AHIHANT DREDGING DEVELOPERS PVT. LTD.,KOLKATA vs. ITO, WARD 4(3), KOLKATA, KOLKATA

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ITA 690/KOL/2017Status: DisposedITAT Kolkata13 April 2018AY 2012-132 pages
AI SummaryRemanded

What did the Tribunal hold?

The tribunal found that the CIT(A) order was not justified as the assessee was not given a proper opportunity to present their case. Therefore, the issue was remanded back to the CIT(A) for fresh adjudication.

What were the facts?

The Assessing Officer (AO) treated share premium of Rs. 4,60,35,000/- as unexplained cash credit under Section 68. The CIT(A) dismissed the assessee's appeal ex parte without providing sufficient opportunity.

What were the issues?

Whether the CIT(A) erred in dismissing the appeal ex parte without affording sufficient opportunity to the assessee. Whether the share premium was a valid cash credit.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “D” BENCH: KOLKATA

Before: Shri P. M. Jagtap & Shri S.S. Viswanethra Ravi

ORDER Shri S.S.Viswanethra Ravi, JM:

This appeal by the Assessee is directed against the order of the Commissioner of Income Tax (Appeals), 23, Kolkata dt. 03-02-2017 for the A.Y 2012-13.

2.

After hearing both the parties, we find that the AO determined the income of assessee at Rs.4,68,18,700/- as against returned income of Rs.7,83,699/- by observing the share premium of Rs.4,60,35,000/- as unexplained cash credit u/s. 68 of the Act. The CIT-A by ex parte dismissed the grounds of appeal by confirming the order of the AO without affording sufficient opportunity to assessee, which is not justified. The ld.AR urged that there was no opportunity to prosecute the case of assessee before the CIT-A. Therefore, taking into consideration the facts and circumstances of the case, the submissions of the ld.AR and in the interest of justice, we deem it fit and proper to remand the issue to the file of the CIT-A for his fresh adjudication and to pass a fresh order as per law. The assessee is at liberty to file necessary details in respect of the contentions and claims of assessee before the CIT-A. Grounds raised by the assessee in the appeal are allowed for statistical purpose.

3.

In the result, the appeal of the assessee is allowed for statistical purpose. Order pronounced in the open court on 13-04-2018

Sd/- Sd/- P. M. Jagtap S.S. Viswanethra Ravi Accountant Member Judicial Member Dated :13-04-2018 PP(Sr.P.S.) Copy of the order forwarded to:

1. 1. Appellant/Assessee: M/s. Arihant Dreging Developers Pvt. Ltd. Mezanine Floor, No. 6B, Dr. Rajendra Prasad Sarani, Kolkata-700001. 2 Respondent/Revenue: Income Tax Officer, Ward 4(3), Aaykar Bhawan, P-7 Chowringhee Square, Kolkata-700 069.

3. The CIT(A), Kolkata 4. CIT , Kolkata 5. DR, Kolkata Benches, Kolkata /True Copy, By order,

Sr.PS/H.O.O ITAT Kolkata

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