Selehium Trading Pvt. Ltd., , Kolkata v. Pr.CIT - 1, Kolkata , Kolkata

ITA 1306/KOL/2018 | 2012-2013
Pronouncement Date: 28-02-2020 | Result: Allowed

Appeal Details

RSA Number 130623514 RSA 2018
Assessee PAN AADCS7717E
Bench Kolkata
Appeal Number ITA 1306/KOL/2018
Duration Of Justice 1 year(s) 8 month(s) 15 day(s)
Appellant Selehium Trading Pvt. Ltd., , Kolkata
Respondent Pr.CIT - 1, Kolkata , Kolkata
Appeal Type Income Tax Appeal
Pronouncement Date 28-02-2020
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted C
Tribunal Order Date 28-02-2020
Last Hearing Date 09-12-2019
First Hearing Date 09-12-2019
Assessment Year 2012-2013
Appeal Filed On 13-06-2018
Judgment Text
1 I.T.A NO. 1306/KOL/18 AY 2012-13 SELEHIUM TRADING P.LTD. IN THE INCOME TAX APPELLATE TRIBUNAL CBENCH: KOL KATA [BEFORE SHRI A. T. VARKEY JM & DR. (SHRI) A.L. SAINI AM] I.TA NO. 1306/KOL/2018 A.Y 2012-13 SELEHIUM TRADING PVT. LIMITED PAN: AADCS 7717E VS. P.C.I.T-1 KOLKATA APPELLANT RESPONDENT DATE OF HEARING 09.12.2019 DATE OF PRONOUNCEMENT 28.02.2020 FOR THE APPELLANT SHRI MIRAJ D.SHAH LD.AR FOR THE RESPONDENT DR. P.K. SRIHARI CIT LD.DR ORDER PER SHRI A.T. VARKEY JM THIS APPEAL IS PREFERRED BY THE ASSESSEE AGAINST THE ORDER OF LD. PCIT KOLKATA- 1 KOLKATA DATED 22-03-2018 PASSED U/S. 263 OF T HE INCOME-TAX ACT 1961 ( IN SHORT HEREINAFTER THE ACT). 2. THE ASSESSEE HAS RAISED THE FOLLOWING GROUND S OF APPEAL:- GROUNDS OF APPEAL BEFORE ITAT 1. FOR THAT IN THE FACTS AND CIRCUMSTANCES OF THE C ASE THE NOTICE U/S 263 OF THE INCOME TAX ACT 1961 ISSUED BY THE LEARNED PRINC IPAL COMMISSIONER OF INCOME TAX WAS WITHOUT JURISDICTION AND TIME BARRED . THUS THE ORDER PASSED ON THE BASIS OF SUCH NOTICE WAS BAD IN LAW H ENCE THE SAME BE QUASHED AND OR ANNULLED. 2. FOR THAT IN THE FACTS AND CIRCUMSTANCES OF THE C ASE THE LEARNED PRINCIPAL COMMISSIONER OF INCOME TAX ERRED IN HOLDING THAT TH E ASSESSMENT ORDER PASSED BY THE LEARNED ASSESSING OFFICER IN THE CASE OF THE APPELLANT WAS ERRONEOUS AND PREJUDICIAL TO THE INTEREST OF REVENU E AND THEREBY SETTING ASIDE THE SAID ASSESSMENT ORDER BY INVOKING THE PRO VISIONS OF SECTION 263 OF THE INCOME TAX ACT 1961. 