DCIT, CIR-10(1), KOLKATA, KOLKATA vs. M/S CHAMPION COMMERCIAL CO. LTD., KOLKATA
In the result, Revenue’s appeal stands dismissed
ITA 1421/KOL/2016[2013-14]Status: DisposedITAT Kolkata27 Apr 2018AY 2013-14
Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2013-14 Dcit, Circle-10(1), V/S. M/S Champion P-7, Chowringhee Commercial Co. Ltd., Square, 3Rd Floor, P-15, Cit Road, Kolkata-69 Kolkata-73 [Pan No.Aabcc 2373 G] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Saurabh Kumar, Addl. Cit-Sr-Dr अपीलाथ" क" ओर से/By Appellant Shri Manoj Kataruka, Advocate ""यथ" क" ओर से/By Respondent 26-02-2018 सुनवाई क" तार"ख/Date Of Hearing 27-04-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Revenue Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-4, Kolkata Dated 04.04.2016. Assessment Was Framed By Dcit, Circle-10(1), Kolkata U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 10.02.2016 For Assessment Year 2013-14. The Revenue Has Raised The Following Grounds:- “I. That On The Facts Of The Case Ld. Cit(A) Has Erred In Deleting The Addition Of Rs.2,50,938/- On A Wrong Appreciation Of Facts Ignoring The Provisions Of Section 37(1) Overrule The Judicial Pronouncement Of Cit Vs. Calcutta Agency Limited (1951) (191) Itr (Sc) Ii. That On The Facts & Circumstances Of The Case Ld. Cit(A) Has Erred In Deleting The Addition Of Rs.13,91,404/- On A Wrong Appreciation Of Facts Ignoring The Provisions Of Section 37 Of The It Act, 1961. Iii. That On The Facts Of The Case Ld. Cit(A) Has Erred In Deleting The Addition Of Rs.20,25,329/- On Wrong Appreciation Of Facts Ignoring The
Section 14Section 143(3)Section 194JSection 195Section 2(24)(x)Section 36(1)(va)Section 37Section 37(1)Section 44A
68,90,871/- aggregating to total of ₹1,41,16,439/-.The investments in shares, debentures as on 31.3.2013 was ₹5,59,44,974/- and as on 31.3.2012 was ₹6,06,58,124/-.
In view of the settled position of law where the appellant was having sufficient capital it shall be presumed that the investments have been made from
