Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, “A”, BENCH KOLKATA
Before: SHRI S.S.GODARA, JM & DR. A.L.SAINI, AM
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.
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.
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.
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