CRESCENT EXPORTS LTD.,KOLKATA vs. ITO, WARD 7(4), KOLKATA, KOLKATA

PDF · subscribers
ITA 896/KOL/2017Status: DisposedITAT Kolkata16 January 2019AY 2012-132 pages
AI SummaryRemanded

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?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH “A”, KOLKATA

Hearing: 05.11.2018Pronounced: 16.01.2019

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.

2.

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.

1.

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

All 29,931 judgments and leading authorities on Section 68 →

Recent GST High Court judgments

Search GST case law →