Balgopal Merchants (P.) Ltd. v. Principal Commissioner of Income-tax

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. PHPL PROPERTIES PVT. LTD., KOLKATA

Bench: Sri Pradip Kumar Choubey & Sri Rakesh Mishra

…56 CTR 34 Page 7 of 20 I.T.A. No.: 1714/KOL/2024 Assessment Year: 2013-14 PHPL Properties Pvt. Ltd. (Delhi)[07-01-2013] and also in the case of Balgopal Merchants (P.) Ltd. vs. Principal Commissioner of Income-tax [2024] 162 taxmann.com 465 (Calcutta)/[2024] 468 ITR 136 (Calcutta)[13-05- 2024] and Commissioner of Income-tax, Kolkata-II vs. Trinetra Commerce & Trade (P.) Ltd. [2016] 75 taxmann.com 70 (Calcutta)[15-09-2016] and Principal Commissioner of Income-tax (Central)-2 vs. BST Infratech Ltd. [2024] 161 taxmann.com 668 (Calcutta)/[2024] 468 ITR 111 (Calcutta)[23-04-2024]. Our attention was drawn to paras 7 a…

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), KOLKATA, KOLKATA vs. SOMANI SERVICES PRIVATE LIMITED, KOLKATA

Bench: the Hon'ble ITAT, Kolkata.

…formation or details pertaining to M/s Shubh Suppliers Pvt. Ltd. were not filed by the assessee. The Ld. AR concluded his arguments by relying on the Hon’ble Jurisdictional High Court’s cases: (i) BST Infratech [468 ITR 111 (Cal); and (ii) Balgopal Merchants [468 ITR 136 (Cal]. 3.1 Per contra, the Ld. AR argued with the help of written submission and detailed paper books in both the cases. The Ld. AR supported the findings of the Ld. CIT(A) and stated that for both the cases, the Ld. AOs’ actions suffered from a legal fatality as they were based on mere change of opinion and borrowed satisfaction. The Ld. AR sub…

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), KOLKATA, KOLKATA vs. SOMANI SERVICES PRIVATE LIMITED, KOLKATA

Bench: the Hon'ble ITAT, Kolkata.

…formation or details pertaining to M/s Shubh Suppliers Pvt. Ltd. were not filed by the assessee. The Ld. AR concluded his arguments by relying on the Hon’ble Jurisdictional High Court’s cases: (i) BST Infratech [468 ITR 111 (Cal); and (ii) Balgopal Merchants [468 ITR 136 (Cal]. 3.1 Per contra, the Ld. AR argued with the help of written submission and detailed paper books in both the cases. The Ld. AR supported the findings of the Ld. CIT(A) and stated that for both the cases, the Ld. AOs’ actions suffered from a legal fatality as they were based on mere change of opinion and borrowed satisfaction. The Ld. AR sub…

M/S. STUPENDORS TRADERS PVT. LTD. ,KOLKATA vs. DCIT, CIR-5(1)., KOLKATA

Appeal is partly allowed for statistical purposes, having been remanded back to the file of Ld

Bench: The Ld. Cit(A) Also The Assessee Could Not Succeed & The 2 M/S Stupendors Traders Pvt. Ltd. Following Findings Of Ld. Cit(A) Would Summarize His Stand:

…from." 2.2 The Ld. DR, on the other hand, relied on the findings of authorities below. He also stated that the issues were well settled against the assessee after the cases of BST Infratech Ltd. reported in 468 ITR 111 (Cal) and Balgopal Merchants reported in 468 ITR 136 (Cal). The Ld. DR drew our attention to the relatively poor financials of share subscribers and even of the assessee company. He concluded his arguments by stating that the high premia charged per share was unjustified and the authorities below were justified in invoking the provisions of section 68 of the Act. 3.0 We have heard the rival conten…

ASSISTANTCOMMISSIONEROF INCOMETAX,CENTRAL CIRCLE-3(2),KOLKATA, AAYAKAR BHAWAN POORVA vs. M/S. ANUBANDH FINANCIAL SERVICES PRIVATE LIMITED, KOLKATA

