6/2010 & 1107/2010 Page 20 of 31 CIT v. Currency Investment Co. Ltd.

M/S. Simplex Infrastructures Ltd., Kolkata vs. Addl. CIT, Range - 12, Kolkata

In the result Ground no. 1 & 3 of the revenue are allowed in part

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2011-12 Assessment Year: 2012-13 M/S. Simplex Infrastructures Ltd…….............................................................……………………..Appellant 27, Shakespeare Sarani Kolkata – 700 017 [Pan : Aaecs 0765 R] Vs. Addl. Commissioner Of Income Tax, Range-12 Kolkata……...............................…….…..Respondent Assessment Year: 2011-12 Assessment Year: 2012-13

…f the case, we are reversing the order of the FAA.” 9.2. Similar ratios were laid down by the Hon’ble Jurisdictional High Court in the following cases:  CIT vs. Emarald Commercial Ltd. [2001] 250 ITR 539 (Cal)  CIT vs. Carbo Industrial Holdings Ltd. [2000] 244 ITR 422 (Cal) The Hon’ble Punjab and Haryana High Court in the following cases has also laid down similar propositions of law:-  CIT vs. Faqir Chaman Lal reported in 262 ITR 295 (P&H)  CIT vs. Ram Narain Goel reported in 224 ITR 180 (P&H) 10. In our view, the assessee has discharged the primary burden that is cast on it to prove the genuineness of t…

M/S. Simplex Infrastructures Ltd., Kolkata vs. Addl. CIT, Range - 12, Kolkata

In the result Ground no. 1 & 3 of the revenue are allowed in part

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2011-12 Assessment Year: 2012-13 M/S. Simplex Infrastructures Ltd…….............................................................……………………..Appellant 27, Shakespeare Sarani Kolkata – 700 017 [Pan : Aaecs 0765 R] Vs. Addl. Commissioner Of Income Tax, Range-12 Kolkata……...............................…….…..Respondent Assessment Year: 2011-12 Assessment Year: 2012-13

…f the case, we are reversing the order of the FAA.” 9.2. Similar ratios were laid down by the Hon’ble Jurisdictional High Court in the following cases:  CIT vs. Emarald Commercial Ltd. [2001] 250 ITR 539 (Cal)  CIT vs. Carbo Industrial Holdings Ltd. [2000] 244 ITR 422 (Cal) The Hon’ble Punjab and Haryana High Court in the following cases has also laid down similar propositions of law:-  CIT vs. Faqir Chaman Lal reported in 262 ITR 295 (P&H)  CIT vs. Ram Narain Goel reported in 224 ITR 180 (P&H) 10. In our view, the assessee has discharged the primary burden that is cast on it to prove the genuineness of t…

Manoj Jain HUF, Kolkata vs. ITO, Ward - 35(4), Kolkata

In the result, appeal of the assessee is allowed in part

Bench: Sri J. Sudhakar Reddy) Assessment Year: 2014-15 Manoj Jain Huf…………………………………...........…………..………………………………..….……...... Appellant 15B, Clive Row Kolkata – 700 001 [Pan : Aajhm 3349 B] Vs. Income Tax Officer, Ward-35(4) Kolkata.……………………………...................….......…....... Respondent

…at, the transactions in question are admittedly, off market transactions and hence would not be available on the exchange platform of MCX. He relied on the judgment of the Hon’ble Jurisdictional High Court in the case of CIT-Vs- Carbo Industrial Holdings Ltd (244 ITR 422), for the proposition that off market transactions are legal transactions and can be done by the assessee. He further relied on the decision of the Hon’ble Jurisdictional High Court in the case of Commissioner Of Income-Tax vs Emerald Commercial Ltd. And Anr.2001 250 ITR 539 Cal and submitted that the Assessing Officer could not have disallowed t…

Jagmohan Agarwal, Kolkata vs. ACIT, Circle - 35, Kolkata

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी एम .बालागणेश, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri M. Balaganesh, Am]

