Kamal Kant Khara, Kolkata V. ITO, Ward - 35(3), KOLKATA, Kolkata

MA 145/KOL/2018

• Counselvise Citation: [2019] 112 COUNSELVISE.COM (IT) 3458 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 3 month(s) 17 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 27-11-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2005-2006
• Appeal Filed On: 09-08-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: RADHESHYAM
• Assessee Lawyers: OM PRAKASH BAID; A C BAID
• Keywords: Peak credit

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA SMC BENCH, KOLKATA [BEFORE SRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER] M.A. NO. 145/KOL/2018 I.T.A. NO. 683/KOL/2014 ASSESSMENT YEAR: 2005-06 KAMAL KANT KHARA...........APPELLANT 56/1, CANNING STREET 2 ND FLOOR KOLKATA 700 001 [PAN : AFAPK 8848 P] INCOME TAX OFFICER, WARD-35(3)....RESPONDENT APPEARANCES BY: SHRI OM PRAKASH BAID, FCA & SHRI A.C. BAID, A/R, APPEARED ON BEHALF OF THE ASSESSEE. SHRI RADHE SHYAM, CIT, DR APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : OCTOBER 18 TH , 2019 DATE OF PRONOUNCING THE ORDER : NOVEMBER 27 TH , 2019 O R D E R PER J. SUDHAKAR REDDY, AM :- BY THIS MISCELLANEOUS APPLICATION, THE ASSESSEE SUBMITS THAT A MISTAKE APPARENT ON RECORD HAS CREPT INTO THE ORDER OF THE TRIBUNAL DT. 14/03/2018. 2. AFTER HEARING RIVAL CONTENTIONS, I FIND THAT THOUGHT, THE ASSESSEE HAS RAISED A NUMBER OF ISSUES, DURING THE COURSE OF HEARING, HE PRESSED FOR CORRECTION OF ONLY ON TWO APPARENT MISTAKES IN THE IMPUGNED ORDER OF THE TRIBUNAL DT. 14/03/2018. I RECTIFY THE SAME AS FOLLOWS:- A) GROUND NO. 4 OF THE APPEAL HAS INADVERTENTLY, NOT BEEN DISPOSED OFF. THE ASSESSEE CONTENDED THAT THE REVENUE WAS IN ERROR IN COMING TO A CONCLUSION THAT THE REPAYMENT OF LOAN OF RS.2,04,090/- TO M/S. ING VYSYA BANK, CANNOT BE TREATED AS UNEXPLAINED. I FIND THAT THE ASSESSEE HAD APPLIED FOR 540 NUMBER OF SHARES OF ONGC LTD. AND CONTRIBUTED FOR PURCHASE OF THE SAME OUT OF HIS OWN SOURCE RS.2,03,500/-. THE ASSESSEE WAS ALLOTTED 341 SHARES BY ONGC LTD. CONSEQUENTLY, ONGC LTD., REFUNDED RS.1,49,250/-, TO THE ASSESSEE. THIS WAS DEPOSITED IN HDFC BANK. THEREAFTER, THE ASSESSEE REPAID THE LOAN OF RS.2,02,500/- TAKEN FROM ING VYSYA BANK, FROM OUT OF THE CASH BALANCE OF RS.3,08,768/-. THE ASSESSEE HAS FILED A BALANCE SHEET IN SUPPORT OF THE FACT THAT HE HAS CASH BALANCE AND IN SUPPORT OF HIS CLAIM OF SOURCES OF FUNDS. 2 M.A. NO. 145/KOL/2018 I.T.A. NO. 683/KOL/2014 ASSESSMENT YEAR: 2005-06 KAMAL KANT KHARA THE LD. D/R COULD NOT CONTROVERT THIS EVIDENCE. HENCE, WE ALLOW GROUND NO. 4 OF THE ASSESSEE. HENCE THIS ERROR IS RECTIFIED AS SUCH. B) WHILE DISPOSING OFF GROUND NO. 7, THE TRIBUNAL DIRECTED THAT THE BENEFIT OF TELESCOPING AND PEAK CREDIT BE ALLOWED BASED ON FUND FLOW, WHILE COMPUTING THE QUANTUM OF ADDITION RELATABLE TO DIFFERENCE IN OPENING CAPITAL REFLECTED IN THE BALANCE SHEET. I FIND NO AMBIGUITY IN THIS ORDER. THE ASSESSING OFFICER IS DIRECTED ACCORDINGLY. THIS ISSUE IS RECTIFIED AS SUCH. 3. AS REGARDS THE BALANCE ISSUES RAISED, WE DISMISS THE SAME AS NOT ARGUED. 4. IN THE RESULT, THIS MISCELLANEOUS APPLICATION OF THE ASSESSEE IS PARTLY ALLOWED. KOLKATA, THE 27 TH DAY OF NOVEMBER, 2019. SD/- [ J. SUDHAKAR REDDY ] ACCOUNTANT MEMBER DATED : 27.11.2019 {SC SPS} COPY OF THE ORDER FORWARDED TO: 1. KAMAL KANT KHARA 56/1, CANNING STREET 2 ND FLOOR KOLKATA 700 001 2. INCOME TAX OFFICER, WARD-35(3) 3. CIT(A)- 4. CIT- , 5. CIT(DR), KOLKATA BENCHES, KOLKATA. TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, KOLKATA BENCHES