In the result, both the appeal filed by the Revenue as well as the Cross Objections filed by the assessee are partly allowed for statistical purposes

Bench: Shri George Mathan & Shri Rakesh Mishra

…not in agreement with the findings of the appellate authority. On reading of the impugned order it is seen that this aspect of the matter is conspicuously absent. The decision of this court in Balgopal Merchants (P.) Ltd. v. Pr. CIT [2024] 162 taxmann.com 465/468 ITR 136 (Calcutta) is relevant. The said decision also arose under section 68 and the facts and circumstances of the case were more or less identical. In the said case also the Commissioner (Appeals) on examining the facts found that the assessee-company therein had no track record or asset base for demanding astronomical high premium per share which def…

NAMRATA DEALMARK PVT. LTD.,KOLKATA vs. ITO, WARD 11(4), KOLKATA

The appeal of the assessee is dismissed

Bench: SHRI GEORGE MATHAN, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

…assessee could not succeed since the fact of poor financials and nonappearance of Directors could not be plausibly explained. The Ld. DR relied on the case of BST Infratech Ltd reported in 468 ITR 111 (Calcutta) and the case of Balgopal Merchants reported in 468 ITR 136 (Cal) 4. We have gone through the orders of authorities below and heard the Ld. DR. We have also perused the judgments in the cases of BST Infratech (supra) and Balgopal Merchants (supra). We find that there are substantial similarities on facts between the present case and the factual issues before the Hon’ble Jurisdictional High Court in the t…

MOONLINK MARKETING PVT. LTD.,KOLKATA vs. ITO, WARD-7(1), KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: SHRI SONJOY SARMA, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

…ch quantum of premia were not commanded by even much better known and publicly held companies. The Ld. Departmental Representative also relied on the following case laws: (i) BST Infratech Ltd. reported in 468 ITR 111 (Cal) (ii) Balgopal Merchants reported in 468 ITR 136 (Cal) He mentioned that there were good factual similarities between the cases of BST Infratech [reported in 468 ITR 111 (Cal)] and the case 5 Moonlink Marketing Private Limited of Balgopal Merchants (P) ltd [reported in 468 ITR 136 (Cal)], vis-à-vis the present matter. 3. We have heard the rival contentions and considered the documents filed by…

REMIX SUPPLIERS PVT LTD,KOLKATA vs. WORD-2(1) KOLKATA, KOLKATA

…Hon'ble jurisdictional High Court has passed two orders which should guide the Ld. AO in completing the assessment in this case. Thus, the Ld. AO must refer to the case of BST Infratech Ltd. reported in 468 ITR 111 (Cal) and Balgopal Merchants reported in in 468 ITR 136 (Cal). The Ld. AO would need to be guided by these case laws in conducing enquiries and the assessee would be expected to cooperate in such enquiries. With these remarks, the impugned order is set aside and the matter is remanded to the file of Ld. AO for fresh assessment.\n\n4. In result, appeal filed by the assessee is allowed for statistical p…

M/S. BHIKSHU POLYMERS PVT. LTD. (EARLIER KNOWN AS M/S. JEEVAN COMMOTRADE PVT. LTD.),KOLKATA vs. I.T.O., WARD - 6(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: SHRI SANJAY GARG, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

…Vyapaar Pvt. Ltd. Vs. ITO, Ward-11(1), Kolkata, ITA No. 902/Kol/2024, A.Y. 2014-15, dated 22.08.2024 for canvassing the point that the Hon'ble Calcutta High Court in the case of Balgopal Merchants (P) Ltd. Vs. Principal Commissioner of Income-tax reported in 468 ITR 136 (Calcutta) was distinguishable. Reliance has also been placed in the case of M/s Daniel Commodities Pvt. Ltd. Vs. ITO, Ward -6(1), Kolkata, ITA No. 645/Kol/2020 and CO No. 6 I.T.A. No. 1538/Kol/2024 M/s Bhikshu Polymers Pvt. Ltd. (Earlier known as M/s Jeevan Commotrade Pvt. Ltd.) 4/Kol/2023, A.Y. 2009-10, dated 07.05.2024 to canvass the point th…