Jay Shree Tea & Industries Ltd. v. DCIT

DCIT, Circle - 6(1), Kolkata vs. M/S. Gaurav Rose Real Estate Pvt. Ltd., Kolkata

Bench: Shri J.Sudhakar Reddy & Shri S.S.Godara

…आयकर अपील"य अधीकरण, "यायपीठ – “ए” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “VIRTUAL COURT A” KOLKATA Before Shri J.Sudhakar Reddy, Accountant Member and Shri S.S.Godara, Judicial Member ITA No.2396/Kol/2019 & C.O.No.48/Kol/2019 (a/o ITA No.2396/Kol/2019) Assessment Year: 2012-13 Dy. Commissioner of M/s Gaurav Rose Real Income Tax, Circle-6(1), Estate Pvt. Ltd., C/o G K Aayakar Bhawan, 6th Floor, Steels, Sagar Estates, 2, N.C. Diutta Sarani, 4th P-7, Chowringhee Square, Kolkata-700 069 Floor, Unit-3, Dalhousie, Kolkata-700 001 बनाम M/s Gaurav Rose Real / Estate Pvt. Ltd., C/o G K V/s. Steels,…

Hindustan Steelworks Construction Limited, Kolkata vs. ITO, Ward - 12(1), Kolkata

Appeal is allowed in above terms

Bench: Shri P.M. Jagtap, V.P & Shri S. S. Godara, Jm आयकर अपीलसं./I.T.A No.1209/Kol/2018 ("नधा"रण वष" / Assessment Year: 2007-08) Hindustan Steelworks Construction Vs. Ito, Ward-12(1), Kolkata Ltd. 5/1, Commissionrate Road, (Hastings) Kolkata – 700022(W.B) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaach9524R (Appellant) .. (Respondent) Appellant By : Shri S.M. Surana, Adv./H.V. Bhardwaj, Fca/Swaraj Kr., Fca Respondent By : Smt. Ranu Biswas Meena, Dr सुनवाईक"तार"ख/ Date Of Hearing : 13/02/2020 घोषणाक"तार"ख/Date Of Pronouncement : 12/06/2020 आदेश / O R D E R Per Shri S. S. Godara: This Assessee’S Appeal For Assessment Year 2007-08 Arises Against The Commissioner Of Income Tax (A) - 4, Kolkata Dated 01.03.2018 Passed In Case No.1999/Cit(A)-4/2014-15/Kol Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused. 2. For The Reasons Stated In Assessee’S Petition Dated 01.06.2018 & On Account Of No Objection From Department Side, We Condone Four Days’ Delay In Filing Of The Instant Appeal. 3. It Transpires At The Outset That The Assessee Has Raised An Additional Ground Challenging Validity Of Reopening Initiated U/S 148/147 Of The Act. A Very Strong Objection Has Come From The Revenue Side That This Additional Ground Does Not Deserve To Be Admitted At Second Appellate Stage. We Find No Merit In Revenue’S

…the same in Note No.7(J) of the Notes on account alongwith balance sheet and also did not record the impugned sum as income in the P&L a/c at the threshold stage. Hon’ble jurisdictional high court’s decision in Jay Shree Tea & Industries Ltd. vs. DCIT (2000) 245 ITR 567(Cal) holds that such a disclosure does not mean that there has been any failure in not stating “fully and truly” all necessary particulars regarding computation of income. Their lordships latter decision in India Steamship Co. Ltd. vs. JCIT (2005) 275 ITR 155(Cal) also reiterates the very view. 8. This tribunal’s coordinate bench’s decisions in…

Coal India Limited, Kolkata vs. J.C.I.T (OSD) Cir - 5, Kolkata.

In the result, the appeal of revenue is dismissed and that of the assessee is allowed

Bench: Shri P.M. Jagtap, Am & Shri K. Narasimha Chary, Jm]

…essment proceedings are bad under first proviso to section 147 of the Act. This principle of law has had judicial acknowledgement in following cases: (i) Calcutta Discount Co. Ltd. Vs. ITO (1961) 41 ITR 191 (SC), (ii) Jay Shree Tea & Industries Ltd. Vs. DCIT 245 ITR 567 (Cal), Coal India Limited., AY 2004-05 (iii) Tantia Construction Co. ltd. Vs. DCIT (2002) 257 ITR 0084 (Cal), (iv) Prashant Proje cts ltd. Vs. ACIT (2011) 333 ITR 0368 (Bom) and (v) IPCA Laboratories Ltd. Vs. DCIT (2001) 251 ITR 0416 (Bom). 14. Viewed from any angle, the reopening of assessment u/s. 147 of the Act by the AO in this matter cannot…