Idea Vinimay Pvt. Ltd., Kolkata V. ITO, Ward - 13(2), Kolkata , Kolkata

ITA 626/KOL/2018

AI Insights

The case involves Idea Vinimay Pvt. Ltd, which appealed against the order of the Commissioner of Income Tax (Appeals)-5, Kolkata, concerning the assessment year 2009-10. The primary issue was the addition of Rs. 145,575,000 to the assessee's income, treated as unexplained under section 68 of the Income Tax Act. The Assessing Officer had issued summons under section 131 to the director of the assessee company, requesting various details to substantiate the identity, creditworthiness of share subscribers, and genuineness of transactions. However, the assessee failed to appear or provide the requested details, leading to the addition being confirmed by the CIT(A) and upheld by the Tribunal.

• Counselvise Citation: [2022] 140 COUNSELVISE.COM (IT) 128180 (ITAT-KOLKATA)
• Duration Of Justice: 4 year(s) 8 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-12-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 25-10-2022
• Assessment Year: misc
• Appeal Filed On: 05-04-2018
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Source of fund
• Section: 131; 68; 250

Judgement Text

आयकर अपीलȣय अͬधकरण, कोलकाता पीठ ‘ए’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH KOLKATA Įी संजय गग[, ÛयाǓयक सदèय एवं Įी ͬगरȣश अĒवाल, लेखा सदèय के सम¢ Before Shri Sanjay Garg, Judicial Member and Shri Girish Agrawal, Accountant Member I.T.A. No.626/Kol/2018 Assessment Year: 2009-10 Idea Vinimay Pvt. Ltd................................................................... Appellant C/o Subash Agarwal & Associates, Siddha Gibson, 1, Gibson Lane, 2 nd Floor, Suite-213, Kolkata-700069. [PAN: AABCI9051P] vs. ITO, Ward-13(2), Kolkata............................................................ Respondent Appearances by: None appeared on behalf of the appellant. Shri Biswanath Das, CIT-DR, appeared on behalf of the Respondent. Date of concluding the hearing : November 22, 2022 Date of pronouncing the order :December 12, 2022 आदेश / ORDER संजय गग[, ÛयाǓयक सदèय ɮवारा / Per Sanjay Garg, Judicial Member: The present appeal has been preferred by the assessee against the order dated 16.02.2018 of the Commissioner of Income Tax (Appeals)-5, Kolkata [hereinafter referred to as ‘CIT(A)’] passed u/s 250 of the Income Tax Act (hereinafter referred to as the ‘Act’). 2. Notices of hearing have been sent through registered post RPAD several times but no one has ever put in appearance on behalf of the assessee. Therefore, we proceed to decide the appeal after hearing the ld. DR. I.T.A. No.626/Kol/2018 Assessment Year: 2009-10 Idea Vinimay Pvt. Ltd 2 3. A perusal of the assessment order reveals that the Assessing Officer had called for the following details from the assessee to prove the identity, creditworthiness of the share subscribers and genuineness of the transaction by way of issuing summons u/s 131 of the Act to the director of the assessee company: “1. Proof of identity-Voter Card/Passport/Driving license/PAN Card 2. List of companies where you were Directors/shareholders from the A.Y. 2008-09 till date with dates of appointments thereto with DIN 3. Proof of acknowledgement of filing IT Return alongwith copies of accounts and that of the companies where you have been director as mentioned above in SI. 2 for A.Yrs. 2010-11, 2011-12 & 2012-13. 4. All bank statements explaining debit & credit entries therein also highlighting the relevant entries with regard to the share capital investment. 5. Produce all investors (in case of company, the Managing Director) who have made investment in your company. 6. The source of fund in the hands of investors with their respective bank statement explaining all the debit/credit entries. 7. Identification of family members who are directors in the assessee company and their relationship. 8. A write-up on justification of large share premium.” 4. However, neither director of the assessee company appeared nor the required details were furnished, therefore, the Assessing Officer treated the share application money as unexplained income of the assessee u/s 68 of the Act and the Assessing Officer made the impugned addition of Rs.145575000/-. The ld. CIT(A) confirmed the addition so made by the Assessing Officer. Since, neither anyone has appeared nor any details furnished before us, therefore, we do not find any reason to interfere with the order of the CIT(A) and the same is accordingly upheld. I.T.A. No.626/Kol/2018 Assessment Year: 2009-10 Idea Vinimay Pvt. Ltd 3 5. In the result, the appeal of the assessee is hereby dismissed. Kolkata, the 12 th December, 2022. Sd/- Sd/- [ͬगरȣश अĒवाल /Girish Agrawal] [संजय गग[ /Sanjay Garg] लेखा सदèय/Accountant Member ÛयाǓयक सदèय/Judicial Member Dated: 12.12.2022. RS Copy of the order forwarded to: 1. Idea Vinimay Pvt. Ltd 2. ITO, Ward-13(2), Kolkata 3. CIT(A)- 4. CIT- , 5. CIT(DR), //True copy// By order Assistant Registrar, Kolkata Benches