…ari Cotton Mills Ltd. vs CIT d) 37 ITR 288 (SC) Lal Chand Bhagat Ambica Ram vs CIT 10. Further, in the case of Raj Kumar Agarwal (ITA No. 1330/K/07), reliance was placed on Hon’ble Calcutta High Court's decision in the case of Cabro Industrial Holdings Ltd. (244 ITR 422) wherein it was held that the claim of the assessee should not be denied on mere suspicion. 6 Jagmohan Agarwal, AY 2014-15 11. According to the Ld. AR, during the course of assessment proceedings despite asking for information and documents, the AO failed to provide the copies of information and statements which were supposed to have been colle…

Bhag Chand Chhabra HUF, Kolkata vs. ITO, Ward 34(1), Kolkata

In the result, the appeal of the assessee is partly allowed

Bench: Shri P.M. Jagtap

…he assessee for speculative profit was disallowed merely on the basis of suspicion and not on the basis of any cogent or convincing reasons. Relying on the decision of the Hon’ble Calcutta High Court in the case of CIT –vs.- Cargo Industrial Holdings Limited [244 ITR 422], he contended that the claim of the assessee for speculative profit cannot be denied merely because the broker failed to appear in response to notices issued by the Assessing Officer or on a mere suspicion about genuineness of transactions. He also relied on the decision of the Hon’ble Calcutta High Court in the case of CIT –vs.- Emerald Commerc…

Surya Prakash Toshniwal HUF, Kolkata vs. ITO, WD-41(3), Kolkata

In the result, assessee’s appeal stands allowed

Bench: Shri A.T.Varkey & Shri Waseem Ahmedassessment Year :2005-06 Surya Prakash Toshniwal V/S. Income Tax Officer, Huf, C/O. Narendra Goyal Ward-41(3), 3 & Co., 16, N.S. Road, 2Nd, Government Place, Floor, Kolkata-700 001 Kolkata-7001 [Pan No.Aaghs 7032 G] .. अपीलाथ" /Appellant ""यथ"/Respondent

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “A” KOLKATA Before Shri A.T.Varkey, Judicial Member and Shri Waseem Ahmed, Accountant Member Assessment Year :2005-06 Surya Prakash Toshniwal V/s. Income Tax Officer, HUF, C/o. Narendra Goyal Ward-41(3), 3, & Co., 16, N.S. Road, 2nd, Government Place, Floor, Kolkata-700 001 Kolkata-7001 [PAN No.AAGHS 7032 G] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Subash Agarwal, Advocate अपीलाथ" क" ओर से/By Appellant Shri Pinaki Mukherjee, JCIT-SR-DR ""यथ" क" ओर से/By Respondent 06-12-2016 सुनवाई क" तार"ख/Date of Hearing 11-01-2017 घोषणा क" तार"ख/Date of Pronouncement आद…

M/S Fullford Vinimay (P) Ltd(Present;Ly M/S Adventz Securities Trading Pvt Ltd), Kolkata vs. I.T.O WD - 7(4), Kolkata

In the result, the appeal of assessee is allowed

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

…date of sale of shares, which correlated with the purchase price and sale price of the assessee even though the purchase is through off market transaction. In such facts, Hon’ble Calcutta High Court in the case of CIT Vs. Carbo Industrial Holding Ltd. (2000) 244 ITR 422 (Cal) held as under: “The perusal of the details regarding the transaction of various shares reveals that the sale and purchase in fact was not on the same date, though on the date when the shares are received by the assessee. There are in fact four relevant dates-the date of contract, the date of receipt of the shares and payment, then a date o…

DCIT, CC - I, Kolkata vs. Sunita Khemka, Kolkata

In the result, the appeals of the revenue are dismissed

Bench: : Shri M. Balaganesh & Shri S.S. Viswanethra Ravi

…change. The shares sold after 1st October’04 pertains to the assessment year 2005-06. Security Transaction tax has been deducted from the sale proceeds. 6.3 The decisions of the Hon’ble Calcutta High Court in the case of CIT-Vs- Carbo Industrial Holdings Ltd (244 ITR 422) and CIT –Vs- Emerald Commercial Ltd (250 ITR 549) are also relevant to the issue where the Hon’ble Court has held that where the payments are made by Account Payee Cheques and the existence of the brokers is not disputed the assessee cannot be punished for the default of the brokers and share transactions cannot be held to be bogus. The Hon’ble…