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Income Tax Appellate Tribunal, KOLKATA BENCH “D Virtual Court” KOLKATA
Before: Shri J.Sudhakar Reddy & Shri S.S.Godara
Shri Subash Agarwal, Advocate & आवेदक क" ओर से/By Assessee Shri Sunil Surana, Advocate Shri Jayanta Khanra, JCIT, SR-DR राज#व क" ओर से/By Respondent 17-06-2020 सुनवाई क" तार"ख/Date of Hearing 22-07-2020 घोषणा क" तार"ख/Date of Pronouncement आदेश /O R D E R PER S.S.Godara, Judicial Member:- These two assessees’ appeal(s) for assessment year 2012-13 arise against the Commissioner of Income Tax (Appeals)-17 & 4, Kolkata’s separate orders dated 07.02.2019 and 27.03.2019 passed in case Nos.254/CIT(A)-17/Kol/17-18 & 882/ & 2497/Kol/2019 Assessment Year 2012-13 Nice Commodities Ltd & M/s RSV Ispat Pvt.Ltd. Vs ITO Wd-1(2) & 12(3), Kol. Page 2 CIT(A)-4/15-16 involving proceedings u/s143(3) r.w.s. 144 of the Income Tax Act, 1961; in short ‘the Act’. Heard Shri Subash Agarwal and Shri Sunil Surana learned representatives and Shri Jayanta Khanra, JCIT appearing at the Revenue’s behest. Case file(s) perused.
It appears at the outset that the CIT(A)’s order(s) under challenge in both these cases have affirmed the Assessing Officer’s identical action treating the assessees’ share application / premium amount(s) of ₹1,01,50,000/- and ₹3,16,00,000/-; respectively as unexplained cash credits u/s 68 of the Act after alleging lack of genuineness and creditworthiness thereof. A perusal of the CIT(A)’s order(s) indicates that there had not any actual service of notice(s) of hearing to either of the two assessees’. And also that although they had filed detailed documentary evidence during the course of corresponding scrutiny assessment(s), the same had nowhere been considered by either of the two Assessing Officer(s). We therefore are of the view that the instant identical issue of the assessees’ share application / premium requires afresh factual verification at the Assessing Officers’ end. We order accordingly. The assessees are also directed to discharge their onus within three effective opportunities of hearing in consequential proceedings before the respective Assessing Officers.