Parashar Coke P. Ltd., Kolkata V. I.T.O.,Ward-11(2), Kolkata

ITA 734/KOL/2019

AI Insights

The case involves Parashar Coke P Ltd, which appealed against the order of the Commissioner of Income Tax (Appeals)-4, Kolkata, concerning the assessment year 2014-15. The primary contention in the appeal was the addition of Rs.11,50,00,000 as unexplained income and an additional Rs.40,53,738 related to tax-exempt income expenditures, both of which were contested by the assessee. The Assessing Officer had initially made these additions due to the assessee's failure to provide necessary documentation and evidence regarding the investments and the creditworthiness of the creditors. The CIT(A) upheld these additions after the assessee failed to appear or provide any documents during the appeal proceedings. The Tribunal, after reviewing the case and the absence of any representation or evidence from the assessee, dismissed the appeal.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 128239 (ITAT-KOLKATA)
• Duration Of Justice: 4 year(s) 1 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-06-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 19-04-2023
• Assessment Year: 2014-2015
• Appeal Filed On: 08-04-2019
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Earning of tax free income; Source of fund
• Section: 68; 250

Judgement Text

आयकर अपीलȣय अͬधकरण, कोलकाता पीठ ‘बी’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “B” 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.734/Kol/2019 Assessment Year: 2014-15 Parashar Coke P Ltd.............................................................. Appellant C/o S.N Ghosh and Associates, Advocates, 2, Garstin Place, 2 nd Floor, Suite No.203, Off Hare Street, Kol-1. [PAN: AAKCS0653G] vs. ITO, Ward-11(2), Kolkata.................................................................. Respondent Appearances by: None appeared on behalf of the appellant. Shri Sanjay Mukherjee, CIT-DR, appeared on behalf of the Respondent. Date of concluding the hearing : April 20, 2023 Date of pronouncing the order : June 06, 2023 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 30.01.2019 of the Commissioner of Income Tax (Appeals)-4, Kolkata [hereinafter referred to as ‘CIT(A)’] passed u/s 250 of the Income Tax Act (hereinafter referred to as the ‘Act’). 2. No one has put in appearance on behalf of the assessee despite notice. Earlier, Shri Somnath Ghosh, Advocate, appeared on behalf of the assessee on 18.04.2023. The date of hearing was informed to him in open court. Today, neither anyone has appeared nor any adjournment has been requested. A perusal of the assessment order as well as impugned order of the CIT(A) would reveal that no one represented either before the Assessing Officer or before the CIT(A). In the above I.T.A. No.734/Kol/2019 Assessment Year: 2014- Parashar Coke P Ltd 2 circumstances, it is apparent that the assessee is not interested in pursuing the present appeal, therefore, we proceed to decide the appeal after hearing the ld. DR. 3. The brief facts of the case are that the Assessing Officer during the assessment proceedings noted that the assessee had invested Rs.11,50,00,000/- as well as short term borrowing also increased Rs.11,50,00,000/-. The Assessing Officer required the ld. AR to produce the details of investment with the confirmations, creditworthiness, bank statement, source of fund of creditors. However, the ld. AR was unable to produce the same. Show-cause notice was issued to the director of the company but neither the director himself nor the AR of the assessee appeared with confirmations before the Assessing Officer. The Assessing Officer, thereafter, proceeded to frame the assessment and noticed that the assessee had failed to produce evidences relating to the identity and creditworthiness of the creditors and genuineness of transactions. The assessee had failed to prove the source of the investments. He under the circumstances invoked the provisions of section 68 of the Act and made the impugned addition of Rs.11,50,00,000/- as unexplained income of the assessee. The Assessing Officer also made additions in respect of expenditure incurred for earning tax exempt income of Rs.40,53,738/-. 4. Being aggrieved by the above order of the Assessing Officer, the assessee preferred appeal before the CIT(A) but neither anyone has appeared before the CIT(A) nor any documents furnished. The ld. CIT(A) thereafter concluded that the assessee has no evidence to prove his transactions and relying upon various case laws confirmed the additions so made by the Assessing Officer. I.T.A. No.734/Kol/2019 Assessment Year: 2014- Parashar Coke P Ltd 3 5. Since, neither anyone has appeared nor any submissions filed and after going through the order of the CIT(A), we do not find any infirmity in the order of the CIT(A) and the same is upheld. 6. In the result, the appeal of the assessee is hereby dismissed. Kolkata, the 6 th June, 2023. Sd/- Sd/- [ͬगरȣश अĒवाल /Girish Agrawal] [संजय गग[ /Sanjay Garg] लेखा सदèय/Accountant Member ÛयाǓयक सदèय/Judicial Member Dated: 06.06.2023. RS Copy of the order forwarded to: 1. Parashar Coke P Ltd 2. ITO, Ward-11(2), Kolkata 3.CIT (A)- 4. CIT- , 5. CIT(DR), //True copy// By order Assistant Registrar, Kolkata Benches