Clonz Biotech Private Limited, Hyderabad V. Dy. Commissioner of Income Tax , Circle-1(2), Hyderabad

ITA 91/Hyd/2018

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 9440 (ITAT-HYDERABAD)
• Duration Of Justice: 3 year(s) 2 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-03-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-B
• Assessment Year: 2012-2013
• Appeal Filed On: 10-01-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ROHIT MUZUMDAR
• Keywords: Set aside
• Section: 13

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD B BENCH : HYDERABAD (THROUGH VIDEO CONFERENC E ) BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER ITA NO. 91 /HYD./ 2018 ASSESSMENT YEAR: 20 12 - 13 M/S CLONZ BIOTECH PVT.LTD. VS. DY.CIT, CIRCLE 1 ( 2 ) HYDERABAD HYDERABAD [ PAN: AADCC7742B ] (APPELLANT) (RESPONDENT) FOR ASSESSEE : NONE FOR REVENUE : SH. ROHIT MUZUMDAR, D.R. DATE OF HEAR ING : 03/03/ 202 1 DATE OF PRONOUNCEMENT : 15 /03 /202 1 O R D E R PER P. MADHAVI DEVI, JM THIS IS ASSESSEES APPEAL FILED AGAINST THE ORDER OF CIT(A) - 8 , HYDERABAD DATED 27.10. 2017 RELATING TO A.Y. 20 09 - 10 . ITA NO. 91 /H/19 AY 20 12 - 13 M/S C L ONZ BIOTECH PVT.LTD. , HYD. 2 NONE APPEARED ON BEHALF OF ASSESSEE. SH ROHIT MUZUMDAR, DR REPRESENTED THE DEPARTMENT . 2. BRIEF FACTS OF THE CASE ARE THAT THE ASSESSE E COMPANY FILED ITS E - RETURN ON 30.09.2012 DECLARING INCOME AT NIL UNDER NORMAL PROVISIONS AND BOOK LOSS OF RS. 3,17,65,421/ - UNDER THE PROVISIONS OF 115 JB OF THE ACT. DURING THE ASSESSMENT PROCEEDINGS U/S 143 (3) OF THE ACT THE AO HAS EXAMINED THE BALANCE SHEET AND OBSERVED THAT ASSESSEE HAS SHOWN RS.5,93,56,658/ - AS SHARE APPLICATION MONEY PENDING ALLOTMENT WHEN COMPARED TO EARLIER YEAR AMOUNT OF RS.3,54,40000/ - . ASSESSEE WAS THEREFORE ASKED TO FURNISH DETAILS OF SHARE APPLICATION MONEY PENDING ALLOTMENT . S INCE ASSESSE E HAS NOT FURNISHED THE SAME , AO TREA TED RS.2,39,16,658/ - BEING THE DIFFERENCE BETWEEN THE OPENING AND CLOSING BALANCES AND BROUGHT THE SAME TO TAX. AGGRIEVED , ASSESSE E PREFERRED AN APPEAL BEFORE THE CIT(A) , BUT AS NONE HAS APPEARED BEFORE THE CIT (A) HE HAS DISMISSED ASSESSEE S APPEAL AGAINST WHICH ASSESSE E IS IN SECOND APPEAL BEFORE THE T RIBUNAL BY RAISING THE FOLLOWING GROUNDS OF APPEAL . 1. LD.CIT(A) GROSSLY ERRED IN CONFIRMING THE DEMANDS RAISED BY THE AO WITHOUT CONSIDERING THE GROUNDS OF APPEAL SUBMITTED BY THE APPELLAN T. 2. LD.CIT(A) OUGHT NOT TO HAVE IGNORED THE FACTS OF THE CASE SUBMITTED BY THE APPELLANT ALONG WITH THE MEMORANDUM OF APPEAL. 3. ON GOING THROUGH ORDERS OF THE AUTHORITIES BELOW , WE FIND THAT THE ASSESSEE HAS NOT BEEN ABLE TO PRODUCE THE DETAILS BOTH BEFORE THE ITA NO. 91 /H/19 AY 20 12 - 13 M/S C L ONZ BIOTECH PVT.LTD. , HYD. 3 AO AS WELL AS THE CIT(A) , AND ALSO THE CIT(A)S ORDER IS EXPARTE THE ASSESSEE. THEREFORE , ONLY IN THE INTEREST OF JUSTICE , WE DEEM IT FIT AND PROPER TO SET ASIDE T HE ISSUE TO THE FILE OF THE AO FOR DE - NOVO CONSIDERATION IN ACCORDANCE WITH THE LAW. ASSESSEE SHALL PRODUCE ALL THE DETAILS BEFORE THE AO, AND COOPERATE WITH THE AO FOR EARLY COMPLETION OF THE ASSESSMENT. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS TREATED AS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON 15 /03/2021. SD/ - SD/ - (A. MOHAN ALANKAMONY) (P. MADHAVI DEVI) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 15 TH MARCH, 2021 *GMV COPY OF ORDER FORWARDED TO: 1. M/S CLONZ BIOTECH PVT. LTD., PLOT NO.13, H.NO. 3 - 38 - 40, SHOBHANA COLONY, WEST MAREDPALLY, SECUNDERABAD 500 016 . 2. DCIT, CIRCLE 1 ( 2 ), HYDERABAD 3. ACIT, RANGE 1 , HYDERABAD 4. C IT( A ) - 8 , HYDERABAD . 5 . PR.CIT - 1 , HYDERABAD 6 D.R. ITAT HYDERABAD 7 . GUARD FILE