(Central)-1 v. NRA Iron & Steel (P) Ltd.

I.T.O, Ward-6(1).Kolkata, Kolkata vs. Digvijay Vinimay (P) Ltd., Kolkata

Bench: Sri Rajpal Yadav & Dr. Manish Borad

…ction. 2. For that on the facts and in the circumstances of the case and in law, the Ld. NAFC is failed to appreciate the principle which has been laid down by the Hon’ble Supreme Court in the case of Pr.CIT(Central)- 1, Kolkata vs NRA Iron & Steel Pvt. Ltd. (412 ITR 161) wherein it is suggested that the Assessing Officer is duty bound to investigate the creditworthiness of the creditor/subscriber, verify the identity of the subscribers and ascertain whether the transaction is genuine or these are bogus, entries of name lenders . In facts of the case, in spite of best efforts made by the assessing officer, he cou…

ITO, Ward-5(1), Kolkata vs. M/S Express Tradelink Pvt. Ltd, Kolkata

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 43/Kol/2021 Assessment Year: 2009-10 Income Tax Officer, Ward -5(1), M/S. Express Tradelink Pvt. Ltd. Kolkata Vs 64, Bentinck Street 3Rd Floor Kolkata - 700001 [Pan: Aacce0887C] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate & Shri Asim Panda, A/R Revenue By : Shri Abhijit Kundu, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 28/11/2023 घोषणा क" तारीख /Date Of Pronouncement: 08/02/2024 आदेश/O R D E R Per Dr. Manish Borad: The Above Captioned Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Commissioner Of Income Tax (Appeals), Kolkata – 7, (Hereinafter The “Ld. Cit(A)”) Dt. 23/09/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2009-10. 2. The Registry Has Pointed Out That There Is A Delay Of 36 Days In Filing The Present Appeal By The Revenue. Petition For Condonation Of Delay Is Placed On Record Explaining The Reasons. On Perusing The Same, We Are Convinced That The Revenue Was Prevented By Sufficient Cause From Filing This Appeal In Time. Accordingly, We Condone The Delay & Proceed To Admit The Appeal For Hearing. 3. The Revenue Has Raised The Following Grounds Of Appeal:-

…| आयकर अपीलीय अिधकरण "यायपीठ, कोलकाता | IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, KOLKATA BEFORE SHRI SANJAY GARG, HON’BLE JUDICIAL MEMBER & DR. MANISH BORAD, HON’BLE ACCOUNTANT MEMBER I.T.A. No. 43/Kol/2021 Assessment Year: 2009-10 Income Tax Officer, Ward -5(1), M/s. Express Tradelink Pvt. Ltd. Kolkata Vs 64, Bentinck Street 3rd Floor Kolkata - 700001 [PAN: AACCE0887C] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Somnath Ghosh, Advocate and Shri Asim Panda, A/R Revenue by : Shri Abhijit Kundu, CIT, D/R सुनवाई क" तारीख/Date of Hearing : 28/11/2023 घोषणा क" तारीख /Date of Pronouncement: 08/…

D.C.I.T., CC-1(3), Kolkata vs. M/S. Navin Construction & Credit Pvt. Ltd., Kolkata

In the result, appeal of the revenue is dismissed and cross- objection of the assessee is allowed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Ble

…h creditors and their financial statements indicates that they are paper/shell companies engaged in jamakharchi and the assessee has routed its unaccounted income by way of unsecured loans. Reliance further placed on the judgment of NRA. Iron & Steel (P) Ltd (103 Taxmann.com 48) (2019) (SC). 17.1. On the other hand, the ld. Counsel for the assessee, apart from placing heavy reliance on the finding of the ld. CIT(A), further submitted that complete documents including ledger, loan confirmations, source of funds, audited financial statements and bank statements of the alleged cash creditors stands filed. All the ca…

Samrat Finvestors Private Limited., Kolkata vs. ITO, Ward- 10(2), Kolkata.

In the result, appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 840/Kol/2023 Assessment Year: 2014-15 Samrat Finvestors Private Limited Income Tax Officer, Ward – 10(2), 20/1, Maharshi Debendra Vs Kolkata 2Nd Floor, Room No. 13A Kolkata - 700007 [Pan : Aadcs4698G] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Soumitra Choudhury, A/R Revenue By : Shri B.K. Singh, Jcit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 14/12/2023 घोषणा क" तारीख /Date Of Pronouncement: 11/01/2024 आदेश/O R D E R Per Shri Rajesh Kumar: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi, [Hereinafter The “Ld. Cit(A)”] Dt. 27/06/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2014-15. 2. The Assessee In The Instant Appeal Has Raised Two Effective Issues In The Various Grounds Before Us Which Are Summed Up As Under:- (I) That The Ld. Cit(A) Has Erred On Facts & In Law In Confirming The Disallowance Of Rs.3,98,50,208/- As Made By The Assessing Officer On Account Alleged Bogus Loss In Share Trading & In F&O Segment. (Ii) The Ld. Cit(A) Has Erred On Facts & In Law In Upholding The Addition Of Rs.11,58,944/- As Made By The Assessing

…| आयकर अपीलीय अिधकरण "यायपीठ, कोलकाता | IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, KOLKATA BEFORE SHRI RAJESH KUMAR, HON’BLE ACCOUNTANT MEMBER & SHRI SONJOY SARMA, HON’BLE JUDICIAL MEMBER I.T.A. No. 840/Kol/2023 Assessment Year: 2014-15 Samrat Finvestors Private Limited Income Tax Officer, Ward – 10(2), 20/1, Maharshi Debendra Vs Kolkata 2nd Floor, Room No. 13A Kolkata - 700007 [PAN : AADCS4698G] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Soumitra Choudhury, A/R Revenue by : Shri B.K. Singh, JCIT, Sr. D/R सुनवाई क" तारीख/Date of Hearing : 14/12/2023 घोषणा क" तारीख /Date of Pronouncement:…

