Sonar Bangla Jewellers P. Ltd., , Kolkata V. ITO, Ward - 9(4), Kolkata , Kolkata

ITA 935/KOL/2018

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 7452 (ITAT-KOLKATA)
• Duration Of Justice: 11 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-04-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: C
• Assessment Year: 2012-2013
• Appeal Filed On: 08-05-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: ROBIN CHOUDHUR Y
• Keywords: Source of fund; Set aside
• Section: 143(3); 131

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C, BENC H KOLKATA BEFORE SHRI S.S. GODARA, JM &DR. A.L.SAINI, AM ./ITA NO.935/KOL/2018 ( / ASSESSMENT YEAR: 2012-13) SONAR BANGLA JEWELLERS PVT. LTD. C/O, S.N. GHOSH & ASSOCIATES, ADVOCATES, SEVEN BROTHERS LODGE, P.O. BUROSHIBTALA, P.S. CHINSURAH, DIST. HOOGHLY, PIN-712105. VS. ITO, WARD-7(3), KOLKATA ./ ./PAN/GIR NO.: AADCR 3119 D (ASSESSEE) .. (REVENUE) ASSESSEE BY : SHRI SOMNATH GHOSH, ADVOCATE RESPONDENT BY : SHRI ROBIN CHOUDHURY, ADDL. CIT (DR ) / DATE OF HEARING : 07/02/2019 /DATE OF PRONOUNCEMENT : 30/04/2019 / O R D E R PER DR. A. L. SAINI, AM: THE CAPTIONED APPEAL FILED BY THE ASSESSEE , P ERTAINING TO ASSESSMENT YEAR 2012-13 IS DIRECTED AGAINST THE ORDER PASSED BY THE COMMISSIONER OF INCOME TAX (APPEAL)-3, KOLKATA, WHICH IN TURN ARISES OUT OF AN ASSESSMENT ORDER PASSED BY THE ASSESSING OFFICER U/S 143(3) OF THE INCOME TAX ACT , 1961 (IN SHORT THE ACT) DATED 25.03.2015. SONAR BANGLA JEWELLERS PVT. LTD. . ITA NO.935/KOL/2018 ASSESSMENT YEAR:2012-13 P PP PA AA AG GG GE EE E | || | 2 22 2 2. AT THE OUTSET ITSELF, THE LD COUNSEL FOR THE ASS ESSEE SUBMITTED THAT THE ASSESSEE COMPANY DID NOT RESPOND TO SUMMON U/S 131, SO IDENT ITY, GENUINENESS AND CREDITWORTHINESS HAS NOT BEEN PROVED. THE LD. COUN SEL TOOK US THE RELEVANT PARA OF ASSESSMENT ORDER, WHICH IS GIVEN BELOW FOR READY RE FERENCE: HOWEVER, SINCE THE ASSESEE -COMPANY CLAIMED TO HAV E RECEIVED SHARE CAPITAL TO THE TUNE OF RS.3,09,50,000/- DURING THE FINANCIAL Y EAR UNDER CONSIDERATION AND THE SAID ISSUE WAS NOT VERIFIABLE FROM THE DOCUMENTS, S UMMONS U/S 131 WAS ISSUED TO THE DIRECTORS OF THE ASSESSEE COMPANY FOR PERSONAL DEPOSITION AND ALSO PRODUCING THE FOLLOWING DETAILS ON 19.02.2015. 1. PROOF OF IDENTITY-VOTER CARD/PASSPORT/DRIVING LI CENSE/PAN CARD 2. LIST OF COMPANIES WHERE YOU WERE DIRECTORS/SHARE HOLDERS WITH DATES OF APPOINTMENT WITH DIN 3. PROOF OF ACKNOWLEDGEMENT OF FILING IT RETURN ALO NG WITH COPIES OF ACCOUNTS. 4. ALL BANK STATEMENTS EXPLAINING DEBIT AND CREDIT ENTRIES HIGHLIGHTING THE RELEVANT ENTRIES WITH REGARD TO SHARE CAPITAL. 