ACIT, Central Circle - 3(3), Kolkata, Kolkata V. M/s. S.S. Commosale Pvt. Ltd., , Kolkata

ITSSA 52/KOL/2017

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 8029 (ITAT-KOLKATA)
• Duration Of Justice: 3 year(s) 1 month(s) 9 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 12-08-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 03-07-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Unexplained cash credit; Tax effect
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH (A), KOLKATA [BEFORE JUSTICE P.P. BHATT, HONBLE PRESIDENT AND SHRI P.M. JAGTAP, VICE PRESIDENT (KZ)] [THROUGH VIRTUAL COURT] IT(SS)A. NO. 52/KOL/2017 ASSESSMENT YEAR: 2012-13 ACIT, CENTRAL CIRCLE- 3(3) KOLKATA...............................................APPELLANT AAYAKAR BHAWAN POORVA, E.M. BY PASS, 110, SHANTI PALLY, KOLKATA 700 107 VS M/S. S.S. COMMOSALE PVT. LTD....................................RESPONDENT KAMALPUR FINANCE PVT. LTD, KAMALAYA CENTRE, UNIT 307 & 308, 156, LENIN SARANI, KOLKATA 700 013. [PAN: AAOCS 3291 E] APPEARANCES BY: SHRI RAM BILASH MEENA, CIT, SR. DR APPEARING ON BEHALF OF THE REVENUE. SHRI MIRAJ D. SHAH, AR APPEARING ON BEHALF OF THE ASSESSEE DATE OF CONCLUDING THE HEARING : AUGUST 06, 2020 DATE OF PRONOUNCING THE ORDER : AUGUST 12, 2020 ORDER PER BENCH: THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS) 21, KOLKATA DATED 25.04.2017 AND THE SOLITARY ISSUE INVOLVED THEREIN RELATES TO THE DELETION BY THE LD. CIT(A) OF THE ADDITION OF RS. 73,00,000/- MADE BY THE AO U/S 68 BY TREATING THE SHARE CAPITAL AMOUNT RECEIVED BY THE ASSESSEE DURING THE YEAR UNDER CONSIDERATION AS UNEXPLAINED CASH CREDIT. 2. THE LD. COUNSEL FOR THE ASSESSEE, AT THE OUTSET, HAS POINTED OUT THAT THE TAX EFFECT INVOLVED IN THIS APPEAL FILED BY THE REVENUE IS LESS THAN THE REVISED MONETARY LIMIT OF RS. 50,00,000/- FIXED BY THE 2 IT(SS)A. NO. 52/KOL/2017 ASSESSMENT YEAR: 2012-13 M/S. S.S. COMMOSALE PVT. LTD. C.B.D.T. FOR FILING THE APPEALS OF THE REVENUE BEFORE THE TRIBUNAL AND THIS POSITION WHICH IS CLEARLY EVIDENT FROM THE GROUNDS RAISED BY THE REVENUE IN THIS APPEAL IS NOT DISPUTED EVEN BY THE LD. D.R. IN THE CIRCULAR NO. 17/2019 DATED 8 TH AUGUST, 2019 ISSUED BY THE C.B.D.T., THE MONETARY LIMIT FOR FILING THE APPEAL BY REVENUE BEFORE THE TRIBUNAL IS REVISED TO RS. 50,00,000/-. AS FURTHER CLARIFIED IN THE SAID CIRCULAR, THE MONETARY LIMIT SO REVISED IS APPLICABLE EVEN TO THE PENDING APPEALS AND THE SAME ARE DIRECTED TO BE WITHDRAWN OR NOT PRESSED. WE ACCORDINGLY TREAT THIS APPEAL AS WITHDRAWN/NOT PRESSED ON ACCOUNT OF LOW TAX EFFECT IN VIEW OF THE C.B.D.T. CIRCULAR NO. 17/2019 DATED 8 TH AUGUST, 2019 AND DISMISS THE SAME. 3. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 12 TH AUGUST, 2020. SD/- SD/- (P.P. BHATT) (P.M. JAGTAP) PRESIDENT VICE PRESIDENT DATED: 12/08/2020 BISWAJIT, SR. PS COPY OF ORDER FORWARDED TO: 1. ACIT, CENTRAL CIRCLE-3(3), KOLKATA, AAYAKAR BHAWAN POORVA, E.M. BY PASS, 110, SHANTI PALLY, 4 TH FLOOR, KOLKATA 700 107. 2. M/S. S.S. COMMOSALE PVT. LTD., KAMALPUR FINANCE PVT. LTD., KAMALAYA CENTRE, UNIT 307 & 308, 156, LENIN SARANI, KOLKATA 700 013. 3. THE CIT(A) 4. THE CIT 5. DR TRUE COPY, BY ORDER, ASSISTANT REGISTRAR ITAT, KOLKATA