Bholebaba Jute pvt. Ltd, Kolkata V. DCIT, CC-X(Presently ITO Ward-10(10/Kol), Kolkata

ITA 613/KOL/2017

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 0814 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 11 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-03-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2009-2010
• Appeal Filed On: 30-03-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: CITA KOLKATA AY US OF INCO
• Assessee Lawyers: AGAINST DATED PASSED
• Section: 131

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH C, KOLKATA BEFORE SH. P.M.JAGTAP, VICE PRESIDENT & SH.S.S.VISWANETHRA RAVI, JUDICIAL MEMBER ITA NO.613/KOL/2017 (ASSESSMENT YEAR-2009-10) ORDER PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER THIS APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER DATED 11.12.2014 PASSED BY CIT(A)-21, KOLKATA FOR AY 2009-10 U/S 144/263/143(3)/147 OF THE INCOME TAX ACT, 1961 (IN SHORT ACT). 2. HEARD BOTH THE PARTIES AND PERUSED THE MATERIAL AVAILABLE ON RECORD. THE CONTENTION OF THE LD.AR WAS THAT THE AO IN THE REMAND PROCEEDINGS, NO SUMMONS U/S 131 OF THE ACT WERE ISSUED TO THE SHARE SUBSCRIBING COMPANIES AND PLACED ON RECORD THE NOTE SHEET OF AO WHEREIN HE POINTED OUT THAT THERE WAS NO PROCEEDINGS AS SUCH BEFORE THE AO BETWEEN 28.03.2014 AND 20.03.2017 AND ARGUED THE FINDING MADE BY THE AO IN ITS REMAND REPORT WHICH IS REPRODUCED BY THE CIT(A) AT PARA 4.6 IS INCORRECT AND SOUGHT TO REMAND THE MATTER TO AO FOR HIS FRESH VERIFICATION. LD.DR VEHEMENTLY OPPOSED THE SUBMISSIONS OF THE LD.AR IN RESPECT OF NON RECORDING OF REMAND PROCEEDINGS AND ARGUED THAT THERE WAS NO COMPLIANCE ON BEHALF OF THE ASSESSEE BEFORE THE AO IN REMAND PROCEEDINGS BUT, BHOLEBABA JUTE PVT. LTD., 151, SARAT BOSE ROAD, KOLKATA-700026. PAN-AACCB6453F VS DCIT, CC-X, KOLKATA [PRESENTLY ITO, WARD- 10(1), KOLKATA-700069.] (APPELLANT) (RESPONDENT) APPELLANT BY SH. SUBASH AGARWAL, ADV. RESPONDENT BY DR. P.K.SRIHARI, CIT DR DATE OF HEARING 29.01.2019 DATE OF PRONOUNCEMENT 27.03.2019 ITA NO.613/KOL/2017 (ASSESSMENT YEAR-2009-10) PAGE | 2 HOWEVER, REPORTED NO OBJECTION IN RESPECT OF SUBMISSIONS REMANDING THE MATTER TO THE FILE OF THE AO WITH A SPECIFIC REQUEST DIRECTING THE ASSESSEE TO COMPLY SUMMONS U/S 131 OF THE ACT. WE NOTE THAT THE ISSUE IS OF RAISING SHARE CAPITAL AND PREMIUM, IN OUR OPINION, THEREON REQUIRES ASSISTANCE OF THE ASSESSEE AS WELL AS THE SHARE SUBSCRIBING COMPANIES. ON PERUSAL OF THE RECORD, WE FIND NO SUCH EXERCISE AS REQUIRED BY THE LAW WAS DONE BY THE AO. THEREFORE, TAKING INTO CONSIDERATION THE SUBMISSIONS OF THE LD.AR & LD.DR AND FACTS AND CIRCUMSTANCES OF THE CASE, WE DEEM IT PROPER TO REMAND THE MATTER TO THE FILE OF THE AO FOR HIS FRESH VERIFICATION IN RESPECT OF DETAILS OF SHARE SUBSCRIBING COMPANIES. WE ALSO DIRECT THE ASSESSEE TO PUT IN COMPLIANCE IN SUCH PROCEEDINGS WITHOUT FAIL. THUS, GROUNDS RAISED BY THE ASSESSEE ARE ALLOWED FOR STATISTICAL PURPOSES. 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 27.03.2019. SD/- SD/- (P.M.JAGTAP) (S.S.VISWANETHRA RAVI) VICE PRESIDENT JUDICIAL MEMBER DATE:- 27.03.2019 *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT- BHOLEBABA JUTE PVT. LTD., 151, SARAT BOSE ROAD, KOLKATA- 700026. 2. RESPONDENT- DCIT, CC-X, KOLKATA. [PRESENTLY ITO, WARD-10(1), KOLKATA-700069. 3. CIT-KOLKATA 4. CIT(APPEALS)-KOLKATA 5. DR: ITAT -KOLKATA BENCHES BY ORDER AR/H.O.O ITAT, KOLKATA