3. FOR THAT ON THE FACTS AND IN THE CIRCUMSTANCES O F THE CASE THE LEARNED PRINCIPAL COMMISSIONER OF INCOME TAX ERRED IN HOLDI NG THAT THE LD AO DID NOT MAKE ANY PROPER ENQUIRY REGARDING ASSESSMENT OF INTEREST INCOME CREDITED IN THE BOOKS WITH THE INTEREST APPEARING I N THE BANK STATEMENT OF THE ASSESSEE. SUCH FINDING OF THE LEARNED PRINCIPAL COMMISSIONER OF INCOME TAX WAS PERVERSE AND THEREFORE THE ORDER PASSED U/S .263 OF THE INCOME TAX 2 I.T.A NO. 1306/KOL/18 AY 2012-13 SELEHIUM TRADING P.LTD. ACT 1961 IS BASED ON WRONG APPRECIATION OF FACTS O F THE CASE AND HENCE BAD IN LAW. 4. WITHOUT PREJUDICE TO THE ABOVE THE VIEW OF THE LD AO WITH RESPECT TO THE INTEREST INCOME OFFERED TO TAX WAS ON THE BASIS OF A RECONCILIATION WHICH WAS FILED BEFORE HIM AND WAS SUBSTANTIATED WITH THE BANK STATEMENT THE SAME WAS VERIFIED AND ACCEPTED BY THE LD AO IN THE COURSE OF ASSESSMENT PROCEDURE. HENCE THE HON'BLE PRINCIPAL COMMISSIONE R OF INCOME TAX ERRED IN INVOKING PROVISIONS OF SECTION 263 OF THE INCOME TAX ACT 1961 IS BAD IN LAW. 5. FOR THAT IN THE FACTS AND CIRCUMSTANCES OF THE C ASE THE ORDER PASSED BY THE LEARNED COMMISSIONER OF INCOME TAX U/S 263 OF T HE INCOME TAX ACT 1961 JUST TO RE-LOOK THE ISSUE TO ENSURE CORRECTNES S OF INTEREST INCOME OFFERED FOR TAXATION WITHOUT CONSIDERING THE SUBMIS SION MADE BY THE ASSESSEE IS NOT JUSTIFIED AND THE HENCE THE SAME BE QUASHED. 6. FOR THAT IN THE FACTS AND CIRCUMSTANCES OF THE C ASE THE ORDER PASSED BY THE LEARNED COMMISSIONER OF INCOME TAX U/S 263 OF T HE INCOME TAX ACT 1961 IS BASED ON WRONG APPRECIATION OF FACTS OF THE CASE AND IS BAD IN LAW. 7. FOR THAT IN THE FACTS AND CIRCUMSTANCES OF THE C ASE THE ORDER PASSED BY THE LEARNED COMMISSIONER OF INCOME TAX U/S. 263 OF THE INCOME TAX ACT 1961 IS WITHOUT ANY BASIS AND HENCE THE SAME BE QUA SHED. 8. THE APPELLANT CRAVES LEAVE TO PRESS NEW ADDITIO NAL GROUNDS OF APPEAL OR MODIFY WITHDRAW ANY OF THE ABOVE GROUNDS AT THE TI ME OF HEARING OF THE APPEAL. 3. HOWEVER THE MAIN GRIEVANCE OF THE ASSESSEE IS AGAINST THE ACTION OF THE LD. PCIT INVOKING THE PROVISIONS OF SECTION 263 OF THE ACT WHICH ACCORDING TO THE ASSESSEE IS WITHOUT SATISFYING THE CONDITIONS PRECEDENT AS PRES CRIBED BY STATUTE. 