M/s. Neelesh Choudhury (HUF), Kolkata V. ITO, Ward - 35(2) , Kolkata

MA 186/KOL/2019

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 3982 (ITAT-KOLKATA)
• Duration Of Justice: 1 month(s) 27 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 08-11-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 11-09-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MIRAJ D. SHAH
• Assessee Lawyers: EPASS KOLKATA
• Keywords: Unexplained cash credit
• Section: 254(2)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH SMC KOLKATA BEFORE SHRI S.S, GODARA, JUDICIAL MEMBER (MISC. APPLICATION) M.A.NO.186/KOL/2019 (ARISING OUT ITA NO.2340/KOL/2018) / ASSESSMENT YEAR:2014-15 ITA NO.2340/KOL/2018 / ASSESSMENT YEAR:2014-15 M/S NEELESH CHOUDHURY (HUF), 10, OLD POST OFFICE STREET, KOLKATA-700 001 [ PAN NO.AABHN 8212 Q ] / V/S . INCOME TAX OFFICER WARD-35(2), AAYAKAR BHAWAN, POORVA 7 TH FLOOR, ROOM NO.716,110, SHANTIPALLI, E.M. BYEPASS, KOLKATA-107 /APPELLANT .. /RESPONDENT /BY APPELLANT SHRI MIRAJ D. SHAH, ADVOCATE /BY RESPONDENT SHRI SUPRIYO PAL, JCIT-SR-DR ' /DATE OF HEARING 18-10-2019 ' /DATE OF PRONOUNCEMENT 08-11-2019 /O R D E R THIS ASSESSEES MISCELLANEOUS APPLICATION FILED U/ S. 254(2) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. SEEKS TO RE-CALL / R ECTIFY THE TRIBUNALS COMMON ORDER DATED 26.06.2019 ON THE GROUND THAT HIS LATTER SUBS TANTIVE GRIEVANCE SEEKING TO REVERSE BOTH THE LOWER AUTHORITIES ACTION TREATING COMMODIT Y PROFITS DERIVED FROM THE NATIONAL MULTI-COMMODITY EXCHANGE OF INDIA AMOUNTING TO 4,99,502/- AS UNEXPLAINED CASH CREDITS; HAS NOT BEEN ADJUDICATED ON MERITS. HERD BOTH THE PARTIES. CASE FILE PERUSED. 2. I FIND MERIT IN THE ASSESSEES FOREGOING CONTENT ION THAT THE TRIBUNALS COMMON ORDER HAS NOWHERE DECIDED HIS LATTER GRIEVANCE AS I T IS APPARENT FROM A PERUSAL OF THE MA NO.186/KOL/2019 & ITA NO.2340/KOL/2018 A.Y.201 4-15 M/S NEELESH CHOUDHRY (HUF) VS. ITO WD-35(2), KO L. PAGE 2 CASE RECORD. I THEREFORE ALLOW THE ASSESSEES MISCE LLANEOUS APPLICATION MA NO.186/KOL/2019 FOR THIS PRECISE REASON ALONE. 3. WITH THE CONSENT OF BOTH THE PARTIES, I NOW PROC EED TO TAKE UP THE ASSESSEES SUBSTANTIVE GROUND SEEKING TO DELETE THE IMPUGNED C ASH CREDITS ADDITION OF 4,99,502/- . IT EMERGES DURING THE COURSE OF HEARING THAT THE ASSESSEE HAD FILED ALL THE DOCUMENTARY EVIDENCE IN SUPPORT OF THE IMPUGNED COM MODITY PROFITS CLAIM. BOTH THE LOWER AUTHORITIES TREAT THE SAME AS UNEXPLAINED CAS H CREDITS SINCE THE AUTHORIZED BROKER HAD NOT PUT AN APPEARANCE BEFORE THE ASSESSI NG OFFICER AND THE COMMODITY EXCHANGE HAD NOT SUPPORTED THE ASSESSEES CASE. I T HEREFORE DEEM IT APPROPRIATE TO RESTORE THE INSTANT ISSUE FOR AFRESH FACTUAL VERIFI CATION AS PER LAW BY THE ASSESSING OFFICER WITHIN THREE EFFECTIVE OPPORTUNITIES. THE A SSESSEES APPEAL ITA NO.2340/KOL/2018 IS PARTLY ALLOWED FOR STATISTICAL PURPOSE IN FOREGOING TERMS. NO OTHER ARGUMENT HAS BEEN RAISED BEFORE ME. 4. THIS ASSESSEES MISCELLANEOUS APPLICATION MA NO. 186/KOL/2019 IS ALLOWED WHEREAS ITS MAIN APPEAL ITA NO.2340/KOL/2018 IS PAR TLY ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN OPEN COURT ON 08/11/2018 SD /- (S.S. GODARA) JUDICIAL MEMBER KOLKATA, *DKP/SR.PS & - 08/11/2018 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-M/S NEELESH CHOUDHURY (HUF), 10, OLD P. O. ST. KOL-001 2. /RESPONDENT-ITO WARD-35(2), AAYAKAR BHAWAN, POORVA, 7 TH FLOOR, R.NO. 716, 110, SHANTI PALLI, E.M.BYEPASS, KOLKATA-107 3. ) * / CONCERNED CIT 4. * - / CIT (A) 5. ) , ' ) / DR, ITAT, KOLKATA 6. / GUARD FILE. BY ORDER/ , /TRUE COPY/ ' ),