SNOWDROP VINCOM PVT. LTD.,HOWRAH V. ITO, WARD - 10(1), KOLKATA, KOLKATA

ITA 1039/KOL/2024

AI Insights

The case involves Snowdrop Vincom Pvt. Ltd., which appealed against the orders of the AO and CIT(A) concerning assessments for the assessment years 2010-11 and 2011-12. The AO had made significant additions to the assessee's income under sections 68 and 69C of the Income Tax Act, which were upheld by the CIT(A). The tribunal found that the assessee was not given a fair opportunity to present its case during the assessments and appeals, leading to the decision to set aside the previous orders and remand the case back to the AO for a fresh assessment.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 36502 (ITAT-KOLKATA)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-12-2024
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: A
• Assessment Year: 2011-2012
• Laws Referred To: Income Tax Act
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Set aside
• Section: 147; 144; 69C

Judgement Text

"आयकर अपीलȣय अͬधकरण, कोलकाता पीठ “ए’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA Įी राजेश क ुमार, लेखा सटèय एवं Įी Ĥदȣप क ुमार चौबे, ÛयाǓयक सदèय क े सम¢ [Before Shri Rajesh Kumar, Accountant Member &Shri Pradip Kumar Choubey, Judicial Member] I.T.A. Nos. 1035 to 1040/Kol/2024 Assessment Years: 2010-11 & 2011-12 Snowdrop Vincom Pvt. Ltd. (PAN: AAMCS 8992 E) Vs. ITO, Ward-10(1), Kolkata Appellant / ) अपीलाथȸ ( Respondent / Ĥ×यथȸ Date of Hearing / सुनवाई कȧ Ǔतͬथ 12.12.2024 Date of Pronouncement/ आदेश उɮघोषणा कȧ Ǔतͬथ 31.12.2024 For the assessee / Ǔनधा[ǐरती कȧ ओर से Shri Miraj D Shah, A.R For the revenue / राजèव कȧ ओर से Shri Amuldeep Kaur, Addl. CIT Sr. D.R ORDER / आदेश Per Pradip Kumar Choubey, JM: All the appeals are preferred by the assessee against the separate order passed by the Ld. Commissioner of Income Tax (Appeals)-NFAC, Delhi (hereinafter referred to as the Ld. CIT(A)], dated 22.02.2024 & 23.02.2024 where in the Ld. CIT(A) confirmed the separate assessment orders passed u/s 147 read with section 144 of the Act dated 08.11.2016 and 18.10.2017 and u/s 271(1)(c ) of the Act dated 26.04.2018 and 2 I.T.A. Nos. 1035 to 1040/Kol/2024 Assessment Years: 2010-11 & 2011-12 Snowdrop Vincom Pvt. Ltd. 12.05.2017 for AY 2010-11 and 2011-12 respectively. Since the issues are common in all the appeals, hence are taken up together for disposal. 2. At the outset, the Ld. Counsel for the assessee submitted that there is a delay of 16 days in filing the appeal. The Ld. Counsel for the assessee filed a condonation petition which is reproduced as under: 3 I.T.A. Nos. 1035 to 1040/Kol/2024 Assessment Years: 2010-11 & 2011-12 Snowdrop Vincom Pvt. Ltd. On perusal of the condonation petition, we condone the delay and admit for hearing. 3. First of all we shall adjudicate the assessee’s appeal in ITA Nos. 1035,1036,1038 and 1039/Kol/2024 for AY 2010-11 & 2011-12. 4. Brief facts of the case of the assessee are that the assessee is a company engaged in the business of investment and trading in shares, securities, bonds, loans and advances and other financial activities. The assessee filed its return of income declaring total income of Rs. 7,450/-. An assessment order u/s 144 read with Section 147 of the Act was passed on 08.11.2016 and AO added an amount of Rs. 1,78,50,000/- u/s 68 of the Act. Subsequently, one more assessment order u/s 144 read with Section 147 of the Act was passed by the AO on 18.10.2017 after making addition of Rs. 3,51,09,552/- u/s 69C of the Act. An assessment order passed by the AO u/s 144 read with Section 147 of the Act dated 21.12.2018 and 28.11.2016 the AO added an amount of Rs. 36,61,61,900/- and Rs. 5,28,23,495/- u/s 68 of the Act. 5. The said order has been challenged by the assessee before the Ld. CIT(A) by filing two appeals wherein the Ld. CIT(A) vide its order dated 22.02.2024 dismissed the appeal of the assessee on account of non-compliance by the assessee during appellate proceedings. Being aggrieved and dissatisfied the assessee preferred the above four appeals. 6. The Ld. Counsel in stead of arguing into merit of the case has only submitted that the assessee has been given an opportunity to place his case before the AO as the order passed by the AO and the Ld. CIT(A) in absence of the assessee. The Ld. Counsel fairly submitted that the assessee has sufficient documentary evidences to substantiate his claim before the AO hence in the interest of justice the assessee has been given an opportunity to place his case before the AO. 7. The Ld. D.R supports the impugned order. 4 I.T.A. Nos. 1035 to 1040/Kol/2024 Assessment Years: 2010-11 & 2011-12 Snowdrop Vincom Pvt. Ltd. 8. We have perused the order of AO and the Ld. CIT(A) find that the AO has passed the order in both assessment year in absence of the assessee as the assessee did not turn up in spite of issuing of notices u/s 148. We have also perused the order of Ld. CIT(A) and find that the appeals of the assessee have been dismissed as the assessee was remained non-compliant during appellate proceedings. Keeping in view the facts of the case and considering the submission made by the assessee, in the interest of justice we are inclined to give an opportunity to the assessee to place his case before the AO. Accordingly, the order passed by the AO confirmed by the Ld. CIT(A) are hereby set aside and record is restored in the file of AO. The AO is directed to pass the order afresh after hearing the assessee. 9. Now we shall adjudicate the assessee’s penalty appeal in ITA No. 1037 & 1040/Kol/2024 for AY 2010-11 and 2011-12. Issue raised in these appeal are similar to one as decided by us in above appeals i.e. ITA Nos. 1035, 1036,1038 & 1039/Kol/2024 for AY 2010-11 and 2011-12 as it has been passed in absence of the assessee, therefore, our decision in 1035, 1036,1038 & 1039/Kol/2024 for AY 2010-11 and 2011-12 would mutatis mutandis, apply to these appeals as well. Accordingly, the appeals of the assessee are allowed for statistical purposes. Above records are also restored in the file of A.O. to decide afresh. In the result, all the appeals of the assessee are allowed for statistical purposes. Order is pronounced in the open court on 31st December, 2024 Sd/- Sd/- (Rajesh Kumar/राजेश क ुमार) (Pradip Kumar Choubey /Ĥदȣप क ुमार चौबे) Accountant Member/लेखा सदèय Judicial Member/ÛयाǓयक सदèय Dated: 31st December, 2024 SM, Sr. PS 5 I.T.A. Nos. 1035 to 1040/Kol/2024 Assessment Years: 2010-11 & 2011-12 Snowdrop Vincom Pvt. Ltd. Copy of the order forwarded to: 1. Appellant- Snowdrop Vincom Pvt. Ltd., 424/1, G.T. Road (North), Howrah- 711101. 2. Respondent – ITO, Ward-10(1), Kolkata 3. Ld. CIT(A)-NFAC, Delhi 4. Ld. Pr. CIT- , Kolkata 5. DR, Kolkata Benches, Kolkata (sent through e-mail) True Copy By Order Assistant Registrar ITAT, Kolkata Benches, Kolkata "