4. BRIEF FACTS OF THE CASE AS NOTED BY THE LD. PC IT IS THAT THE ASSESSEE COMPANY FILED ITS RETURN OF INCOME DECLARING TOTAL LOSS OF RS. 17 35 145/- WHICH WAS SCRUTINISED U/S. 143(3) OF THE ACT VIDE ORDER DT. 29-03-2015 AT A TO TAL INCOME OF RS. 13 10 858/-. ACCORDING TO LD. PCIT WHEN HE PERUSED THE ASSESSMEN T RECORD OF THE ASSESSEE HE NOTED FROM THE P/L ACCOUNT THAT THE ASSESSEE HAD CREDITED INTEREST INCOME OF RS. 17 71 542/- FOR THE PERIOD FY 2011-12 (AY 2012-13) BUT FROM TH E BANK STATEMENT SUBMITTED IN THE COURSE OF ASSESSMENT IT COULD BE SEEN THAT TH E INTEREST INCOME WAS TO THE TUNE OF RS. 19 33 810/- WHICH ACCORDING TO THE LD. PCIT WA S OVERLOOKED BY THE AO WHILE FRAMING OF ASSESSMENT ORDER THEREBY CAUSING UNDER ASSESSMENT OF INCOME OF RS. 1 62 268/-. HE THEREFORE ISSUED SHOW CAUSE NOTIC E U/S. 263 OF THE ACT TO THE ASSESSEE POINTING OUT THIS FACT BUT AFTER HEARING THE ASSES SEE ON THIS ISSUE HE WAS PLEASED TO SET ASIDE THE ASSESSMENT ORDER DT. 29-03-2015 PASSED U/ S. 143(3) OF THE ACT AND DIRECT THE 3 I.T.A NO. 1306/KOL/18 AY 2012-13 SELEHIUM TRADING P.LTD. AO TO PASS FRESH ASSESSMENT ORDER LIMITED TO THE AF ORESAID INTEREST INCOME IN ACCORDANCE WITH LAW. AGGRIEVED THE ASSESSEE IS BEF ORE US. 5. ASSAILING THE DECISION OF THE LD. PCIT THE LD. AR SUBMITTED THAT THE JURISDICTIONAL CONDITION AS PRECEDENT AS REQUIRED U /S. 263 OF THE ACT TO REVISE THE ORDER OF THE AO IS ABSENT IN THIS CASE SINCE THE ORDER O F THE AO CANNOT BE TERMED AS ERRONEOUS AS WELL AS PREJUDICIAL TO THE INTEREST O F THE REVENUE . ACCORDING TO THE LD. AR THE ORDER OF THE AO PASSED U/S. 143(3) OF T HE ACT CANNOT BE TERMED AS ERRONEOUS SINCE THE AO HAD IN FACT ENQUIRED ABOUT MIS-MATCH BETWEEN THE INTEREST INCOME THAT WAS REFLECTED IN THE BANK STATEMENT AND AS OFFERED BY THE ASSESSEE FOR TAXATION. ACCORDING TO THE LD. AR PROPER RE-CONCI LIATION OF THE MIS-MATCH WAS IN- FACT FILED BY THE ASSESSEE BEFORE THE AO DURING TH E ASSESSMENT PROCEEDINGS AND AFTER SATISFYING ABOUT THE SAME THE AO HAD ACCEPTED THE INTEREST INCOME AT RS. 17 71 542/- IN PLACE OF RS. 19 33 810/-. THEREFORE ACCORDING TO THE LD. AR THE ORDER OF THE AO IN RESPECT OF INTEREST INCOME CANNOT BE FOUND FAULT WI TH AS ERRONEOUS FOR LACK OF ENQUIRY ON THE PART OF THE AO ON THIS ISSUE AND MOREOVER TH ERE IS NO PREJUDICE CAUSED TO THE REVENUE SINCE THE AMOUNT OF RS. 1 62 268/- (DIFFERE NCE AMOUNT WAS TAXED) IN THE EARLIER AY 2011-12 AND THEREFORE THERE IS NO UNDE R ASSESSMENT OF RS.1 62 268/- AS FOUND BY LD. PCIT. 6. THE LD. AR EXPLAINED THAT THE ASSESSEE RECEIVED TOTAL INTEREST OF RS.19 33 810/- WHICH FACT IS EVIDENT FROM THE BANK STATEMENT. AS AGAINST THIS THE ASSESSEE COMPANY