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Income Tax Appellate Tribunal, “B” BENCH: KOLKATA
Before: Shri J. Sudhakar Reddy & Shri S.S. Viswanethra Ravi
M/s Panchganga Marketing Pvt. Ltd. Appellant [PAN:AAFCP7766E] Vs ITO, Ward-8(3), Kolkata Respondent For the Appellant : None For the Respondent : Shri Gautam Kr. Mondal, Addl. CIT Date of hearing : 13.08.2019 Date of pronouncement : 04.10.2019 ORDER PER Shri S.S. Viswanethra Ravi, JM:
This appeal by the assessee against the order dated 25.01.2018 passed by the Commissioner of Income Tax (Appeals)-18, Kolkata [‘CIT(A)’] for Assessment Year 2012-13.
We find no representation on behalf of the assessee nor any application filed seeking adjournment. The assessee called absent and we proceed to hear the ld. DR ex parte of assessee.
Heard ld. DR and perused the materials available on record. The issue is relating to addition made on account of share capital u/s. 68 of the Act. It is noted from the record that no compliances were made by the assessee in terms of the identity, creditworthiness and genuineness of the transaction relating to share capital introduced during the year under consideration. The Assessing Officer held that the assessee did not prove the main ingredients required u/s 68 of the Act and added an amount of Rs.1,07,00,000/- to the total income Page | 1
M/s Panchganga Marketing Pvt. Ltd. of the assessee. It is noted, that even no compliances were made before the CIT(A) in First Appellate Proceedings. Having no option the CIT(A) confirmed the view of Assessing Officer ex parte of assessee. Taking into consideration the submissions of ld. DR and in the facts and circumstances of the case, we deem it proper to remand the matter to the file of CIT(A) for his fresh adjudication of the grounds raised by the assessee by issuing notice and adequate opportunity to the assessee. The assessee is at liberty to file evidences, if any, in support of its claim. Thus grounds raised by the assessee are allowed for statistical purposes.
4. In the result, the appeal of the assessee is allowed for statistical purposes. Order pronounced in the open court on 04.10.2019.