Lifewood Agencies (P) Ltd., Kolkata V. I.T.O.,Ward-1(2), Kolkata

ITA 703/KOL/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 8495 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 3 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-07-2020
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 08-04-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: SUPRIYO PAL
• Keywords: Unexplained cash credit
• Section: 143(3); 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL D (VIRTUAL COURT HEARING), BENCH KOLKATA BEFORE SHRI P.M. JAGTAP, V.P & SHRI S. S. GODARA, JM ./I.T.A NO.703/KOL/2019 ( [ [ / ASSESSMENT YEAR: 2012-13) LIFEWOOD AGENCIES (P) LTD. C/O SUBASH AGARWAL & ASSOCIATES, ADVOCATES, SIDDHA GIBSON, 1, GIBSON LANE, SUITE 213, 2 ND FLOOR, KOLKATA 700069. VS. ITO, WARD-1(2), KOLKATA ./ ./PAN/GIR NO.: AACCL1918K (APPELLANT) .. (RESPONDENT) APPELLANT BY : SHRI SUBASH AGARWAL, ADVOCATE RESPONDENT BY : SHRI SUPRIYO PAL, JCIT / DATE OF HEARING : 08/06/2020 /DATE OF PRONOUNCEMENT : 10/07/2020 / O R D E R PER SHRI S. S. GODARA: THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2012-13 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (A) - 17, KOLKATA DATED 07.03.2019 PASSED IN CASE NO.175/CIT(A)-17/KOL/17-18 INVOLVING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. CASE FILE SUGGESTS AT THE OUTSET THAT THE CIT(A)S LOWER APPELLATE ORDER UNDER CHALLENGE HAS AFFIRMED THE ASSESSING OFFICERS ACTION ADDING THE ASSESSEES SHARE CAPITAL/PREMIUM OF RS.2,77,25,000/- AS UNEXPLAINED CASH CREDITS U/S 68 OF THE ACT SINCE LACKING GENUINENESS/CREDITWORTHINESS. 3. THE REVENUES CASE IN TUNE WITH THE CIT(A)S LOWER APPELLATE ORDER IS THAT THE ASSESSEE NEITHER APPEARED IN LOWER APPELLATE PROCEEDINGS NOR HAS IT DISCHARGED HIS ONUS OF PROVING IDENTITY, CREDITWORTHINESS AND GENUINENESS OF THE INVESTOR PARTIES. I.T.A NO.703/KOL/2019 LIFEWOOD AGENCIES (P) LTD. PAGE | 2 4. WE NOTICE IN THIS BACKDROP THAT ALTHOUGH THE CIT(A)S ORDER IN PARA NO.2 INDICATES THAT HE HAD FIXED THE ASSESSEES APPEAL FOR HEARING ON 24.01.2018, 06.02.2019 & 21.02.2019, THERE IS NOT EVEN A WHISPER AS TO WHETHER THE SAME HAD BEEN ACTUALLY SERVED HEARING NOTICE OR NOT. COUPLED WITH THIS, THE CIT(A)S ORDER HAS NOT DISCUSSED THE RELEVANT ISSUES AS WELL FOLLOWED BY A DETAILED ADJUDICATION U/S 250(6) OF THE ACT. WE THEREFORE DEEM IT APPROPRIATE TO RESTORE THE ASSESSEES INSTANT SOLE SUBSTANTIVE GRIEVANCE BACK TO THE CIT(A) FOR FRESH ADJUDICATION AS PER LAW. 5. THIS ASSESSEES APPEAL IS ACCEPTED FOR STATISTICAL PURPOSES. ORDER IS PRONOUNCED IN THE OPEN COURT ON 10.07.2020. SD/- ( P. M. JAGTAP ) SD/- (S. S. GODARA) VICE-PRESIDENT JUDICIAL MEMBER /KOLKATA; / DATE: 10/07/2020 RS / COPY OF THE ORDER FORWARDED TO : TRUE COPY BY ORDER ASSISTANT REGISTRAR, I.T.A.T, KOLKATA BENCHES, KOLKATA . 1. THE APPELLANT- LIFEWOOD AGENCIES (P) LTD. 2. THE RESPONDENT- ITO, WARD-1(2), KOLKATA 3. ( ) / THE CIT(A), KOLKATA [SENT THROUGH EMAIL] 4. / CIT 5. , , / DR, ITAT, KOLKATA [SENT THROUGH EMAIL] 6. [ / GUARD FILE.