M/s Shelcon Realtors Pvt. Ltd., Siliguri V. DCIT, Circle -2, Jalpaiguri, Siliguri

ITA 900/KOL/2012

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 8092 (ITAT-KOLKATA)
• Duration Of Justice: 4 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-10-2012
• Appeal Filed By: Assessee
• Bench Allotted: C
• Assessment Year: 2008-2009
• Appeal Filed On: 12-06-2012
• Court: TRIBUNAL
• Department Lawyers: K N JANA
• Assessee Lawyers: S K TULSIYAN
• Keywords: Bogus Share capital; Opportunity of being heard

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL, BEN CH C, KOLKATA () BEFORE , ,, , , SHRI MAHAVIR SINGH, JUDICIAL MEMBER. /AND . .. . ! ! ! !. .. . , '# SHRI C.D.RAO, ACCOUNTANT MEMBER $ $ $ $ / ITA NO . 900/KOL/2012 %& '(/ ASSESSMENT YEAR : 2008-09 (*+ / APPELLANT ) M/S.SHELCON REALTORS (P)LTD., SILIGURI (PAN:AAKCS 3719 F) (,-*+/ RESPONDENT ) D.C.I.T., CIRCLE-2, SILIGURI. *+ . / '/ FOR THE APPELLANT: SHRI S.K.TULSIYAN ,-*+ . / '/ FOR THE RESPONDENT: SHRI K.N.JANA, SR.(.DR) 0%1 . !# /DATE OF HEARING : 25.10.2012. 2' . !# /DATE OF PRONOUNCEMENT : 25.10.2012. '3 / ORDER . .. . ! ! ! !. .. . , '# PER SHRI C.D.RAO, AM THE ABOVE APPEAL IS FILED BY ASSESSEE AGAINST ORDER DATED 27.04.2012 OF THE LD. CIT-(A)-SILIGURI PERTAINING TO A.YR. 2008-09. 2. IN THIS APPEAL THE ASSESSEE HAS TAKEN TWO GROUN DS I.E. ONE RELATING TO CONFIRMATION OF ADDITION OF LOAN OF RS.7,00,000/- R ECEIVED FROM SHRI SANDIP KILLA AND THE OTHER RELATING TO THE CONFIRMATION OF ADDITION OF SHARE APPLICATION MONEY OF RS.2,81,500/- RECEIVED FROM SHRI SANDIP KILLA. 3. THE BRIEF FACTS OF THIS ISSUE ARE THAT WHILE DO ING THE SCRUTINY ASSESSMENT THE AO HAS MADE THE ABOVE TWO ADDITIONS BY STATING THAT TH E LD.AR FAILED TO PRODUCE THE DETAILS OF THE LOAN AS WELL AS THE SHARE APPLICATIO N MONEY RECEIVED FROM SHRI SANDIP KILLA AS RECORDED IN PARA 1 AND 2 OF THE ASSESSMENT ORDER. 2 ON APPEAL THE LD. CIT(A) HAS CONFIRMED THE SAME BY STATING THAT THE ASSESSEE HAS FAILED TO PRODUCE THE DETAILS CALLED FOR BY AO. 4. AT THE TIME OF HEARING BEFORE US, THE LD. COUNS EL APPEARING ON BEHALF OF ASSESSEE HAS SUBMITTED THAT HE COULD NOT COLLECT IN FORMATION IN RESPECT OF THE LOAN AND SHARE APPLICATION MONEY RECEIVED FROM SHRI SANDIP K ILLA EITHER DURING THE ASSESSMENT PROCEEDINGS OR IN THE APPELLATE PROCEEDINGS. BUT, H OWEVER NOW HE IS IN A POSITION TO SUBMIT THE DETAILS CALLED FOR BY THE REVENUE TO THE SATISFACTION OF AO. THEREFORE, HE REQUESTED TO SET ASIDE THE MATTER TO THE FILE OF AO AND TO GIVE ONE MORE OPPORTUNITY TO ASSESSEE TO EXPLAIN ITS CASE. 5. ON THE OTHER HAND, THE LD. DR APPEARING ON BEHA LF OF THE REVENUE DID NOT OBJECT FOR THE SAID REQUEST OF THE LD. COUNSEL FOR ASSESSEE. HOWEVER, HE RELIED ON THE ORDERS OF REVENUE AUTHORITIES IN MAKING THE ADDITIO N IN RESPECT OF THE LOAN AND SHARE APPLICATION MONEY RECEIVED FROM SHRI SANDIP KILLA. 6. AFTER HEARING THE RIVAL SUBMISSIONS AND ON CARE FUL PERUSAL OF MATERIALS AVAILABLE ON RECORD, IT IS OBSERVED THAT AO HAS DIS ALLOWED THE LOAN AS WELL AS THE SHARE APPLICATION MONEY RECEIVED FROM SHRI SANDIP KILLA F OR WANT OF DETAILS. THE FINANCIAL YEAR INVOLVED FOR A.YR. 2008-09 IS 2007-08. THE ASS ESSMENT ORDER WAS PASSED ON 28.12.2010 AND THE APPELLATE ORDER BY LD. CIT(A) WA S PASSED ON 27.04.2012. KEEPING IN VIEW OF THE SHORTAGE OF PERIOD AVAILABLE TO ASSE SSEE AND FURTHER KEEPING IN VIEW OF THE FACT THAT THE LD. COUNSEL FOR ASSESSEE HAS GIVE N AN ASSURANCE THAT HE WILL PRODUCE ALL THE INFORMATION CALLED FOR BY AO, IN THE INTERE ST OF JUSTICE, WE CONSIDER IT FIT TO SET ASIDE THE MATTER TO THE FILE OF AO TO RE-ADJUDICATE THE SAME AS PER LAW AFTER GIVING A REASONABLE OPPORTUNITY OF BEING HEARD TO ASSESSEE A ND AFTER TAKING INTO CONSIDERATION THE MATERIALS SUBMITTED BY ASSESSEE. WE ORDER ACCOR DINGLY. 3 7. IN THE RESULT THE APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 25.10.2012. SD/- SD/- , , , , MAHAVIR SINGH, JUDICIAL MEMBER . .. . ! ! ! !. .. . , , , , '# '# '# '# , C.D.RAO, ACCOUNTANT MEMBER. ( (( (!# !# !# !#) )) ) DATE: 25.10.2012. R.G.(P.S.) 4 '3 . ,4 5'4'6- COPY OF THE ORDER FORWARDED TO: 1. M/S.SHELCON REALTORS PVT. LTD., 7 TH FLOOR, NILADRI SHIKHAR, HILL CAT ROAD, SILIGURI- 734001. 2 D.C.I.T., CIRCLE-2, SILIGURI. 3. THE C.I.T. 4. CIT(A)-SILIGURI. 5. THE CIT(DR), KOLKATA BENCHES, KOLKATA -4 ,/ TRUE COPY, '3%0/ BY ORDER, DEPUTY /ASST. REGISTRAR , ITAT, KOLKATA BENCHES 5