D.C.I.T.,CC-4(1), KOLKATA vs. M/S DHANVIRDHI TIE-UP PRIVATE LIMITED, KOLKATA

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ITA 1809/KOL/2019Status: DisposedITAT Kolkata12 August 2020AY 2008-093 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 Tribunal confirmed the CIT(A)'s order, finding no merit in the revenue's appeal. The decision was based on the fact that the corresponding credit sum did not originate from M/s Lily Merchants Pvt. Ltd., as established in the remand report.

What were the facts?

The revenue appealed against the CIT(A)'s deletion of an addition of Rs. 6,09,00,000/- made under Section 68 for unexplained cash credits. The CIT(A) had relied on the Assessing Officer's remand report.

What were the issues?

Whether the addition of unexplained cash credits under Section 68 was justified, considering the findings in the remand report.

Which sections of the Income-tax Act were involved?

Section 68,Section 147,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A”, BENCH KOLKATA

Before: SHRI S.S.GODARA, JM & DR. A.L.SAINI, AM

For Appellant: Shri Ram Bilash Meena, CIT (Sr. DR)
Hearing: 09/07/2020Pronounced: 12/08/2020

This revenue’s appeal for assessment year 2008-09 is directed against the CIT(A)-1, Kolkata’s order dated 02/04/2019 in appeal no. 10576/CIT(A)- 1/Kol/Ward-1(4)/2016-17 involving proceedings u/s 147 / 143(3) of the Income Tax Act, 1961 ( in short the ‘Act’). Case called twice. None appeared at the assessee’s behest. It is accordingly proceeded as ex parte.

2.

The learned CIT DR vehemently contends during the course of hearing that the CIT(A) has erred in law and on facts in deleting section 68 addition of unexplained cash credits to the tune of Rs. 6,09,00,000/- made in the course of assessment framed on 21.03.2016. We find no merit in the Revenue’s instant argument. We notice during the course of hearing that the ld. CIT(A) findings in paras 8 to 12 pages 3 to 5 have gone by Assessing Officer’s remand report dated 05.03.2019 making it clear that no corresponding credit sum had come from M/s Lily Merchants Pvt. Ltd. as follows:

2 M/s Dhanvirdhi Tie Up Pvt. Ltd. M/s Dhanvirdhi Tie Up Pvt. Ltd.. ITA No.

3.

This clinching This clinching fact has gone unresulted from the R Revenue’s side. We therefore confirm the ld. CIT(A)’s for this therefore confirm the ld. CIT(A)’s for this sole reason. The revenue’s instant reason. The revenue’s instant appeal is declined.

4.

This Revenue’s appeal is dismissed in above terms. . This Revenue’s appeal is dismissed in above terms. Order pronounced in the Court on Order pronounced in the Court on 12.08.2020 .2020

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