Income Tax Appellate Tribunal - Kolkata
M/S. Grade Traders Pvt. Ltd., , Kolkata vs Dcit, Central Circle - 3(3), Kolkata , ... on 31 August, 2018
IN THE INCOME TAX APPELLATE TRIBUNAL "B" BENCH : KOLKATA
[Before Hon'ble Shri S.S. Godara, JM & Hon'ble Shri M.Balaganesh, AM]
S.A. No. 91/Kol/2018
(a/o I.T(SS).A No. 58/Kol/2018)
Assessment Year: 2011-12
M/s Grade Traders Pvt. Ltd. -vs.- DCIT, CC-3(3), Kolkata
[PAN : AADCG 9129 Q]
(Appellant) (Respondent)
For the Appellant : Shri S. M. Surana, Advocate
For the Respondent : Shri Robin Chowdhury, Addl. CIT Sr DR
Date of Hearing : 31.08.2018
Date of Pronouncement : 31.08.2018
ORDER
Per M.Balaganesh, AM
By virtue of this stay petition, the assessee seeks to keep the demand of Rs. 72,90,808/- in abeyance raised for the assessment year 2011-12 wherein the addition towards share capital raised by the assessee in the sum of Rs. 96,00,000/- was brought to tax as unexplained cash credit u/s 68 of the act by the ld. AO vide proceedings u/s 153A/143(3) of the Act dated 30.12.2017. The ld. AR at the time of hearing of the stay petition stated that he would be happy if the early hearing of main appeal is granted in which event, the stay petition preferred by the assessee could be treated as not pressed.
2. We have heard rival submissions. In the facts and circumstances of the case, we are inclined to grant early hearing of the main appeal on 10.09.2018 for which both 2 SA No. 91/Kol/2018 (a/o I.T(SS).A No. 58/Kol/2018) M/s Grade Traders Pvt. Ltd.
A.Yr.2011-12 the parties are informed in the open court and no fresh notices would follow for the same.
3. In the result, the stay application of the assessee is dismissed.
Order pronounced in the Court on 31.08.2018 Sd/- Sd/-
[S.S. Godara] [ M.Balaganesh] Judicial Member Accountant Member Dated : 31.08.2018 SB, Sr. PS Copy of the order forwarded to:
1. M/s Grade Traders pvt. Ltd. , Flat 2C, Trinity Building, 226/1, A.J.C. Bose Road, Kolkata-700020.
2. DCIT, CC-3(3), Kolkata, 110, Shantipally, E.M.Bye Pass, Near Ruby Hospital, Income Tax Building, Poorva, Kolkata-700107.
3.CIT(A)- 4. CIT-
5. CIT(DR), Kolkata Benches, Kolkata.
True copy By Order Senior Private Secretary Head of Office/ D.D.O., ITAT Kolkata Benches 2