SUPRIYO PAL, JCIT / DATE OF HEARING : 08/06/2020 /DATE OF PRONOUNCEMENT : 10/07/2020 / O R D E R PER SHRI S. S. GODARA: THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2010-11 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (A) - 12, KOLKATA DATED 17.01.2018 PASSED IN CASE NO.10216/CIT(A)-12/W-3(1)/KOL/2017-18 INVOLVING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. IT TRANSPIRES AT THE OUTSET THAT THE CIT(A)S LOWER APPELLATE ORDER UNDER CHALLENGE HAS BEEN PASSED EX PARTE AFFIRMING THE ASSESSING OFFICERS ACTION INITIATING SECTION 148/147 PROCEEDINGS THEREBY TREATING THE ASSESSEES SHARE CAPITAL/PREMIUM OF RS.65,00,000/- AS LACKING GENUINENESS/CREDITWORTHINESS. 3. LEARNED DEPARTMENTAL REPRESENTATIVE INVITED OUR ATTENTION TO THE CIT(A)S OPENING PAGE INDICATING TO HAVE PROVIDED SIX OPPORTUNITIES ON 24.09.2018, 04.10.2018, 25.10.2018, 14.11.2018, 28.11.2018 AND 03.01.2019; RESPECTIVELY. HIS CASE THEREFORE IS THAT THE ASSESSEE NEVER APPEARED ON ANY OF THE SAID DATES. I.T.A NO.450/KOL/2019 M/S LARIGO INVESTMENT PVT. LTD. PAGE | 2 4. THE TAXPAYERS CASE, ON THE OTHER HAND, IS THAT THERE IS NO EVEN A WHISPER IN THE CIT(A)S ORDER INDICATING ACTUAL SERVICE IN EITHER OF THE SIX HEARINGS DURING THE COURSE OF LOWER APPELLATE PROCEEDINGS. AND THAT THE CIT(A)S ORDER HAS NOWHERE TAKEN INTO CONSIDERATION THE RELEVANT FACTUAL AND LEGAL ISSUES SEEKING TO DELETE THE IMPUGNED SECTION 68 ADDITION OF UNEXPLAINED CASH CREDIT AS WELL AS CHALLENGING VALIDITY OF SECTION 148/147 PROCEEDINGS. THIS CLINCHING ASPECT HAS GONE UNREBUTTED FROM THE REVENUE SIDE. WE THEREFORE ARE OF THE VIEW THAT THE ASSESSEE DESERVES ONE MORE INNINGS BEFORE THE CIT(A). WE ORDER ACCORDINGLY. 5. THIS ASSESSEES APPEAL IS ACCEPTED FOR STATISTICAL PURPOSES IN ABOVE TERMS. ORDER IS PRONOUNCED IN THE OPEN COURT ON 10.07.2020. SD/- ( P. M. JAGTAP ) SD/- (S. S. GODARA) VICE-PRESIDENT JUDICIAL MEMBER /KOLKATA; / DATE:10/07/2020 RS / COPY OF THE ORDER FORWARDED TO : TRUE COPY BY ORDER ASSISTANT REGISTRAR, I.T.A.T, KOLKATA BENCHES, KOLKATA . 1. THE APPELLANT- M/S LARIGO INVESTMENT PVT. LTD. 2. THE RESPONDENT- ITO, WARD-3(1), KOLKATA 3. ( ) / THE CIT(A), KOLKATA [SENT THROUGH EMAIL] 4. / CIT 5. , , / DR, ITAT, KOLKATA [SENT THROUGH EMAIL] 6. [ / GUARD FILE.