M/s. Bhikshu Mercantile Private Limited , Kolkata V. ITO, Ward - 5(3), Kolkata , Kolkata

ITA 674/KOL/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 7459 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-04-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2012-2013
• Appeal Filed On: 11-04-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SHANKAR AHALDAR JC; RADHAY SHYAM
• Assessee Lawyers: S M SURANA
• Keywords: Source of fund; Corroborative evidences; Rule 8D
• Section: 143(3); 142(1); 14A; 133(6); 131

Judgement Text

, D , IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH D KOLKATA BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND DR. A.L. SAINI, ACCOUNTANT MEMBER ITA NO. 674 / KOL / 20 18 ASSESSMENT YEAR :2012-13 M/S BHIKSHU MERCANTILE PVT LTD., 71, CANNING STREET, GROUND FLOOR, E-3, BAGREE MARKET, KOLKATA-700001 [ PAN NO.AAECB 9395 A ] V/S . INCOME TAX OFFICER, WARD-5(3), P-7, CHOWRINGHEE SQUARE, AAYAKAR BHAWAN, 8 TH FLOOR, KOLKATA-69 /APPELLANT .. / RESPONDENT /BY APPELLANT SHRI S.M. SURANA, ADVOCATE /BY RESPONDENT SHRI RADHAY SHYAM, CIT-DR & SHANKAR AHALDAR, JCIT-SR-DR /DATE OF HEARING 18-04-2019 /DATE OF PRONOUNCEMENT 30-04-2019 / O R D E R PER S.S.GODARA, JUDICIAL MEMBER:- THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2012-13 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS)-7. KOLKATAS O RDER DATED 23.01.2018 PASSED IN CASE NO.98/ CIT(A)-7/KOL/WARD-5(3)/17-18, INVOLV ING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEARD BOTH THE SIDES. CASE FILE PERUSED. 2. THE ASSESSEES TWIN SUBSTANTIVE GROUNDS RAISED IN ITS INSTANT APPEAL CHALLENGE CORR4ECTNESS OF CIT(A)S EX PARTE ORDER UPHOLDING THE ASSESSING OFFICERS ACTION TREATING ITS SHARE APPLICATION MONEY OF 3.38 LAC. TO BE UNEXPLINED CASH CREDITS AND SEC. 14A R.W.S RULE 8D DISALLOWANCE OF 5,032/- IN ASSESSMENT ORDER DATED 02.03.2015. WE NOTICE AT THE OUTSET THAT THE ASSESSEE HAS FILED A DETAILED PAPER BOOK COMPRISING OF ITS INCOME TAX ACKNOWLEDGE MENT, FULL SET OF INCOME-TAX ITA NO.674/KOL/2018 A.Y. 2012-1 3 M/S BHIKSHU MERCANTILE PVT. LTD. VS. ITO WD-5(3),KOL. PAGE 2 RETURN, AUDITED FINANCIAL STATEMENT, COMPUTATION OF TOTAL INCOME LIST OF ALLOTTEES BANK STATEMENT. THE ASSESSING OFFICER NOTICE(S) U/S 143( 2) AN 142(1) DATED 07.08.2013, REPLY DATED 14.07.2014, U/S 131 SUMMONS REPLY THERE OF DATED 26.11.2014 ALONGWITH SUPPORTING EVIDENCE, SHARE APPLICANTS EXPLANATION, SHOW-CAUSE NOTICE DATED 09.02.2015 AND NINE SHARE APPLICANTS REPLY TO U/S 133(6) NOTICE, ACKNOWLEDGEMENTS, BANK STATEMENT EARNED SOURCE OF FUNDS ALLOTMENT LET TER, INCOME-TAX ACKNOWLEDGEMENT AUDITOR FINANCIAL STATEMENT AS WELL LIST OF DIRECTORS IN ALL CASES. THERE IS NO DISPUTE THAT THE CIT(A)S EX PARTE ORDE R HAS NOWHERE CONSIDERED THE SAME ON MERITS REQUIRING FORMULATION OF POINTS OF D ETERMINATION FOLLOWED BY A DETAILED ADJUDICATION THREREUPON U/S. 250(6) OF THE ACT. WE NOTICE THAT CIT(A);S ORDER IN PAGE 9 PARA-7 HAS SIMPLY AFFIRMED THE ASSESSING OFFICERS ACTION WITHOUT TAKING INTO CONSIDERATION ALL THE SAID VOLUMINOUS EVIDENCE FORMING PART OF RECORD RIGHT FROM ASSESSMENT ONWARDS. WE THEREFORE RESTORE THE INSTAN T LIS BACK TO THE CIT(A) FOR AFRESH ADJUDICATION AS PER LAW WITHIN THREE EFFECTI VE OPPORTUNITIES OF HEARING TO THE TAXPAYER. 3. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICA L PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT 30/04/2019 SD/- SD/- ( %) (' %) (DR.A.L. SAINI) (S.S.GODARA) (ACCOUNTANT MEMBER) (JUDICIAL MEMBER) KOLKATA, *DKP, SR.P.S (- 30 / 04 /201 9 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-M/S BHIKSHU MERCANTILE PVT. LTD. 71, CAN NING STREET, GROUND FLOOR E-3, BAGRE MARK ET, KOLKATKA-700001 2. /RESPONDENT-ITO WD-5(3), P-7, CHOWRINGHEE SQ.AAYAKA R BHAWAN, 8 TH FL,KOL-69 3. 3 4 / CONCERNED CIT KOLKATA 4. 4- / CIT (A) KOLKATA 5. 7 ''3, 3, / DR, ITAT, KOLKATA 6. < / GUARD FILE. BY ORDER/ , /TRUE COPY/ 3,