Crescent Exports Ltd., Kolkata V. ITO, Ward 7(4), Kolkata, Kolkata

ITA 896/KOL/2017

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 7570 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 8 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-01-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2012-2013
• Appeal Filed On: 28-04-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: AGAINST DATED PASSED
• Keywords: Assessment record
• Section: 68

Judgement Text

ITA NO.896/KOL/2017 (ASSESSMENT YEAR-2012-13) IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH A, KOLKATA BEFORE SH. J.SUDHAKAR REDDY, ACCOUNTANT MEMBER & SH. S.S.VISWANETHRA RAVI, JUDICIAL MEMBER ITA NO.896/KOL/2017 (ASSESSMENT YEAR-2012-13) ORDER PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER THIS APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER DATED 03.03.2017 PASSED BY CIT(A)-16, KOLKATA U/S 143(3)/144 OF THE INCOME TAX ACT, 1961 (IN SHORT ACT) FOR AY 2012-13. 2. HEARD BOTH PARTIES AND PERUSED THE MATERIAL AVAILABLE ON RECORD. IT IS OBSERVED FROM THE ASSESSMENT RECORD THAT THE ASSESSEE ADDED AN AMOUNT OF RS.2,18,34,995/- U/S 68 OF THE ACT. BUT, HOWEVER, IT IS SEEN THE DISCUSSION OF THE AO AT PAGE NOS. 5 & 6 OF HIS ORDER THAT THE ASSESSEE COULD NOT FURNISH ANY DOCUMENTS TO SUBSTANTIATE THAT THE FRESH UNSECURED LOANS WAS RECEIVED FROM GENUINE SOURCES. FOR NOT SUBSTANTIATING THROUGH DOCUMENTARY EVIDENCES, THE AO RESORTED TO ADD THE SAID AMOUNT U/S 68 OF THE ACT. FROM THE ORDER OF CIT(A), IT IS OBSERVED BY PLACING RELIANCE IN THE CASE OF RAJMANDIR ESTATES PVT.LTD. VS PCIT OF HONBLE HIGH COURT OF KOLKATA CONFIRMED THE ADDITION MADE BY THE AO WITHOUT MAKING ANY DISCUSSION OR WHATSOEVER INVOLVING THE ADDITION MADE BY THE AO. THEREFORE, TAKING INTO CONSIDERATION THE SAID 1 CRESCENT EXPORTS LTD., 9, PRETORIA STREET, SUNDEEP BUILDING, FLAT NO.18, 5 TH FLOOR, KOLKATA-700071. PAN-AABCC2316F VS ITO, WARD-7(4), AAYKAR BHAVAN, CHOWRINGHEE SQUARE, KOLKATA-700069. (APPELLANT) (RESPONDENT) APPELLANT BY SH. SUBASH AGARWAL, ADVOCATE RESPONDENT BY SH. SANKAR HALDER, ADDL. CIT SR.DR DATE OF HEARING 05.11.2018 DATE OF PRONOUNCEMENT 16.01.2019 ITA NO.896/KOL/2017 (ASSESSMENT YEAR-2012-13) FACTS AND THE SUBMISSIONS OF LD.DR & LD.AR AND IN THE INTEREST OF JUSTICE, WE DEEM IT PROPER TO REMAND THE MATTER TO THE FILE OF CIT(A) FOR HIS FRESH CONSIDERATION AND TO PASS SPEAKING ORDER. THE ASSESSEE IS LIBERTY TO FILE EVIDENCES, IF ANY, IN SUPPORT OF ITS CONTENTION. THUS, GROUNDS RAISED BY THE ASSESSEE ARE ALLOWED FOR STATISTICAL PURPOSES. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 16.01.2019. SD/- SD/- (J.SUDHAKAR REDDY) (S.S.VISWANETHRA RAVI) ACCOUNTANT MEMBER JUDICIAL MEMBER [ DATE:- 16.01.2019 *AMIT KUMAR* COPY FORWARDED TO: 1. APPELLANT- CRESCENT EXPORTS LTD., 9, PRETORIA STREET, SUNDEEP BUILDING, FLAT NO.18, 5 TH FLOOR, KOLKATA-700071. 2. RESPONDENT- ITO, WARD-7(4), AAYKAR BHAVAN, CHOWRINGHEE SQUARE, KOLKATA-700069. 3. CIT-KOLKATA 4. CIT(APPEALS)-KOLKATA 5. DR: ITAT -KOLKATA BENCHES BY ORDER AR/H.O.O ITAT, KOLKATA 2