WELSOME FINANCE PVT. LTD.,KOLKATA V. I.T.O., WARD - 6(4), KOLKATA

ITA 33/KOL/2025

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Welsome Finance Pvt. Ltd. filed an appeal against the order of the CIT(A), National Faceless Appeal Centre, Delhi, which had dismissed their appeal due to non-compliance. The original assessment for the year 2012-2013 included a substantial addition of Rs. 22,90,00,000 under section 68 of the Income Tax Act, treating it as unexplained cash credit. The Tribunal noted the assessee's failure to comply with earlier notices but granted a fresh opportunity to present their case, emphasizing the need for cooperation in the reassessment process.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 772228 (ITAT-KOLKATA)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-08-2025
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Assessment Year: 2012-2013
• Laws Referred To: Income Tax Act
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: SANAT KUMAR RAHA
• Assessee Lawyers: MIRAJ D SHAH
• Keywords: Condonation of delay; Opportunity of being heard

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, KOLKATA BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER आयकर अपील सं/ITA No.33/KOL/2025 (निर्धारण वर्ा / Assessment Year : 2012-2013) Welsome Finance Pvt. Ltd. 74, Bentick Street, Chandni Chowk, Kolkata- 700001 Vs ITO Ward-6(4), Kolkata PAN No. :AAACL 4260 E (अपीलधर्थी /Appellant) .. (प्रत्यर्थी / Respondent) निर्धाररती की ओर से /Assessee by : Shri Miraj D Shah,AR रधजस्व की ओर से /Revenue by : Shri Sanat Kumar Raha, CIT-DR सुनवाई की तारीख / Date of Hearing : 12/08/2025 घोषणा की तारीख/Date of Pronouncement : 28/08/2025 आदेश / O R D E R Per Pradip Kumar Choubey, JM : The assessee has filed the instant appeal against the order dated 19.08.2024, passed by the ld.CIT(A), National Faceless Appeal Centre (NFAC), Delhi for the assessment year 2012-2013. 2. The appeal of the assessee has been filed belatedly by 68 days. In this regard, the assessee has filed an application along with affidavit for condonation of delay stating therein sufficient reason for condonation of delay to which ld.Sr. DR did object. Considering the submissions of the ld.AR and looking to the facts of the case, we condone the delay of 68 days and appeal of the assessee is admitted for hearing. 3. Facts of the present case of the assessee are that the assessee filed return of income on 29.09.2012 declaring income of Rs.1,04,160/-. The case was selected for scrutiny assessment under CASS with a reason 'Large share premium received\". Accordingly, notice u/s. 143(2) of Printed from counselvise.com ITA No.33/KOL/2025 2 the Act and notice u/s.142(1) of the Act was issued. The assessment completed after making addition of Rs.22,90,00,000/- u/s.68 of the I.T. Act as a share capital claimed by the assessee with high premium treated as explained cash credit in the books of account of the assessee. In appeal, ld.CIT(A) dismissed the appeal of the assessee on account of non- compliance on the part of the assessee. Now, the assessee is in further appeal before us. 4. Ld. AR before us submitted that due to some unavoidable circumstances the assessee could not comply the notices issued by the by the ld. CIT(A). The assessee was having sufficient documentary evidence to prove its case. Accordingly, the ld.AR prayed that assessee may be given one more opportunity to file the relevant documents to substantiate its case before the ld.AO 5. On the other hand, ld. CIT-DR vehemently supported the orders of the lower authorities and submitted that the assessee was unable to substantiate its case before either of the authorities below. Therefore, ld.Sr.DR prayed that orders of the authorities below deserve to be upheld. 6. Upon hearing the submissions of counsel for the respective parties and perusing the facts of the case and submission made by the ld. AR, we find that the ld. CIT(A) in para 5 of its order mentioned that various notices were issued however, the assessee remained non-cooperative during the course of appellate proceedings. A perusal of the assessment order shows that the assessee was unable to produce books of accounts, bank statements, copies of return and the income tax returns of the directors. However, the ld. AR during the course of hearing requested for Printed from counselvise.com ITA No.33/KOL/2025 3 one more opportunity to prove its case by submitting relevant documents before the AO. Therefore, in the interest of justice, we restore the issues in this appeal to the file of ld.AO for adjudication afresh after providing sufficient opportunity of being heard to the assessee. The assessee is also directed to produce all the relevant documents to substantiate its case and cooperate in the fresh adjudication proceedings before the ld. AO, positively. 7. In the result, appeal of the assessee is allowed for statistical purposes. Order pronounced in the open court on 28/08/2025 SD/- (RAJESH KUMAR) Sd/- (PRADIP KUMAR CHOUBEY) लेखा सदस्य/ ACCOUNTANT MEMBER न्यधनयक सदस्य / JUDICIAL MEMBER कोलकाता Kolkata; ददनाांक Dated 28/08/2025 Prakash Kumar Mishra, Sr.P.S. आदेश की प्रनतललपप अग्रेपर्त/Copy of the Order forwarded to : आदेशधिुसधर/ BY ORDER, (Assistant Registrar) Income Tax Appellate Tribunal, Kolkata 1. अपीलार्थी / The Appellant- 2. प्रत्यर्थी / The Respondent- 3. आयकर आयुक्त(अपील) / The CIT(A), 4. आयकर आयुक्त / CIT 5. विभागीय प्रविविवि, आयकर अपीलीय अविकरण, कोलकाता / DR, ITAT, Kolkata 6. गार्ड फाईल / Guard file. सत्यापपत प्रतत //True Copy// Printed from counselvise.com "