Mangalsidhi Tradelink Pvt Ltd., Kolkata V. ITO WD-2(1), Ranchi

ITA 77/RAN/2017

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 8286 (ITAT-RANCHI)
• Duration Of Justice: 2 year(s) 10 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-03-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2012-2013
• Appeal Filed On: 07-04-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: INDRAJEET SINGH
• Keywords: Unexplained cash credit
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL: RANCHI BENCH, RANCHI BEFORE SHRI S.S.GODARA, JM AND DR. A. L. SAINI, AM I.T.A NO.77/RAN/2017 ASSESSMENT YEAR: 2012-13 MANGALSIDHI TRADELINK PVT. LTD. 3 RD FLOOR, ROOM NO.5, 16, INDIA EXCHANGE PLACE, KOL-1. VS. ITO, WARD-2(1), RANCHI PAN/GIR NO. : AAHCM5446J ( APPELL ANT ) .. (RESPONDENT) APPELLANT BY NONE RESPONDENT BY SHRI INDRAJEET SINGH, CIT(DR) DATE OF HEARING 03.03.2020 DATE OF PRONOUNCEMENT 03.03.2020 O R D E R PER BENCH(ORAL): THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2012-13 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS), RANCHI DATED 15.12.2016 PASSED IN APPEAL NO.69/RAN/CO/15-16 INVOLVING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT). CASE CALLED TWICE. NONE APPEARS AT ASSESSEES BEHEST. CASE FILE SUGGESTS THAT THE REGISTRY HAS ALREADY SENT A RPAD NOTICE 1DATED 12.02.20 TO THE ASSESSEE. IT IS ACCORDINGLY PROCEEDED EX PARTE. 2. WE NOTICE AT THE OUTSET THAT THIS APPEAL SUFFERS FROM 5 DAYS DELAY IN FILING WHICH IS CONDONED ON ACCOUNT OF NO OBJECTION FROM REVENUE SIDE. 3. WE HAVE HEARD LEARNED CIT-DR. HE TOOK US TO CIT(A)S DETAILED DISCUSSION CONFIRMING THE ASSESSING OFFICERS ACTION TREATING ASSESSEES SHARE APPLICATION MONEY OF RS.4,00,00,000/- AS UNEXPLAINED CASH CREDITS AS UNDER: I.T.A NO.77/RAN/2017 MANGALSIDHI TRADELINK PVT. LTD. 2 I.T.A NO.77/RAN/2017 MANGALSIDHI TRADELINK PVT. LTD. 3 I.T.A NO.77/RAN/2017 MANGALSIDHI TRADELINK PVT. LTD. 4 I.T.A NO.77/RAN/2017 MANGALSIDHI TRADELINK PVT. LTD. 5 I.T.A NO.77/RAN/2017 MANGALSIDHI TRADELINK PVT. LTD. 6 I.T.A NO.77/RAN/2017 MANGALSIDHI TRADELINK PVT. LTD. 7 I.T.A NO.77/RAN/2017 MANGALSIDHI TRADELINK PVT. LTD. 8 I.T.A NO.77/RAN/2017 MANGALSIDHI TRADELINK PVT. LTD. 9 I.T.A NO.77/RAN/2017 MANGALSIDHI TRADELINK PVT. LTD. 10 I.T.A NO.77/RAN/2017 MANGALSIDHI TRADELINK PVT. LTD. 11 4. IT IS SUFFICIENTLY CLEAR FROM A PERUSAL OF THE ABOVE EXTRACTED LOWER APPELLATE DISCUSSION THAT THE ASSESSEE HAS FILED TO PROVE IDENTITY, CREDITWORTHINESS AND GENUINENESS OF THE INVESTOR PARTY(IES). NO REBUTTAL ON FACTS EMERGES IN THE CASE FILE. WE THUS AFFIRM THE IMPUGNED ADDITION MADE IN THE LOWER APPELLATE PROCEEDINGS. 5. THIS ASSESSEES APPEAL IS DISMISSED. ORDER IS PRONOUNCED IN THE OPEN COURT ON 03.03.2020. SD/- SD/- (A. L. SAINI) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 03.03.2020. RS COPY OF THE ORDER FORWARDED TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE CIT(A) - 5. THE DR, ITAT, RANCHI 6. GUARD FILE BY ORDER SR. P.S., ITAT, RANCHI (ON TOUR)