M/s. Jindal Tradecom Pvt. Ltd., , Kolkata V. ITO, Ward - 4(2) , Kolkata

ITA 52/KOL/2019

• Counselvise Citation: [2022] 103 COUNSELVISE.COM (IT) 8644 (ITAT-KOLKATA)
• Duration Of Justice: 3 year(s) 10 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-11-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 20-09-2022
• Assessment Year: misc
• Appeal Filed On: 09-01-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Bogus Share capital; Principle of natural justice
• Section: 148

Judgement Text

1. ITA No 52/Kol/2019 AY 2008-09 Jindal Tradecom P.Ltd . आयकर अपील य अ धकरण, पीठ “A” , कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL BENCH “A”KOLKATA सम : ी मनीष बोरड, लेखा एवं ी संजय शमा या यक सद य Before: Shri Manish Borad, Accountant Member and Shri Sonjoy Sarma, Judicial Member आयकर अपील सं.य/ ITA No.52/Kol/2019 Assessment Year: 2008-19 M/s. Jindal Tradecom Pvt. Ltd. 3A Garstin Place, 1 s t Floor, Kolkata-700 001. बनाम V/s. Income Tax Officer Ward 4(2), Kolkata PAN: AABCJ9602R अपीलाथ /Appellant .. यथ /Respondent अपीलाथ क ओर से/By Appellant None यथ क ओर से/By Respondent Shri Vijay Kumar, Addl. CIT, ld. Sr.DR स ु नवाई क तार ख/Date of Hearing 21-09-2022 घोषणा क तार ख/ Date of Pronouncement 11-11 -2022 आदेश /O R D E R PER MANISH BORAD, AM. This appeal of the assessee for the assessment year 2008-09 is directed against the order dt. 11-03-2016 passed by the ld. Commissioner of Income-tax, Appeals [ in short, hereafter referred to as ‘the ‘ld. CIT(A)-6, Kolkata. 2. The assessee has raised the following grounds of appeal for the AY 2008-09:- 2. ITA No 52/Kol/2019 AY 2008-09 Jindal Tradecom P.Ltd . 1. Because on the facts and in circumstances of the case the CIT(A) has erred for sustaining the addition of Rs.2,02,00,000/- has made by the Ld. A.O. us/. 68 of the I.T. Act, 1961. 2. Because on the facts and in circumstances of the case the Ld. A.O. has erred for making the addition of Rs.2,02,00,000/-- u/ s. 68 of the LT. Act, 1961 ignoring the facts, material available on record. 3. Because on the facts and in circumstances of the case the proceedings u/ s. 148 read with section 147, 148(2) is bad in law, invalid & liable to be quashed. 4. Because on the facts and in circumstances of the· case the order passed by the authority below is bad in law, against the principle of natural justice and equity and without giving proper opportunity being heard. 3. When the case was called for, none appeared on behalf of assessee. A perusal of file shows that notice of hearing was sent We, therefore, deem it proper to adjudicate the appeal on merits ex parte assessee on the basis of material available on record and with the assistance of the ld. DR. 4. Perusal of records shows that the assessee has challenged the finding of the ld.CIT(A) confirming the addition made u/s. 68 of the Act at Rs.2,02,00,000/- and another issue raised by the assessee is legal issue in nature challenging the validity of the proceedings carried out by issuance of notice u/s. 148 r.w.s 147 of the Act. On going through the records show that the assessee has not filed the assessment order, which is necessary for adjudicating the issues raised before us. Casehas been fixed for hearing on number of occasions and letters sent by the Regd. Post was also returned unserved. Since assessment order is not filed by assessee. Prima facie the appeal is defective and thus deserves to be dismissed. 5. Even otherwise on perusal of the impugned order, we find that the same is ex parte and the issue relates to unexplained share capital and share premium. The assessee has failed to explain/prove the identity, 3. ITA No 52/Kol/2019 AY 2008-09 Jindal Tradecom P.Ltd . genuineness and creditworthiness of share premium and share capital totalling to Rs. 2.02 cr and also the basis of charging huge premium at Rs.390 per share. Under the given facts and circumstances, we fail to find any infirmity in the finding of the ld. CIT(A). Therefore, all the grounds raised by the assessee are dismissed. प रणामत: नधा रती क अपील खा रज क जाती है। 6. In the result, the appeal of the assessee is dismissed. आदेश ख ु ले यायपीठ म दनांक 11 -11-2022 को उ घो षत। Sd/- Sd/- (SONJOYSARMA) (MANISHBORAD) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated : 11 -11-2022 **PP/SPS आदेश क त ल प अ े षत / Copy of Order Forwarded to:- 1.अपीलाथ /Appellant/: M/s. Jindal Tradecom Pvt. Ltd. 3A Garstin Place, 1 s t Floor, Kolkata-700 001. 2. यथ /Respondent/: Income Tax Officer, Ward 4(2), Kolkata 3. संबं धत आयकर आय ु त / Concerned CIT 4. आयकर आय ु त- अपील / CIT (A) 5. वभागीय त न ध, आयकर अपील य अ धकरण कोलकाता / DR, ITAT, Kolkata 6.गाड फाइल/Guardfile. By order/आदेश से, /True Copy/ Assistant Registrar ITAT, Kolkata