ITO, New Delhi v. M/s. Goel Linkers Pvt. Ltd., Ghaziabad

ITA 5072/DEL/2010 | 2006-2007
Pronouncement Date: 30-03-2012 | Result: Dismissed

Appeal Details

RSA Number 507220114 RSA 2010
Bench Delhi
Appeal Number ITA 5072/DEL/2010
Duration Of Justice 1 year(s) 4 month(s) 11 day(s)
Appellant ITO, New Delhi
Respondent M/s. Goel Linkers Pvt. Ltd., Ghaziabad
Appeal Type Income Tax Appeal
Pronouncement Date 30-03-2012
Appeal Filed By Department
Order Result Dismissed
Bench Allotted C
Tribunal Order Date 30-03-2012
Date Of Final Hearing 27-03-2012
Next Hearing Date 27-03-2012
Assessment Year 2006-2007
Appeal Filed On 18-11-2010
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH C DELHI) BEFORE SHRI G.D. AGRAWAL HONBLE VICE PRESIDENT AND SHRI A.D. JAIN JUDICIAL MEMBER ITA NO. 5072(DEL)2010 ASSESSMENT YEAR: 2006-07 INCOME TAX OFFICER M/S. GOEL LINKERS PVT. LTD. WARD 12(2) NEW DELHI. V. 188 HAPUR ROAD GHAZIABAD. (APPELLANT) (RESPONDENT) APPELLANT BY: SHRI ALOK SINGH SR. DR RESPONDENT BY: SHRI ALOK GUPTA CA ORDER PER A.D. JAIN J.M . THIS IS DEPARTMENTS APPEAL FOR THE ASSESSMENT YEAR 2006-07. THE FOLLOWING GROUNDS ARE RAISED BY THE DEPARTMENT:- 1. ON THE FACTS AND CIRCUMSTANCES OF THE CASE THE CIT(A) HAS ERRED IN DELETING THE ADDITION OF ` 52 58 000/- ON ACCOUNT OF UNCONFIRMED SHARE CAPITAL U/S 68 OF THE I.T. ACT. 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE TH E CIT(A) ERRED IN DELETING THE ADDITION OF ` 4 21 000/- ON ACCOUNT OF UNSECURED LOAN U/S 68 OF THE I.T. ACT IGNORING THE FACT THAT ASSESSEE HAD FAILED TO PROVE CREDIT-WORTHINESS AND GENUINENESS OF THE TRANSACTIO N THEREBY NOT DISCHARGING THE ONUS COST ON IT BY LAW. ITA 5072(DEL)2010 2 2. THE AO MADE AN ADDITION OF ` 52 58 000/- ON ACCOUNT OF UNCONFIRMED SHARE CAPITAL U/S 68 OF THE I.T. ACT AND AN ADDITIO N OF ` 4 21 000/- ON ACCOUNT OF UNSECURED LOAN U/S 68 OF THE I.T. ACT. WHILE DOING SO THE AO OBSERVED THAT NO DETAILS INCLUDING RETURN OF INCOME AND AUDITED FINANCIAL STATEMENTS WERE AVAILABLE BEFORE HIM. 3. BY VIRTUE OF THE IMPUGNED ORDER THE LD. CIT(A) DELETED BOTH THE ADDITIONS MADE BY THE AO AGAINST WHICH ACTION OF T HE LD. CIT(A) THE PRESENT APPEAL HAS BEEN FILED BY THE DEPARTMENT. 4. THE LD. DR HAS CONTENDED THAT THE LD. CIT(A) HAS ERRED IN DELETING BOTH THE ADDITIONS CORRECTLY MADE BY THE AO IGNORI NG THAT NO DETAILS HAD BEEN FILED BEFORE THE AO AND THAT THE ASSESSEE HAD ALSO FAILED TO PROVE THE CREDIT- WORTHINESS OF THE PARTIES AND THE GENUINENE SS OF THE TRANSACTION AND HAD THEREBY NOT DISCHARGED ITS ONUS U/S 68 OF THE ACT. 5. THE LEARNED COUNSEL FOR THE ASSESSEE ON THE OTH ER HAND HAS SUBMITTED THAT THE ADDITION WAS MADE U/S 144 OF THE I.T. ACT AND THAT THE LD. CIT(A) HAS RIGHTLY DELETED BOTH THE ADDITIONS HOLDING THAT NO THING HAD BEEN RECEIVED BY THE ASSESSEE DURING THE YEAR. ITA 5072(DEL)2010 3 6. THE IMPUGNED ORDER SHOWS THAT BEFORE THE LD. CIT (A) THE ASSESSEE COMPANY HAD FILED AUDITED BALANCE SHEETS AND OTHER FINANCIAL STATEMENTS FOR THE YEAR UNDER CONSIDERATION AS ALSO FOR THE ASSES SMENT YEARS 2004-05 AND 2005-06. THERE-FROM THE LD. CIT(A) OBSERVED THAT THE CAPITAL OF ` 52 58 000/- AND UNSECURED LOANS OF ` 4 21 000/- STOOD DULY REFLECTED IN THE BALANCE SHEETS FOR THE ASSESSMENT YEARS 2004-05 AND 2005-06 AND THAT NO PART THEREOF HAD BEEN RECEIVED DURING THE YEAR UNDE R CONSIDERATION . PERTINENTLY THE MATTER HAD BEEN REMANDED TO THE AO AND IN THE REMAND PROCEEDINGS NO ADVERSE MATERIAL HAD BEEN BROUGHT B Y THE AO TO SUPPORT THE ADDITIONS. THE AO RATHER IN THE REMAND REPORT STATED THAT THE DECISION ON ACCOUNT OF SHARE CAPITAL AND UNSECURED LOANS MAY BE TAKEN ON MERITS. 7. THE ABOVE FACTS AS OBSERVED IN THE IMPUGNED ORDE R REMAIN UNREBUTTED. THE ORDER OF THE LD. CIT(A) IS FOUND TO BE ON ALL F OURS. THEREFORE WE FIND NO MERIT IN EITHER OF THE GROUNDS RAISED BY THE DEP ARTMENT AND THE SAME ARE HENCE REJECTED. 8. IN THE RESULT THE APPEAL FILED BY THE DEPARTMEN T IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 30.03.2012. SD/- SD/- (G.D. AGRAWAL) (A.D. JAIN) ITA 5072(DEL)2010 4 VICE PRESIDENT JUDICIAL MEMBER DATED: 30.03.2012 *RM COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR TRUE COPY BY ORDER ASSISTANT REGISTRAR