Kamal Kant Khara, Kolkata v. ITO, Ward - 35(3), KOLKATA, Kolkata

MA 145/KOL/2018 | 2005-2006
Pronouncement Date: 27-11-2019 | Result: Partly Allowed

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Appeal Details

RSA Number 14523524 RSA 2018
Assessee PAN AFAPK8848P
Bench Kolkata
Appeal Number MA 145/KOL/2018
Duration Of Justice 1 year(s) 3 month(s) 17 day(s)
Appellant Kamal Kant Khara, Kolkata
Respondent ITO, Ward - 35(3), KOLKATA, Kolkata
Appeal Type Miscellaneous Application
Pronouncement Date 27-11-2019
Appeal Filed By Assessee
Order Result Partly Allowed
Bench Allotted SMC
Tribunal Order Date 27-11-2019
Last Hearing Date 27-09-2019
First Hearing Date 27-09-2019
Assessment Year 2005-2006
Appeal Filed On 09-08-2018
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA SMC BENCH KOLKATA [BEFORE SRI J. SUDHAKAR REDDY ACCOUNTANT MEMBER] M.A. NO. 145/KOL/2018 I.T.A. NO. 683/KOL/2014 ASSESSMENT YEAR: 2005-06 KAMAL KANT KHARA...........APPELLANT 56/1 CANNING STREET 2 ND FLOOR KOLKATA 700 001 [PAN : AFAPK 8848 P] INCOME TAX OFFICER WARD-35(3)....RESPONDENT APPEARANCES BY: SHRI OM PRAKASH BAID FCA & SHRI A.C. BAID A/R APPEARED ON BEHALF OF THE ASSESSEE. SHRI RADHE SHYAM CIT DR APPEARING ON BEHALF OF THE REVENUE. DATE OF CONCLUDING THE HEARING : OCTOBER 18 TH 2019 DATE OF PRONOUNCING THE ORDER : NOVEMBER 27 TH 2019 O R D E R PER J. SUDHAKAR REDDY AM :- BY THIS MISCELLANEOUS APPLICATION THE ASSESSEE SUBMITS THAT A MISTAKE APPARENT ON RECORD HAS CREPT INTO THE ORDER OF THE TRIBUNAL DT. 14/03/2018. 2. AFTER HEARING RIVAL CONTENTIONS I FIND THAT THOUGHT THE ASSESSEE HAS RAISED A NUMBER OF ISSUES DURING THE COURSE OF HEARING HE PRESSED FOR CORRECTION OF ONLY ON TWO APPARENT MISTAKES IN THE IMPUGNED ORDER OF THE TRIBUNAL DT. 14/03/2018. I RECTIFY THE SAME AS FOLLOWS:- A) GROUND NO. 4 OF THE APPEAL HAS INADVERTENTLY NOT BEEN DISPOSED OFF. THE ASSESSEE CONTENDED THAT THE REVENUE WAS IN ERROR IN COMING TO A CONCLUSION THAT THE REPAYMENT OF LOAN OF RS.2 04 090/- TO M/S. ING VYSYA BANK CANNOT BE TREATED AS UNEXPLAINED. I FIND THAT THE ASSESSEE HAD APPLIED FOR 540 NUMBER OF SHARES OF ONGC LTD. AND CONTRIBUTED FOR PURCHASE OF THE SAME OUT OF HIS OWN SOURCE RS.2 03 500/-. THE ASSESSEE WAS ALLOTTED 341 SHARES BY ONGC LTD. CONSEQUENTLY ONGC LTD. REFUNDED RS.1 49 250/- TO THE ASSESSEE. THIS WAS DEPOSITED IN HDFC BANK. THEREAFTER THE ASSESSEE REPAID THE LOAN OF RS.2 02 500/- TAKEN FROM ING VYSYA BANK FROM OUT OF THE CASH BALANCE OF RS.3 08 768/-. THE ASSESSEE HAS FILED A BALANCE SHEET IN SUPPORT OF THE FACT THAT HE HAS CASH BALANCE AND IN SUPPORT OF HIS CLAIM OF SOURCES OF FUNDS. 2 M.A. NO. 145/KOL/2018 I.T.A. NO. 683/KOL/2014 ASSESSMENT YEAR: 2005-06 KAMAL KANT KHARA THE LD. D/R COULD NOT CONTROVERT THIS EVIDENCE. HENCE WE ALLOW GROUND NO. 4 OF THE ASSESSEE. HENCE THIS ERROR IS RECTIFIED AS SUCH. B) WHILE DISPOSING OFF GROUND NO. 7 THE TRIBUNAL DIRECTED THAT THE BENEFIT OF TELESCOPING AND PEAK CREDIT BE ALLOWED BASED ON FUND FLOW WHILE COMPUTING THE QUANTUM OF ADDITION RELATABLE TO DIFFERENCE IN OPENING CAPITAL REFLECTED IN THE BALANCE SHEET. I FIND NO AMBIGUITY IN THIS ORDER. THE ASSESSING OFFICER IS DIRECTED ACCORDINGLY. THIS ISSUE IS RECTIFIED AS SUCH. 3. AS REGARDS THE BALANCE ISSUES RAISED WE DISMISS THE SAME AS NOT ARGUED. 4. IN THE RESULT THIS MISCELLANEOUS APPLICATION OF THE ASSESSEE IS PARTLY ALLOWED. KOLKATA THE 27 TH DAY OF NOVEMBER 2019. SD/- [ J. SUDHAKAR REDDY ] ACCOUNTANT MEMBER DATED : 27.11.2019 {SC SPS} COPY OF THE ORDER FORWARDED TO: 1. KAMAL KANT KHARA 56/1 CANNING STREET 2 ND FLOOR KOLKATA 700 001 2. INCOME TAX OFFICER WARD-35(3) 3. CIT(A)- 4. CIT- 5. CIT(DR) KOLKATA BENCHES KOLKATA. TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT KOLKATA BENCHES