Bluesky Dealers Ltd., Telangana V. I.T.O.,Ward-10(4), Kolkata

ITA 533/KOL/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 9301 (ITAT-KOLKATA)
• Duration Of Justice: 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-04-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2010-2011
• Appeal Filed On: 18-03-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: AGAINST DATED PASSED
• Keywords: Unexplained cash credit
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH A, KOLKATA BEFORE SH. P.M.JAGTAP, VICE PRESIDENT & SH.S.S.VISWANETHRA RAVI, JUDICIAL MEMBER ITA NO.533/KOL/2019 (ASSESSMENT YEAR-2010-11) ORDER PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER THIS APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER DATED 06.02.2019 PASSED BY CIT(A)-4, KOLKATA FOR AY 2010-11. 2. AT THE TIME OF HEARING, THE APPEAL UNDER THE CAPTIONED EARLY HEARING, IT WAS BROUGHT TO OUR NOTICE THAT THERE WAS NO OPPORTUNITY BEFORE THE TWO LOWER AUTHORITIES AS THERE WAS NO NOTICE SERVED ON THE ASSESSEE. HE REFERRED TO ASSESSMENT ORDER AS WELL AS IMPUGNED ORDER PASSED BY THE CIT(A) AND SOUGHT TO REMAND THE MATTER TO THE FILE OF AO FOR HIS FRESH CONSIDERATION. LD.DR REPORTED NO OBJECTION IN REMANDING THE MATTER TO THE FILE OF AO. IT IS NOTED FROM THE RECORD THAT THE AO RE-OPENED THE ASSESSMENT AND PASSED AN ORDER U/S 147/144 OF THE INCOME TAX ACT, 1961 (IN SHORT ACT) BY MAKING AN ADDITION OF RS.14,95,61,940/- U/S 68 OF THE ACT UNDER THE HEAD UNEXPLAINED CASH CREDIT. IT IS ALSO NOTED THAT THERE WAS NO OPPORTUNITY FOR THE ASSESSEE IN THE FIRST APPELLATE PROCEEDINGS. HOWEVER, IT IS NOTICED THAT THE ASSESSEE SOUGHT ADJOURNMENT ON ONE OF THE DATE OF HEARING BEFORE THE CIT(A). BLUESKY DEALERS LTD. (SUCCESSOR COMPANY), SHYAM ARIHANT, PLOT NO.1-8-304 TO 307/10AA, SECUNDRABAD, HYDERABAD, TELANGANA. PAN-AADCB6298B VS ITO, WARD-10(4), KOLKATA. (APPELLANT) (RESPONDENT) APPELLANT BY SH. A.K.KOCHAR, ADV. RESPONDENT BY SH. RADHEY SHYAM, CIT DR DATE OF HEARING 29.03.2019 DATE OF PRONOUNCEMENT 03 .0 4 .2019 ITA NO.533/KOL/2019 (ASSESSMENT YEAR-2010-11) PAGE | 2 4. AS DISCUSSED ABOVE, THE ADDITION MADE U/S 68 REQUIRES ASSISTANCE OF THE ASSESSEE IN PROVING THE THREE INGREDIENTS I.E. IDENTITY, CREDITWORTHINESS AND GENUINENESS OF THE TRANSACTIONS. ADMITTEDLY, THERE WAS NO OCCASION FOR BOTH THE AUTHORITIES BELOW TO VERIFY THE SAME. THEREFORE, TAKING INTO CONSIDERATION THE SUBMISSIONS OF THE LD.AR & LD. DR AND FACTS & CIRCUMSTANCES OF THE CASE AND IN THE INTEREST OF JUSTICE, WE DEEM IT PROPER TO REMAND THE MATTER TO THE FILE OF AO FOR HIS FRESH CONSIDERATION. THE ASSESSEE IS LIBERTY TO FILE EVIDENCES, IF ANY, IN SUPPORT OF HIS CLAIM. THUS, GROUNDS RAISED BY THE ASSESSEE ARE ALLOWED FOR STATISTICAL PURPOSES. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 03.04.2019. SD/- SD/- (P.M.JAGTAP) (S.S.VISWANETHRA RAVI) VICE PRESIDENT JUDICIAL MEMBER DATE:- 03.04.2019 *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT- BLUESKY DEALERS LTD (SUCCESSOR COMPANY), SHYAM ARIHANT, PLOT NO.1-8-304 TO 307/10AA, SECUNDRABAD, HYDERABAD, TELANGANA. 2. RESPONDENT- ITO, WARD-10(4), KOLKATA. 3. CIT-KOLKATA 4. CIT(APPEALS)-KOLKATA 5. DR: ITAT -KOLKATA BENCHES BY ORDER AR/H.O.O ITAT, KOLKATA