BRINDAVAN COMMODITIES PVT. LTD.,KOLKATA vs. ITO, WARD - 7(4), KOLKATA, KOLKATA

The assessee’s first and foremost grievance seeks to reverse both the lower authorities action adding its share capital/prfemium of Rs.15,45,15,000/- as unexplained cash credits u/s 68 in the course of assessment and affirmed in the lower appellate proceedings. It is vehemently submitted that the Assessing Officer erred in making addition of Rs.15,45,15,000/- in the assessment in question framed on 31.03.2014 and that the CIT(A)’s order; passed ex parte, has also not dealt with the issue(s) on merits in the light of section 250(6) of the Act requiring framing of the points of determination followed by a detailed adjudication.

Ld. CIT(D.R.) at this stage invited our attention to para 4 at page 2 in the CIT(A)’s order that he had duly sent the corresponding notice(s) of hearing dated 24.08.2016, 10.05.2016 and 02.03.2016 to the assessee. The fact however remains that none of the said hearing notices has been served on the assessee as it is clear from the corresponding lower appellate observation(s). We, therefore, deem it appropriate in this factual backdrop to restore the issue back to the file of CIT(A) for fresh adjudication as per law on merits within three effective opportunities of hearing. The assessee shall itself appear before the CIT(A) on or before 31.08.2021 along with a copy of this order to prove the genuineness as well as creditworthiness of its investors concerned.

The assessee’s appeal is allowed for statistical purposes in above terms. Order pronounced in the open Court on January 22, 2021.

(J. Sudhakar Reddy) (Satbeer Singh Godara) Accountant Member Judicial Member Kolkata, the 22 day of January, 2021 Assessment Year: 2009-2010 Brindavan Commodities Pvt. Limited Copies to : (1) Brindavan Commodities Pvt. Limited, C/o. RSVPC & Company, 41A, A.J.C. Bose Road, Suite No. 613, 6th Floor, Kolkata-700017