Sri Sunil Kumar Kakrania, Kolkata V. ACIT, CIR-24, KOLKATA, Kolkata

ITA 624/KOL/2014

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 100240 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 8 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-12-2015
• Appeal Filed By: Assessee
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 08-04-2014
• Court: TRIBUNAL
• Department Lawyers: RAJENDRA PRASAD
• Assessee Lawyers: N O N E
• Section: 143(3); 28

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL SMC B BENC H: KOLKATA [BEFORE SHRI MAHAVIR SINGH, JM] I.T.A NO.624/KOL/2014 ASSESSMENT YEAR: 2007-08 SUNIL KUMAR KAKRANIA VS. ASSISTANT COMMISSIONER OF INCOME-TAX, (PAN: AFXPK3395J) CIRCLE-24, KOLKATA. ( APPELLANT ) ( RESPONDENT ) DATE OF HEARING: 07.12.2015 DATE OF PRONOUNCEMENT: 11.12.2015 FOR THE APPELLANT: N O N E FOR THE RESPONDENT: SHRI RAJENDRA PRASAD, JCIT, SR. DR ORDER THIS APPEAL BY ASSESSEE IS ARISING OUT OF ORDER OF CIT(A)-XIV, KOLKATA VIDE APPEAL NO. 334/CIT(A)-XIV/KOL/09-10 DATED 20.11.20 13. ASSESSMENT WAS FRAMED BY ACIT, CIRCLE-24, KOLKATA U/S. 143(3) OF THE INCOME- TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE ACT) FOR ASSESSMENT YEAR 2007-08 VIDE H IS ORDER DATED 08.12.2009. 2. THIS APPEAL OF ASSESSEE IS TIME BARRED BY 28 DAY S. THE ASSESSEE HAS FILED CONDONATION PETITION ALONG WITH MEDICAL CERTIFICATE EXPLAINING THE REASONS FOR THE DELAY, WHICH ARE AVAILABLE IN FILE. ON BEING ASKED BY THE BENCH TO LD. SR. DR FOR CONDONATION OF DELAY, HE HAS NOT OBJECTED TO THE SAME. HENCE, WE CONDONE THE DELAY AND ADMIT THE APPEAL FOR HEARING. AT THE TIME OF HEARING NOBODY WAS APPEARED FOR AND ON HEJALF OF ASSESSEE. HENCE, I DISPOSE OF THIS APPEAL, AFTER H EARING LD. SR. DR. 3. THE ONLY ISSUE IN THIS APPEAL OF ASSESSEE IS AG AINST THE ORDER OF CIT(A) CONFIRMING THE DISALLOWANCE MADE BY AO IN RESPECT T O INTEREST PAID TO BANK LOANS AMOUNTING TO RS.3,61,953/-. 3. I HAVE HEARD LD. SR. DR AND GONE THROUGH FACTS A ND CIRCUMSTANCES OF THE CASE. I FIND FROM THE ASSESSMENT ORDER AND THE ORDER OF CIT (A) THAT THE ASSESSEE IS UNABLE TO CO- RELATE THE INTEREST PAYMENT OF RS.3,61,953/- WITH T HAT OF THE BUSINESS ACTIVITY. ACCORDINGLY, BOTH THE AUTHORITIES HAVE DECIDED THE ISSUE AGAINST THE ASSESSEE. I FIND FROM THE CASE RECORD I.E. THE ORDER OF CIT(A) THAT THE ASSESSEE HAS TAKEN LOAN FROM VARIOUS BANKS AND INVESTED IN SHARES WHICH IS ONE O F THE ACTIVITIES OF THE ASSESSEE. THE 2 ITA NO.514 & 515/K/2015 PINAKI RANJAN MONDAL AY 2002-03 & 2003-04 ASSESSEE HAS CLAIMED INTEREST PAYMENT AS EXPENSES U NDER THE HEAD INCOME FROM OTHER SOURCES AND CLAIMED THE LOSS. HOWEVER, BOTH THE AU THORITIES BELOW HAVE STATED THAT THERE IS NO INCOME ACCRUED TO THE ASSESSEE ON ACCOUNT OF SHARE DEALING, HENCE INTEREST IS NOT ALLOWABLE. I FIND THAT ONCE THE ASSESSEE IS IN THE SHARE TRADING ACTIVITY ALTHOUGH IT HAS INCOME FROM OTHER SOURCES, THE ASSESSEE IS ENTITLED FOR DEDUCTION OF INTEREST IN TERM OF SECTION 57 OF THE ACT. THE AO WILL LOOK INTO THE F ACTS OF THE CASE AND WILL DECIDE THE ISSUE AFRESH IN ACCORDANCE WITH LAW. HENCE, I REST ORE THE MATTER TO THE FILE OF AO FOR FRESH ADJUDICATION. THIS APPEAL OF ASSESSEE IS ALL OWED FOR STATISTICAL PURPOSES. 4. IN THE RESULT, THE APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 5. ORDER IS PRONOUNCED IN THE OPEN COURT ON 11.12.2 015. SD/- (MAHAVIR SINGH) JUDICIAL MEMBER DATED : 11 TH DECEMBER, 2015 JD.(SR.P.S.) COPY OF THE ORDER FORWARDED TO: 1. APPELLANT SHRI SUNIL KUMAR KAKRANIA, 604A, DA KSHIN DARI ROAD, KOLKATA-700048.. 2 RESPONDENT ACIT, CIURCLE-24, KOLKATA. 3. THE CIT(A), KOLKATA 4. 5. CIT , KOLKATA DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, ASSTT. REGISTRAR .