HOOGRAJULI (ASSAM) TEA CO. LTD.,KOLKATA vs. DCIT, CIRCLE - 4(1), KOLKATA

This is an appeal filed by the assessee directed against the order of the Commissioner of Income Tax (Appeals)-2, Kolkata [‘CIT(A)’ for short] dated 02.11.2018 u/s 250 of the Income Tax Act, 1961 (‘the Act’ for short) for AY 2012-13.

None appeared on behalf of the assessee. There was neither any application for adjournment. Under these circumstances we dispose off this case ex-parte on merits. 3. Heard the ld. DR. The only addition sustained by the ld. CIT(A) is an amount of ₹6,50,000/- being loan taken from the Director of the assessee company, Sh. Suresh Kumar Kanoi on the ground that the credit has not been satisfactorily explained. 4. In our view the identity of the loan creditor is proved, as he is the Director of the assessee company. Moreover, the Director is having a current account with the company. He had a debit balance of ₹11,39,000/- as opening balance at the beginning of the year and during the year, he had advanced ₹6,50,000/- to the company. The Director of the assessee company, Sh. Suresh Kumar Kanoi is assessed to tax. On these facts we delete the addition made u/s 68 of the Act, on the ground that the assessee has satisfactorily proved the identity, genuineness and creditworthiness.