HAD ALREADY SHOWN A SUM OF RS.5 2 8 118/- OUT OF THIS AMOUNT OF RS. 19 33 810/- IN A.Y. 2011-12 (PREVIOUS YEAR) AN D OFFERED THE SAME TO TAX IN AY 2011-12. THE BALANCE AMOUNT OF RS.14 05 691/- WAS O FFERED TO TAX IN AY 2012-13 ALONG WITH THE INTEREST FOR THE YEAR I.E.RS.1 77 15 0/- AND RS. 1 80 700/-. THUS ACCORDING TO LD.AR THE ASSESSEE HAD OFFERED TO TA X THE BANK INTEREST OF RS.17 71 542/- FOR THE YEAR UNDER CONSIDERATION WHICH INCLUDED RS. 14 05 691/- RS.L 77 150/- AND RS.1 88 700/- WHICH HAS BEEN DULY DISCLOSED IN THE BOOKS OF ACCOUNTS AND THE RETURN OF INCOME. THUS ACCORDING TO LD.AR THE ASSESSEE HAS BOOKED THE INTEREST OVER TWO YEARS I.E. AY 2011-12 AND AY 2012-13. THUS THE LD. AR RECONCILED THE DIFFERENCE IN THE BANK INTEREST FIGURE WITH THE BANK STATEMENT AND 26AS STATEMENT. SO ACCORDING TO 4 I.T.A NO. 1306/KOL/18 AY 2012-13 SELEHIUM TRADING P.LTD. LD.AR SINCE PART OF THE INTEREST HAS ALREADY BEEN O FFERED TO TAX IN THE EARLIER YEAR THE ASSESSEE HAS RIGHTLY OFFERED THE BALANCE AMOUNT TO TAX IN THE YEAR UNDER CONSIDERATION AND THEREFORE THERE IS NO UNDER ASSESSMENT OF INCO ME DURING THE YEAR UNDER CONSIDERATION AS ALLEGED BY LD. PCIT. IT WAS REITER ATED BY THE LD. AR THAT ALL THESE FACTS WERE EXPLAINED BEFORE THE AO DURING ASSESSMENT PROC EEDINGS AND THE AO AFTER EXAMINING THE SAME HAS ACCEPTED THE INTEREST INCOM E AS OFFERED BY THE ASSESSEE. IT WAS ALSO BROUGHT TO THE NOTICE OF THE AO AS WELL AS TH E LD. PCIT THAT THE FOLLOWING DOCUMENTS WERE ALSO FILED BEFORE THE AO AS WELL AS THE LD. PCIT TO RECONCILE THE MIS- MATCH: A. RECONCILIATION OF INTEREST FOR AY 2011-12 AND 2012- 13 B. INTEREST LEDGER AND TDS LEDGER FOR AY 2012-13 C. 26A STATEMENT OF AY 2011-12 AND 2012-13 D. BANK STATEMENT FOR AY 2012-13 REFLECTING THE INTERE ST AMOUNT. THUS ACCORDING TO THE LD. AR FROM THE AFORESAID FA CTS AND CIRCUMSTANCES AND EXPLANATION IT IS CLEAR THAT THE INTEREST INCOME H AS BEEN PROPERLY OFFERED TO TAX AND DURING ASSESSMENT PROCEEDINGS THE AO HAS MADE NECES SARY ENQUIRIES ON THIS ISSUE AND HENCE THE ASSESSMENT ORDER IN ANY EVENT CANNOT BE TERMED TO BE ERRONEOUS AS WELL AS PREJUDICIAL TO THE INTEREST OF THE REVENUE . THEREFORE SINCE THE CONDITION PRECEDENT FOR ASSUMING THE JURISDICTION U/S. 263 OF THE ACT BY THE LD. PCIT IS ABSENT THE VERY ASSUMPTION OF JURISDICTION IS INVALID AND THEREFORE THE SAME NEEDS TO BE QUASHED. 7. PER CONTRA LD. CIT/DR SUPPORTING THE IMPUGNED O RDER OF THE LD. PCIT SUBMITTED THAT THE AO HAS SIMPLY GULPED WHATEVER TH E ASSESSEE HAS STATED BEFORE HIM WITHOUT MAKING ANY ENQUIRY. SO THE ORDER OF THE AO IN RESPECT OF INTEREST INCOME IS ERRONEOUS AS WELL AS PREJUDICIAL TO THE INTEREST OF THE REVENUE . THEREFORE THE LD. PCIT HAS RIGHTLY INVOKED HIS JURISDICTION U/S. 263 OF T HE ACT TO INTERDICT AND DIRECT THE AO TO PASS A FRESH ASSESSMENT ORDER ON THE ISSUE OF INTER EST INCOME AS POINTED OUT BY HIM IN HIS ORDER PASSED U/S. 263 OF THE ACT. THEREFORE H E DOES NOT WANT US TO INTERFERE WITH THE IMPUGNED ORDER OF THE LD. PCIT. 8. AFTER HEARING BOTH THE PARTIES AND ON PERUSAL OF THE RECORDS WE NOTE THAT THE CONDITION PRECEDENT FOR INVOKING JURISDICTION U/S. 263 OF THE ACT IS THAT THE ORDER OF THE AO SHOULD BE ERRONEOUS AS WELL AS PREJUDICIAL TO THE INTEREST OF THE REVENUE. 5 I.T.A NO. 1306/KOL/18 AY 2012-13 SELEHIUM TRADING P.LTD. ACCORDING TO US THE PRESENT ORDER OF AO PASSED U/S . 143(3) OF THE ACT CANNOT BE TERMED AS ERRONEOUS SINCE ENQUIRY WAS IN FACT CARRIED OUT BY HIM ON THE ISSUE ON WHICH THE LD PCIT HAS FOUND FAULT WITH AND HAS TAKE N A PLAUSIBLE VIEW. WE NOTE THAT THE AO HAS MADE ENQUIRY DURING THE ASSESSMENT PROCE EDINGS ABOUT MIS-MATCH BETWEEN THE OFFER OF INTEREST INCOME TO THE TUNE OF RS. 17 71 542/- DURING THE RELEVANT AY I.E UNDER CONSIDERATION (2012-13) WHEN THE FACT WAS T HAT BANK STATEMENT REFLECTED INTEREST AMOUNT OF RS. 19 33 810/- DURING THE PERIO D (AY) UNDER CONSIDERATION. ACCORDING TO THE LD. PCIT THERE IS UNDER ASSESSMENT OF INCOME TO THE TUNE OF RS. 1 62 628/- WHICH HAS BEEN OVERLOOKED BY THE AO WH ILE FRAMING THE ASSESSMENT WHICH CONTENTION OF THE LD. PCIT CANNOT BE COUNTENA NCED FOR THE SIMPLE REASON THAT AO HAD IN FACT MADE ENQUIRY WHICH FACT IS DISC ERNED FROM THE AVERMENTS OF THE OF THE LD. PCIT ITSELF WHEREIN HE (PCIT) STATES . INSTEAD OF MERELY ACCEPTING ASSERTION OF THE ASSESSEE . THIS AVERMENT OF LD. PCIT IMPLIES THAT HE UNDER STOOD THAT DURING THE ASSESSMENT PROCEEDINGS ON THIS ISSUE TH E AO HAD ACCEPTED THE ASSERTION OF THE ASSESSEE AFTER PERUSAL OF THE RECONCILIATION OF INTEREST INCOME FOR THE AYS 2011-12 AND 2012-13 MADE BEFORE HIM (AO). AND THE ONLY FAUL T DISCERNIBLE FROM THE AVERMENT OF LD. PCIT IS THAT AO AFTER LISTENING TO THE EXPLA