M/s. M.K. Enterprises, Kolkata v. ITO, Ward-3(1), Asansol, Asansol

ITA 1671/KOL/2014 | 2008-2009
Pronouncement Date: 27-11-2014 | Result: Partly Allowed

Appeal Details

RSA Number 167123514 RSA 2014
Assessee PAN AAGFM2510B
Bench Kolkata
Appeal Number ITA 1671/KOL/2014
Duration Of Justice 3 month(s) 13 day(s)
Appellant M/s. M.K. Enterprises, Kolkata
Respondent ITO, Ward-3(1), Asansol, Asansol
Appeal Type Income Tax Appeal
Pronouncement Date 27-11-2014
Appeal Filed By Assessee
Order Result Partly Allowed
Bench Allotted SMC
Tribunal Order Date 27-11-2014
Assessment Year 2008-2009
Appeal Filed On 14-08-2014
Judgment Text
I.T.A. NO . 1671 / KOL ./201 4 ASSESSMENT YEAR: 200 8 - 20 0 9 PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA SMC BENCH KOLKATA BEFORE SHRI GEORGE MATHAN JUDICIAL MEMBER I.T.A. NO. 1 671 / KOL / 20 1 4 ASSESSMENT YEAR : 200 8 - 20 0 9 M/S. M.K. ENTERPRISES ......... ..................... . ............. .. .APP ELL ANT C/O. V.N. PUROHIT & CO. CHARTERED ACCOUNTANTS DIAMOND CHAMBERS UNIT - III 4 TH FLOOR SUIT NO. 4G 4 CHOWRINGHEE LANE KOLKATA - 700 016 [PAN : A AGFM 2510 B ] - VS. - INCOME TAX OFFICER .. ............................................ . RESPONDENT WARD - 3 (1) ASANSOL 54 G.T. ROAD APKAR GARDEN ASANSOL - 713 304 APPEARANCES BY: SHRI H.V. BHARDWAJ A.C.A. FOR THE ASSESSEE S MT. RANU BISWAS J CIT SR. D.R. FOR THE DEPARTMENT DATE OF CONCLUDING THE HEARING : NOVEMBER 2 7 2 01 4 DATE OF PRONOUNCING THE ORDER : NOVEMBER 2 7 201 4 O R D E R PER GEORGE MATHAN : THIS IS AN APPEAL FILED BY THE ASSESSE E AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS) ASANSOL IN APPEAL NO. 389 / CIT(A) /ASL/WD - 3(1)/ASL/10 - 11 DATED 13 . 0 6 .201 4 FOR THE ASSESSMENT YEA R 200 8 - 0 9 . 2. SHRI H.V. BHARDWAJ A.C.A. REPRESENTED ON BEHALF OF THE ASSESSEE AND SMT. RANU BISWAS JCIT SR. D.R. REPRESENTED ON BEHALF OF THE REVENUE. I.T.A. NO . 1671 / KOL ./201 4 ASSESSMENT YEAR: 200 8 - 20 0 9 PAGE 2 OF 3 3. AT THE TIME OF HEARING IT WAS SUBMITTED BY THE LD. A.R. THAT THE ISSUE WAS AGAINST THE ACTION OF THE LD. CIT(APPEALS) IN CONFIRMING THE ADDITION OF RS.4 45 000/ - MADE BY THE ASSESSING OFFICER BY TREATING THE GIFTS FROM FIVE RELATIVES OF THE PARTNERS TO THE PARTNERS WHO HAD USED THE SAID AMOUNTS FOR CAPITAL INTRODUCTION IN THE PARTNERSHIP FIRM. IT W AS THE SUBMISSION THAT THE ASSESSING OFFICER HAD HELD THAT THE CREDITWORTHINESS OF THE DONORS WAS NOT ESTABLISHED AND CONSEQUENTLY HAD TREATED THE GIFTS