CIT v. Eastern Commercial Enterprises

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. RAJ GOENKA , KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyassessment Year: 2022-23 Dcit, Cc-4(3), Kolkata……...……..……….………….……….……….……Appellant Vs. Raj Goenka…………………………………………..…….....……...…..…..Respondent 10Th Floor Magma House, 24, Park Street Park Street, Kol-16. [Pan: Adlpg8181C] Appearances By: Shri S B Chakraborthy, Addl. Cit, Appeared On Behalf Of The Appellant. Shri Miraj D. Shah, Ar, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : December 04, 2025 Date Of Pronouncing The Order : February 05, 2026 Order Per Pradip Kumar Choubey: This Appeal Filed By The Revenue Is Directed Against The Order Dated 12.04.2025 Of The Cit(Appeals)-27, Kolkata (Hereinafter Referred To As The “Cit(A)”) Passed U/S 250 Of The Income-Tax Act, 1961 (Hereinafter Referred To As “The Act”) For The Assessment Year 2022–23. 2. The Appeal Has Been Filed By The Revenue With A Delay Of 08 Days. The Revenue Has Filed A Petition For Condonation Of The Delay. After Considering The Reasons Cited In The Petition For Condonation Of Delay, We Find That The Reasons Are Valid & Consequently, The Delay In Filing The Appeal Is Hereby Condoned & We Proceed To Dispose Of The Appeal On Merits.

…ati Lakh Udyog [ITAT/2/2024, judgment dated 19.02.2024] CIT v. Mitul Krishna Kapoor (ITA No.333 of 2009, judgment dated 09.06.2016) 8 Raj Goenka PCIT vs Coal Sale Co. Ltd. [ITAT/71/2022, Judgment dt. 29.07.2022] CIT vs. Eastern Commercial Enterprises [1994] 210 ITR 103 (Cal) of CIT(E) -vs- Mayapur Dham Pilgrim & Visitors Trust (2022) 214 DTR 441 / 328 CTR 984(Cal) CIT(E) -vs- Sanskriti Sagar [ITAT/46/2018 (GA No. 631 of 2018 dated 26.04.2022 (Cal)] 6.2.21.In view of the above discussions and various judicial pronouncements, the additions of loan amount of Rs. 1,17,00,000/- u/s 68 of the Act, made by the AO in t…

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. GOLDEN GOENKA CREDIT PRIVATE LIMITED , KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar (Accountant Member), Shri Pradip Kumar Choubey (Judicial Member)

…4] PCIT vs Parwati Lakh Udyog [ITAT/2/2024, judgment dated 19.02.2024] CIT v. Mitul Krishna Kapoor (ITA No.333 of 2009, judgment dated 09.06.2016) PCIT vs Coal Sale Co. Ltd. [ITAT/71/2022, Judgment dt. 29.07.2022] CIT vs. Eastern Commercial Enterprises [1994] 210 ITR 103 (Cal) of CIT(E) -vs- Mayapur Dham Pilgrim & Visitors Trust (2022) 214 DTR 441 / 328 CTR 984 (Cal) CIT(E) -vs- Sanskriti Sagar [ITAT/46/2018 (GA No. 631 of 2018 dated 26.04.2022 (Cal)] 6.2.22. In view of the above discussions and various judicial pronouncements the additions of loan made by the AO to the tune of Rs.49,04,77,417 u/s 68 of the Act i…

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. RAJA SHELTERS PRIVATE LIMITED, KOLKATA

In the result, the appeal of the revenue is dismissed

…CIT vs Parwati Lakh Udyog [ITAT/2/2024, judgment dated 19.02.2024]\nCIT v. Mitul Krishna Kapoor (ITA No.333 of 2009, judgment dated\n09.06.2016)\nPCIT vs Coal Sale Co. Ltd. [ITAT/71/2022, Judgment dt. 29.07.2022]\nCIT vs. Eastern Commercial Enterprises [1994] 210 ITR 103 (Cal)\nof CIT(E) -vs- Mayapur Dham Pilgrim & Visitors Trust (2022) 214 DTR 441\n/ 328 CTR 984 (Cal)\nCIT(E) -vs- Sanskriti Sagar [ITAT/46/2018 (GA No. 631 of 2018 dated\n26.04.2022 (Cal)]\n6. 2. 21. In view of the above discussions and various judicial\npronouncements, the additions of loan amount of Rs.6,28,00,000/- u/s 68\nof the Act, made by…

DCIT, CENTRAL CIRCLE-1(4), KOLKATA, KOLKATA vs. EDUCO VENTURES PVT LTD., KOLKATA

Appeal is dismissed

Bench: the AO.

