Nice Commodities (P) Ltd., Kolkata V. I.T.O.,Ward-1(2), Kolkata

ITA 659/KOL/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 8734 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 3 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-07-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 03-04-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: JAYANTA KHANRA JCITSRDR
• Keywords: Unexplained cash credit
• Section: 68; 144

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH D VIRTUAL COURT KOLKATA BEFORE SHRI J.SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI S.S.GODARA, JUDICIAL MEMBER ITA NO.659 & 2497/KOL/2019 ASSESSMENT YEAR: 2012-13 NICE COMMODITIES (P) LTD., C/O SUBASH AGARWAL & ASSOCIATES, ADVOCATES SIDDHA GIBSON, 1, GIBSON LANE, SUITE 213, 2 ND FLOOR,KOLKATA-700 069 [ PAN NO.AAACN 9793 N ] M/S RSV ISPAT PVT. LTD., 135J NSC BOSE ROAD, TOLLYGUNGE, KOLKATA-040 [ PAN NO.AAFCR 0832 H ] / V/S . / V/S . INCOME TAX OFFICER WARD- 1(2), AAYAKAR BHAWAN, P- 7, CHOWRINGHEE SQUARE, KOLKATA-700 069 INCOME TAX OFFICER WARD- 12(3), AAYAKAR BHAWAN, P-7, CHOWRINGHEE SQUARE, KOLKATA-700 069 /APPELLANT .. /RESPONDENT /BY ASSESSEE SHRI SUBASH AGARWAL, ADVOCATE & SHRI SUNIL SURANA, ADVOCATE # /BY RESPONDENT SHRI JAYANTA KHANRA, JCIT, SR-DR /DATE OF HEARING 17-06-2020 /DATE OF PRONOUNCEMENT 22-07-2020 /O R D E R PER S.S.GODARA, JUDICIAL MEMBER:- THESE TWO ASSESSEES APPEAL(S) FOR ASSESSMENT YEAR 2012-13 ARISE AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS)-17 & 4, KOLKAT AS SEPARATE ORDERS DATED 07.02.2019 AND 27.03.2019 PASSED IN CASE NOS.254/CI T(A)-17/KOL/17-18 & 882/ ITA NO.659 & 2497/KOL/2019 ASSESSMENT YEAR 2012-1 3 NICE COMMODITIES LTD & M/S RSV ISPAT PVT.LTD. VS ITO WD-1(2) & 12(3), KOL. PAGE 2 CIT(A)-4/15-16 INVOLVING PROCEEDINGS U/S143(3) R.W. S. 144 OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEARD SHRI SUBASH AGARWAL AND SHRI SUNIL SURANA LEA RNED REPRESENTATIVES AND SHRI JAYANTA KHANRA, JCIT APPEARING AT THE REVENUE S BEHEST. CASE FILE(S) PERUSED. 2. IT APPEARS AT THE OUTSET THAT THE CIT(A)S ORDER (S) UNDER CHALLENGE IN BOTH THESE CASES HAVE AFFIRMED THE ASSESSING OFFICERS IDENTIC AL ACTION TREATING THE ASSESSEES SHARE APPLICATION / PREMIUM AMOUNT(S) OF 1,01,50,000/- AND 3,16,00,000/-; RESPECTIVELY AS UNEXPLAINED CASH CREDITS U/S 68 OF THE ACT AFTER ALLEGING LACK OF GENUINENESS AND CREDITWORTHINESS THEREOF. A PERUSAL OF THE CIT(A)S ORDER(S) INDICATES THAT THERE HAD NOT ANY ACTUAL SERVICE OF NOTICE(S) OF HEARING TO EITHER OF THE TWO ASSESSEES. AND ALSO THAT ALTHOUGH THEY HAD FILED D ETAILED DOCUMENTARY EVIDENCE DURING THE COURSE OF CORRESPONDING SCRUTINY ASSESSM ENT(S), THE SAME HAD NOWHERE BEEN CONSIDERED BY EITHER OF THE TWO ASSESSING OFFI CER(S). WE THEREFORE ARE OF THE VIEW THAT THE INSTANT IDENTICAL ISSUE OF THE ASSESS EES SHARE APPLICATION / PREMIUM REQUIRES AFRESH FACTUAL VERIFICATION AT THE ASSESSI NG OFFICERS END. WE ORDER ACCORDINGLY. THE ASSESSEES ARE ALSO DIRECTED TO DIS CHARGE THEIR ONUS WITHIN THREE EFFECTIVE OPPORTUNITIES OF HEARING IN CONSEQUENTIAL PROCEEDINGS BEFORE THE RESPECTIVE ASSESSING OFFICERS. 3. THESE TWO ASSESSEES APPEALS ARE ALLOWED FOR STA TISTICAL PURPOSES IN ABOVE TERMS. A COPY OF THE INSTANT COMMON ORDER BE PLACED IN THE RESPECTIVE CASE FILES . ORDER PRONOUNCED IN OPEN COURT ON 22/07/2020 SD/- SD/- ( #) (+ #) (J.SUDHAKAR REDDY) (S.S.GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER *DKP-SR.PS , - 22/07/2020 / KOLKATA ITA NO.659 & 2497/KOL/2019 ASSESSMENT YEAR 2012-1 3 NICE COMMODITIES LTD & M/S RSV ISPAT PVT.LTD. VS ITO WD-1(2) & 12(3), KOL. PAGE 3 / COPY OF ORDER FORWARDED TO:- 1. /ASSESSEE-NICE COMMODITIES (P) LTD., C/O SUBASH AG ARWAL & ASSOCIATES, ADVOCATES SIDDHA G IBSON, 1, GIBSON LANE, SUITE NO.213, 2 ND FLOOR, KOLKATA-69 / M/S RSV ISPAT PVT. LTD., 135J NSC BOSE ROAD, TOLLYGUNGE, KOLKATA-700 040 2. # /REVENUE-INCOME TAX OFFICER, WARD-1(2) /12(3), AAY AKAR BHAWAN, P-7, CHOWRINGHEE SQUARE, K OLKATA-69 3. / 0 / CONCERNED CIT 4. 0 - / CIT (A) 5. 1 ++/ , / /DR, ITAT, KOLKATA 6. 4 / GUARD FILE. BY ORD ER/ , /TRUE COPY/ /,