M/s. JKM Investment Pvt Ltd., Kolkata V. DCIT, Circle - 12, Kolkata , Kolkata

MA 110/KOL/2018

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 0973 (ITAT-KOLKATA)
• Duration Of Justice: 5 month(s) 8 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 28-11-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2009-2010
• Appeal Filed On: 19-06-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ROBIN CHOUDHUR Y
• Assessee Lawyers: ANKIT JALAN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA A BENCH, KOLKATA (BEFORE SRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER & SRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER) M.A. NO. 110/KOL/2018 A/O ITA NO. 380/KOL/2013 ASSESSMENT YEAR: 2009-10 DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-12, KOLKATA.............................APPELLANT M/S. JKM INVESTMENT (P) LTD............................................................RESPONDENT 36, BIBHUTI BANDOPADHYAY SARANI KOLKATA 700 019 [PAN : AABCJ 2724 L] APPEARANCES BY: SHRI ANKIT JALAN, A/R, APPEARED ON BEHALF OF THE ASSESSEE. SHRI ROBIN CHOUDHURY, ADDL. CIT SR. D/R. APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : NOVEMBER 16 TH , 2018 DATE OF PRONOUNCING THE ORDER : NOVEMBER 28 TH , 2018 ORDER PER J. SUDHAKAR REDDY, AM :- BY THIS MISCELLANEOUS APPLICATION, THE ASSESSEE SUBMITS THAT CERTAIN MISTAKES APPARENT ON RECORD HAVE CREPT INTO THE ORDER OF THE TRIBUNAL DT. 19 TH JANUARY, 2018. 2. AS PER THE LD. COUNSEL FOR THE ASSESSEE, THE SUBMISSIONS MADE WAS THAT ONLY AN AMOUNT OF RS.3 CRORES WAS PAID TO THE BROKERS AND THAT THE BALANCE AMOUNT WAS OUTSTANDING FROM OUT OF THE RS.7 CRORES AND WHEREAS AT PARA 6.2.1., THE TRIBUNAL HAS WRONGLY RECORDED THAT THE CLAIM OF THE ASSESSEE WAS THAT IT HAD MADE PAYMENTS TO THE TUNE OF RS.7,05,37,500/- TO THE GROUP OF THE BROKERS FOR REQUISITION OF LOAN. IT WAS FURTHER SUBMITTED THAT THE ASSESSEE SOLD LAND TO M/S. A ONE AGRECO PVT. LTD. FOR A CONSIDERATION OF RS.3,50,00,000/- AND THAT HE HAD SPECIFICALLY MENTIONED THAT ONLY RS.1,50,00,000/-, WAS REALIZED AND THE BALANCE WAS DUE AND WAS REFLECTED AS SUNDRY DEBTORS. HE PRAYED THAT THE ARGUMENTS MADE BY HIM BEFORE THE BENCH SHOULD BE CORRECTLY RECORDED SO THAT THE LD. CIT(A) WOULD NOT BE MISLED TO BELIEVING THAT THE CLAIM 2 M.A. NO. 110/KOL/2018 A/O ITA NO. 380/KOL/2013 ASSESSMENT YEAR: 2009-10 M/S. JKM INVESTMENT (P) LTD OF THE ASSESSEE WAS THAT IT MADE A PAYMENT TO THE TUNE OF RS.7,05,37,500/- TO A GROUP OF BROKERS AND THAT IT RECEIVED RS.3,50,00,000/- FROM M/S A ONE AGRECO PVT. LTD. 2.1. THE LD. D/R, IN THE REPLY SUBMITTED THAT THESE ISSUES ARE BEFORE THE LD. CIT(A) AND HENCE THE SUBMISSIONS BEING MADE, MAY BE DIRECTED TO BE EXAMINED BY THE LD. CIT(A). 3. AFTER HEARING RIVAL CONTENTIONS, WE MODIFY OUR ORDER AND DIRECT THE LD. CIT(A) TO EXAMINE THE ABOVE STATED CONTENTIONS OF THE LD. COUNSEL OF THE ASSESSEE THAT ONLY AN AMOUNT OF RS.3 CRORES WAS PAID BY THE ASSESSEE COMPANY TO THE GROUP OF BROKERS FOR PURCHASE OF LOAN AND THAT THE BALANCE CONSIDERATION WAS OUTSTANDING AND REFLECTED AS SUNDRY CREDITORS AND ALSO THE CONTENTION THAT RS.1,50,00,000/- OF THE SALE CONSIDERATION WAS RECEIVED AND THE BALANCE RS.2 CRORES WAS RECEIVABLE AND HENCE SHOWN AS SUNDRY DEBTORS, WHILE ADJUDICATING THE ISSUE AS PER DIRECTIONS AT PARA 6.3. PAGE 9 OF THE IMPUGNED ITAT ORDER. PARA 6.2.1. OF PAGE, IS ACCORDINGLY MODIFIED. 4. IN THE RESULT, THIS MISCELLANEOUS APPLICATION OF THE ASSESSEE IS ALLOWED. KOLKATA, THE 28 TH DAY OF NOVEMBER, 2018. SD/- SD/- [ S.S. VISWANETHRA RAVI] [ J. SUDHAKAR REDDY ] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 28.11.2018 {SC SPS} 3 M.A. NO. 110/KOL/2018 A/O ITA NO. 380/KOL/2013 ASSESSMENT YEAR: 2009-10 M/S. JKM INVESTMENT (P) LTD COPY OF THE ORDER FORWARDED TO: 1. M/S. JKM INVESTMENT (P) LTD 36, BIBHUTI BANDOPADHYAY SARANI KOLKATA 700 019 2. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-12, KOLKATA 3. CIT(A)- 4. CIT- , 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES