DCIT, Circle -8, Kolkata, Kolkata V. M/s Carolina Food & Industries pvt. Ltd., Kolkata

ITA 600/KOL/2012

• Counselvise Citation: 60023514 RSA 2012
• Duration Of Justice: 1 year(s) 9 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-01-2014
• Appeal Filed By: Department
• Bench Allotted: SMC
• Assessment Year: 2006-2007
• Appeal Filed On: 13-04-2012
• Court: TRIBUNAL
• Department Lawyers: SANJAY MUKHERJEE LD JCITSR DR
• Assessee Lawyers: MANOJ KUMAR BARNWAL FCA LD
• Keywords: Bogus Share capital

Judgement Text

, C , INCOME TAX APPELLATE TRIBUNAL, BENCH- C KOLKATA ( ) BEFORE . , ! SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER '#$ /AND 1 & ' , ! SHRI GEORGE MATHAN, JUDICIAL MEMBER $( / ITA NO.600/KOL/2012 A.Y 2006-07 D.C.I.T,CIRCLE-8, KOLKATA - #' - VERSUS - . M/S. CAROLINA FOOD & INDUSTRIES PVT. LTD. PAN: AACCC 5093L ( &* / APPELLANT ) ( +,&* / RESPONDENT ) &* .' / FOR THE APPELLANT / SHRI SANJAY MUKHERJEE, LD.JCIT/SR.DR +,&* .' / FOR THE RESPONDENT: / SHRI MANOJ KUMAR BARNWAL, FCA LD.AR /'#0 1 2 /DATE OF HEARING : 28-01-2014 34 1 2 /DATE OF PRONOUNCEMENT: 30 -01-2014 5 / ORDER 1 &' , ! SHRI GEORGE MATHAN, JUDICIAL MEMBER: THIS IS AN APPEAL FILED BY THE REVENUE AGAINST T HE ORDER OF THE LEARNED COMMISSIONER OF INCOME-TAX (APPEALS)- VIII, KOLKATA IN APPEAL NO. 233/CIT(A)- VIII/KOL/08-09 DATED 10-01-2012 FOR THE ASSESSMEN T YEAR 2006-07. 2. SHRI SANJAY MUKHERJEE, LEARNED JCIT/SR.DR REPRE SENTED ON BEHALF OF THE REVENUE AND SHRI MANOJ KUMAR BARNWAL, FCA, LEARNED AR REPRESENTED ON BEHALF OF THE ASSESSEE. 4. IN THE REVENUES APPEAL IN ITA NO.600/KOL/2012 FOR A.Y 2006-07, THE REVENUE HAS RAISED THE FOLLOWING GROUND OF APPEAL:- I) THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE , THE LD.CIT(A) ERRED IN FACT AS WELL AS LAW BY DELETI NG BOGUS SHARE CAPITAL SUBSCRIPTION BY ASSESSEE. 5. IT WAS SUBMITTED BY THE LEARNED JCIT/SR.DR THA T IN THE COURSE OF ASSESSMENT AS THE ASSESSEE HAD NOT PROVIDED THE EVIDENCES BEFO RE THE AO, THE AO HAD ITA NO.600//KOL//2012- M/S. CAROLINA FOOD & INDUS P VT .LTD 2 DISALLOWED THE SHARE CAPITAL INTRODUCED TO AN EXTEN T OF RS. 40,000,00. IT WAS THE SUBMISSION THAT ON APPEAL, THE LD.CIT(A) HAD ADMITT ED THE FRESH EVIDENCES AND DELETED THE ADDITION. IT WAS THE FURTHER SUBMISSIO N THAT THE ISSUE MAY BE RESTORED TO THE FILE OF THE AO FOR RE-ADJUDICATION AND VERIFICA TION OF THE EVIDENCES.. 6. IN REPLY, THE LEARNED AR FOR THE ASSESSEE SUBMIT TED THAT HE HAD NO OBJECTION IF THE ISSUE WAS RESTORED TO THE FILE OF THE AO. 7. WE HAVE CONSIDERED THE SUBMISSIONS. AS THE DETAI LS PRODUCED BY THE ASSESSEE BEFORE THE LD.CIT(A) WERE NOT BEFORE THE A O AND AS IT HAS BEEN AGREED BY BOTH THE SIDES THAT THE ISSUE IN THE APPEAL IS TO B E RESTORED TO THE FILE OF THE AO FOR RE- ADJUDICATION, WE DO SO. THE SAME IS RESTORED TO THE FILE OF THE AO FOR RE-ADJUDICATION AFTER GRANTING THE ASSESSEE ADEQUATE OPPORTUNITY TO SUBSTANTIATE ITS CASE. 8. IN THE RESULT, THE REVENUES APPEAL IN ITA NO. 600/ KOL/2012 FOR THE ASSESSMENT YEAR 2006-07 STANDS PARTLY ALLOWED FOR STATISTICAL PURPO SE AS STATED ABOVE. 5 / 6 /' 7 8 THIS ORDER IS PRONOUNCED IN OPEN COURT ON DT 30/ 0 1-2014 SD/- SD/- ** PRADIP SPS 5 1 +..9 :94; / COPY OF THE ORDER FORWARDED TO: 1. . &* / THE APPELLANT : DCIT,CIRCLE-8, AAYKAR BHAWAN, 5 TH FL, P-7 CHOWRINGHEE SQ, KOL-69. 2 +,&* / THE RESPONDENT- M/S. CAROLINA FOOD & INDUSTRIE S PRIVATE LIMITED B- 391, LAKE GARDENS, KOL - 700 040. 3 4. .5' / THE CIT .5' ( )/ THE CIT(A) 5 . #<.7 +.' / DR, KOLKATA BENCH 6 . GUARD FILE . ,9 +./ TRUE COPY, 5'// BY ORDER, $ /ASSTT REGISTRAR ( . , ! ) ABRAHAMP.GEORGE,ACCOUNTANTMEMBER ( 1 & ' , ! ) GEORGE MATHAN, JUDICIAL MEMBER ( (( ( 2 2 2 2 ) )) ) DATE 30/01/14