CIT v. Gagandeep Infrastructure (P.) Ltd.

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

…annot be faulted. No substantial question of law is involved in the appeal. In the result, the appeal is dismissed in limine with no order as to costs." 7.9 On similar facts, Hon'ble Bombay High Court in the case of CIT vs. Gagandeep Infrastructure Pvt. Ltd (394 ITR 680) (2018) (Bombay), has relied on the Apex Court decision in case of CIT Vs Lovely Exports (supra) and held as under,- “In any view of the matter the three essential tests while confirming the pre- proviso Section 68 of the Act laid down by the Courts namely the genuineness of I.T.A. No. 580/Kol/2022 Assessment Year: 2015-16 C.O. No. 17/Kol/2023 As…

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

…tion Ltd. (1986) 159 ITR 78 (SC); ITO vs. Cygnus Developers (I) (P.) Ltd. [IT Appeal No. 282 (Kol) of 2012, dated 2-3-2016] & CIT vs. Gagandeep 8 I.T.A. No. 840/Kol/2023 Assessment Year: 2014-15 Samrat Finvestors Private Limited Infrastructure P. Ltd. (2017) 394 ITR 680 (Bom), to buttress his arguments on the issue that where an assessee has filed the evidences before the Assessing Officer concerning the transactions, and the Assessing Officer has not carried out any further investigation or any enquiry into the issue and has not disbelieved those evidences either and in that scenario the additions made by the A…

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

…the Hon’ble Apex Court and various Hon’ble High Courts, namely, CIT vs. Orissa Corporation Ltd. (1986) 159 ITR 78 (SC); ITO vs. Cygnus Developers (I) (P.) Ltd. [IT Appeal No. 282 (Kol) of 2012, dated 2-3-2016] & CIT vs. Gagandeep Infrastructure P. Ltd. (2017) 394 ITR 680 (Bom), to buttress his arguments on the issue that where an assessee has filed the evidences before the Assessing Officer concerning the transactions, and the Assessing Officer has not carried out any further investigation or any enquiry into the issue and has not disbelieved those evidences either and in that scenario the additions made by the A…

D.C.I.T., Central Circle - 1(4), Kolkata vs. M/S. Wise Investment Pvt. Ltd., Kolkata

In the result, appeal of the revenue is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 163/Kol/2023 Assessment Year: 2012-13 D.C.I.T. Central Circle – 1(4), Kolkata M/S. Wise Investment Pvt. Ltd. Vs 3Rd Floor 5, Govind Chand Dhar Lane Kolkata - 700001 [Pan: Aaacw3141R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Manish Tiwari, Fca Revenue By : Shri Abhijit Kundu, Cit D/R सुनवाई क" तारीख/Date Of Hearing : 26/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 09/11/2023 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 -21, Kolkata, (Hereinafter The “Ld. Cit(A)”) Dt. 26/12/2022, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2012-13. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. Whether On The Facts & Circumstances Of The Case Ld. Cit (A) Is Justified In Deleting Addition Made U/S. 68 Of Rs.32,50,00,000/- Ignoring The Remand Report Dated 20.07.2022 Wherein The Report Categorically Stated That The Share Applicant Company Has No Creditworthiness To Invest In The Assesses Company. 2. Whether On The Facts & Circumstances Of The Case Ld. Cit (A) Was Erroneous As It Had Not Taken Cognizance Of The Fact That The 2

…| 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. 163/Kol/2023 Assessment Year: 2012-13 D.C.I.T. Central Circle – 1(4), Kolkata M/s. Wise Investment Pvt. Ltd. Vs 3rd Floor 5, Govind Chand Dhar Lane Kolkata - 700001 [PAN: AAACW3141R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Manish Tiwari, FCA Revenue by : Shri Abhijit Kundu, CIT D/R सुनवाई क" तारीख/Date of Hearing : 26/09/2023 घोषणा क" तारीख /Date of Pronouncement: 09/11/2023 आदेश/O R D E R…

ITO, Ward-8(2), Kol, Kolkata vs. M/S. Indus Realty Pvt. Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

