IN INCOME TAX APPELLATE TRIBUNAL, B BENCH, KOLKATA Before Shri Waseem Ahmed, Accountant Member, and Shri S.S.Viswanethra Ravi, Judicial Member I.T.A. No. 895/KOL/ 2013 A.Y: 2006-07 M/s. Natraj Pvt. Ltd Vs. Dy. Commissioner of PAN:AAACN 8670Q Income-tax, Cir-1, Kolkata (Appellant) (Respondent) Appearances by: Shri Anil Kochar, Advocate, ld.AR for assessee Shri Md. Ghayas Uddin, JCIT, Sr. D.R for revenue Date of hearing : 27-09-2016 Date of pronouncement : 28 -09-2016 O R D E R Shri S.S. Viswanethra Ravi, JM :- This appeal filed by assessee is directed against order of Commissioner of Income Tax(Appeals), XXIV, Kolkata dated 25-02-2013 for assessment year 2006-07. 2. At time of hearing before us ld.AR of assessee has submitted that inadvertently by mistake short term capital gain of Rs.12,26,876/- and Rs.3,00,000/- were wrongly shown in assessee s return filed on 30-11-06. Accordingly, assessee paid taxes ITA No. 895/Kol/13 M/s. Natraj Pvt.Ltd 1 thereon as estimated by AO in his order u/s. 143(3) of Act dated 12-02-2008 for assessment year under consideration. Before CIT-A assessee contended that workings as made by AO is relating to said amounts of Rs.12,26,876/- and Rs.3,00,000/-, which are incorrect being balances of assessee s bank account. same amount have been inadvertently entered by assessee under head short term capital gain . In support of his contention, ld.AR of assessee before CIT-A filed bank statement issued by ICICI Bank to show that this amount being balance of saving bank account. ld.AR of assessee further submitted before CIT-A that since assessee did not offer any explanation regarding source of such amount, which is lying in bank account, CIT-A has confirmed this action of AO on issue of short term capital gain. Thus, ld.AR of assessee before us submits that in view of such mistake, which has been inadvertently entered as short term capital gain impugned matter may be remanded to file of AO for further verification at his end. 3. In reply, Ld.DR appearing on behalf of revenue has objected to above proposition of ld.AR of assessee. He further submitted before us that CIT-A has given ample opportunity to explain source of income relating to bank balance for period of 3 years and ITA No. 895/Kol/13 M/s. Natraj Pvt.Ltd 2 assessee has failed to offer any explanation in this regard. In support of his contention, he relied on impugned orders of authorities below. 4. Heard rival submissions and perused material available on record including paper book filed by assessee before us. We find that before CIT-A assessee submitted amount of Rs.12,26,876/- by mistake entered in his books as short term capital gain. Before us assessee has also drew our attention to pages of paper book consisting of 4 items, wherein bank statement relating to assessee is clearly shown as on 11-02-2005 amount standing balance of Rs.12,33,455.72. Therefore, we are of view that issue needs further examination and verification by AO. With regard to addition of Rs. 3 lacs, ld.AR did not advance any argument. Therefore, we are confirming same. However, for addition of Rs.12,26,876/- we are inclined, in interest of justice to remand back file to AO for further verification. assessee is directed to co-operate with AO in assessment proceedings without seeking any further adjournment and to produce requisite evidence, if any, relating to submissions of assessee. Accordingly, AO is directed to pass order in accordance with law. ITA No. 895/Kol/13 M/s. Natraj Pvt.Ltd 3 5. In result, appeal of assessee is allowed for statistical purpose. ORDER PRONOUNCED IN OPEN COURT ON 28/09/2016 Sd/- Sd/- WASEEM AHMED S.S.VISWANETHRA RAVI ACCOUNTANT MEMBER JUDICIAL MEMBER Date 28/09/2016 Copy of order forwarded to: 1. Appellant/Assessee : M/s. Natraj Pvt. Ltd C/o S.L Kochar, Advocate, 86, Canning Street, Kol-1. 2 Respondent/Department- Dy. Commissioner of Income Tax Circle-1, Aaykar Bhawan, P-7 Chowringee Square, Kol-69. 3 /The CIT(A) 4. CIT 5. DR, Kolkata Bench 6. Guard file. True Copy, By order, Asstt Registrar ** PRADIP SPS ITA No. 895/Kol/13 M/s. Natraj Pvt.Ltd 4 M/s. Natraj Pvt. Ltd v. Dy. Commissioner of Income-tax, cir-1, Kolkata