M/S VINAYAK FINANCIAL CONSULTANTS PRIVATE LIMITED,KOLKATA V. D.C.I.T., CENTRAL CIRCLE-4(1), KOLKATA

ITA 2695/KOL/2024

AI Insights

This case involves an appeal by M/s Vinayak Financial Consultants Private Limited against the order of the CIT(A), Kolkata-27, concerning the Assessment Year 2017-2018. The primary contention revolves around the reopening of the assessment by the Assessing Officer based on alleged accommodation entries of Rs.10 lakhs received by the assessee. The assessee argued that the reopening and subsequent assessment were conducted without properly addressing their objections and in violation of the precedents set by the Hon'ble Jurisdictional High Court in the case of Champalal Omprakash. The Tribunal found merit in the assessee's arguments and restored the matter to the Assessing Officer for a thorough re-examination of the objections raised by the assessee.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 706894 (ITAT-KOLKATA)
• Duration Of Justice: 6 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-07-2025
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2013-2014
• Appeal Filed On: 31-12-2024
• Other Referred Cases: Champalal Omprakash vs. ITAT/5/2025
• Laws Referred To: Income Tax Act
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: MADHUMITA DAS
• Assessee Lawyers: A. K. TULSYAN; ROBIN
• Keywords: Accommodation entries

Judgement Text

" आयकर अपीलीय अधिकरण, “एस.एम.सी” न्यायपीठ, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH KOLKATA श्री जाजज माथन, न्याययक सदस्य क े समक्ष । BEFORE SHRI GEORGE MATHAN, JUDICIAL MEMBER आयकर अपील सं/ITA No.2695/KOL/2024 (नििाारण वर्ा / Assessment Year :2013-2014) M/s Vinayak Financial Consultants Private Limited, 54A, Sarat Bose Road, Arrjavv Building,West Bengal. Vs DCIT, Central Circle-4(1), Kolkata PAN No. : AACCV 6185 E (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) नििााररती की ओर से /Assessee by : Shri A.K.Tulsyan & Shri Robin Maheshwari, Ars राजस्व की ओर से /Revenue by : Smt. Madhumita Das, Sr.DR सुनवाई की तारीख / Date of Hearing : 10/07/2025 घोषणा की तारीख/Date of Pronouncement : 10/07/2025 आदेश / O R D E R This is an appeal filed by the assessee against the order of the ld. CIT(A), Kolkata-27, dated 26.09.2024 for the Assessment Year 2017-2018. 2. Shri A.K.Tulsyan & Shri Robin Maheshwari, ld.ARs appeared on behalf of the assessee and Smt. Madhumita Das, ld. Sr.DR appeared on behalf of the revenue. 3. The appeal of the assessee is barred by 31 days. In this regard, the assessee has filed affidavit stating sufficient reasons for condonation of delay, which are also not found to be false. Ld. Sr. DR also did not raise any serious objection. Accordingly, the delay of 31 days in filing the appeal is condoned and the appeal is admitted for hearing. ITA No.2695/KOL/2024 2 4. It was the submission by the ld. AR that the Assessing Officer had received certain information that the assessee has received accommodation entries of Rs.10 lakhs and consequently initiated reopening proceedings. It was the submission that the assessee had responded to the reopening proceedings. The Assessing Officer did not dispose of the objection of the assessee and proceeded with the assessment in violation of the decision of the Hon’ble Jurisdictional High Court in the case of Champalal Omprakash, passed in ITAT/5/2025, ITA No.GA/1/2025, GA/2/2025, dated 05.02.2025. It was the submission that the Assessing Officer has also not provided the details of the persons from whom he has received the said information nor provided the said persons who had given the statement for cross examination. It was the submission that he has no objection if the issues in this appeals are restored to the file of ld. Assessing Officer for readjudication after disposing off the objection filed by the assessee in line with the decision of the Hon’ble Jurisdictional High Court in the case of Champalal Omprakash (supra). 5. In reply, ld. Sr. DR vehemently relied on the orders of the ld. Assessing Officer & ld. CIT(A). 6. I have considered the rival submissions. A perusal of the facts of the present case clearly shows that notice u/s.148 of the Act had been issued to the assessee on 11.03.2021. The assessee has filed its objection on 02.02.2022. The assessment order has been passed on 28.02.2022. Admittedly, the objection of the assessee has been filed before completion of the assessment but obviously it has been done at the very last minute ITA No.2695/KOL/2024 3 for which the ld.AR says that on account of Covid the delay was occurred. Be that as it may, in the interest of justice, the issues in this appeal are restored to the file of the Assessing Officer for readjudication with a direction to the Assessing Officer to dispose off the objection filed by the assessee on 02.02.2022, which reads as under :- ITA No.2695/KOL/2024 4 ITA No.2695/KOL/2024 5 ITA No.2695/KOL/2024 6 ITA No.2695/KOL/2024 7 ITA No.2695/KOL/2024 8 ITA No.2695/KOL/2024 9 ITA No.2695/KOL/2024 10 ITA No.2695/KOL/2024 11 ITA No.2695/KOL/2024 12 ITA No.2695/KOL/2024 13 ITA No.2695/KOL/2024 14 ITA No.2695/KOL/2024 15 ITA No.2695/KOL/2024 16 ITA No.2695/KOL/2024 17 ITA No.2695/KOL/2024 18 ITA No.2695/KOL/2024 19 ITA No.2695/KOL/2024 20 ITA No.2695/KOL/2024 21 ITA No.2695/KOL/2024 22 ITA No.2695/KOL/2024 23 ITA No.2695/KOL/2024 24 ITA No.2695/KOL/2024 25 7. It is further noticed that the assessee has received Rs.10 lakhs from M/s Shivashiv Dealtrade Pvt.Ltd.. After disposing off the said objection of the assessee if the Assessing Officer thinks that some more verification is required on this issue, the assessee is at liberty to produce the authority of M/s. Shivashiv Dealtrade Pvt. Ltd. before the Assessing Officer and substantiate the claim of having provided the funds to the assessee. 8. In the event that the Assessing Officer proposes to use any adverse evidence against the assessee, the Assessing Officer shall provide adequate opportunity to the assessee to rebut the same. ITA No.2695/KOL/2024 26 9. In the result, appeal of the assessee is partly allowed for statistical purposes. Order dictated and pronounced in the open court on 10/07/2025. Sd/- (जाजज माथन) (GEORGE MATHAN) न्यानयक सदस्य / JUDICIAL MEMBER कोलकाता Kolkata; ददनाांक Dated 10/07/2025 Prakash Kumar Mishra, Sr.P.S. आदेश की प्रनतललपप अग्रेपर्त/Copy of the Order forwarded to : आदेशािुसार/ BY ORDER, (Assistant Registrar) Income Tax Appellate Tribunal, Kolkata 1. अपीलाथी / The Appellant- 2. प्रत्यथी / The Respondent- 3. आयकर आयुक्त(अपील) / The CIT(A), 4. आयकर आयुक्त / CIT 5. विभागीय प्रविविवि, आयकर अपीलीय अविकरण, कोलकाता / DR, ITAT, Kolkata 6. गार्ज फाईल / Guard file. सत्यापपत प्रयत //True Copy// "