D.C.I.T.,CIRCLE-1(2), KOLKATA vs. M/S THE CALCUTTA JUTE MANUFACTURING COMPANY PVT. LTD., KOLKATA

ITA 216/KOL/2020Status: DisposedITAT Kolkata03 February 2021AY 2012-132 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The CIT(A) found that the ledger accounts tallied and the AO had not properly appreciated the documentary evidence. The Tribunal upheld the CIT(A)'s findings.

What were the facts?

The assessee had a transaction with M/s. Dakalia Brothers. The Assessing Officer (AO) made an addition based on discrepancies. The assessee provided reconciliation statements and documentary evidence.

What were the issues?

Whether the AO properly appreciated the documentary evidence submitted by the assessee regarding transactions with M/s. Dakalia Brothers.

Which sections of the Income-tax Act were involved?

Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA ‘A’ BENCH, KOLKATA

Before: Sri J. Sudhakar Reddy, Hon’ble & Shri Sanjay Garg, Hon’ble

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA (Before Sri J. Sudhakar Reddy, Hon’ble Accountant Member & Shri Sanjay Garg, Hon’ble Judicial Member) [VIRTUAL COURT HEARING] Assessment Years: 2012-13 Deputy Commissioner of Income Tax, Circle-1(2), Kolkata………….........….……....….........Appellant Vs. M/s. The Calcutta Jute Manufacturing Company Pvt. Ltd...................……………….........Respondent 24/1/1, Alipore Road 3rd Floor Alipore Kolkata – 700 027 [PAN : AABCT 0005 G] Appearances by: Shri S.M. Surana, Advocate, appeared on behalf of the assessee. Shri Dhrubajyoti Roay, JCIT, D/R, appearing on behalf of the Revenue. Date of concluding the hearing : December 29th, 2020 Date of pronouncing the order : February 3rd, 2021 ORDER Per J. Sudhakar Reddy, AM :-

This appeal filed by the assessee is directed against the order of the Learned Commissioner of Income Tax (Appeals) – 17, Kolkata, (hereinafter the “ld.CIT(A)”), passed u/s. 250 of the Income Tax Act, 1961 (the ‘Act’), dt. 26/07/2019 for the Assessment Year 2012-13.

We have heard rival contentions. On careful consideration of the facts and circumstances of the case, perusal of the papers on record, orders of the authorities below as well as case law cited, we hold as follows:- 3. The ld. CIT(A) at para 4 of his order, has held as follows:- “I have gone through the assessment order and the submissions of the appellant. I find that there is no difference in the ledger account of M/s. Dakalia Brothers in the books of the appellant and the ledger account of the appellant as appears in the books of M/s. Dakalia Brothers. As per (from last year) of Rs.2,43,03,945/- and further goods purchased during the year from M/s. Dakalia Brothers was of Rs.3,81,78,139/- and apart from that the appellant had paid Rs.6,18,76,312/- including Rs.1,53,450/- by way of interest for delayed payment. This is fully tallying with the information given to the AO by M/s Dakalia Brothers on 24/03/2015, enclosing the reconciliation statement where they have confirmed the total purchases and total payment made by them at Rs.6,16,49,969/-. It appears that the AO has not properly appreciated the facts in the light of documentary evidences submitted by the appellant. Accordingly, the addition is therefore directed to be deleted.”

Assessment Years: 2012-13 M/s. The Calcutta Jute Manufacturing Company Pvt. Ltd M/s. The Calcutta Jute Manufacturing Company Pvt. Ltd.

This factual findings o This factual findings of the ld. CIT(A), could not be controverted by the ld. D/R. f the ld. CIT(A), could not be controverted by the ld. D/R. Under these circumstances, we uphold the same and dismiss this appeal of the revenue. Under these circumstances, we uphold the same and dismiss this appeal of the revenue. Under these circumstances, we uphold the same and dismiss this appeal of the revenue.

Kolkata, the Kolkata, the 3rd day of February, 2021.

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