M/S VIRTUOUS DEALERS PVT. LTD.,KOLKATA vs. I.T.O.,WARD-2(4), KOLKATA

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ITA 2119/KOL/2019Status: DisposedITAT Kolkata07 December 2020AY 2012-132 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the CIT(A)'s order was passed ex parte without dealing with the documentary evidence. The CIT(A) also failed to frame points of determination and provide detailed adjudication as required by law.

What were the facts?

The assessee's appeal for AY 2012-13 was against the CIT(A)'s order which upheld the addition of share capital/premium as unexplained cash credits and a disallowance under Section 14A. The assessee did not appear before the Tribunal.

What were the issues?

Whether the CIT(A) properly adjudicated the appeal by considering all evidence and following procedural requirements, and whether the additions and disallowances were justified.

Which sections of the Income-tax Act were involved?

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

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

आदेश /O R D E R PER S.S.Godara, Judicial Member:- This assessee’s appeal for assessment year 2012-13 arises against the Commissioner of Income Tax (Appeals)-17, Kolkata’s order dated 19.07.2019, passed in case No. 492/CIT(A)-17/Kol/17-18 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. It is accordingly proceeded ex parte. 2. With the able assistance of learned departmental representative we notice at the outset that the CIT(A)’s lower appellate order under challenge inter alia affirming the Assessing Officer’s action treating the assessee’s share capital / premium sum of Assessment Year:2012-13 M/s Virtuous Dealers Pvt. Ltd. Vs. ITO Wd-2(4), Kol. Page 2 ₹1,50,00,000/- as unexplained cash credits u/s 68 followed by the sec. 14A r.w.s. Rule 8D disallowance of ₹67,715/-, 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 16.03.2015 passed u/s 143(3) of the Act.

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