Great Barter Pvt. Ltd., Kolkata V. D.C.I.T., Central Circle - 1(1), Kolkata, Kolkata

ITSSA 23/KOL/2023

AI Insights

The case involves Great Barter Pvt. Ltd., which faced scrutiny over additions made under section 68 of the Income Tax Act, 1961, concerning loans received from three parties during the assessment years 2013-14 and 2014-15. The tribunal initially recorded the issue incorrectly in its order dated 19/06/2023, referring to share capital and share premium instead of loans. The director of the assessee company filed a petition to correct these typographical errors. The tribunal acknowledged the errors and corrected them in the order dated 18/10/2023, ensuring that the legal document accurately reflects the transactions as loans.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 132596 (ITAT-KOLKATA)
• Duration Of Justice: 4 month(s) 11 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 17-10-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 26-03-2023
• Assessment Year: 2013-2014
• Appeal Filed On: 06-02-2023
• Laws Referred To: Income Tax Act 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUDIPTA GUHA
• Assessee Lawyers: MIRAJ D. SHAH
• Keywords: Unexplained cash credit; Search and seizure; Principle of natural justice; Source of fund; Retrospective amendment; Additional evidence; Question of law; Block assessment; Onus to prove; Bogus loan; Reassessment proceedings; Set aside
• Section: 147; 131; 68; 132; 143(3); 153A; 260A; 250; 143(2); 264; 113; 73; 153

Judgement Text

| आयकर अपीलीय अिधकरण ᭠यायपीठ, कोलकाता | IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, KOLKATA BEFORE SHRI RAJPAL YADAV, HON’BLE VICE PRESIDENT & DR. MANISH BORAD, HON’BLE ACCOUNTANT MEMBER I.T.(SS)A. No. 23 & 24/Kol/2023 Assessment Years: 2013-14 & 2014-15 Great Barter Pvt. Ltd. 21A, Shakespeare Sarani 3 rd Floor Kolkata - 700017 [PAN : AACCG5440R] Vs Deputy Commissioner of Income, Central Circle – 1(1), Kolkata अपीलाथᱮ/ (Appellant) ᮧ᭜ यथᱮ/ (Respondent) CORRIGENDUM/शुİȠपũ PER DR. MANISH BORAD, ACCOUNTANT MEMBER : The director of the assessee company has filed a petition stating that in the order of the Tribunal dt. 19/06/2023, certain typographical errors have crept in, which read as under:- “(a) In para 8 of the order of the Learned Tribunal, it is recorded that the issue in the said appeal relates to addition made u/s 68 of the IT Act 1961 on account of loan received from 3 parties. This is the correct factual position. (b) In para 15 of the order of the Learned Tribunal, in line number Four, the words "alleged share capital and share premium" appears, this should have read as "alleged loan". (c) Similarly, in para 15 of the order of the Learned Tribunal, in line number Eleven, the words "share subscribers" appears, this should have read as "loan creditors". (d) Similarly, in para 18 of the order of the Learned Tribunal, in line number Five, the words "share applicants" appears, this should have read as "loan creditors". 2. After perusing the records, we rectify the typographical errors in the following manner:- (a) In para 15 of the order, line number Four, the words "alleged share capital and share premium" shall henceforth be read as "alleged loan". I.T.(SS)A. No. 23 & 24/Kol/2023 Assessment Years: 2013-14 & 2014-15 Great Barter Pvt. Ltd. 2 (b) In para 15 of the order, line number Eleven, the words "share subscribers" shall henceforth be read as "loan creditors". (d) In para 18 of the order, line number Five, the words "share applicants" appears, shall henceforth be read as "loan creditors". 3. Ordered accordingly. Order pronounced in the Court on 18 th October, 2023 at Kolkata. Sd/- Sd/- (RAJPAL YADAV) (DR. MANISH BORAD) VICE PRESIDENT ACCOUNTANT MEMBER Kolkata, Dated 18/10/2023 *SC SrPs आदेश कᳱ ᮧितिलिप अᮕेिषत/Copy of the Order forwarded to : 1. अपीलाथᱮ / The Appellant 2. ᮧ᭜यथᱮ / The Respondent 3. संबंिधत आयकर आयुᲦ / Concerned Pr. CIT 4. आयकर आयुᲦ)अपील (/ The CIT(A)- 5. िवभागीय ᮧितिनिध ,आयकर अपीलीय अिधकरण, कोलकाता/DR,ITAT, Kolkata, 6. गाडᭅ फाई/ Guard file. आदेशानुसार/ BY ORDER, TRUE COPY Assistant Registrar आयकर अपीलीय अिधकरण ITAT, Kolkata