BRGD SPONGE & IRON PVT. LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

ITA 1403/KOL/2025Status: DisposedITAT Kolkata26 February 2026AY 2016-201718 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the issue of sale of unlisted shares was covered by a coordinate bench decision in a group company's case with similar facts. The earlier assessments had accepted these investments, and the assessee had provided all necessary evidence.

What were the facts?

The assessee company's case was reopened based on information regarding reversal trades in stock options and sale of unlisted equity shares. The Assessing Officer made additions under Section 68 for these transactions. The CIT(A) partly deleted the addition.

What were the issues?

Whether additions made under Section 68 for the sale of unlisted equity shares are justified when the investments were accepted in earlier assessment years and supported by documentary evidence.

Which sections of the Income-tax Act were involved?

Section 68,Section 147,Section 148,Section 143(3),Section 115JB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH, KOLKATA

Before: SHRI RAJESH KUMAR, AM & SHRIPRADIP KUMAR CHOUBEY, JM

For Appellant: Shri Manish Rastogi, AR
For Respondent: Shri Manoj Kumar Pati, DR
Hearing: 03.02.2026Pronounced: 26.02.2026

Heard together (2 matters)

ITA No. 1966/KOL/2025
ITA No.1403/KOL/2025

Read from the judgment's own cause title. This page is filed under one of them.

Per Rajesh Kumar, AM:

2.

These are cross appeals against the order of the Commissioner of Income-tax (Appeals), Kolkata-27 (hereinafter referred to as the “Ld. CIT(A)”] dated 15.04.2025 for the AY 2016-17. At the outset, we observe from the appeal folder in ITA No. 1966/KOL/2025 that there is a delay of 26 days in filing the appeal by the department in support of which condonation petition was filed. It was stated in the condonation petition tha

The order continues below.

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