Efthalia Mercantile Pvt. Ltd. (Formerly Nandan Mercantile Pvt. Ltd.), Kolkata Vs D.C.I.T.,Circle-8(2), Kolkata

IN THE INCOME TAX APPELLATE TRIBUNAL “A”
(Virtual Court Hearing), BENCH KOLKATA

BEFORE SHRI J. SUDHAKAR REDDY, AM & SHRI S. S. GODARA, JM
I.T.A Nos.1418&619/Kol/2019
Assessment Years: 2011-12 & 2012-13)

Efthalia Mercantile Pvt. Ltd.P54/1, Rafi Ahmed Kidwai Road,
Kolkata-700016.
(Appellant) 

Vs. 
DCIT, Circle-8(2), Kolkata
(Respondent)
PAN/GIR No.: AAACN8795Q
 
Appellant by : Shri M. D. Shah, AR
Respondent by : Shri Ram Bilash Meena, CIT-DR
Date of Hearing : 30/09/2020
Date of Pronouncement : 14/10/2020

O R D E R

Per Shri S. S. Godara:
These assessee’s two appeals for assessment years 2011-12 & 2012-13 arise against the Commissioner of Income Tax (A) - 15, Kolkata & Commissioner of Income Tax (A) - 3, Kolkata’s separate orders; dated 28.03.2019 & 21.03.2017,passed in Case No.286/CIT(A)-15/18-19/Cir-8(2)/R&T/KOL & 729/CIT(A)-3/DCIT,C-8(1)/Kol/15-16 involving proceedings u/s 147/143(3) & 143(3) of the Income Tax Act, 1961 respectively; in short ‘the Act’.

Heard both the parties. Case files perused.

2. The assessee’s identical twin substantive grounds in both these appeals seek to reverse the lower authorities’ action treating its share application/premium sum of Rs.13,60,00,000/- as section 68 unexplained cash credits and section 14A disallowance of Rs.4,476/- in former and similar share capital/premium sum of Rs.9,02,00,000/- followed by unsecured loans added of Rs.1,58,61,644/- and section 14A disallowance of Rs.39,086/-; assessment year wise, respectively. We notice at the outset with the able assistance of both the learned representatives that the lower appellate orders under challenge; passed ex parte, the impugned additions on merits in paras 3.8 and 4 to 7; respectively in these assessment years without discussing the corresponding detailed evidence as required u/s 250(6) of the Act requiring framing of points of determination followed by an elaborate discussion thereupon as per law.

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