M/S. NATURAL VIEW DATATECH ADVISORS (P) LTD.,KOLKATA vs. ITO, WARD - 1(2), KOLKATA, KOLKATA

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ITA 1556/KOL/2018Status: DisposedITAT Kolkata05 April 2019AY 2012-132 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal noted the lack of opportunity for the assessee to examine the identity, genuineness, and creditworthiness of transactions. Therefore, the matter was remanded to the CIT(A) for fresh consideration, allowing the assessee to submit evidence.

What were the facts?

The assessee's appeal was dismissed ex parte by the CIT(A) for the Assessment Year 2012-13. The Assessing Officer had made a substantial addition under Section 68 of the Income Tax Act. The assessee failed to appear or provide any compliance during assessment and appellate proceedings.

What were the issues?

Whether the addition made under Section 68 was justified without proper opportunity for the assessee to establish the identity, genuineness, and creditworthiness of the transactions.

Which sections of the Income-tax Act were involved?

Section 68,Section 131

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “D” BENCH: KOLKATA

Before: Shri S.S. Viswanethra Ravi & Dr. A.L. Saini

Hearing: 03.04.2019Pronounced: 05.04.2019

For the Appellant : None For the Respondent : Shri Radhey Shyam, CIT, DR Date of hearing : 03.04.2019 Date of pronouncement : 05.04.2019 ORDER PER Shri S.S. Viswanethra Ravi, JM:

This appeal by the assessee against the order dated 21.03.2018 passed by the Commissioner of Income Tax(Appeals)-1, Kolkata for the Assessment Year 2012-13 wherein he dismissed grounds of appeal ex parte of assessee.

2.

At the time of hearing, we find no representation on behalf of the assessee nor any application filed seeking adjournment, the assessee called absent and set ex parte. Thus we proceed to hear the ld. DR.

3.

Heard the ld. DR and persued the materials available on record. The Assessing Officer made substantial addition u/s 68 of the Act to the extent of Rs.1,99,80,000/-. We find no compliances in assessment proceedings in response to the summons issued u/s 131 of the Act to various shareholders to examine their identity, genuineness and creditworthiness of transactions. It is also noted and as discussed above, no representation whatsoever made by the assessee in the first 1

Assessment Year: 2012-13 M/s. Natural View Datatech Advisors (P) Ltd. appellate proceedings. Therefore, it is clear that no opportunity was available to the assessee in both the authorities below to examine the identity, genuineness and creditworthiness of transactions relating to the addition made u/s 68 of the Act. As rightly suggested by the ld. DR, we deem it proper to remand the matter to the file of CIT(A) for his fresh consideration. 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 05.04.2019.

Sd/- Sd/- [Dr. A. L. Saini] [S.S. Viswanethra Ravi] Accountant Member Judicial Member Dated : 05.04.2019 Place : Kolkata RS, Sr.PS Copy of the order forwarded to:

1. 1. Appellant –M/s. Natural View Datatech Advisors (P) Ltd., 7/1A, Grant Lane, Kolkata – 700 012. 2 Respondent – ITO, Ward-1(2), Kolkata.

3. The CIT(A), Kolkata 4. CIT , Kolkata 5. DR, Kolkata Benches, Kolkata

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