…ITA No. 666/KOL/2023 Assessment Year: 2012-2013 M/s. Indus Realty Pvt. Limited IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A’ BENCH, KOLKATA Before Shri Rajpal Yadav, Vice-President (KZ) & Shri Rajesh Kumar, Accountant Member I.T.A. No. 666/KOL/2023 Assessment Year: 2012-2013 Income Tax Officer,............................ Appellant Ward-8(2), Kolkata, Aayakar Bhawan, 5th Floor, P-7, Chowringhee Square, Kolkata-700069 -Vs.- M/s. Indus Realty Pvt. Limited,............Respondent Plot-6, Block-EN, Sector-5, Salt Lake City, Kolkata-700091 [PAN:AABCI4027R] Appearances by: Shri B.K. Singh, JCIT, Sr. D.R., appeared on beha…

M/S Saket Developers Pvt. Ltd., Kolkata vs. ITO, Ward-2(4), Kolkata

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

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

…eferred to the following decisions in support of its grounds raised on merits:-  Crystal Networks Pvt. Ltd. vs. CIT - 353 ITR 171 (Cal HC.)  ITO vs. Cygnus Developers India Pvt. Ltd. (ITA No. 282/Kol/2012)  CIT vs. Gagandeep Infrastructure Pvt. Ltd. (2017) 394 ITR 680 (Bom.)  Pr. CIT vs. Chain House International Pvt. Ltd. (2018) 408 ITR 561 (MP)  CIT vs. Kamdhenu Steel and Alloys Ltd. (2014) 361 ITR 220 (Del.)  CIT vs. Orissa Corporation Pvt. Ltd. (1986) 159 ITR 78 (SC)  CIT vs. Creative World Telefilms P. Ltd. (2011) 333 ITR 100 (Mad.)  Pranav foundations Ltd. (2015) 229 Taxman 58 (Mad.) 8. The ld. D/R…

M/S. Inter Securities Pvt. Ltd., Kolkata vs. ITO, Ward - 7(3), Kolkata

In the result, appeal of the revenue is dismissed

Bench: Dr. Manish Borad, Hon’Ble & Shri Sanjay Garg, Hon’Blei.T.A. No. 609/Kol/2018 Assessment Year: 2012-13 M/S. Inter Securities Pvt. Ltd. Income Tax Officer, Ward – 7(3), 8, Camac Street Vs Kolkata 8Th Floor Suite No. 807 Kolkata - 700017 [Pan : Aacci 3971M] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri V. N. Dubey, Advocate Revenue By : Shri Vijay Kumar, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 14/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 16/10/2023 आदेश/O R D E R Per Dr. Manish Borad: The Above Captioned Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Commissioner Of Income Tax (Appeals) - 3, (Hereinafter The “Ld. Cit(A)”) Dt. 15/02/2018, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2012-13. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. That The Order Passed By The Ld. Cit(A) Is Bad In Law As Well As In Facts Of The Case. 2. That The Ld. Cit(A) Erred In Law As Well As In Facts Of The Case By Confirming The Addiitons Made By Ld. A.O. Who Treated The Share Application Money Including Premium Of Rs.3,59,00,000/- As Bogus & Added Back The Same To The Total Income Of The Appellant U/S 68 Of The Income Tax Act, 1961. 2

…| आयकर अपीलीय अिधकरण "यायपीठ, कोलकाता | IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, KOLKATA BEFORE DR. MANISH BORAD, HON’BLE ACCOUNTANT MEMBER & SHRI SANJAY GARG, HON’BLE JUDICIAL MEMBER I.T.A. No. 609/Kol/2018 Assessment Year: 2012-13 M/s. Inter Securities Pvt. Ltd. Income Tax Officer, Ward – 7(3), 8, Camac Street Vs Kolkata 8th Floor Suite No. 807 Kolkata - 700017 [PAN : AACCI 3971M] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri V. N. Dubey, Advocate Revenue by : Shri Vijay Kumar, Addl. CIT, Sr. D/R सुनवाई क" तारीख/Date of Hearing : 14/09/2023 घोषणा क" तारीख /Date of Pronouncement: 16/10/2…