D.C.I.T CC - XX,kolkata, Kolkata V. M/s Himadri Dyes & Intermediates Ltd, Kolkata

ITA 916/KOL/2013

• Counselvise Citation: 91623514 RSA 2013
• Duration Of Justice: 2 year(s) 7 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-12-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2007-2008
• Appeal Filed On: 23-04-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DEBASISH LAHIRI
• Assessee Lawyers: RAVI TULSIAN FCA NATE OF C
• Section: 143(3); 132

Judgement Text

I.T.A. NO. 916/KOL./2013 ASSESSMENT YEAR: 2007-2008 PAGE 1 OF 4 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA C BENCH, KOLKATA BEFORE SHRI P.M. JAGTAP, ACCOUNTANT MEMBER AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER I.T.A. NO. 916/KOL/ 2013 ASSESSMENT YEAR : 2007-2008 DEPUTY COMMISSIONER OF INCOME TAX,................. .................APPELLANT CENTRAL CIRCLE-XX, KOLKATA, 110, SHANTIPALLY, AAYAKAR BHAWAN POORVA, 5 TH FLOOR, C.C.-XX, KOLKATA-700 107 -VS.- M/S. HIMADRI DYES & INTERMEDIATES LIMITED,......... ..............RESPONDENT 23A, N.S. ROAD. 8 TH FLOOR, KOLKATA-700 001 [PAN : AAACH 7634 Q] APPEARANCES BY: SHRI DEBASISH LAHIRI, JCIT, FOR THE DEPARTMENT SHRI RAVI TULSIAN, FCA, FOR THE ASSESSEE NATE OF CONCLUDING THE HEARING : DECEMBER 11, 2015 DATE OF PRONOUNCING THE ORDER : DECEMBER 16, 2015 O R D E R PER SHRI P.M. JAGTAP :- THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS), CENTRAL-III, KOLKATA DATED 17.12.2012 FOR THE ASSESSMENT YEAR 2007-08 AND THE SOLITARY ISSUE RAISED THEREIN RELATES TO THE DELETION BY THE LD. CIT(APPE ALS) OF THE ADDITION OF RS.26,13,600/- MADE BY THE ASSESSING OFFICER ON ACC OUNT OF DISALLOWANCE OF ASSESSEES CLAIM FOR LOSS IN SHARE TRADING. 2. THE ASSESSEE IN THE PRESENT CASE IS A FINANCE AN D INVESTMENT COMPANY. IN THE ASSESSMENT ORIGINALLY COMPLETED UND ER SECTION 143(3) VIDE ORDER DATED 30.12.2009, THE TOTAL INCOME OF TH E ASSESSEE WAS I.T.A. NO. 916/KOL./2013 ASSESSMENT YEAR: 2007-2008 PAGE 2 OF 4 DETERMINED BY THE ASSESSING OFFICER AT RS.86,29,920 /- AFTER MAKING CERTAIN ADDITIONS INCLUDING THE ADDITION OF RS.26,1 5,600/- MADE BY WAY OF DISALLOWANCE OF ASSESSEES CLAIM FOR LOSS IN SHARE TRADING. MEANWHILE A SEARCH WAS CONDUCTED UNDER SECTION 132 IN HIMADRI G ROUP OF INDUSTRIES ON 12.06.2008, DURING THE COURSE OF WHICH CERTAIN D OCUMENTS PERTAINING TO THE ASSESSEE WERE FOUND AND SEIZED. CONSEQUENTLY A NOTICE UNDER SECTION 153C WAS ISSUED BY THE ASSESSING OFFICER TO THE ASSESSEE AND IN PURSUANCE THEREOF ASSESSMENT UNDER SECTION 143(3) R EAD WITH SECTION 153C WAS COMPLETED BY THE ASSESSING OFFICER VIDE OR DER DATED 31.12.2010 ASSESSING THE TOTAL INCOME OF THE ASSESSEE AT RS.87 ,78,440/- AFTER MAKING, INTER ALIA, ALL THE ADDITIONS MADE IN THE ASSESSMENT ORIGINALL Y COMPLETED UNDER SECTION 143(3) INCLUDING THE ADDITION OF RS.2 6,15,600/- BY WAY OF DISALLOWANCE OF LOSS CLAIMED BY THE ASSESSEE IN SHA RE TRADING. 