Varia Aluminum Pvt. Ltd., Ahmedabad V. The Deputy Commissioner of Income Tax, Circle-4(1)(2), Ahmedabad

ITA 910/AHD/2017

• Counselvise Citation: [2022] 103 COUNSELVISE.COM (IT) 8849 (ITAT-AHMEDABAD)
• Duration Of Justice: 5 year(s) 6 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-11-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 01-11-2022
• Assessment Year: 2013-2014
• Appeal Filed On: 12-04-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Corroborative evidences

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER& SHRI WASEEM AHMED, ACCOUNTANT MEMBER I .T .A . No .9 10 /A h d / 20 17 ( A s s e s s me nt Y ea r : 20 1 3- 14 ) Va r ia A lu m i ni u m P v t. L td . Mr . R . D . C h o ud ha r y, R P o f V a r i a Al u min i u m P v t. Lt d., 9 t h Fl o o r , Va r da n To w e r , S ha s ti na ga r, Na r an pu r a , Ah me da bad-3 80 01 3 V s . D C I T C ir cl e - 4 ( 1 ) ( 2 ) , A h me da ba d [ P AN N o. A A DC V 1 9 8 0G ] (Appellant) .. (Respondent) Appellant by : None Respondent by: Shri A. P. Singh, CIT D a t e of H ea r i ng 02.11.2022 D a t e of P r o no u n ce me nt 09.11.2022 O R D E R PER SUCHITRA KAMBLE - JM: This appeal is filed by the assessee against the order dated 17.02.2017 passed by the Ld. CIT(A)-8, Ahmedabad for A.Y. 2013-14. 2. The grounds of appeal raised by the assessee read as under: “1. The ld. CIT(A) has erred in law and on facts in confirming the addition of Rs. 34,85,00,000/- as income from other sources u/s. 56(2)(viib) of the Act without proper appreciation and consideration of facts of the case and submissions filed on the ground that the consideration received for issue of shares exceeds the face value of such shares. In view of facts and submissions filed, the impugned addition of Rs. 34,85,00,000/- requires to be deleted. 1.1 The ld. CIT(A) has further erred in law and on facts while appreciating the fact that during the previous year relevant to Asst. Year 2013-14, the appellant company has in fact not received any share application money amounting to Rs. 34,85,00,000/- or no shares have been issued to the tune of Rs. 34,85,00,000/- during the said previous year. In view of the facts and submissions coupled with ITA No.910Ahd/2017 Varia Aluminium Pvt. Ltd. vs. DCIT Asst.Year –2013-14 - 2 - supporting evidences filed, the impugned additions of Rs. 34,85,00,000/- requires to be deleted being factually incorrect and unjustified. The appellant craves leave to add, amend, alter, modify or delete any of the above grounds as well as to submit additional grounds at the time of hearing of the appeal.” 3. The assessee company was engaged in the business of manufacturing of Aluminum Foils. The assessment was completed on 15.03.2016 determining total income at Rs. 34,58,04,662/- as against the return loss of Rs. (-) 30,52,290/- by making addition on account of delayed payment of employees’ contribution to Provident Fund, disallowance under Section 35D and addition under Section 56(2)(viib) of the Act. 4. Being aggrieved by the assessment order the assessee filed appeal before the CIT(A). The CIT(A) dismiss the appeal of the assessee. 5. We find in receipt of letter dated 27.08.2022 by C. A. Ramchandra Dallaram Choudhary which was received by the Registry on 29.08.2022. Thereby stating that the Hon’ble National Company Law Tribunal, Ahmedabad Bench vide order dated 2011.2017 in CP (IB) No. 128/7/NCLT/AHM/2017 had passed the order for the initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor namely, “Varia Aluminium Pvt. Ltd.”. The said C. A. Ramchandra Dallaram Choudhary is appointed as liquidator vide order dated 17.06.2019 passed by NCLT, Ahmedabad Bench. ITA No.910Ahd/2017 Varia Aluminium Pvt. Ltd. vs. DCIT Asst.Year –2013-14 - 3 - 6. As the liquidator has been appointed in view of initiation of Corporate Insolvency Resolution Process, therefore, now this appeal is required to be pursued by liquidator. Despite giving intimation neither official liquidator is appearing, therefore, we are dismissing this appeal with liberty to a liquidator to file the present appeal afresh if deem fit. In view of the above fact the liquidator is at liberty to make an application for restoration of appeal to continue the said appeal if deem fit. In view of the above fact we dismiss this appeal with a liberty according to law. 7. In result, the appeal of the assessee is dismissed. This Order pronounced in Open Court on 09/11/2022 Sd/- Sd/- (WASEEM AHMED) ACCOUNTANT MEMBER (SUCHITRA KAMBLE) JUDICIAL MEMBER Ahmedabad; Dated 09/11/2022 TANMAY, Sr. PS TRUE COPY आदेश क त ल प अ े षत/Copy of the Order forwarded to : 1. अपीलाथ / The Appellant 2. यथ / The Respondent. 3. संबं धत आयकर आय ु त / Concerned CIT 4. आयकर आय ु त(अपील) / The CIT(A)- 5. वभागीय त न ध, आयकर अपील!य अ धकरण, अहमदाबाद / DR, ITAT, Ahmedabad 6. गाड' फाईल / Guard file. आदेशान ु सार/ BY ORDER, उप/सहायक पंजीकार (Dy./Asstt.Registrar) आयकर अपील य अ धकरण, अहमदाबाद / ITAT, Ahmedabad 1. Date of dictation 07.11.2022 2. Date on which the typed draft is placed before the Dictating Member 07.11.2022 3. Other Member..................... 4. Date on which the approved draft comes to the Sr.P.S./P.S .11.2022 5. Date on which the fair order is placed before the Dictating Member for pronouncement .11.2022 6. Date on which the fair order comes back to the Sr.P.S./P.S 09.11.2022 7. Date on which the file goes to the Bench Clerk 09 .11.2022 8. Date on which the file goes to the Head Clerk.......................................... 9. The date on which the file goes to the Assistant Registrar for signature on the order.......................... 10. Date of Despatch of the Order..........................................