M/s. S.K.Concrete Pvt. Ltd., Siliguri V. DCIT, Circle-2, Siliguri, Siliguri

ITA 901/KOL/2012

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 8088 (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
• Section: 68

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 . 901/KOL/2012 %& '(/ ASSESSMENT YEAR : 2008-09 (*+ / APPELLANT ) M/S.S.K.CONCRETE (P)LTD., SILIGURI (PAN:AAJCS 3213 K) (,-*+/ 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 THE FOLLO WING GROUNDS :- .1. THAT THE LD. ASSESSING OFFICER AND THE CIT(A) ERRED IN HOLDING THAT THE SHARE CAPITAL OF RS.1,70,000/-, RS.70,000/- & RS.1,15,000 /- AND SHARE PREMIUM OF RS.4,25,000/-, RS.1,75,000/- & RS.2,,500 FROM SHRI SANDIP KILLA, PUJA KILLA AND SIKKIM ALLIED SERVICES PVT LTD WAS NOT PROVED ON ACCOUNT O F NON-PRODUCTION OF THE ACKNOWLEDGEMENT OF RETURN FILED, BALANCE SHEET AND CAPITAL ACCOUNTS OF THE SHARE- HOLDERS IGNORING THE FACT THAT THE APPELLANT HAD PR ODUCED THE COPY OF PAN CARD OF THE SAID SHARE HOLDERS. 1.2. THAT THE LD. CIT(A) FURTHER ERRED IN HOLDING T HAT THE APPELLANT FAILED TO PROVE CREDITWORTHINESS OF THE SHARE-HOLDERS AND ESTABLISH THE GENUINENESS OF TRANSACTIONS. 1.3. THAT THE LD AO AND THE LD CIT(A) ERRED IN MAKI NG THE ADDITION UNDER SECTION 68 OF THE INCOME TAX ACT, 1961 OVERLOOKING THE FACT THAT THE SAID RECEIPTS WERE NOT UNEXPLAINED. ITA NO.901/KOL/2012 2 2. THAT THE APPELLANT CRAVES LEAVE TO ADD, MEND, AL TER AND ADVANCE FURTHER GROUNDS OF APPEAL 3. THE BRIEF FACTS OF THE ABOVE ISSUE ARE THAT WHI LE DOING THE SCRUTINY ASSESSMENT, THE AO HAS ADDED AN AMOUNT OF RS.12,42,500/- IN RES PECT OF THREE SHARE APPLICANTS OUT OF THE TOTAL SHARE CAPITAL AND SHARE PREMIUM RECEIV ED FROM 15 PERSONS DURING THE PREVIOUS YEAR RELEVANT TO A.YR. 2008-09 BY STATING THAT IN THE CASE OF THREE SHARE APPLICANTS THE AUTHORISED REPRESENTATIVE OF THE ASS ESSEE COULD NOT FILE THE DETAILS AS CALLED FOR IN ORDER TO PROVE THE IDENTITY AND CREDI TWORTHINESS OF THE SHARE APPLICANTS. 3.1. ON APPEAL THE LD. CIT(A) HAS CONFIRMED THE SA ID ADDITION BY SUBMITTING THE SAME REASONING GIVEN BY THE AO. 3.2. AGGRIEVED BY THIS, THE ASSESSEE IS IN APPEAL BEFORE US. 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 THREE SHARE APPLICANTS OUT OF 15 EITHER DURING THE ASSESS MENT PROCEEDINGS OR IN THE APPELLATE PROCEEDINGS. BUT, HOWEVER NOW HE IS IN A POSITION T O SUBMIT THE DETAILS CALLED FOR BY THE REVENUE TO THE SATISFACTION OF AO. THEREFORE, H E 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 OF THE SAID SHARE APPLICATION INCLUDING THE PREMIUM. 6. AFTER HEARING THE RIVAL SUBMISSIONS AND ON CARE FUL PERUSAL OF MATERIALS AVAILABLE ON RECORD, IT IS OBSERVED THAT AO HAS ALL OWED THE SHARE APPLICATION AND THE SHARE PREMIUM IN RESPECT OF 12 SHARE APPLICANTS AND DISALLOWED THREE SHARE APPLICANTS FOR WANT OF DETAILS. THE FINANCIAL YEAR INVOLVED FO R A.YR. 2008-09 IS 2007-08. THE ASSESSMENT ORDER WAS PASSED ON 29.12.2010 AND THE A PPELLATE ORDER BY LD. CIT(A) WAS PASSED ON 27.04.2012. KEEPING IN VIEW OF THE SHORTA GE OF PERIOD AVAILABLE TO ASSESSEE AND FURTHER KEEPING IN VIEW OF THE FACT THAT THE LD . COUNSEL FOR ASSESSEE HAS GIVEN AN ITA NO.901/KOL/2012 3 ASSURANCE THAT HE WILL PRODUCE ALL THE INFORMATION CALLED FOR BY AO, IN THE INTEREST 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 OPPORTUNI TY OF BEING HEARD TO ASSESSEE AND AFTER TAKING INTO CONSIDERATION THE MATERIALS SUBMI TTED BY ASSESSEE. WE ORDER ACCORDINGLY. 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.) ITA NO.901/KOL/2012 4 '3 . ,4 5'4'6- COPY OF THE ORDER FORWARDED TO: 1. M/S.S.K.CONCRETE PVT. LTD., P & T ROAD, JALPAIMORE, SILIGURI 734008. 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 ITA NO.901/KOL/2012 5