M/s. Paharimata Commodities Private Limited , Kolkata V. DCIT - 5(1) , Kolkata

ITA 590/KOL/2019

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 2789 (ITAT-KOLKATA)
• Duration Of Justice: 5 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-08-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2015-2016
• Appeal Filed On: 25-03-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Earning of tax free income
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH SMC KOLKATA BEFORE SHRI S.S, GODARA, JUDICIAL MEMBER ITA NO.590/KOL/2019 ASSESSMENT YEAR:2015-16 M/S PAHARIMATA COMMODITIES PVT. LTD., OFFICE NO. 3A, 7 TH FLOOR, GATE NO.2, PODDAR COURT, 18, RABINDRA SARANI, KOLKATA-700001 [ PAN NO.AABCP 6236 H ] / V/S . DCIT, CIRCLE-5(1), AAYAKAR BHAWAN, 8 TH FLOOR, P-7, CHOWRRINGHEE SQUARE, KOLKATA-69 /APPELLANT .. /RESPONDENT /BY APPELLANT SHRI AMAR NATH KUMAR, CA /BY RESPONDENT SHRI SANKAR HALDER, JCIT-SR-DR /DATE OF HEARING 14-08-2019 /DATE OF PRONOUNCEMENT 30-08-2019 /O R D E R THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2015-16 , ARISES AGAINST THE COMMISSIONER OF INCOME-TAX (APPEALS)-2, KOLKATAS O RDER DATED 28.01.2018 PASSED IN CASE NO.10732/CIT(A)-2/2017-18 INVOLVING PROCEEDIN GS U/S. 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. IT TRANSPIRES AT THE OUTSET THAT NEITHER OF THE ASSESSEE HAS DERIVED ANY EXEMPT INCOME IN THE RELEVANT PREVIOUS YEAR 2014-15. HON'B LE JURISDICTIONAL HIGH COURTS DECISION IN CIT VS ASHIKA GLOBAL SECURITIES LTD . ITAT 100 OF 2004 GA NO.2122/2014 DATED 11.06.2018 HOLDS THAT THE IMPUGNED DISALLOWAN CE PROVISION DOES NOT COME INTO PLAY IN ABSENCE OF ANY SUCH EXEMPT INCOME. I THEREF ORE ACCEPT THE APPELLANTS ITA NO.590/KOL/2019 A.Y. 2015-16 M/S PAHARIMATA COMMODITIES PVT. LTD. VS. DCIT, C IR-5(1), KOL. PAGE 2 GRIEVANCE ON THIS COUNT ALONE. THE IMPUGNED DISALLO WANCE OF 2,45,124/-FORMING THE SUBJECT-MATTER OF THE INSTANT APPEAL (SUPRA) STANDS DELETED THEREFORE. 3. THE ASSESSEES APPEAL IS ALLOWED IN ABOVE TERMS. ORDER PRONOUNCED IN OPEN COURT ON 30/08/2019 SD/- (S.S. GODARA) JUDICIAL MEMBE R KOLKATA, *DKP/SR.PS - 30/08/2019 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-M/S PAHARIMATA COMMODITIES PVT. LTD., OF FICE NO.3A, 7 TH FLOOR, GATE NO .2 PODDAR COURT, RABINDRA SARANI, KOLKATA-01 2. /RESPONDENT-DCIT, CIR-5(1), AYAKAR BHAWAN, P-7, CHO WRINGHEE SQ. KOL-69 3. ' % / CONCERNED CIT 4. % - / CIT (A) 5. & ))' , ' / DR, ITAT, KOLKATA 6. + / GUARD FILE. BY ORDER/ , /TRUE COPY/ ',