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

ITO, Ward-6(1), Kolkata vs. Naina Distributors (P) Ltd., Kolkata

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

…ssment Year: 2012-13 Naina Distributors Pvt. Ltd. these investors by filing all details. The Ld. CIT(A) while allowing the appeal of the assessee also distinguished the decision of Hon’ble Supreme Court in the case of Pr. CIT vs. NRA Iron & Steel Pvt. Ltd. in 412 ITR 161 by observing that in that case AO had made extensive enquiries and even that investor companies were non-existent and also investor companies have failed to furnish the bank statements proving the source for making investment in the assessee company. However in the present case, the Ld. CIT(A) noted that all these evidences were requisitioned by…

DCIT, Cir. -11(1), Kolkata vs. M/S Iris Health Services Ltd., Kolkata

In the result, the appeal of the Revenue and the cross-objection of the assessee are hereby dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawali.T.A. No.233/Kol/2021 Assessment Year: 2012-13 Dcit, Circle-11(1), Kolkata...………….........…..................….…… Appellant Vs. M/S Iris Health Services Ltd...…..……...…........…...…...…..…..... Respondent 82/1, Raja Subodh Ch. Mullick Road, Kolkata-700047. [Pan: Aabci8499M] Co No.18/Kol/2021 (Arising Out Of Ita 233/Kol/2021) Assessment Year: 2012-13 M/S Iris Health Services Ltd...…..……...…........…...…...…..…..... Cross-Objector 82/1, Raja Subodh Ch. Mullick Road, Kolkata-700047. [Pan: Aabci8499M] Vs. Dcit, Circle-11(1), Kolkata...………….........…..................….…… Respondent Appearances By: Shri Sunil Surana, Ar, Appeared On Behalf Of The Assessee. Shri D.K. Sonawal, Cit-Dr, Appeared On Behalf Of The Revenue. Date Of Concluding The Hearing : November 24, 2022 Date Of Pronouncing The Order : January 02, 2023 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Revenue & Cross-Objection By The Assessee Against The Order Dated 24.09.2020 Of The Commissioner Of Income Tax (Appeals)-4, Kolkata [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’).

…uld not be verified." 3. "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)-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, the Ld. CIT(A) has erred in ignoring the principle which…

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

In the result, appeal of the revenue is dismissed

Bench: Shri Sonjoysarma & Shri Girish Agrawalassessment Year: 2009-10

…re is no discussion on this aspect. Thus, we find that the tribunal rightly dismissed the appeal filed by the revenue.” 11. In respect of reliance placed by the revenue on the decision of Hon’ble Supreme Court in the case of PCITvs. NRA Iron & Steel Pvt. Ltd. 412 ITR 161 (SC),we note that Hon’ble Supreme Court in para 8.2 of the said decision has made the following observations: “8.2 As per settled law, the initial onus is on the Assessee to establish by cogent evidence the genuineness of the transaction, and credit-worthiness of the investors under Section 68 of the Act. The assessee is expected to establish to…

Toplink Developers Consultancy Pvt. Ltd., Kolkata vs. I.T.O., Ward-3(3), Kolkata

In the result, the appeal of the assessee is allowed

Bench: Dr. Manish Borad & Sonjoy Sarma

…l Pvt. Ltd. ITA No.959/Kol/2011 dated 24.08.2016. 7. On the other hand, Ld. Departmental Representative vehemently argued supporting the order of ld. CIT(A) and also relied on the judgment in the case of PCIT(Central)-1, Kolkata vs. NRA Iron & Steel Pvt. Ltd. 412 ITR 161. Page 5 of 16 I.T.A. No.: 710/Kol/2019 Assessment Year: 2012-13 Toplink Developers Consultancy Pvt. Ltd. 8. We have heard the rival contentions and perused the records placed before us and carefully gone through the judgment referred in both the sides. The addition u/s 68 of the Act at Rs.1,44,00,000/- is under challenge before us. It was made b…

M/S Silvertoss Realtors Pvt. Ltd., Kolkata vs. I.T.O., Ward-9(4), Kolkata

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

Bench: Sri Sanjay Garg & Dr. Manish Borad

…ns the fact that the assessee has explained the alleged share capital and share premium. 14. Further, we notice that ld. D/R has heavily relied on the judgment of the Hon’ble Supreme Court in the case of PCIT(Central)-1, Kolkata vs. NRA Iron & Steel Pvt. Ltd. 412 ITR 161, we find that the Hon’ble Supreme Court in para 8.2 of the said decision has made the following observations: “8.2 As per settled law, the initial onus is on the Assessee to establish by cogent evidence the genuineness of the transaction, and credit- worthiness of the investors under Section 68 of the Act. The assessee is expected to establish t…

ITO, Ward-12(1), Kolkata vs. Trinetra Merchants(P) Ltd., Kolkata

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A No.570/Kol/2021 Assessment Year: 2012-13 Ito, Ward-12(1), Kolkata .......….…..…....................................................….. Appellant Vs. Trinetra Merchants (P) Ltd...............................................................…… …. Respondent 14A, Clive Row, 1St Floor, Dalhousie, Kolkata-1. [Pan: Aabct7086M] Appearances By: Shri Manish Tiwari, Fca, Appeared On Behalf Of The Appellant. Shri Partha Pratim Barman, Addl. Cit, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 12, 2022 Date Of Pronouncing The Order : November 03, 2022 आदेश / Order मनीष बोरड, लेखा सद"य "वारा / Per Manish Borad: This Appeal Filed By The Revenue Pertaining To The Assessment Year (In Short “Ay”) 2012-13 Is Directed Against The Order Passed U/S 250 Of The Income Tax Act, 1961 (In Short The “Act”) By Commissioner Of Income Tax (Appeals)-7, Kolkata [In Short Ld. “Cit(A)”] Dated 13.07.2020 Which Is Arising Out Of The Assessment Order Framed U/S 143(3) Of The Act Dated 10.03.2015. 2. Registry Has Informed That The Appeal Is Time Barred By 343 Days. Condonation Application Has Been Filed By The Revenue. Perusal Of The Same Shows That The Delay Was On Account Of Covid-19 Restrictions. We, Therefore, In View Of The Judgment Of The Hon’Ble Supreme Court Vide Miscellaneous Application No. 21 Of 2022 Find That The Limitation Period In Filing Appeal Between 15.03.2020 Till

…eedings and such identity and creditworthiness of the creditors and genuineness of transactions could not be verified. 3. 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) suggested that, I) ....That the assessee is under a legal obligation to prove the receipt of share capital/ premium to the satisfaction 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...". In the fac…