Medchem International Limited, Hyderabad V. Income Tax Officer, Ward-16(4), Hyderabad

ITA 474/Hyd/2018

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 2587 (ITAT-HYDERABAD)
• Duration Of Justice: 3 year(s) 3 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-06-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-B
• Assessment Year: 2012-2013
• Appeal Filed On: 06-03-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: S RAMA RAO
• Section: 13; 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES B : HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER I.T.A. NO. 474/HYD/2018 ASSESSMENT YEAR: 2012-13 MEDCHEM INTERNATIONAL LIMITED, HYDERABAD [PAN: AAECM7360A] VS INCOME TAX OFFICER, WARD-16(4), HYDERABAD (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI S.RAMA RAO, AR FOR REVENUE : SHRI ROHIT MUJUMDAR, DR DATE OF HEARING : 13-05-2021 DATE OF PRONOUNCEMENT : 23-06-2021 O R D E R PER S.S.GODARA, J.M. : THIS ASSESSEES APPEAL FOR AY.2012-13 ARISES FROM TH E CIT(A)-4, HYDERABADS ORDER DATED 23-11-2017 PASSED IN CASE NO.0201 / 2016-17 / ITO, W-16(4) / CIT(A)-4 / HYD / 17-18, IN 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 THIS ASSESSEES INSTANT APPEAL SUFFERS FROM 15 DAYS DELAY STATED TO BE ATTRIBUTAB LE TO THE REASON(S) BEYOND ITS CONTROL AS PER CONDONATION ITA NO. 474/HYD/2018 :- 2 -: PETITION/AFFIDAVIT. NO REBUTTAL HAS COME FROM THE DEPARTM ENTAL SIDE. THE IMPUGNED DELAY IS CONDONED THEREFORE. 3. THE ASSESSEES SOLE SUBSTANTIVE GROUND PLEADED IN THE INSTANT APPEAL CHALLENGES CORRECTNESS OF BOTH THE LOWER AUTHORITIES ACTION TREATING ITS SHARE APPLICATION MONEY OF RS.2,12,76,400/- AS UN-EXPLAINED CASH CREDITS U/S.6 8 OF THE ACT. 4. WE HAVE GIVEN OUR THOUGHTFUL CONSIDERATION TO THE RIV AL PLEADINGS AGAINST AND IN SUPPORT OF THE CORRECTNESS OF THE IMPUGNED ADDITION. THE ASSESSEES SOLE SUBSTANTIVE ARG UMENT RAISED DURING THE COURSE OF HEARING; AS PER ITS BALAN CE SHEET AS ON 31-03-2011 AND 31-03-2012, IS THAT THE SHARE CAPITAL OF RS.2,50,00,000/- HAS REMAINED SAME AS ON 31-03-2010 , 31- 03-2011 AND 31-03-2012 THEREBY RULING OUT ANY FRESH INTRODUCTION IN FY.2011-12 RELEVANT TO THE IMPUGNED AY. 2012- 13 BEFORE US. 5. THE REVENUES CASE IS THAT ASSESSEE HAS RAISED ALTO GETHER A NEW PLEA WHICH DESERVES TO BE EXAMINED BY THE LEAR NED LOWER AUTHORITIES. WE FIND NO FORCE IN THE REVENUES ARGUMENTS SINCE IT H AS COME ON RECORD THAT THE IMPUGNED SHARE CAPITAL HAD NOT B EEN INTRODUCED IN ASSESSEES BOOKS OF ACCOUNTS IN THE RELE VANT ACCOUNTING PERIOD FROM 01-04-2011 TO 31-03-2012. HON BLE BOMBAY HIGH COURTS (GOA BENCH) RECENT DECISION IN IV AN SINGH VS. ACIT & CIT, GOA TAX APPEAL NO.29 OF 2013, DT.14 -02-2020 HOLD THAT THE CLINCHING STATUTORY EXPRESSION PREVIOUS Y EAR USED IN SECTION 68 OF THE ACT HAS TO BE TAKEN AS THAT RE LEVANT TO THE IMPUGNED ASSESSMENT YEAR IN ISSUE ONLY. WE GO B Y THIS ITA NO. 474/HYD/2018 :- 3 -: PRECISE REASON ALONE AND DIRECT THE ASSESSING OFFICER TO DELETE THE IMPUGNED ADDITION. ALL OTHER PLEADINGS ON MERITS ARE RENDERED INFRUCTUOU S. 6. THIS ASSESSEES APPEAL IS ALLOWED IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 23 RD JUNE, 2021 SD/- SD/- (LAXMI PRASAD SAHU) (S.S.G ODARA) ACCOUNTANT MEMBER JUDICIAL MEM BER HYDERABAD, DATED: 23-06-2021 TNMM ITA NO. 474/HYD/2018 :- 4 -: COPY TO : 1.MEDCHEM INTERNATIONAL LIMITED, SY.NO.592, DUNDIGA L, QUTHBULLAPUR MANDAL, HYDERABAD. 2.THE INCOME TAX OFFICER, WARD-16(4), HYDERABAD. 3.CIT(APPEALS)-4, HYDERABAD. 4.PR.CIT-4, HYDERABAD. 5.D.R. ITAT, HYDERABAD. 6.GUARD FILE.