3. AGAINST THE ORDER PASSED BY THE ASSESSING OFFICE R UNDER SECTION 143(3) READ WITH SECTION 153C, AN APPEAL WAS PREFER RED BY THE ASSESSEE CHALLENGING, INTER ALIA, ALL THE ADDITIONS ORIGINALLY MADE BY THE ASSESSING OFFICER IN THE ASSESSMENT UNDER SECTION 143(3) AND REPEATED IN THE ASSESSMENT COMPLETED UNDER SECTION 143(3) READ WITH SECTION 153C INCLUDING THE ADDITION OF RS.26,15,600/- ON ACCOUNT OF DISALLOWANCE OF ASSESSEES CLAIM FOR LOSS FROM SHARE TRADING. MEANW HILE THE APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF THE ASSESSING OFFICER UNDER SECTION 143(3) CAME TO BE DISPOSED OF BY THE LD. CIT(APPEAL S) VIDE HIS APPELLATE ORDER DATED 26.06.2012 WHEREBY HE DELETED INTER ALIA THE ADDITION MADE BY THE ASSESSING OFFICER BY DISALLOWING THE ASSESSE ES CLAIM FOR LOSS IN TRADING OF SHARES. SINCE THE SAME ISSUE WAS INVOLVE D IN THE APPEAL OF THE ASSESSEE FILED AGAINST THE ORDER OF THE ASSESSING O FFICER UNDER SECTION 143(3) READ WITH SECTION 153C, THE LD. CIT(APPEALS) FOLLOWED HIS DECISION RENDERED BY THE ORDER DATED 22.06.2012 AND DELETED THE ADDITION OF RS.22,15,600/- MADE BY THE ASSESSING OFFICER BY WAY OF DISALLOWANCE OF THE ASSESSEES CLAIM FOR LOSS IN SHARE TRADING. AGG RIEVED BY THE ORDER OF THE LD. CIT(APPEALS), THE REVENUE HAS PREFERRED THI S APPEAL BEFORE THE TRIBUNAL. I.T.A. NO. 916/KOL./2013 ASSESSMENT YEAR: 2007-2008 PAGE 3 OF 4 4. WE HAVE HEARD THE ARGUMENTS OF BOTH THE SIDES AN D ALSO PERUSED THE RELEVANT MATERIAL AVAILABLE ON RECORD. AS SUBMITTED BY THE LD. COUNSEL FOR THE ASSESSEE, THE ORDER OF THE LD. CIT(APPEALS) DAT ED 22.06.2012 DISPOSING OF THE APPEAL OF THE ASSESESE FILED AGAIN ST THE ORDER OF THE ASSESSING OFFICER UNDER SECTION 143(3) WAS ALSO CHA LLENGED BY THE REVENUE IN THE APPEAL FILED BEFORE THE TRIBUNAL DIS PUTING, INTER ALIA, THE DELETION BY THE LD. CIT(APPEALS) OF THE ADDITION OF RS.26,13,600/- MADE BY THE ASSESSING OFFICER BY WAY OF DISALLOWANCE OF ASSESSEES CLAIM FOR LOSS IN SHARE TRADING AND THE TRIBUNAL VIDE ITS ORD ER DATED 21.11.2013 PASSED IN ITA NO. 1252/KOL/2012 HAS UPHELD THE ORDE R OF THE LD. CIT(APPEALS) GIVING RELIEF TO THE ASSESSEE ON THIS ISSUE. 5. SINCE THE SAME ISSUE IS INVOLVED IN THE PRESENT APPEAL EMANATING FROM THE ORDER PASSED BY THE ASSESSING OFFICER UNDE R SECTION 143(3) READ WITH SECTION 153C, WE FIND THAT THE ISSUE INVOLVED IN THIS APPEAL IS SQUARELY COVERED IN FAVOUR OF THE ASSESSEE BY THE O RDER OF THE TRIBUNAL DATED 21.11.2013 AND THIS POSITION HAS NOT BEEN DIS PUTED EVEN BY THE LD. D.R. WE, THEREFORE, RESPECTFULLY FOLLOW THE SAID OR DER OF THE TRIBUNAL AND UPHOLD THE IMPUGNED ORDER OF THE LD. CIT(APPEALS) D ELETING THE ADDITION OF RS.26,13,600/- MADE BY THE ASSESSING OFFICER BY WAY OF DISALLOWANCE OF ASSESSEES CLAIM FOR LOSS IN SHARE TRADING. 6. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISS ED. ORDER PRONOUNCED IN THE OPEN COURT ON DECEMBER 16, 2015. SD/- SD/- (S.S. VISWANETHRA RAVI) (P.M. JAGTAP) JUDICIAL MEMBER ACCOUNTANT MEMBER KOLKATA, THE 16 TH DAY OF DECEMBER, 2015 COPIES TO : (1) DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-XX, KOLKATA, 110, SHANTIPALLY, AAYAKAR BHAWAN POORVA, 5 TH FLOOR, C.C.-XX, KOLKATA-700 107 I.T.A. NO. 916/KOL./2013 ASSESSMENT YEAR: 2007-2008 PAGE 4 OF 4 (2) M/S. HIMADRI DYES & INTERMEDIATES LIMITED, 23A, N.S. ROAD. 8 TH FLOOR, KOLKATA-700 001 (3) COMMISSIONER OF INCOME-TAX (APPEALS), CENTRAL- III, KOLKATA (4) COMMISSIONER OF INCOME TAX, KOLKATA (5) THE DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.