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

DCIT, CC-1(2), Kolkata vs. M/S. Chaman Metalics Ltd., Maharashtra

In the result, the appeal of the Revenue stands dismissed

Bench: Shri Sanjay Garganddr. Manish Borad

…आयकर अपील"य अ"धकरण, कोलकाता पीठ ‘सी’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C”BENCH KOLKATA "ी संजय गग", "या"यक सद"यएवं "ी मनीष बोरड, लेखा सद"य के सम" Before Shri Sanjay Garg, Judicial Member andDr. Manish Borad, Accountant Member I.T.A No.610/Kol/2023 Assessment year: 2007-08 DCIT, CC-1(2), Kolkata.........................................................……Appellant vs. M/s ChamanMetallics Ltd....................…............,..…...…..…..Respondent A-26, MIDC, Tadali Growth Centre, Chandrapur-442406, Maharashtra. [PAN: AACCC3756E] Appearances by: Shri Sanjay Paul, Addl. CIT(DR), appeared on behalf of the…

ITO, WD-5(1), Kolkata vs. M/S Safeline Marketing Pvt. Ltd, Kolkata

Bench: Shri Rajpal Yadav, Hon’Ble & Dr. Manish Borad, Hon’Ble

…| आयकर अपीलीय अिधकरण "यायपीठ, कोलकाता | IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, KOLKATA BEFORE SHRI RAJPAL YADAV, HON’BLE VICE PRESIDENT & DR. MANISH BORAD, HON’BLE ACCOUNTANT MEMBER I.T.A. No. 20/Kol/2021 Assessment Year: 2012-13 Income Tax Officer, Ward-5(1), M/s. Safeline Marketing Pvt. Ltd. Kolkata Vs 3rd Floor, R. No. 5 16, India Exchange Place, Dalhousie Kolkata - 700001 [PAN: AAOCS7729P] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Sunil Surana, A/R Revenue by : Shri S. Datta, CIT, D/R सुनवाई क" तारीख/Date of Hearing : 26/09/2023 घोषणा क" तारीख /Date of Pronouncement: 16/10/2023 आ…

M/S. Sonata Construction Pvt. Ltd., Kolkata vs. A.C.I.T., Central Circle - 1(2), Kolkata

In the result, the appeal of the Revenue is dismissed and the appeal of the assessee is partly allowed as per terms indicated above

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No. 677/Kol/2022 Assessment Year: 2017-2018 Deputy Commissioner Of Income Tax,..........Appellant Central Circle-1(2), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, Kolkata-700107 -Vs.- M/S. Sonata Construction Pvt. Limited......Respondent Ground Floor, 18, A.P.C. Road, Kolkata-700009 [Pan: Aakcs7085G] -A N D - I.T.A. No. 753/Kol/2022 Assessment Year: 2017-2018

…unexplained loan of Rs.52.25 crores (approx.), the assessee submitted various details but failed to satisfy the ld. CIT(Appeals) and ld. CIT(Appeals) in view of the judgment of the Hon’ble Supreme Court in the case of NRA Steel Pvt. Limited reported in (2019) 412 ITR 161 (SC) and other judgments as referred in the impugned order confirmed the said addition. 6. Aggrieved, both the Revenue and assessee are in appeals before the Tribunal raising the following grounds:- ITA No. 677/KOL/2022 (Revenue’s appeal)- (1) Whether on the facts and circumstances of the case, Ld. CIT(A) erred in law in deleting the addition u/…

DCIT, CC-1(2), Kolkata vs. M/S. Sonata Construction Pvt. Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed and the appeal of the assessee is partly allowed as per terms indicated above

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No. 677/Kol/2022 Assessment Year: 2017-2018 Deputy Commissioner Of Income Tax,..........Appellant Central Circle-1(2), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, Kolkata-700107 -Vs.- M/S. Sonata Construction Pvt. Limited......Respondent Ground Floor, 18, A.P.C. Road, Kolkata-700009 [Pan: Aakcs7085G] -A N D - I.T.A. No. 753/Kol/2022 Assessment Year: 2017-2018

…unexplained loan of Rs.52.25 crores (approx.), the assessee submitted various details but failed to satisfy the ld. CIT(Appeals) and ld. CIT(Appeals) in view of the judgment of the Hon’ble Supreme Court in the case of NRA Steel Pvt. Limited reported in (2019) 412 ITR 161 (SC) and other judgments as referred in the impugned order confirmed the said addition. 6. Aggrieved, both the Revenue and assessee are in appeals before the Tribunal raising the following grounds:- ITA No. 677/KOL/2022 (Revenue’s appeal)- (1) Whether on the facts and circumstances of the case, Ld. CIT(A) erred in law in deleting the addition u/…

M/S. Bhagwati Foods Pvt. Ltd. (for the Merged Company Manis Baking Solutions Pvt. Ltd.), Kolkata vs. D.C.I.T., Circle-2(1), Kolkata