NATION OF THE ASSESSEE ON THIS ISSUE AND AFTER PERUSAL OF THE RECONCILIATION HAS ACCEPTE D WHICH ACTION OF AO ACCORDING TO LD PCIT IS NOT AN ENQUIRY AS DESIRED BY HIM AND THE REFORE HE SUGGESTED THAT THE AO OUGHT TO HAVE ASCERTAINED FURTHER BY OBTAINING STAT EMENTS TO RECONCILE THE ACCOUNTS OVER THE LAST 4-5 YEARS AND THEN COME TO CLEAR FIND ING OF FACTS. HOWEVER WE NOTE THAT THE AO ENQUIRED DURING ASSESSMENT PROCEEDINGS AND T HE ASSESSEE HAD FILED THE RE- CONCILIATION OF THE INTEREST INCOME FOR THE AYS. 20 11-12 & 2012-13 AND SUBMITTED THE INTEREST LEDGER AND TDS LEDGER FOR THE AY UNDER CON SIDERATION AND BANK STATEMENTS FOR THE AY 2012-13 THEREFORE THE AOS ACTION OF ACCEP TING THE CLAIM OF THE ASSESSEE IS THAT IT HAD INTEREST INCOME DURING THE AY UNDER CON SIDERATION ONLY OF RS. 17 71 542/- EVEN THOUGH AN AMOUNT OF RS. 19 33 810/- WAS CREDIT ED BY THE BANK IN THE ACCOUNTS OF THE ASSESSEE DURING THE YEAR UNDER CONSIDERATION IS A VIEW WHICH IS A CONCLUSION BASED ON FACTS LAID BEFORE HIM AND THEREFORE CANNOT BE TERMED AS ERRONEOUS. SO WE FIND THAT THE AOS ACTION CANNOT BE TERMED ERRONEOUS. SINCE NOT ONLY ENQUIRY WAS CARRIED OUT BY THE AO ON THE ISSUE UNDER CONSIDERAT ION AND BASED ON THE EVIDENCE 6 I.T.A NO. 1306/KOL/18 AY 2012-13 SELEHIUM TRADING P.LTD. GATHERED HE HAS TAKEN A PLAUSIBLE VIEW WHICH AT AN Y RATE CANNOT BE CALLED AS AN UN- SUSTAINABLE VIEW. WE ALSO NOTE THAT DURING THE REV ISIONAL PROCEEDINGS BEFORE THE LD. PCIT THE ASSESSEE HAD ALREADY BROUGHT TO THE NOTICE OF THE LD. PCITS FOLLOWING FACTS PERTAINING TO THE ISSUE. 5. WITHOUT PREJUDICE TO THE ABOVE WE SUBMIT THAT T HE TOTAL INTEREST AS RECEIVED IN THE BANK STATEMENT BY THE BANK WAS RS.19 33 810/ -. AS AGAINST THIS THE ASSESSEE COMPANY HAD ALREADY ACCRUED A SUM OF RS.5 28 118/- OUT OF THIS AMOUNT OF RS. 19 33 810/- IN A.Y. 2011-12 AND OFFE RED THE SAME TO TAX IN AY 2011-12. THE BALANCE AMOUNT OF RS.14 05 691/- WAS O FFERED TO TAX IN AY 2012- 13 ALONG WITH THE INTEREST FOR THE YEAR I.E.RS.1 77 150/- AND RS. 1 80 700/-. THUS THE ASSESSEE OFFERED TO TAX BANK INTEREST OF RS.1 7 71 542/ - FOR THE YEAR UNDER CONSIDERATION WHICH INCLUDED RS.14 05 691/-. RS.L 77 150/- AND RS.1 88 700/- WHICH IS DULY DISCLOSED IN THE BOOKS OF ACCOUNTS AN D THE RETURN OF INCOME. YOU WILL FIND THAT THE ASSESSEE HAS BOOKED THE INTEREST OVER TWO YEARS I.E. AY 2011- 