M/s A. K. Electricals and Electronics, Kolkata V. ITO, Wd-34(2), Kolkata, Kolkata

ITA 454/KOL/2014

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 83186 (ITAT-KOLKATA)
• Duration Of Justice: 8 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-11-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2008-2009
• Appeal Filed On: 19-03-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: GOURAV MATHUR
• Keywords: Opportunity of being heard

Judgement Text

I.T.A. NO . 454 / KOL ./201 4 ASSESSMENT YEAR: 200 8 - 20 0 9 PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA SMC BENCH, KOLKATA BEFORE SHRI GEORGE MATHAN , JUDICIAL MEMBER I.T.A. NO. 454 / KOL / 20 1 4 ASSESSMENT YEAR : 200 8 - 20 0 9 M/S. A.K. ELECTRICALS & ELECTRONICS,.. .......... .... ............. .. .APP ELL ANT 215, OL D CHINA BAZAR STREET, KOLKATA - 700 001 [PAN : A AGF A 3218 C ] - VS. - INCOME TAX OFFICER , ........................... ................... ... . RESPONDENT WARD - 34 ( 2 ), KOLKATA APPEARANCES BY: SHRI GOURAV MATHUR, ADVOCATE, FOR THE ASSESSEE S MT. RANU BIS WAS , J CIT, SR. D.R., FOR THE DEPARTMENT DATE OF CONCLUDING THE HEARING : NOVEMBER 24, 2 01 4 DATE OF PRONOUNCING THE ORDER : NOVEMBER 24 , 201 4 O R D E R PER GEORGE MATHAN : THIS IS AN APPEAL FILED BY THE ASSESSE E AGAINST THE ORDER OF LD. COMMISSIO NER OF INCOME TAX (APPEALS) - XX, KOLKATA IN APPEAL NO. 170 / CIT(A) - XX/ WD - 34(2)/2010 - 11/KOL DATED 16 .1 2 .201 3 FOR THE ASSESSMENT YEAR 200 8 - 0 9 . 2. SHRI GOURAV MATHUR , ADVOCATE, REPRESENTED ON BEHALF OF THE ASSESSEE AND SMT. RANU BISWAS, JCIT, SR. D.R. REPRESEN TED ON BEHALF OF THE REVENUE. 3. IT WAS SUBMITTED BY THE LD. A.R THAT THE ISSUE IN THE ASSESSEE S APPEAL WAS REPRESENTING THE DIFFERENCE BETWEEN THE INTEREST RECORDED IN THE PROFIT & LOSS ACCOUNT BY THE ASSESEE AT RS.21,15,699/ - AND THE I.T.A. NO . 454 / KOL ./201 4 ASSESSMENT YEAR: 200 8 - 20 0 9 PAGE 2 OF 3 INTEREST AS SHOWN BY THE BANK AT RS.23,33,715/ - . IT WAS THE SUBMISSION THAT THE ASSESESE HAS NOT RECEIVED THE INTEREST OF RS.23,33,717/ - . IT WAS THE SUBMISSION THAT THE ASSESSING OFFICER HAS ALSO NOT EXPLAINED AS TO HOW AND FROM WHERE HE HAS ARRIVED AT THIS FIGURE OF RS.23 ,33,715/ - . IT WAS THE SUBMISSION THAT HE HAD NO OBJECTION IF THE ISSUE WAS RESTORED TO THE FILE OF THE ASSESSING OFFICER FOR RE - ADJUDICATION. 4. IN REPLY, LD. SR. D.R. SUBMITTED THAT SHE IS UNABLE TO SPECIFY AS TO HOW AND FROM WHERE THE ASSESSING OFFICER HAS ARRIVED AT THIS FIGURE OF INTEREST OF RS.23,33,715/ - . IT WAS THE SUBMISSION THAT THE ISSUE COULD BE RESTORED TO THE FILE OF THE ASSESSING OFFICER FOR RE - ADJUDICATION. 5. I HAVE CONSIDERED THE RIVAL SUBMISSIONS. AS THE VERY BASIS FOR THE DIFFERENCE OF INTEREST , WHICH IS SUBJECT MATTER OF THE ADDITION , IS FOUNDED ON THE AMOUNT OF RS.23,33,715/ - AND THIS AMOUNT NEEDS RECONCILIATION, THE ISSUE IN THIS APPEAL IS RESTORED TO THE FILE OF THE ASSESSING OFFICER FOR RE - ADJUDICATION AFTER GRANTING THE ASSESSEE AD EQUATE OPPORTUNITY OF BEING HEARD. ASSESSING OFFICER SHALL SPECIFICALLY PUT TO THE ASSESSEE THE EVIDENCE ON THE BASIS OF WHICH THE AMOUNT OF RS.23,33,715/ - IS BEING ALLEGED TO HAVE BEEN RECEIVED BY THE ASSESSEE AS INTEREST FROM UCO BANK. 6 . IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 2 4 TH NOV EMBER , 2014. SD/ - GEORGE MATHAN ( JUDICIAL MEMBER) KOLKATA, THE 2 4 TH D AY OF NOVE MBER , 201 4 I.T.A. NO . 454 / KOL ./201 4 ASSESSMENT YEAR: 200 8 - 20 0 9 PAGE 3 OF 3 COPIES TO : (1) M/S. A.K. ELECTRICALS & ELECTRONICS, 215, OLD CHINA BAZAR STREET, KOLKATA - 700 001 (2) INCOME TAX OFFICER, WARD - 34(2), KOLKATA (3) COMMISSIONER OF INCOME - TAX (APPEALS) (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 .