RECEIVED BY THE VARIOUS PARTNERS AS UNEXPLAINED CASH CREDITS IN THE HANDS OF THE FIRM AS THE PARTNERS H AD INTRODUCED THE SAID AMOUNTS FOR INTRODUCING FRESH CAPITAL INTO THE FIRM. LD. A.R. DREW ATTENTION TO PAGE 1 OF THE PAPER BOOK WHICH WAS THE STATEMENT SHOWING THE GIFTS RECEIVED BY THE PARTNERS WHICH WERE INTRODUCED BY THE PARTNERS TOWARDS THEIR RESPECT IVE CAPITAL ACCOUNTS. IT WAS THE SUBMISSION THAT THE GIFTS HAVE BEEN RECEIVED FROM THE PARENTS GRAND - PARENT IN LAWS AND CLOSE RELATIVES. LD. A.R. DREW ATTENTION TO THE BALANCE - SHEET AND PROFIT & LOSS ACCOUNT AND COPIES OF THE RETURNS OF ALL THE DONEES. IT WAS THE SUBMISSION THAT THE GIFTS HAD ALSO BEEN DISCLOSED IN THE ACCOUNTS OF THE DONEES. IT WAS THE SUBMISSION THAT EVEN THE DECLARATION OF GIFTS WAS PRODUCED BEFORE THE ASSESSING OFFICER AND LD. CIT(APPEALS). IT WAS THE SUBMISSION THAT THE ADDITION MAY BE DELETED. 4 . IN REPLY IT WAS THE SUBMISSION BY THE LD. SR. D.R. THAT THE RETURN OF INCOME BALANCE - SHEET AND PROFIT & LOSS ACCOUNT FOR THE ASSESSMENT YEAR 2007 - 08 IN RESPECT OF THE DONORS HAD NOT BEEN PRODUCED BEFORE THE ASSESSING OFFICER. IT WAS THE SUBMISSION THAT THE ISSUE COULD BE RESTORED TO THE FILE OF THE ASSESSING OFFICER FOR RE - ADJUDICATION. 5 . I HAVE CONSIDERED THE SUBMISSIONS. AS IT IS NOTICED THAT ALL THE EVIDENCES RELIED UPON BY THE LD. A.R. HAD NOT BEEN PRODUCED BEFORE THE ASSESSING OFF ICER AND THERE ARE FRESH EVIDENCES PRODUCED BEFORE THE TRIBUNAL FOR CLAIMING THE GENUINENESS OF THE GIFTS AND THE CREDITWORTHINESS OF THE DONORS THE ISSUES IN THIS APPEAL ARE RESTORED TO I.T.A. NO . 1671 / KOL ./201 4 ASSESSMENT YEAR: 200 8 - 20 0 9 PAGE 3 OF 3 THE FILE OF THE ASSESSING O FFICER FOR RE - ADJUDICATION AFTER GRANTING THE ASSESSEE ADEQUATE OPPORTUNITY TO SUBSTANTIATE IT S CASE. 6 . IN THE RESULT THE APPEAL FILED BY THE ASSESSEE IS PARTLY ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 2 7 TH NOV EMBER 2014. SD/ - GEO RGE MATHAN ( JUDICIAL MEMBER) KOLKATA THE 2 7 TH D AY OF NOVE MBER 201 4 COPIES TO : (1) M/S. M.K. ENTERPRISES C/O. V.N. PUROHIT & CO. CHARTERED ACCOUNTANTS DIAMOND CHAMBERS UNIT - III 4 TH FLOOR SUIT NO. 4G 4 CHOWRINGH EE LANE KOLKATA - 700 016 (2) INCOME TAX OFFICER WARD - 3(1) ASANSOL 54 G.T. ROAD APKAR GARDEN ASANSOL - 713 304 (3) COMMISSIONER OF INCOME - TAX (APPEALS) (4) COMMISSIONER OF INCOME TAX ( 5 ) THE DEPARTMENTAL REPRESENTATIVE ( 6 ) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCHES KOLKATA LAHA/SR. P.S .