CRESCENT EXPORTS LTD.,KOLKATA vs. ITO, WARD 7(4), KOLKATA, KOLKATA
What did the Tribunal hold?
The Tribunal found that the CIT(A) confirmed the AO's addition without proper discussion. Therefore, the matter was remanded to the CIT(A) for fresh consideration and a speaking order, allowing the assessee to submit supporting evidence.
What were the facts?
The assessee added an amount of Rs. 2,18,34,995/- under Section 68 of the Income Tax Act for the assessment year 2012-13. The Assessing Officer (AO) made this addition as the assessee failed to provide documents to substantiate the genuineness of unsecured loans.
What were the issues?
Whether the addition made by the AO under Section 68 for unexplained unsecured loans was justified without proper consideration by the appellate authority.
Which sections of the Income-tax Act were involved?
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, KOLKATA BENCH “A”, KOLKATA
ORDER
PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER This appeal filed by the assessee against the order dated 03.03.2017 passed by CIT(A)-16, Kolkata u/s 143(3)/144 of the Income Tax Act, 1961 (in short “Act”) for AY 2012-13.
Heard both parties and perused the material available on record. It is observed from the assessment record that the assessee added an amount of Rs.2,18,34,995/- u/s 68 of the Act. But, however, it is seen the discussion of the AO at page Nos. 5 & 6 of his order that the assessee could not furnish any documents to substantiate that the fresh unsecured loans was received from genuine sources. For not substantiating through documentary evidences, the AO resorted to add the said amount u/s 68 of the Act. From the order of CIT(A), it is observed by placing reliance in the case of Rajmandir Estates Pvt.Ltd. Vs PCIT of Hon’ble High Court of Kolkata confirmed the addition made by the AO without making any discussion or whatsoever involving the addition made by the AO. Therefore, taking into consideration the said (ASSESSMENT YEAR-2012-13) facts and the submissions of Ld.DR & Ld.AR and in the interest of justice, we deem it proper to remand the matter to the file of CIT(A) for his fresh consideration and to pass speaking order. The assessee is liberty to file evidences, if any, in support of its contention. 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 16.01.2019.
Sd/- Sd/- (J.SUDHAKAR REDDY) (S.S.VISWANETHRA RAVI) ACCOUNTANT MEMBER JUDICIAL MEMBER [ Date:- 16.01.2019 *Amit Kumar* Copy forwarded to:
1. 1. Appellant- Crescent Exports Ltd., 9, Pretoria Street, Sundeep Building, Flat No.18, 5th Floor, Kolkata-700071.
2. Respondent- ITO, Ward-7(4), Aaykar Bhavan, Chowringhee Square, Kolkata-700069.
3. CIT-Kolkata 4. CIT(Appeals)-Kolkata 5. DR: ITAT -Kolkata Benches By order
AR/H.O.O ITAT, KOLKATA
More judgments on Section 68
- ACIT Central Bilaspur, Bilaspur vs Arun Kumar Agrawal, SaktiITSSA 26/RPR/2025[2018-19]Status: Disposed21 Oct 2026AY 2018-19
- Neo Incorporation, Rajkot vs DCIT Circle- 1(2), RajkotITA 471/RJT/2026[2012-2013]Status: Disposed21 Oct 2026AY 2012-2013
- Bliss Dealtrade Private Limited, Kolkata vs Income Tax Officer - Ward 9(2) Kolkata…ITA 208/KOL/2026[2012-13]Status: Disposed21 Oct 2026AY 2012-13
- Hemal Paresh Madeka, Rajkot vs Asst.Commissioner of Income Tax…ITA 955/RJT/2026[2020-21]Status: Disposed19 Oct 2026AY 2020-21
- Ajaybhai Dineshbhai Bagdai, Near Central… vs The Income Tax Officer, Ward-1(2)(1), New…ITA 74/RJT/2026[2013-14]Status: Disposed19 Oct 2026AY 2013-14
Recent GST High Court judgments
Search GST case law →- M/S Priya, Townhall Road, Cuttack vs. Superintendent Cuttack- I Range, CuttackOrissa · 31 Oct 2026
- Dwaraka Jewellers, Bhubaneswar vs. Superintendent, CGST And Central Excise, BhubaneswarOrissa · 31 Oct 2026
- M/S N D Waddar And Co vs. Sri Gaurav GuptaKarnataka · 30 Oct 2026
- Kanwar Enterprises Private Limited vs. The Joint Commissioner - State TaxTelangana · 30 Oct 2026
- M/S. Bangi Mines And Minerals vs. The State Of TelanganaTelangana · 30 Oct 2026