Calcutta High Court
Principal Commissioner Of Income Tax ... vs M/S.Shree Gouri Shankar Jute Mills(P) ... on 6 September, 2016
ORDER SHEET
GA NO.2291 OF 2016
GA NO.2290 OF 2016
ITAT NO.312 OF 2016
IN THE HIGH COURT AT CALCUTTA
SPECIAL JURISDICTION(INCOME-TAX)
ORIGINAL SIDE
PRINCIPAL COMMISSIONER OF INCOME TAX KOLKATA-5, KOLKATA
Versus
M/S.SHREE GOURI SHANKAR JUTE MILLS(P) LTD.
BEFORE:
The Hon'ble ACTING CHIEF JUSTICE GIRISH CHANDRA GUPTA
The Hon'ble JUSTICE ARIJIT BANERJEE Date : 6th September, 2016.
MRS.SMITA DAS DE, ADVOCATE FOR APPELLANT The Court : The subject matter of challenge in the appeal is a judgment and order dated 8th October, 2015 by which the learned Income Tax Appellate Tribunal "C" Bench, Kolkata in ITA No.1185/Kol/2012 pertaining to the assessment year 2008-09 dismissed an appeal of the revenue in so far as the same was directed against an order of the CIT(A) deleting addition of a sum of Rs.1,13,48,556/-.
The facts and circumstances of the case briefly stated are as follows:-
2
A sum of Rs.70,02,013/- was advanced by the assessee to one R.K.Jalan for purchase of jute. Since no jute was supplied, the amount of advance was converted to a loan. Interest was also charged upon such loan, which was duly offered for taxation. After the money became irrecoverable, the same was written off. A sum of Rs.1,13,48,556/- written off by the assessee comprised of a sum of Rs.47,02,013 on account of principal and a sum of Rs.66,46,543 on account of interest. The assessing officer had refused to allow the write off. Consequently the aforesaid sum was added to the income of the assessee. In an appeal, the CIT(A) deleted the addition made by the assessing officer. The learned Tribunal has upheld the order of the CIT(A).
Mrs. Das De, learned advocate appearing for the revenue in a further appeal is unable to show any infirmity in the view taken by the learned Tribunal. On the top of that there is an application for condonation of delay of 120 days.
Considering the facts and circumstances of the case, we are not inclined to condone the delay. The appeal and the applications are thus dismissed.
(GIRISH CHANDRA GUPTA, ACJ.) (ARIJIT BANERJEE, J.) sb.