5. TO PRODUCE ALL INVESTORS WHO HAVE MADE INVESTMEN T 6. THE SOURCE OF FUNDS IN THE HANDS OF THE INVESTO RS WITH THEIR RESPECTIVE BANK STATEMENTS 7. IDENTIFICATION OF FAMILY MEMBERS WHO ARE DIRECTO RS IN THE ASSESSEE COMPANY AND THERE RELATIONSHIP. 8. A WRITE-UP ON JUSTIFICATION OF LARGE SHARE PREMI UM. IN RESPONSE TO THAT SUMMONS U/S 131 WERE ISSUED TO THE ASSESSEE- COMPANY. BUT THE SAME CAME BACK UNSERVED. ON PERUSAL OF THESE DOCUMENTS FILED, IT APPEARS THA T THE SAME FELL FAR SHORT OF DISCHARGING THE ONUS OF THE ASSESSEE IN THE MATTER OF EXPLAINING THE SOURCES OF THE SAID SHARE CAPITAL IN QUESTION. THUS FROM THE ABOVE DISCUSSION IT CAN EASILY BE CONCLUDED THAT THROUGH THE VARIOUS NOTICES AND LETT ERS ISSUED FROM THIS OFFICE, THE ASSESSEE WAS ASKED TO REPRESENT ITS CASE BY EXPLAIN ING THE SOURCES OF THE ABOVE SHARE CAPITAL. BUT, IN SPITE OF, A NUMBER OF OPPORT UNITIES GIVEN, THE ASSESSEE FAILED TO ESTABLISH THE THREE INGREDIENTS, NAMELY- IDENTIT Y, GENUINENESS AND CREDIT WORTHINESS OF THE SAID SOURCES OF FUND INTRODUCED I N THE NATURE OF SHARE CAPITAL. 3. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE M ATERIAL AVAILABLE ON RECORD. DURING THE ASSESSMENT STAGE THE ASSESSEE DID NOT R ESPOND THE SUMMONS U/S 131 OF THE ACT. THEREFORE WE ARE OF THE VIEW THAT THE ASSE SSEE COULD NOT PLEAD HIS CASE PROPERLY BEFORE THE ASSESSING OFFICER, HENCE ONE MO RE OPPORTUNITY SHOULD BE SONAR BANGLA JEWELLERS PVT. LTD. . ITA NO.935/KOL/2018 ASSESSMENT YEAR:2012-13 P PP PA AA AG GG GE EE E | || | 3 33 3 GIVEN TO THE ASSESSEE TO PLEAD HIS CASE BEFORE THE ASSESSING OFFICER. MOREOVER, THE ASSESSING OFFICER COULD NOT VERIFY THE GENUINENESS, IDENTITY AND CREDITWORTHINESS OF SHARE CAPITAL PREMIUM RAISED BY THE ASSESSEE. TH E LD. DR FOR THE REVENUE DID NOT HAVE OBJECTION IF THE MATTER IS REMITTED BACK TO TH E FILE OF ASSESSING OFFICER. THEREFORE WE THINK IT FIT AND APPROPRIATE TO REMIT THIS ISSUE BACK TO THE FILE OF THE ASSESSING OFFICER, AND HENCE WE SET ASIDE THE ORDE R OF LD. CIT(A) AND REMIT THE MATTER BACK TO THE FILE OF ASSESSING OFFICER FOR DE NOVO ADJUDICATION. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS TRE ATED TO BE ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE COURT ON 30 .04.2019 SD/- ( S.S.GODARA ) SD/- (A.L.SAINI) / JUDICIAL MEMBER / ACCOUNTANT MEMBER /KOLKATA; / DATE: 30/04/2019 ( SB, SR.PS ) COPY OF THE ORDER FORWARDED TO: 1. SONAR BANGLA JEWELLERS PVT. LTD. 2. ITO, WARD-9(4), KOLKATA 3. C.I.T(A)- 4. C.I.T.- KOLKATA. 5. CIT(DR), KOLKATA BENCHES, KOLKATA. 6. GUARD FILE. TRUE COPY BY ORDER ASSIST ANT REGISTRAR ITAT, KOLKA TA BENCHES