12 AND AY 2012-13AND AY2 2-13 AND T US THERE IS AN APPARENT DIFFERENCE IN THE BANK INTEREST FIGURE WHEN COMPARED WITH THE BANK S TATEMENT AND 26AS STATEMENT. HOWEVER AS A PART OF THE INTEREST HAS A LREADY BEEN OFFERED TO TAX IN THE EARLIER YEAR THE ASSESSEE HAS RIGHTLY OFFERED TO TAX THE BALANCE AMOUNT IN THE YEAR UNDER CONSIDERATION AND THEREFORE THERE I S NO ESCAPEMENT OF INCOME DURING THE YEAR UNDER CONSIDERATION. ALL THESE FACT S WERE EXPLAINED BEFORE THE AO AND THE AO AFTER EXAMINING THE SAME ACCEPTED THE INTEREST INCOME AS OFFERED BY THE ASSESSEE. 9. FROM THE AFORESAID FACTS AND WE ALSO FIND THAT RE-CONCILIATION IN RESPECT OF MIS-MATCH OF INTEREST INCOME WAS FILED ALSO BEFORE THE LD. PCIT TO SHOW THAT AOS ACTION IS CORRECT AFTER ENQUIRING ON THIS ISSUE. TH US WE NOTE THAT THE ASSESSEE WAS ABLE TO BRING TO THE NOTICE OF THE LD. PCIT THERE WAS N O UNDER ASSESSMENT OF INCOME OF RS. 1 62 268/- AS ALLEGED BY THE LD. PCIT IN HIS SHOW-C AUSE NOTICE ISSUED U/S. 263 OF THE ACT. THOUGH THE LD. PCIT HAS TAKEN NOTE THAT THES E FACTS WERE BROUGHT TO THE NOTICE OF THE AO DURING THE ASSESSMENT PROCEEDINGS BUT HE D ID NOT BOTHER TO MAKE ANY FINDING OF FACT WHICH COULD HAVE SHOWN THAT THE AOS ACTIO N OF ACCEPTING THE CLAIM OF THE ASSESSEES INTEREST INCOME TO THE OF RS. 17 71 542/ - DURING THE AY 2012-13 WAS ERRONEOUS. THEREFORE WE ARE OF THE CONSIDERED OPIN ION THAT AOS ORDER CANNOT BE TERMED AS ERRONEOUS AS WELL AS PREJUDICIAL TO THE INTEREST OF THE REVENUE AND THEREFORE JURISDICTIONAL CONDITION PRECEDENT AS PR ESCRIBED BY STATUTE FOR INVOKING REVISIONAL JURISDICTION IS ABSENT AND THEREFORE WE ARE INCLINED TO QUASH THE IMPUGNED ORDER DT. 22-03-2018 OF THE LD. PCIT. 7 I.T.A NO. 1306/KOL/18 AY 2012-13 SELEHIUM TRADING P.LTD. 10. IN THE RESULT THE APPEAL OF THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON FEB. 28.02.2020 SD/- SD/- A.L. SAINI A.T. VA RKEY ACCOUNTANT MEMBER JUDICIAL MEMBER DATED28- 02-2020 PP(SR.P.S.) COPY OF THE ORDER FORWARDED TO: 1. APPELLANT/ASSESSEE: M/S. SELEHIUM TRADING PVT. LTD UNIT NO. A7 1 ST FL. 41 B.B. GANGULY ST. BOWBAZAR KOLKATA-700 012. 2 RESPONDENT/REVENUE: THE PR. COMMISSIONER OF INCOME- TAX-1 P-7 CHOWRINGHEE SQ. 7 TH FL. AAYKAR BHAWAN KOLKATA-107. 3. CIT 4. CIT(A) KOLKATA. 5. DR KOLKATA BENCHES KOLKATA **PP/SPS TRUE COPY BY BY ORDER ASSISTANT REGISTRAR ITAT KOLKATA