ITO, Ward-1(1), Kolkata vs. M/S Gemini Commerce, Kolkata
In the result, appeal of the revenue is dismissed
ITA 14/KOL/2021[2014-15]Status: DisposedITAT Kolkata15 Mar 2023AY 2014-15
Bench: Shri Rajpal Yadav, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 14/Kol/2021 Assessment Year: 2014-15 Income Tax Officer, Ward - 11(1), M/S. Gemini Commerce Pvt. Ltd. Kolkata Vs 8A, Brown Field Row Kolkata - 700027 [Pan : Aadcg0842J] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Soumitra Choudhury, Advocate Revenue By : Shri Ranu Biswas, Addl. Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 01/02/2023 घोषणा क" तारीख /Date Of Pronouncement: 15/03/2023 आदेश/O R D E R Per Dr. Manish Borad: This Is The Appeal Preferred By The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-4, Kolkata (Hereinafter Referred To As The Ld. Cit(A)”], Passed U/S 250 Of The Income-Tax Act, 1961 (Hereinafter The ‘Act’), Dated 21/09/2022 For The Assessment Year 2014-15. 2. The Registry Has Pointed Out That There Is A Delay Of Six (6) Days In Filing Of This Appeal In Time Before The Tribunal. The Assessee Has Filed A Petition For Condonation Of Delay Stating The Reasons Of Delay. After Perusing The Same, We Find That The Assessee Was Prevented By Sufficient Cause From Filing The Appeal In Time Before The Tribunal. Hence, The Delay Is Condoned & The Appeal Is Admitted. 3. The Revenue Has Filed The Following Grounds Of Appeal:- “1. Whether On The Facts & In The Circumstances Of The Case, Ld. Cit(A) Was Justified In Deleting The Addition Of Rs.5,61,00,000/- Made By The Assessing Officer On Account Of Sale Of Unquoted Shares In The Course Of
For Appellant: Shri Soumitra Choudhury, AdvocateFor Respondent: Shri Ranu Biswas, Addl. CIT, D/R
Section 143(2)Section 250Section 68
…d as such identity, creditworthiness of the Purchaser Company and genuineness of transactions could not be verified. 5. The principle which has been laid down by the Hon"ble Supreme Court in the case of Pr.CIT [Central]-1, Kol. Vs. NRA Iron & Steel Pvt. Ltd. [412 ITR 161] also is duty bound to suggests that the Assessing Officer investigate the creditworthiness of the subscriber, verify the identity of the subscribers and ascertain whether the transaction is genuine or these are bogus entries of name lenders. In the facts of the case, in spite of best efforts made by the assessing officer, he could not verify the…