…rties, (the alleged entry operators) at the back of the assessee as he did not provide the copy of those statements to the assessee for cross examination and rebuttal. The Hon'ble Calcutta High Court in the case of CIT v. Eastern Commercial Enterprises (1994) 201 ITR 105 (Cal) has held that, 'an adverse finding cannot be made against an assessee on the basis of such statements without allowing opportunity to assessee to cross examine the person on whose statement reliance is placed against the assessee. Not only that, there is merit in the submission of the appellant, when it states that the 3rd parties, i.e. all…

DCIT CENTRAL CIRCLE 1(4), KOLKATA, KOLKATA vs. EDUCO VENTURES PVT LTD, KOLKATA

Appeal is dismissed

Bench: the AO.

…rties, (the alleged entry operators) at the back of the assessee as he did not provide the copy of those statements to the assessee for cross examination and rebuttal. The Hon'ble Calcutta High Court in the case of CIT v. Eastern Commercial Enterprises (1994) 201 ITR 105 (Cal) has held that, 'an adverse finding cannot be made against an assessee on the basis of such statements without allowing opportunity to assessee to cross examine the person on whose statement reliance is placed against the assessee. Not only that, there is merit in the submission of the appellant, when it states that the 3rd parties, i.e. all…

EDUCO VENTURES PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 1(4), KOLKATA

Appeal is dismissed

Bench: the AO.

…rties, (the alleged entry operators) at the back of the assessee as he did not provide the copy of those statements to the assessee for cross examination and rebuttal. The Hon'ble Calcutta High Court in the case of CIT v. Eastern Commercial Enterprises (1994) 201 ITR 105 (Cal) has held that, 'an adverse finding cannot be made against an assessee on the basis of such statements without allowing opportunity to assessee to cross examine the person on whose statement reliance is placed against the assessee. Not only that, there is merit in the submission of the appellant, when it states that the 3rd parties, i.e. all…

EDUCO VENTURES PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 1(4), KOLKATA

Appeal is dismissed

Bench: the AO.

…rties, (the alleged entry operators) at the back of the assessee as he did not provide the copy of those statements to the assessee for cross examination and rebuttal. The Hon'ble Calcutta High Court in the case of CIT v. Eastern Commercial Enterprises (1994) 201 ITR 105 (Cal) has held that, 'an adverse finding cannot be made against an assessee on the basis of such statements without allowing opportunity to assessee to cross examine the person on whose statement reliance is placed against the assessee. Not only that, there is merit in the submission of the appellant, when it states that the 3rd parties, i.e. all…

DCIT CENTRAL CIRCLE 1 4 KOLKATA, KOLKATA vs. MURLIDHAR RATANLAL EXPORTS LIMITED, KOLKATA

In the result, the appeals of the Revenue are dismissed and the COs of the assessee are partly allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

…the Hon'ble High Court held that if the loan taken during the year are repaid even in the subsequent years, then no addition is called for u/s 68 of the Act. The ld. CIT (A) also relied on the decision in the case of CIT v. Stern Commercial Enterprises (1994) 201 ITR 105 (Cal.) and held that no adverse filing can be made against the assessee on the basis of statement of the third party without allowing any cross examination to the assessee to examine the person on whose statement the reliance was placed. 017. After hearing the rival contentions and perusing the materials available on record, we find that the ass…

DCIT, CENTRAL CIRCLE-1(4), KOLKATA, KOLKATA vs. MURLIDHAR RATANLAL EXPORTS LIMITED, KOLKATA

In the result, the appeals of the Revenue are dismissed and the COs of the assessee are partly allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

…the Hon'ble High Court held that if the loan taken during the year are repaid even in the subsequent years, then no addition is called for u/s 68 of the Act. The ld. CIT (A) also relied on the decision in the case of CIT v. Stern Commercial Enterprises (1994) 201 ITR 105 (Cal.) and held that no adverse filing can be made against the assessee on the basis of statement of the third party without allowing any cross examination to the assessee to examine the person on whose statement the reliance was placed. 017. After hearing the rival contentions and perusing the materials available on record, we find that the ass…

DCIT, CENTRAL CIRCLE-1(4), KOLKATA, KOLKATA vs. MURLIDHAR RATANLAL EXPORTS LIMITED, KOLKATA

In the result, the appeals of the Revenue are dismissed and the COs of the assessee are partly allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

…the Hon'ble High Court held that if the loan taken during the year are repaid even in the subsequent years, then no addition is called for u/s 68 of the Act. The ld. CIT (A) also relied on the decision in the case of CIT v. Stern Commercial Enterprises (1994) 201 ITR 105 (Cal.) and held that no adverse filing can be made against the assessee on the basis of statement of the third party without allowing any cross examination to the assessee to examine the person on whose statement the reliance was placed. 017. After hearing the rival contentions and perusing the materials available on record, we find that the ass…