ITO, WD-5(3), KOLKATA, KOLKATA vs. M/S BLESSING COMMERCIAL PVT. LTD., KOLKATA
In the result we set aside the order of the Ld
ITA 271/KOL/2014[2010-2011]Status: DisposedITAT Kolkata28 Jun 2017AY 2010-2011
Bench: Hon‟Ble Sri J. Sudhakar Reddy, Am & Sri S.S. Viswanethra Ravi, Jm] I.T.A. No. 271/Kol/2014 Assessment Year : 2010-11 I.T.O., Ward-5(3), Kolkata -Vs.- M/S. Blessings Commercial Pvt. Ltd. 228A, A.J.C. Bose Road, Kolkata – 700 020 [Pan : Aaccb 1349 N] (Appellant) (Respondent) For The Appellant : Shri Goulen Hangshing, Cit, Dr. For The Respondent : Shri Manoj Kataruka, Advocate Date Of Hearing : 12.06.2017 Date Of Pronouncement : 28.06.2017 Order Per J. Sudhakar Reddy, Am This Is An Appeal Filed By The Revenue Directed Against The Order Of The Commissioner Of Income Tax (Appeals)-Vi, Kolkata, (Hereinafter The “Ld. Cit(A)”), Dt. 19/11/2013, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The „Act‟), Relating To Assessment Year 2010-11. 2. Facts In Brief:- The Assessee Is A Company & Is Engaged In The Business Of Finance & Investment. It Filed Its Return Of Income For The Assessment Year 2011-12 On 22/09/2010, Declaring –Nil- Income. It Showed A Loss Of Rs.668/-. The Facts As Recorded By The Assessing Officer In The Assessment Order Are Extracted Below:- “Para 1.2.1 The Assessee Has Shown Receipt Of Under Mentioned Share Capital Of Rs.1,90,00,000/- & Share Premium Of Rs.188,10,00,000/- During The Asst. Year 2010-11. The Assessee Credited Rs.1,90,00,000/- In Total In Its Books Against The Above Receipts. The Assessee Claimed That The Detail Of Receipts Are As Under :-
For Appellant: Shri Goulen Hangshing, CIT, DRFor Respondent: Shri Manoj Kataruka, Advocate
Section 250
Penalty proceeding u/s 271(1)(c) already initiated against the assessee.
Assessed u/s 143(3) of the Income Tax Act, 1961. Copy of the Order, Demand Notice & Challan issued to the assessee.
4. The A.O. made an addition of Rs.190 Crores u/s 68 of the Act, as unexplained cash credit. Aggrieved, the assessee carried the matter in appeal before
