Decent Credit Resources Pvt. Ltd., Kolkata V. ITO, Ward 6(1), Kolkata, Kolkata

ITA 84/KOL/2010

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 2448 (ITAT-KOLKATA)
• Duration Of Justice: 6 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-07-2010
• Appeal Filed By: Assessee
• Bench Allotted: B
• Assessment Year: 2002-2003
• Appeal Filed On: 14-01-2010
• Court: TRIBUNAL
• Department Lawyers: A K PRAMANIK
• Assessee Lawyers: MANISH TIWARI

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH : KOLKATA () . . , , ! .'#. , $% [BEFORE SRI B. R. MITTAL, JM & SRI C. D. RAO , AM] !& !& !& !& / ITA NO.84 /KOL/2010 '( )* '( )* '( )* '( )*/ // / ASSESSMENT YEAR : 2002-03 DECENT CREDIT RESOURCES PVT. LTD. -VS- INCOME-TAX OFFICER, WD-6(1), KOLKATA (PA NO.AADCD 0861 A) (,- / APPELLANT ) (./,-/ RESPONDENT ) FOR THE APPELLANT: : 0 /SRI MANISH TIWARI FOR THE RESPONDENT 0 /SRI A. K. PRAMANIK $1 / ORDER PER B. R. MITTAL, ( . . . . . . . . ) )) ), , , , ) : THE ASSESSEE HAS FILED THIS APPEAL FOR ASSESSMENT Y EAR 200 2 -0 3 AGAINST THE ORDER OF LD. CIT(A) DATED 23 RD NOVEMBER, 2009 ON THE FOLLOWING GROUNDS : 1. THAT THE OBSERVATIONS OF LD. CIT (A) THAT NO DE TAILS REGARDING SHARE LOSS OF RS.7,45,000/- ARE FILED AND OPPOSED TO HIS OWN OBSE RVATION THAT THE APPELLANT FAILED TO EXPLAIN THE DETAILS OF SHARE LOSS. 2. THAT THE OBSERVATION OF LD. CIT(A) THAT NO DETAI LS OF SHARE LOSS WERE FILED IS CONTRARY TO FACTS ON RECORD. 3. THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF TH E CASE, IA. CIT(A) HAS ERRED IN REFERRING TO EXPLANATION TO SECTION 73 OF I.T. ACT, 1961 IN UPHOLDING THE DISALLOWANCE OF SHARE LOSS OF RS. 7 45,000/- ALTHOUGH SUCH DISALLOW ANCE WAS MADE BY ASSESSING OFFICER FOR WANT OF DETAILS OF SHARE LOSS. 2. AT THE TIME OF HEARING, THE LD. AR SUBMITTED THA T THE LD. CIT(A) HAS CONFIRMED THE DISALLOWANCE OF SHARE TRADING LOSS OF RS.7,45,0 00/- AS PER EXPLANATION TO SECTION 73 ON THE GROUND THAT NO DETAILS HAVE BEEN FILED BY TH E ASSESSEE REGARDING SHARE LOSS. THE LD. AR ALSO SUBMITTED THAT THE PRINCIPAL BUSINESS O F THE ASSESSEE IS OF GRANTING LOANS AND ADVANCES AND ACCORDINGLY EXPLANATION TO SECTION 73 IS NOT APPLICABLE. HE FURTHER SUBMITTED THAT THE AO COMPLETED THE ASSESSMENT U/S. 144 OF THE ACT AND AS SUCH THE ASSESSEE COULD NOT GET SUFFICIENT OPPORTUNITY TO FU RNISH THE DETAILS. HE ALSO SUBMITTED THAT IF THE MATTER IS RESTORED TO AO, THE ASSESSEE WILL FURNISH ALL REQUISITE DETAILS IN RESPECT OF THE SHARE TRADING LOSS AND THE DETAILS OF THE PRINC IPAL BUSINESS OF THE ASSESSEE. LD. DR HAS NO OBJECTION IF THE MATTER IS RESTORED TO THE AO FO R HIS CONSIDERATION. 3. CONSIDERING THE ABOVE SUBMISSIONS OF LD. REPRESE NTATIVES OF BOTH THE PARTIES AND THE ORDERS OF THE AUTHORITIES BELOW, WE, IN THE INT EREST OF JUSTICE, SET ASIDE THE IMPUGNED 2 ORDERS OF THE AUTHORITIES BELOW AND RESTORE THE ISS UE TO THE AO WITH A DIRECTION THAT THE AO WILL DECIDE THE ABOVE ISSUE AFTER CONSIDERING EV IDENCES AS MAY BE FILED BY THE ASSESSEE AND AFTER GIVING DUE OPPORTUNITY OF HEARIN G. WE MAY STATE THAT IF THE ASSESSEE FAILS TO COOPERATE THE AO, HE WILL DECIDE THE ISSUE ON THE BASIS OF THE MATERIAL WITH HIM. THEREFORE, THE APPEAL OF THE ASSESSEE IS ALLOWED FO R STATISTICAL PURPOSES. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED FOR STATISTICAL PURPOSE. ORDER PRONOUNCED IN THE OPEN COURT ON 26 TH JULY, 2010. SD/- SD/- . .. .'# '#'# '#. .. . , , , , $% $% $% $% . . . . . . . . (C. D. RAO) (B. R. MITTAL) ACCOUNTANT MEMBER JUDICIAL MEMBER ( (( (#% #% #% #%) )) ) DATED : 26TH JULY, 2010 45 '67 8 JD.(SR.P.S.) $1 9 .: ;$:)<- COPY OF THE ORDER FORWARDED TO: 1. ,- /APPELLANT - M/S. DECENT CREDIT RESOURCES PVT. LT D., 36, STRAND ROAD, ROOM NO. 26C, KOLKATA-700 001. 2 ./,- / ITO, WARD-6(1),KOLKATA 3. 1'/ THE CIT, KOLKATA 4. 1' ()/ THE CIT(A), KOLKATA. 5. AB .' / DR, KOLKATA BENCHES, KOLKATA /: ./ TRUE COPY , $1'C/ BY ORDER , D !7 / DEPUTY REGISTRAR .