Smt. Sunita Choudhary, Ranchi V. ITO,Ward-3(1), Ranchi

ITA 59/RAN/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 2506 (ITAT-RANCHI)
• Duration Of Justice: 1 year(s) 1 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-03-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2015-2016
• Appeal Filed On: 01-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Unexplained cash credit; Bogus
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RANCHI BENCH SMC RANCHI BEFORE SHRI S.S, GODARA, JUDICIAL MEMBER ITA NO.59/RAN/2019 ASSESSMENT YEAR:2015-16 SMT. SUNITA CHOUDHARY C/O SAGARMALA MAHABIR PRASAD, J.J. ROAD, RANCHI- 834001 [ PAN NO.AEEPC 2339C ] / V/S . INCOME TAX OFFICER WARD-3(1), MAIN ROAD, RANCHI- 834001 /APPELLANT .. /RESPONDENT /BY APPELLANT SHRI S.N.RAJGARHIA, FCA /BY RESPONDENT SHRI AJAY KUMAR ADDL.CIT-DR /DATE OF HEARING 04-03-2020 /DATE OF PRONOUNCEMENT 04-03-2020 /O R D E R (ORAL) THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2015-16 , ARISES AGAINST THE COMMISSIONER OF INCOME-TAX (APPEALS)-RANCHIS ORDER DATED 02.11.2018 PASSED IN CASE NO.CIT(A), RANCHI/10155/2017-18, INVOLVING PR OCEEDINGS U/S. 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEARD BOTH THE PARTIES. CASE FILE(S) PERUSED. 2. THIS ASSESSEES SOLE IDENTICAL SUBSTANTIVE GRIEV ANCE CANVASSED IN THE INSTANT LIS CHALLENGES CORRECTNESS OF BOTH THE LOWER AUTHORITIE S ACTION TREATING THE ALLEGED PROFITS DERIVED FROM SALE OF SHARES AMOUNTING TO RS.15,79,0 21/- AS BOGUS UNEXPLAINED CASH CREDITS; DURING THE COURSE OF ASSESSMENT AS UPHELD IN THE LOWER APPELLATE PROCEEDINGS. THE ASSESSING OFFICER AND THE CIT(A) TAKE INTO ACCO UNT THE CORRESPONDING SCRIPS UPWARD / DOWNWARD ABNORMAL PRICE MOVEMENT COUPLED W ITH THE ALLEGED TAKING SUSPICIOUS CIRCUMSTANCES AND ENTRY OPERATORS INVOL VEMENT TO APPLY HONBLE APEX ITA NO.59/RAN/2019 A.Y 2015-16 SMT. SUNITA CHOUDHARY VS. ITO WD-3(1) RNC PAGE 2 COURTS DECISION IN SUMATI DAYAL VS. COMMISSIONER OF INCOME TAX (1995) 80 TAXMANN. 89 (SC) AND COMMISSIONER OF INCOME TAX VS. DURGA PRASAD MORE (1971) 82 ITR 540 (SC). LEARNED COUNSELS ONLY PLEA DURING THE COURSE OF HEARING IS THAT THE CBDT HAS RECENTLY ISSUED A STANDARD OPERATING PROCE DURE (SOP) FOR EXAMINING SUCH ALLEGED SHARE TRANSACTIONS INDICATED AS MULTIPLE AS PECTS. LEARNED DEPARTMENTAL REPRESENTATIVES CASE ON THE OTHER HAND IS THAT THE ASSESSEE HAS FAILED TO PROVE GENUINENESS AND CREDITWORTHINESS OF THE IMPUGNED SH ARE TRANSACTIONS. FACED WITH THIS SITUATION AND MORE PARTICULARLY KEEPING IN MIND THE FACT THAT THE CBDT HAS NOW AN EXTENSIVE EXERCISE TO THE FIELD AUTHORITIES AS WELL WHILST DEALING WITH THE CASE OF ALLEGED BOGUS SHARE TRANSACTION. I DEEM IT APPROPRI ATE TO RESTORE THE INSTANT ISSUE BACK TO CIT(A) FOR AFRESH ADJUDICATION AS PER LAW WITHIN THREE EFFECTIVE OPPORTUNITIES OF HEARING. 3. THIS ASSESSEES SOLE GRIEVANCE IS ACCEPTED FOR S TATISTICAL PURPOSES. ORDER PRONOUNCED IN OPEN COURT AT THE CLOSE OF HE ARING ON WEDNESDAY , 4 TH MARCH, 2020 S D/- ( #) (S.S. GODARA) JUDICIAL MEM BER *DKP/SR.PS % - 04/03/2020 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-SMT. SUNITA CHOUDHARY, C/O SAGARMAL MAHA BIR PRASAD, J.J. ROAD, R ANCHI-834001 2. /RESPONDENT-INCOME TAX OFFICER WD-3(1), MAIN ROAD, RANCHI-834001 3. ) , / CONCERNED CIT 4. , - / CIT (A) 5. - ) , ) / DR, ITAT, RANCHI 6. 1 / GUARD FILE. BY ORDER/ , /TRUE COPY/ SR. PRIVATE SECRETARY/P.S (ON TOUR) ),