Nalanda Builders Pvt. Ltd., Kolkata vs. D.C.I.T., Central Circle - 2(1), Kolkata

In the result the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 763/Kol/2022 Assessment Year: 2013-14 Nalanda Builders Pvt. Ltd. Dcit, Central Circle-2(1), Kolkata 5, Sree Charan Sarani Vs Bally Howrah – 711201 (West Bengal) [Pan : Aabcn7736Q] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Soumitra Choudhury, A/R Revenue By : Shri P.P. Barman, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 30/11/2023 घोषणा क" तारीख /Date Of Pronouncement: 11/01/2024 आदेश/O R D E R Per Shri Rajesh Kumar: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi, [Hereinafter The “Ld. Cit(A)”] Dt. 23/11/2022, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2013-14. 2. The Issues Raised In Ground Nos. 2 To 4 Is Against The Confirmation Of Addition As Made By The Assessing Officer On Account Of Difference Between The Value Taken By The Assessee & The Fair Market Value (Fmv) U/S 50C Of The Act. 3. The Facts In Brief Are That During The Year, The Assessee Sold Two Flats For An Aggregate Consideration Of Rs.3,00,00,000/- & Accordingly Addition Of Rs.3,26,37,314/- Was Made To The Income Of The Assessee. In 2

…| आयकर अपीलीय अिधकरण "यायपीठ, कोलकाता | IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, KOLKATA BEFORE SHRI RAJESH KUMAR, HON’BLE ACCOUNTANT MEMBER & SHRI SONJOY SARMA, HON’BLE JUDICIAL MEMBER I.T.A. No. 763/Kol/2022 Assessment Year: 2013-14 Nalanda Builders Pvt. Ltd. DCIT, Central Circle-2(1), Kolkata 5, Sree Charan Sarani Vs Bally Howrah – 711201 (West Bengal) [PAN : AABCN7736Q] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Soumitra Choudhury, A/R Revenue by : Shri P.P. Barman, Addl. CIT, Sr. D/R सुनवाई क" तारीख/Date of Hearing : 30/11/2023 घोषणा क" तारीख /Date of Pronouncement: 11/01/2024 आदे…

Deepsikha Vinimay (P) Ltd., Kolkata vs. ITO, WD- 6(1), Kolkata

In the result the appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Rajesh Kumar

…epsikha Vinimay (P) Limited engaged in providing accommodation entries. Finally after analyzing the net worth of the share subscribers in paras 9.5 & 9.6, the ld. Assessing Officer, by relying on the decision of PCIT –vs.- NRA Iron & Steel Pvt. Limited (2019) 412 ITR 161(SC), added the entire amount to the income of the assessee under section 68 of the Act as unexplained cash credit. 7. The ld. CIT(Appeals) also affirmed the order of ld. Assessing Officer by holding that the ratio laid down by the Hon’ble Apex Court in the case of CIT –vs.- Lovely Export (2008) 216 CTR 195 (SC) and various other decisions of the…

ITO, WD. -4(1), Kolkata vs. Rajshree Integrated Cold Chain Pvt. Ltd., Kolkata

In the result, appeal of the revenue is dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2012-13

…the share applicants. 2. That on the facts and the circumstances of the case, the Ld. CIT(A) has erred in overlooking the principles which has been laid down by the Hon'ble Supreme Court in the case of Pr.CIT(Central)-l, Delhi Vs. NRA Iron & Steel Pvt. Ltd. (412 ITR 161), which suggests that the assessee is under a legal 2 Rajshree Integrated Cold Chain Pvt. ltd.,, AYs: 2012-13 obligation to prove the receipt of share capital/premium to the satisfaction of the AO., failure of which, would justify addition of the said amount to the income of the assessee. 3. That on the facts and the circumstances of the' case,…

ACIT, C.C-2(1), Kolkata. vs. Shalimar Nutrients Pvt. Ltd., Kolkata

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 550/Kol/2023 Assessment Year: 2015-16 Assistant Commissioner Of Income Shalimar Nutrients Private Limited Tax, Central Circle-2(1), Kolkata Vs 17Th Floor, Suite No. 17A, B & C Everest House 46/C, Chowringhee Road Middleton Street Kolkata - 700071 [Pan: Aapcs1419M] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tulsyan, Fca Revenue By : Shri P.P. Barman, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 12/10/2023 घोषणा क" तारीख /Date Of Pronouncement: 21/12/2023 आदेश/O R D E R Per Dr. Manish Borad: The Above Captioned Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals), Kolkata – 20, (Hereinafter The “Ld. Cit(A)”), Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2015- 16. 2. The Registry Has Pointed Out That There Is A Delay Of 1 Day In Filing The Present Appeal By The Revenue. Petition For Condonation Of Delay Is Placed On Record Explaining The Reasons. On Perusing The Same, We Are Convinced That The Revenue Was Prevented By Sufficient Cause From Filing This Appeal In Time. Accordingly, We Condone The Delay & Proceed To Admit The Appeal For Hearing.

…000/- ignoring the facts that A.O. has made the based on the evidences material on record. 4. Whether on the facts and circumstances of the case, the CIT (A) erred in law in ignoring the observations of the Hon’ble Apex Court in case of NRA Iron & Steel P Ltd 103 Taxmann.com 48, as the inquiry and analysis made by the AO established that assessee has failed to prove identity, creditworthiness and genuineness of the transaction. 5. That department carves leave to add, alter or modify any or all grounds of appeal either before or during course of Appellate Proceedings.” 4. Brief facts of the case are that the asse…