AZURE SECURITIES PVIVATE LIMITED,KOLKATA vs. ITO, WARD-TECH-2, KOLKATA, KOLKATA

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ITA 1058/KOL/2017Status: DisposedITAT Kolkata07 December 2020AY 2012-132 pages
AI SummaryRemanded

What did the Tribunal hold?

The tribunal found that the CIT(A)'s order failed to meet the statutory requirement of framing points of determination and providing detailed adjudication. Therefore, the matter was restored to the CIT(A) for fresh adjudication.

What were the facts?

The assessee's appeal for assessment year 2012-13 was against the CIT(A)'s order affirming the AO's action of treating share capital/premium as unexplained cash credits and disallowing expenses under Section 14A. The CIT(A)'s order was passed ex parte without considering the documentary evidence.

What were the issues?

Whether the CIT(A) properly adjudicated the appeal by considering all documentary evidence and following the prescribed procedure for adjudication.

Which sections of the Income-tax Act were involved?

Section 68,Section 14A,Section 143(3),Section 250(6)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH “VIRTUAL COURT-A” KOLKATA

Before: Shri P.M. Jagtap, Vice- & Shri S.S.Godara

PER S.S.Godara, Judicial Member:

- This assessee’s appeal for assessment year 2012-13 arises against the Commissioner of Income Tax (Appeals)-23, Kolkata’s order dated 01.03.2017, passed in case No. 72/CIT(A)-23/W-Tech-2/16-17 involving proceedings u/s 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Case called twice. None appears at the assessee’s behest. We accordingly dispose of the appeal ex parte after hearing the learned CIT-DR.

2.

With the able assistance of learned departmental representative, we notice at the outset that the CIT(A)’s lower appellate order under challenge affirming the Assessing Officer’s inter alia action treating the assessee’s share capital / premium

ITA No.1058/Kol/2017 Assessment Year:2012-13 Azure Securities Pvt. Ltd. Vs. ITO Wd-Tech-2, Kol. Page 2 sum of ₹15,75,00,000/- as unexplained cash credits u/s 68 followed by the sec. 14A r.w.s. Rule 8D disallowance of ₹3,58,925/-, has been passed ex parte without dealing with the corresponding detailed documentary evidence available in the case file as it is evident from a perusal of the assessment order dated 23.03.2015 passed u/s 143(3) of the Act.

3.

We observe in this factual backdrop that the CIT(A)’s lower appellate order fails to confirm to the statutory requirement of framing of points of determination followed by a detailed adjudication u/s. 250(6) of the Act. We accordingly deem it appropriate to restore the instant lis back to the CIT(A) for his afresh appropriate adjudication as per law within three effective opportunities of hearing. Ordered accordingly.

4.

This assessee’s appeal is allowed for statistical purposes in above terms. Order pronounced in open court on 07/12/2020 (P.M.Jagtap) (S.S.Godara) (उपा य!) (#या$यक सद'य) Vice President Judicial Member *Dkp-Sr.PS (दनांकः- 07/12/2020 कोलकाता / Kolkata आदेश क" ""त"ल"प अ"े"षत / Copy of Order Forwarded to:- 1. अपीलाथ"/Appellant-Azure Securities Pvt.Ltd., 27, Brabourne Rd. 5th Fl. Kolkata-01

2.

""यथ"/Respondent-ITO Ward-Tech-2, Aaykar Bhawan, P-7, Chowringhee Square Kolkata-700 069 3. संबं+धत आयकर आयु.त / Concerned CIT 4. आयकर आयु.त- अपील / CIT (A) 5. /वभागीय "$त$न+ध, आयकर अपील"य अ+धकरण कोलकाता / DR, ITAT, Kolkata 6. गाड3 फाइल / Guard file. By order/आदेश से, // सहायक पंजीकार आयकर अपील"य अ+धकरण, कोलकाता ।

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