ITO, New Delhi v. M/s. Futuristic Sales Pvt. Ltd., New Delhi

ITA 2288/DEL/2010 | 2002-2003
Pronouncement Date: 15-07-2010 | Result: Allowed

Appeal Details

RSA Number 228820114 RSA 2010
Assessee PAN AAACF6597N
Bench Delhi
Appeal Number ITA 2288/DEL/2010
Duration Of Justice 2 month(s) 1 day(s)
Appellant ITO, New Delhi
Respondent M/s. Futuristic Sales Pvt. Ltd., New Delhi
Appeal Type Income Tax Appeal
Pronouncement Date 15-07-2010
Appeal Filed By Department
Order Result Allowed
Bench Allotted B
Tribunal Order Date 15-07-2010
Date Of Final Hearing 15-07-2010
Next Hearing Date 15-07-2010
Assessment Year 2002-2003
Appeal Filed On 14-05-2010
Judgment Text
ITA NO. 2288/DEL/2010 A.Y. 2002-03 1 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH B NEW DELHI BEFORE SHRI A.D. JAIN JUDICIAL MEMBER AND SHRI SHAMIM YAHYA ACCOUNTANT MEMBER I.T.A. NO. 2288/DEL/2010 A.Y. : 2002-03 INCOME TAX OFFICER VS. M/S FUTURISTIC SALES P VT. LTD. WARD 11(3) B-4/3 2 ND FLOOR D.B. GUPTA ROAD ROOM NO. 374-A C.R. BUILDING NEW DELHI 110 0 55 NEW DELHI (PAN: AAACF6597N) [APPELLANT] (RESPONDENT) ASSESSEE BY : SH. K. SAMPATH ADVOCATE DEPARTMENT BY : SH. H.K. LAL D.R. PER SHAMIM YAHYA: AM THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS) DATED 16.3.201 0 PERTAINING TO ASSESSMENT YEAR 2002-03. 2. THE ISSUE PERTAINS TO RECEIPT OF SHARE CAPITAL A ND SHARE PREMIUM AND AT THE THRESHOLD THE GROUND RAISED READS AS UNDER:- ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE THE LD. C.I.T.(A) HAS ERRED IN DELETING THE ADDITION MADE U/S 68 OF THE I T ACT 1961 AMOUNTING TO RS. 1 60 93 000/- ON THE BASIS OF INFORMATION FILED BEFORE HIM FOR THE FIRST TIME AS NO SUCH DETAILS WERE FILED DURING ASSESSME NT PROCEEDINGS AND WITHOUT CALLING FOR A REPORT FROM THE ASSESSING OFF ICER AS REQUIRED U/R 46A OF THE ACT. 3. IN THIS CASE THE ASSESSMENT WAS FRAMED U/S 144 O F THE IT ACT. THE ASSESSEE COMPANY WAS INCORPORATED ON 16.7.2001 AND HENCE THI S WAS THE FIRST YEAR OF THE ITA NO. 2288/DEL/2010 A.Y. 2002-03 2 ASSESSEES BUSINESS. DESPITE SUFFICIENT OPPORTUNIT IES THE ASSESSEE DID NOT FILE ANY SUBMISSION WITH REGARD TO QUERIES RAISED BY THE AS SESSING OFFICER. ASSESSING OFFICER PROCEEDED TO ANALYSE THE ISSUE AND HELD TH AT THE SHARE CAPITAL ISSUE OF RS. 49 75 000/- AND SHARE PREMIUM OF RS. 1 11 18 000/- TOTALING TO RS. 1 60 93 000/- WERE ASSESSEES OWN MONEY AND HENCE HE ADDED THE SAME AS INCOME FROM UNDISCLOSED INCOME SOURCE. 4. BEFORE THE LD. COMMISSIONER OF INCOME TAX (APPEA LS) ASSESSEE SUBMITTED VARIOUS DOCUMENTS AND SUBMISSIONS. AFTER ANALYZING THE SAME AND ELABORATING UPON THE ISSUE THE LD. COMMISSIONER OF INCOME TAX ( APPEALS) WAS OF THE OPINION THAT ASSESSING OFFICER WAS NOT JUSTIFIED IN TREATING RS. 1 60 93 000/- AS UNDISCLOSED INCOME OF THE ASSESSEE. 5. AGAINST THIS ORDER THE REVENUE IS IN APPEAL BEFO RE US. 6. AT THE THRESHOLD IT HAS BEEN URGED THAT LD. COM MISSIONER OF INCOME TAX (APPEALS) HAS RELIED UPON THE DETAILS WHICH WERE FI LED BEFORE HIM FOR THE FIRST TIME AND NO SUCH DETAILS WERE FILED DURING THE ASSESSMEN T PROCEEDINGS AND LD. COMMISSIONER OF INCOME TAX (APPEALS) HAS NOT CALLED FOR ANY REMAND REPORT FROM THE ASSESSING OFFICER UNDER RULE 46 OF THE ACT. 6.1 WE HAVE HEARD BOTH THE COUNSEL AND PERUSED THE RECORDS. UPON CAREFUL CONSIDERATION WE FIND THAT THE ASSESSMENT IN THIS CASE WAS FRAMED U/S 144 OF THE IT ACT. THE ASSESSEE HAS NOT PROVIDED ANY INFORMA TION/SUBMISSION BEFORE THE ASSESSING OFFICER ON THIS ISSUE OF SHARE CAPITAL RECEIPT. LD. COMMISSIONER OF INCOME TAX (APPEALS) HAS PROCEEDED TO RELY UPON THE ASSESSEES SUBMISSION INCLUDING THE DOCUMENTS WHICH WERE NOT PRODUCED BE FORE THE ASSESSING OFFICER. ITA NO. 2288/DEL/2010 A.Y. 2002-03 3 THE LD. COMMISSIONER OF INCOME TAX (APPEALS) HAS AL SO NOT CALLED ANY REMAND REPORT FROM THE ASSESSING OFFICER. IN THESE CIRCUM STANCES BOTH THE COUNSEL FAIRLY AGREED THAT THE MATTER MAY BE REMITTED TO THE FILES OF THE ASSESSING OFFICER FOR EXAMINING THE ISSUE AFRESH. ACCORDINGLY WE REMIT THIS ISSUE TO THE FILES OF THE ASSESSING OFFICER TO CONSIDER THE SAME AFRESH AFT ER GIVING THE ASSESSEES ADEQUATE OPPORTUNITY OF BEING HEARD. 7. IN THE RESULT THE APPEAL FILED BY THE REVENUE I S ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 15/07/2010 UP ON CONCLUSION OF THE HEARING. . SD/- SD/- [A.D. JAIN] [SHAMIM YAHYA] JUDICIAL MEMBER ACCOUNTANT MEMBER DATE 15/07/2010 SRB COPY FORWARDED TO: - 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR ITAT TRUE COPY BY ORDER DEPUTY REGISTRAR ITAT DELHI BENCHES