Overtop Towers Private Limited , Kolkata V. ITO, Ward - 9(2), Kolkata , Kolkata

ITA 582/KOL/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 4317 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 1 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-05-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 03-04-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: A K SINGH CIT LD
• Keywords: Unexplained cash credit
• Section: 143(3); 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH : KOLKATA [BEFORE HONBLE SHRI S.S. GODARA, JM & HONBLE SHRI DR. ARJUN LAL SAINI, AM ] I .T . A NO. 5 82 /KOL/201 8 A.Y 20 1 2 - 13 M/S. OVERTOP TOWERS PVT. LTD . VS. I.T.O., WARD 9(2), KOLKATA PAN: AABCO 6251F (APPELLANT) (RESPONDENT) FOR THE APPELLANT : NONE APPEARED FOR THE RESPONDENT : SHRI A.K. SINGH, CIT, LD.DR DATE OF HEARING : 2 9 - 04 - 2019 DATE OF PRONOUNCEMENT: 10 - 0 5 - 2019 ORDER SHRI S.S. GODARA, JM : 1. THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 20 1 2 - 13 ARISE S AGAINST THE CIT(A) , 18 , KOLKATA S ORDER DATED 05 - 02 - 2018 PASSED IN CASE NO . ITA NO. 106 2 /2015 - 16(CIT(A) - 18/WD - 9(2)/F.SL NO.2214/17 - 18/KOL INVOLVING PROCEEDINGS U/S 143(3) OF THE I.T ACT , 1961 (IN SHORT ACT) . HEARD LEARNED DEPARTMENTAL REPRESENTATIVE. CASE FILE PERUSED. 2. NONE APPEAR S AT THE ASSES SEES BEHEST. THE REGISTRY HAS ALREADY SENT A RPAD (REGISTERED POST/AD) NOTICE TO THE ASSESSE. IT IS ACCORDINGLY PROCEEDED EX PARTE. 3 . SHRI A.K. SINGH, CIT, LD.DR VEHEMENTLY CONTENDS DURING THE COURSE OF HEARING THAT BOTH THE LOWER AUTHORITIES HAVE RIGHTLY TREATED THE ASSESSEES SHARE APPLICATION/PREMIUM OF RS. 25,76,40 ,0 00/ - AS UNEXPLAINED CASH CREDITS LIABILITY TO BE ADDED U/S. 68 OF THE ACT . 2 ITA NO. 582/KOL/2018 M/S. OVERTOP TOWERS P.LTD. 2 ITA NO. 582/KOL/18 OVERTOP TOWERS P.LTD 4 . WE FIND FROM A PERUSAL OF THE CASE FILE THAT ASSESSING OFFICER SOUGHT TO VERIFY THE IDENTITY, GENUINENES S AND CREDITWORTHINESS OF ASSESSEES SHARE APPLICANTS. HE HELD IN HIS ASSESSMENT ORDER DATED 26 - 0 3 - 2015 THAT THE ASSESSE E HAD FAILED TO PROVE ALL THE THREE INGREDIENTS IN ITS SHARE APPLICATION /PREMIUM HEREINABOVE. ALL THIS MADE BY THE ASSESSING OFFICER TO TREAT THE SAID SUM AS UNEXPLAINED CASH CREDITS. 5 . THE ASSESSE E PREFERRED APPEAL BEFORE THE CIT(A) . HE HAS DISMISSED THE SAME ON ACCOUNT OF ASSESSEES FAILURE IN PUTTING IN APPEARANCE DESPITE THAT VARIOUS NOTICES DATED 22 - 12 - 17 AND 11 - 01 - 18 STOOD ISSUE D ALONG WITH E - MAIL THROUGH I.T.B.A ON LINE SYSTEM AND PAN REGISTERED ADDRESS. REVENUE STRONGLY SUPPORTS THE IMPUGNED ADDITION MADE IN BOTH THE LOWER AUTHORITY PROCEEDINGS. 6 . WE HAVE GIVEN OUR THOUGHTFUL CONSIDERATION TO ASSESSEES PLEADINGS AND BOTH THE LOWER AUTHORITIES FINDINGS MAKING UNEXPLAINED CASH CREDITS ADDITION. IT TRANSPIRES FROM A PERUSAL OF ASSESSEES STATEMENT FILED BEFORE THE CIT(A) THAT IT HAD PLACED ON RECORD AT LEA ST SOME OF THE DETAILS IN FURTHERANCE TO ASSESSING OFFICER S SHOW CAUSE NOTICES. IT WOULD FILE RELEVANT SHAREHOLDERS DETAILS COUPLED WITH FEW OF THE RELEVANT PARTICULARS DURING THE COURSE OF SCRUTINY. THE SAME HAVE NEITHER BEEN DEALT WITH IN ASSESSMENT ORDER NOR IN QUA LOWER APPELLATE ORDER. THE FACT ALSO REMAINS THAT ASSESSE E IS VERY FAIR IN ADMITTING THE FACT THAT IT COULD NOT APPEAR BEFORE THE CIT(A) ON 11 - 01 - 2018 DUE TO UNINTENTIONAL INADVERTENCE AND N O SPECIFIC REASON OF SUCH UNINTENTIONAL INADVE RTENCE IS GIVEN IN ITS SOLE SUBSTANTIVE GROUND. ALL THIS LEADS US TO CONCLUSION THAT THE ASSESSE E ITSELF DID NOT APPEAR BEFORE THE CIT(A) DESPITE HAVING RECEIVED NOTICE OF HEARING. WE TAKE INTO ACCOUNT ALL THESE FACTS TO DEEM IT, APPROPRIATE TO RESTORE THE INSTANT ISSUE(S) BACK TO THE CIT(A) FOR FRESH ADJUDICATION ON MERITS AS PER LAW WITHIN THREE EFFECTIVE HEARINGS SUBJECT TO PAYMENT OF RS.20,000/ - AS COST S . WE ORDER ACCORDINGLY. 3 ITA NO. 582/KOL/2018 M/S. OVERTOP TOWERS P.LTD. 3 ITA NO. 582/KOL/18 OVERTOP TOWERS P.LTD 7. TH IS ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOSE IN ABOVE TERMS. ORDER PRONOUNCED IN THE COURT ON 10 - 05 - 2019 SD/ - SD/ - [ DR. ARJUN LAL SAINI ] [ S.S.GODARA ] ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 10 - 05 - 2019 **PRADIP, SR. PS C OPY OF THE ORDER FORWARDED TO: 1 . APPELLANT/ ASSESSEE: M/S. OVERTOP TOWERS PRIVATE LIMITED 4B, NALINI SETH ROAD, KOLKATA - 7. 2 . RESPONDENT/ DEPARTMENT: INCOME TAX OFFICER, WARD 9(2), P - 7 CHOWRINGHEE SQUARE, KOLKATA - 69. 3..C.I.T (A) . - 4. C.I.T. - KOLKATA. 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER ASSISTANT REGISTRAR H.O.O/D.D.O KOLKATA