K.A.Wires Ltd., Kolkata vs. I.T.O., Ward-8(3), Kolkata
ITA 1149/KOL/2019[2012-13]Status: DisposedITAT Kolkata22 Jan 2020AY 2012-13
Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2012-13 K.A. Wires Ltd...………………………………………………………..................................……………..….......Appellant Chatterjee Intl Centre 11Th Floor Room No. 11 33A, Chowringhee Road Kolkata – 700 071 [Pan : Aadck 7401 M] Vs. Income Tax Officer, Ward – 8(3), Kolkata…..…................................................….…….....…..Respondent Appearances By: Shri S.M. Surana, Adovate & Shri N.P. Jain, Advocate, Appeared On Behalf Of The Assessee. Shri A.K. Nayak, Cit D/R & Shri Dhrubajyoti Ray, Jcit D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : December 4Th, 2019 Date Of Pronouncing The Order : January 22Nd, 2020 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals) – 3, Kolkata, (Hereinafter The “Ld.Cit(A)”), Passed U/S. 250 Of The Income Tax Act, 1961 (The ‘Act’), Dt. 23/04/2019, For The Assessment Year 2012-13. 2. The Assessee Is A Company & Is Engaged In The Business Of Zinc Manufacturing. It Filed Its Return Of Income Electronically For The Assessment Year 2012-13 On 07/09/2012 Declaring A Loss Of Rs.(-)Rs.37,99,257/-. The Assessing Officer Completed The Assessment U/S 143(3) Of The Act On 30/03/2015 Determining The Total Income Of The Assessee At Rs.1,02,00,743/- Interalia Making An Addition U/S 68 Of The Act Being Share Capital & Share Premium Received By The Company From Three (3) Associate Companies. Out Of This Rs,1,40,00,000/- Addition, The Assessing Officer States That A Protective Addition Of Rs.40,00,000/- Is Made In The Hands Of The Intermediary Companies. Aggrieved The Assessee Carried The Matter In Appeal Without Success. The Ld. First Appellate Authority, Upheld The Order Of The Assessing Officer. 3. Further Aggrieved, The Assessee Is Before Us.
Section 143(2)Section 143(3)Section 250Section 68
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