ITO, WD-4(1), KOLKATA, KOLKATA vs. M/S TRIMUDRA CREDIT LTD., KOLKATA

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ITA 1212/KOL/2015Status: DisposedITAT Kolkata11 January 2019AY 2012-20132 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found it proper to remand the matter back to the Assessing Officer for fresh consideration. The assessee was given liberty to file supporting evidence for its claim.

What were the facts?

The Revenue appealed the deletion of an addition made by the Assessing Officer on account of unexplained cash credit. The assessee argued that the Assessing Officer did not properly consider the facts related to its capital raising.

What were the issues?

Whether the CIT was justified in deleting the addition made by the AO on account of unexplained cash credit under Section 68 of the Act.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH: KOLKATA

Before: Shri J. Sudhakar Reddy & Shri S.S. Viswanethra Ravi

Hearing: 08.01.2019Pronounced: 11.01.2019

Date of hearing : 08.01.2019 Date of pronouncement : 11.01.2019 ORDER Shri S.S. Viswanethra Ravi, JM:

This appeal by the Revenue against the order dated 30.06.2015 passed by the Commissioner of Income Tax (Appeals)-2, Kolkata [‘CIT(A)’] for Assessment Year 2012-13.

2.

The only issue is to be decided as to whether the CIT is justified in deleting the addition made by the Assessing Officer on account of unexplained cash credit u/s 68 of the Act.

3.

Heard both parties and perused the materials available on record. The ld. AR submits that the additions made u/s 68 of the Act by the Assessing Officer on the ground that the assessee failed to justify his return with evidences in respect of primary sources of its capital raised. The Assessing Officer did not consider the facts relating to the assessee in a proper way and prayed to remand the matter to the file of the Assessing Officer for his fresh consideration.

M/s Trimudra Credit Ltd. Assessment Year: 2012-13 The ld. DR reported no objection in remanding the matter to the file of Assessing Officer only on the condition that the assessee shall comply all the objections raised by the Assessing Officer in respect of addition made by the Assessing Officer involving the share capital and share premium. Taking into consideration the submissions of the ld. AR & DR and in the facts and circumstances of the case, we deem it proper to remand the matter to the file of the Assessing Officer for fresh consideration. The assessee is at liberty to file evidences, if any, in support of its claim. The ground raised by the Revenue is allowed for statistical purposes.

4.

In the result, the appeal of the Revenue is allowed for statistical purposes. Order pronounced in the open court on 11.01.2019.

Sd/- Sd/- [J. Sudhakar Reddy] [S.S. Viswanethra Ravi] Accountant Member Judicial Member Dated :11.01.2019 Place : Kolkata RS, Sr.PS Copy of the order forwarded to: Appellant –ITO, Ward-4(1), Kol, P-7, Chowringhee Square, 8th Floor, 1. Kol- 700 069. 2 Respondent – M/s. Trimudra Credit Ltd., 8, Lyons Range, Ground Floor, Kol-

1. 1.

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

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