CHITRAKOOT TRADELINK PVT. LTD.,KOLKATA vs. TRO - 2, KOLKATA, KOLKATA

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ITA 1594/KOL/2017Status: DisposedITAT Kolkata15 May 2019AY 2012-132 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal noted that the lower authorities failed to consider the assessee's submissions and evidence. Therefore, the case was restored to the Assessing Officer for fresh adjudication after providing an opportunity of hearing.

What were the facts?

The assessee challenged an addition of ₹2,95,600/- made under Section 68 for unexplained share capital. The assessee had provided relevant investor details and written submissions in both assessment and lower appellate proceedings.

What were the issues?

Whether the addition under Section 68 was justified when the assessee provided necessary documentation and submissions that were not considered by the lower authorities.

Which sections of the Income-tax Act were involved?

Section 68,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH “D” KOLKATA

Before: Shri J.Sudhakar Reddy & Shri S.S.Godara

Shri Ankit Jalan, AR अपीलाथ� क� ओर से/By Appellant Shri Shankar Halder, JCIT-SR-DR ��यथ� क� ओर से/By Respondent 18-02-2019 सुनवाई क� तार�ख/Date of Hearing 15-05-2019 घोषणा क� तार�ख/Date of Pronouncement आदेश /O R D E R PER S.S.Godara, Judicial Member:- This assessee’s appeal for assessment year 2012-13 arises against the Commissioner of Income Tax (Appeals)-23, Kolkata’s order dated 25.05.2017 passed in case No.155/CIT(A)-23/TRO-2/16-17, involving proceedings u/s143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Case file(s) perused.

2.

The assessee’s sole substantive grievance seeks to delete sec. 68 unexplained share capital addition amounting to ₹2,95,600/- in the course of assessment as affirmed in lower appellate proceedings. It emerges during the course of hearing that the assessee had duly put in appearance in lower appellate proceedings. It further

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