Ratnasagar Herbals(P) Ltd., Kolkata V. DCIT, Cir-8(2)Kol., Kolkata

ITA 54/KOL/2017

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 3888 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 9 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-10-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 11-01-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ROBIN CHOUDHARY
• Keywords: Unexplained cash credit; Unexplained expenditure
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH B, KOLKATA BEFORE SH. S.S.GODARA, JUDICIAL MEMBER AND SH. M.BALAGANESH, ACCOUNTANT MEMBER ITA NO.54/KOL/2017 [ASSESSMENT YEAR: 2012-13] RATNASAGAR HERBALS ( P. ) LTD., 119, PARK STREET, KOLKATA-700016. PAN-AADCR0379P VS DC IT, CIRCLE-8(2), AAYAKAR BHAWAN, 4 TH FLOOR, P-7, CHOWRINGHEE SQUARE, KOLKATA-700069. (APPELLANT) (RESPONDENT) APPELLANT BY SH. S IDDHARTH AGARWAL, ADVOCATE RESPONDENT BY S H. ROBIN CHOUDHARY, ADDL. CIT , SR. DR DATE OF HEARING 29 .0 8 .20 18 DATE OF PRONOUNCEMENT 26 .10.2018 ORDER PER SH. S.S.GODARA, JUDICIAL MEMBER THIS ASSESSEES APPEAL FOR AY 2012-13 ARISES AGAINST THE ORDER DATED 23.11.2016 PASSED BY THE CIT(A)-3, KOLKATA IN APPEAL NO.202/CIT(A)-3/CIR- 8(2)/15-16/KOL IN PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961 (IN SHORT ACT). HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. THE ASSESSEE HAS RAISED TWO SUBSTANTIVE GROUNDS IN THE INSTANT APPEAL SEEKING TO REVERSE BOTH THE LOWER AUTHORITIES ACTION ADDING UNSECURED LOANS OF RS.77.90 LAKHS TO BE UNEXPLAINED CASH CREDITS AS WELL AS INTERESTS UPON PAID IN THE RELEVANT PREVIOUS YEAR TO THE TUNE OF RS.13,01,547/- AS UNEXPLAINED EXPENDITURE, MADE IN THE COURSE OF ASSESSMENT AND AFFIRMED DURING LOWER APPELLATE PROCEEDINGS. WE NOTICE AT THE OUTSET THAT LD.CIT(A) HAS PROCEEDED TO DECIDE THE ASSESSEES APPEAL AS PER ITS WRITTEN SUBMISSIONS. HE HOLDS THE IMPUGNED LOANS TO BE LACKING GENUINENESS AND CREDITWORTHINESS OF THE CREDITORS IN QUESTION NAMELY M/S TECHNIKA SOFTWARD (P.) LTD., ESSMAN IMPEX (P) LTD., ORIENTATION ACADEMIC (P.) LTD. THE TAXPAYER APPEARS TO HAVE FILED ALL THE RELEVANT DETAILS INCLUDING INCOME TAX RETURNS, ACCOUNTS CONFIRMATION, BANK STATEMENT, COMPANY MASTER DATA AND ITA NO.54/KOL/2017 [ASSESSMENT YEAR: 2012-13] PAGE | 2 ENROLMENT CERTIFICATE OF THE SAID THREE PARTIES; BOTH IN THE ASSESSMENT AS WELL AS LOWER APPELLATE PROCEEDINGS. THE SAME HAVE NOT BEEN CONSIDERED IN DETAIL IN ANY OF THE TWO PROCEEDINGS. WE THEREFORE DEEM IT APPROPRIATE IN THESE PECULIAR FACTS AND CIRCUMSTANCES THAT LARGER INTEREST OF JUSTICE WOULD BE SERVED IN CASE THE CIT(A) DECIDES THE ENTIRE ISSUE ONCE AGAIN AFTER AFFORDING THREE EFFECTIVE OPPORTUNITIES TO THE TAXPAYER. WE MAKE IT CLEAR THAT ASSESSEES FAILURE IN NOT COMPLETING ITS ARGUMENTS DURING THE SAID SPECIFIED NUMBER OF OPPORTUNITIES WOULD AMOUNT TO VACATION OF OUR INSTANT REMAND DIRECTION. 3. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 26.10.2018. SD/- SD/- (M.BALAGANESH) (S.S.GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER DATE:-26.10.2018 *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT- RATNASAGAR HERBALS (P.) LTD., 119, PARK STREET, KOLKATA- 700016. 2. RESPONDENT- DCIT, CIRCLE-8(2), AAYAKAR BHAWAN, 4 TH FLOOR, P-7, CHOWRINGHEE SQUARE, KOLKATA-700069. 1. CIT-KOLKATA 2. CIT(APPEALS)-KOLKATA 3. DR: ITAT-KOLKATA BENCHES SR.P.S./H.O.O ITAT, KOLKATA