ITO, Wd-5(3), Kolkata, Kolkata V. M/s Bluechip Capital Market Pvt. Ltd., Kolkata

ITA 455/KOL/2014

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 0632 (ITAT-KOLKATA)
• Duration Of Justice: 3 year(s) 8 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-12-2017
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2005-2006
• Appeal Filed On: 19-03-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA B BENCH, KOLKATA [BEFORE SRI J. SUDHAKAR REDDY, HONBLE A CCOUNTANT M EMBER & SRI ABY T. VARKEY, JUDICIAL MEMBER ] I .T.A. NO. 455 /KOL /201 4 ASSESSMENT YEAR: 20 0 5 - 0 6 I.T.O. WARD - 5(3), KOLKATA . . . . . .. APPELLANT P - 7, CHOWRINGHEE SQUARE KOLKATA 700 069 M/S. BLUECHIP CAPITAL MARKET PVT. LTD. .. .. .. . . RESPONDENT 36, STRAND ROAD 1 ST FLOOR KOLKATA 700 001 [PAN : AABCB 1290 M] APPEARANCES BY: NONE , APPEAR ED ON BEHALF OF THE ASSESSEE. SHRI SAURABH KUMAR , ADDL. CIT , APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : NOVEMBER 7 TH , 2017 DATE OF PRONOUNCING THE ORDER : DECEMBER 15 TH , 2017 O R D E R PER J. SUDHAKAR REDDY : - THIS APPEAL FILED BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS) - VI , KOLKATA (HEREINAFTER THE LD. CIT (A)), PASSED U/S 250 OF THE INCOME TAX ACT, 1961 (THE ACT), DT. 05 / 12 /201 3 , FOR THE ASSESSMENT YEAR 20 05 - 06 . 2. NONE APPEARED ON BEHALF OF THE ASSESSEE DESPITE ISSUAL OF NOTICE ON 28/11/2016, 23/01/2017, 02/03/2017, 12/04/2017, 08/06/2017, 10/08/2017, 05/10/2017 AND FOR TODAY I.E. 07/11/2017. 2.1. NOTICES ISSUED THROUGH REGISTERED POST, HAVE NOT BEEN RETURNED BY TH E POSTAL AUTHORITIES. UNDER THESE CIRCUMSTANCES, WE DISPOSE OFF THIS CASE EX - PARTE, ON MERITS, AFTER HEARING THE LD. DR. 2 I.T.A. NO. 455/KOL/2014 ASSESSMENT YEAR: 2005 - 06 M/S. BLUECHIP CAPITAL MARKET PVT. LTD 3. HEARD THE LD. DR. THE ASSESSING OFFICER IN THIS CASE HAS DISALLOWED THE LOSS CLAIMED ON SALE OF SHARES. THIS WAS THE SECOND ROUND O F APPELLATE PROCEEDINGS. EARLIER A LOSS ON 40,000 SHARES WERE DISALLOWED BY THE ASSESSING OFFICER IN AN ORDER PASSED U/S 143(3) OF THE ACT AND THIS WAS UPHELD BY THE LD. CIT(A) AND THE ASSESSEE HAD NOT CHALLENGED THE DISALLOWANCE BEFORE THE TRIBUNAL. IT AT TAINED FINALITY. 4. THE ONLY ISSUE THAT ARISES BEFORE US IS THE ALLOWABILITY OF THE ESTIMATED LOSS ARISING FROM 14,50,000 SHARES HELD AS STOCK - IN - TRADE. THE LD. CIT(A) HAS OBSERVED THAT THE COMPUTATION OF THIS WAS HAS NOT BEEN PLACED BEFORE THE ASSESSING O FFICER. HENCE HE DIRECTED THE ASSESSEE TO FILE THE WORKING BEFORE THE ASSESSING OFFICER AND DIRECTED THE ASSESSING OFFICER TO VERIFY THE CORRECTNESS OF THE SAME. THIS ACTION OF THE LD. CIT(A) TANTAMOUNTS TO SETTING ASIDE THE MATTER TO THE FILE OF THE ASSES SING OFFICER FOR FRESH ADJUDICATION. 4.1. THE LD. CIT(A) HAS NO POWERS TO SET ASIDE THE ASSESSMENT . THE FINANCE ACT, 2001, W.E.F. 01/06/2001 HAS WITHDRAWN THE POWER OF THE LD. CIT( A) TO SET ASIDE ANY MATTER TO THE ASSESSING OFFICER. HENCE, WE DO NOT APPROVE TO THIS ACTIONS OF THE LD. CIT(A) AS IT IS BEYOND HIS JURISDICTION. THUS, WE ALLOW THIS APPEAL OF THE REVENUE. 5. IN THE RESULT, THIS APPEAL OF THE REVENUE IS ALLOWED. KOLKATA, THE 15 TH DAY OF DEC EMBER , 2017. SD/ - SD/ - [ABY.T. VARKEY] [ J. SUDHAKAR REDDY ] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 15 .1 2 .2017 {SC SPS} 3 I.T.A. NO. 455/KOL/2014 ASSESSMENT YEAR: 2005 - 06 M/S. BLUECHIP CAPITAL MARKET PVT. LTD COPY OF THE ORDER FORWARDED TO: 1. I.T.O. WARD - 5(3), KOLKATA P - 7, CHOWRINGHEE SQUARE KOLKATA 700 069 2. M/S. BLUECHIP CAPITAL MARKET PVT. LTD 36, STRAND ROAD 1 ST FLOOR KOLKATA 700 001 3. CIT(A) - 4. CIT - , 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER SENIOR PRIVATE SECRETARY HEAD OF OFFICE/ D.D.O. ITAT, KOLKATA BENCHES