M/s ` Amit Reality Pvt Ltd, Kolkata V. ACIT CIR-3, Bokaro

MA 02/RAN/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 4278 (ITAT-RANCHI)
• Duration Of Justice: 1 year(s) 8 month(s) 2 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 21-10-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2012-2013
• Appeal Filed On: 19-02-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: N S KHALKHO
• Assessee Lawyers: R N KAUSHAL
• Keywords: Unexplained cash credit
• Section: 254(2); 22; 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RANCHI, E COURT, AT KOLKATA BEFORE SHRI J. SUDHAKAR REDDY, AM & SHRI S.S. GODAR A, JM MA NO. 02/RAN/2019 (ARISING OUT OF ./ITA NO.20/RAN/2017) ( / ASSESSMENT YEAR:2012-13) M/S AMIT REALTY PVT. LTD. 1 ST FLOOR, 20/1, ASHUTOSH CHOWDHURY AVN, BALLYGUNGE, KOLKATA, WEST BENGAL-700019 VS. ACIT, CIRCLE-3, BOKARO ./ ./PAN/GIR NO.: AAGCA 3858 B (APPELLANT / ASSESSEE) .. (RESPONDENT) APPELLANT BY : SHRI R. N. KAUSHAL, CA RESPONDENT BY : SHRI N. S. KHALKHO, JCIT / DATE OF HEARING : 04/09/2020 /DATE OF PRONOUNCEMENT : 21/10/2020 / O R D E R PER SHRI S. S. GODARA, JM: THIS ASSESSEES MISCELLANEOUS APPLICATION FILED U/ S 254(2) OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT) SEEKS TO RECALL TH E TRIBUNALS ORDER DATED 25.06.2018 CONFIRMING BOTH LOWER AUTHORITIES ACT ION TREATING ITS SHARE CAPITAL OF RS. 26.50 LAKHS AS UNEXPLAINED CASH CREDITS U/S 68 OF THE ACT. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. LEARNED COUNSELS ONLY PLEA DURING THE COURSE O F HEARING IS THAT ALTHOUGH THE IMPUGNED SHARE CAPITAL PERTAINS TO THE EARLIER THAN THE RELEVANT PREVIOUS YEAR IN QUESTION, THIS CLINCHING ASPECT HAS NOWHERE BEEN CO NSIDERED IN THE TRIBUNALS ORDER MA NO. 02/RAN/2019 M/S AMIT REALTY PVT. LTD. A.Y.: 2012-13 PAGE | PAGE | PAGE | PAGE | 2 22 2 SOUGHT TO BE RECALLED HEREIN. HE THEREFORE, TERMS T HE TRIBUNALS ABOVE STATED ORDER AS SUFFERING FROM AN APPARENT ERROR IN VIEW OF THE LATEST DECISION OF SHRI IVAN SINGH VS. ACIT TAX APPEAL NO. 29 OF 2013 DATED 14.0 2.2020 (HONBLE BOMBAY HIGH COURT AT GOA) THAT THE CLINCHING STATUTORY EXP RESSION RELEVANT PREVIOUS YEAR IN SECTION 68 IS THE ONE THAT PERTAINING TO THE IMP UGNED ASSESSMENT YEAR ONLY AND NOT BEFORE THAT. THERE IS NO REBUTTAL TO THIS CLINC HING ASPECT COMING FROM THE REVENUES SIDE. WE THEREFORE CONCLUDE IN THESE PEC ULIAR FACTS AND CIRCUMSTANCES THAT NON-ADJUDICATION OF ASSESSEES ABOVE STATED AR GUMENT(S) RENDERS TRIBUNALS ORDER DATED 25.06.2018 AS SUFFERING FROM AN APPAREN T ERROR. THE SAME STANDS RECALLED. THE REGISTRY IS DIRECTED TO FIX THE MAIN APPEAL IN ITA NO. 20/RAN/2017 FOR FRESH HEARING AFTER PRIOR INTIMATION TO BOTH TH E PARTIES. 3. THIS ASSESSEES MISCELLANEOUS APPLICATION IS ALL OWED IN ABOVE TERMS. ORDER PRONOUNCED IN THE COURT ON 21.10.2020 SD/- (J.SUDHAKAR REDDY) SD//- (S.S.GODARA) / ACCOUNTANT MEMBER / JUDICIAL MEMBER /KOLKATA; / DATE: 21/10/2020 SB, SR.PS COPY OF THE ORDER FORWARDED TO: 1. M/S AMIT REALTY PVT. LTD. 2. ACIT, C-3, BOKARO 3. C.I.T(A)- 4. C.I.T.- RANCHI 5. CIT(DR), RANCHI BENCH, RANCHI . 6. GUARD FILE. TRUE COPY BY ORDER SENIOR PRIVATE SECRETARY ITAT, KOLKATA BENCHES MA NO. 02/RAN/2019 M/S AMIT REALTY PVT. LTD. A.Y.: 2012-13 PAGE | PAGE | PAGE | PAGE | 3 33 3