In the result, the appeal filed by the assessee in IT(SS)A No

Bench: Sri Rajesh Kumar & Sonjoy Sarmai.T.(S.S.)A. Nos.: 55, 56, 57, 58, 59 & 463/Kol/2022 Assessment Years: 2009-10, 2010-11, 2011-12, 2012-13, 2014-15 & 2015-16 M/S. Bhagwati Foods Pvt. Ltd. (For The Merged Company Manis Baking Solutions Pvt. Ltd.)......……………………………Appellant [Pan: Aadcm 6255 F] Vs. Dcit, Circle-2(1), Kolkata.....................................Respondent Appearances By: Assessee Represented By – Sh. S.M. Surana, Adv. Department Represented By – Sh. Sunil Kr. Agarwala, Cit, D/R. Date Of Concluding The Hearing : August 1St, 2023 Date Of Pronouncing The Order : August 31St, 2023 Order Per Rajesh Kumar: The Captioned Appeals Preferred By The Assessee Are Against The Order Of The Commissioner Of Income Tax (Appeals)-20, Kolkata [In Short Ld. 'Cit(A)'] Dated 08.08.2022 For The Assessment Years (In Short ‘Ay’) 2009-10, 2010-11, 2011-12, 2012-13, 2014-15 & 2015- 16. I.T.(S.S.)A. Nos.: 55, 56, 57, 58, 59 & 463/Kol/2022 Assessment Years: 2009-10, 2010-11, 2011-12, 2012-13, 2014-15 & 2015-16 M/S. Bhagwati Foods Pvt. Ltd. (For The Merged Company Manis Baking Solutions Pvt. Ltd.). It(Ss)A No. 55/Kol/2022

…the Act. 12. In the appellate proceedings, Ld. CIT(A) affirmed the order of the AO. Ld. CIT(A) simply dismissing the appeal of the assessee by relying on the decision of Hon'ble Apex Court in the case of PCIT Vs. NRA Iron & Steel (P.) Ltd. reported in [2019] 412 ITR 161 (SC) and also discussing several other judicial decisions by upholding the order of the AO. Ld. CIT(A) also noted that the notice issued u/s 133(6) of the Act also returned unserved. 13. Ld. A/R submitted before the Bench that the assessee has filed all the details/evidences concerning the seven subscribers such as names, addresses, PAN, share a…

ITO, WD.-4(1), Kolkata vs. M/S Moonview Conclave 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 obligation to prove the receipt of share capital/premium to the satisfaction of 2 Moonview Conclave Pvt. Ltd., AYs: 2012-13 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, the Ld. CIT(A)…

Sankatsathi Mercantile Pvt. Ltd., Kolkata vs. ITO, Ward-5(2)., Kolkata

In the result, the appeal filed by the assessee is allowed

Bench: Sri Rajesh Kumar & Sonjoy Sarma

…hat summons issued u/s 131 of the Act were not complied with. 4. In the appellate proceedings, Ld. CIT(A) confirmed the order of Ld. AO by relying on the decision of Hon'ble Supreme Court in the case of PCIT Vs. NRA Iron and Steel Pvt. Ltd. reported in [2019] 412 ITR 161 (SC) and decision of Hon'ble Calcutta High Court in the case of CIT Vs. Precision Finance (P.) Ltd. reported in [1994] 208 ITR 465 (Cal). 5. After hearing the rival contentions and perusing the material on record we find that the assessee has raised Rs. 1,76,20,000/- by issuing equity shares to six subscribers which were body corporates. The asse…

ITO, Ward-6(1), Kolkata vs. Natraj Mercantile (P) Ltd, Kolkata

In the result, appeal of the revenue is allowed

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2012-13

…s such identity & creditworthiness of the creditors and genuineness of the transactions could not be verified. 3. The principles 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) suggests that "the assessee is under a legal 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". In the facts and under the circumstances of the case, the assessee company has failed to do so other than submission of me…

Vigneshwars Cement Pvt. Ltd., Kolkata vs. D.C.I.T., Circle-13(2), Kolkata

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

…appeal of the assessee by observing that the lender has very meager income during AY 2012-13 and claimed refunds out of total tax paid and thereafter by following the decision of Hon’ble Apex Court in the case of PCIT vs. NRA Iron & Steel Pvt. Ltd. in [2019] 412 ITR 161 (SC) the appeal of the assessee was dismissed. 5. After hearing the rival contentions and perusing the material on record, we find that the assessee filed all the details in respect of loan creditor such as name, address, PAN, bank statement, audited annual accounts etc. However, the notice issued u/s 133(6) of the Act to the loan creditor was n…

ITO, WD-9(1), Kolkata vs. M/S Trinetra Vincom Pvt Ltd, Kolkata

In the result, both the appeal of the revenue and Cross

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2009-10

…erified? 3. That on the facts and the circumstances of the case, whether the Ld. CIT(A) Kol is justified in overlooking the principles which has been laid down by the Hon’ble Supreme Court in the case of Pr.CIT(Central)-1, Delhi Vs. NRA Iron & Steel Pvt. Ltd (412 ITR 161), which suggests that the assessee is under a legal obligation to prove the receipt of share capital/premium to the satisfaction of the A.O., failure of which, would justify addition of the said amount to the income of the assessee. 4.That on the facts and the circumstances of the case, whether the Ld. CIT(A) Kol is justified in ignoring the prin…