CIT v. Maithan International

Infinity Infotech, Kolkata vs. DCIT, Cir-2(1), Kolkata

In the result the appeal by the assessee is allowed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am]

…rong precedent. The CIT therefore was right in exercising his power u/s263 of the Act. The ld. Counsel for the assessee also drew our attention to the decision of the Hon’ble Calcutta High Court in the case of CIT –Vs- Maithan International reported in (2015) 375 ITR 123 (Cal) wherein it was held that if the extent of enquiry conducted by the AO, being as good as no enquiry, then that would be sufficient ground to empower the CIT to invoke his jurisdiction u/s 263. Under such circumstances, one cannot cast an impossible burden on the CIT to show positive leakage of income in concrete terms, when he has simply set…

M/S Classic Flour and Food Processing Pvt Ltd., Kolkata vs. ITO, WD-11(4), Kolkata

In the result, ITA No. 765 & 766/Kol/2014 are allowed while ITA

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ]

…reafter, CIT cannot intervene, is wholly untenable. If this argument is taken to its logical conclusion, then it would mean obliterating the provisions of section 263 from the statute. The Hon’ble jurisdictional High Court in the case of Maithan International 277 CTR 65 (Cal) had to consider a case where an assessee obtained loans aggregating to Rs.1.60 crore from six private limited companies ranging between Rs.7 lac to Rs.1.10 crore. These companies had filed their returns with nominal income. The AO mentioned in the assessment order that Inspector was deputed to verify fresh loans received during the year. The…

M/S Jagadhatri Tracon Pvt. Ltd., Kolkata vs. PCIT, Central, Kolkata-2, Kolkata

In the result, the appeal filed by the Assessee is dismissed

Bench: : Shri M.Balaganesh & Shri S.S.Viswanethra Ravi

…u/s 263 of the Act and dismiss the appeal of the assessee. 10. Further, We are of the view that, exercise of Jurisdiction u/s 263 of the Act was fully justified. The decision of the Hon’ble High Court of Calcutta in the case of CIT Vs. Maithen International 375 ITR 123 (Cal), dealt with this aspect of lack of enquiry with even more stringent conditions. The assessee in that case obtained loans aggregating to Rs.1.60 crore from six private limited companies ranging between Rs.7 5 | P a g e I T A N o . 1 0 1 2 / K o l / 1 6 M / s . J a g a d h a t r i T r a c o n P . L t d lac to Rs.1.10 crore. These companies h…

M/S the Peerless General Finance & Investment Co. Ltd., Kolkata vs. DCIT, Cir-3(1), Kolkata

In the result, the appeal filed by the Assessee is dismissed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

…re of the view that, exercise of Jurisdiction u/s 263 of the Act was fully justified. The decision of the Hon’ble High Court of Calcutta in ITA No. 445/Kol/15 M/s. The Peerless General Finance & Investment Co. Ltd 6 the case of CIT Vs. Maithen International 375 ITR 123 (Cal), dealt with this aspect of lack of enquiry with even more stringent conditions. The assessee in that case obtained loans aggregating to Rs.1.60 crore from six private limited companies ranging between Rs.7 lac to Rs.1.10 crore. These companies have filed their returns with nominal income. The AO mentioned in the assessment order that the In…

Jessop & Co. Ltd., Kolkata vs. CIT, Kolkata-1, Kolkata

In the result, ITA No. 702/kol/14 is allowed for statistical purpose, while ITA

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 702 & 1045/Kol/2014 Assessment Years : 2008-09 & 2009-10 M/S. Jessop & Co.. Ltd. -Vs.- C.I.T., Kolkata-1, Kolkata Kolkata [Pan : Aaacj 6969 N] (Appellant) (Respondent) For The Appellant : Shri Subash Agarwal, Advocate For The Respondent : Shri G.Mallikarjuna, Cit(Dr)

…ion 292B of the Act will come to the rescue of the department. With regard to the enquiries made by the AO the ld. DR submitted that enquiry made by the AO was insufficient and in the light of the Hon’ble Calcutta High Court in the case of Maithan Enterprises 375 ITR 123 (Cal), it cannot be said the enquiry made by the AO was adequate or that it was carried to the logical end. ITA No.1045/Kol/2014 (A.Y.2009-10) : 12. As far as the appeal for A.Y.2009-10 is concerned in this assessment year there was proper service of notice u/s 263 of the Act. The reply of the assessee to the show cause notice u/s.263 of the Ac…

Wellman Wacoma Ltd, Kolkata vs. JCIT, Circle - 8, Kolkata

Bench: : Shri M. Balaganesh & Shri S.S. Vishwanethra Ravi

…Delhi High Court in the case of Riddhi Promoters (P) Ltd vs CIT reported in 377 ITR 641 (Del), 6 ITA No. 1229/Kol/2012-B-AM M/s.Wellman Wacoma Ltd (d) Decision of the Hon’ble Calcutta High Court in the case of CIT vs Maithan International reported in (2015) 375 ITR 123 (Cal) (e) Decision of the Hon’ble Apex Court in the case of Navodaya Castle (P) Ltd vs CIT reported in (2015) 56 taxmann.com 18 (SC) 7. We have heard the rival submissions and perused the materials available on record including the detailed paper book filed by the assessee initially and later another paper book dated 29.4.2015 which was filed i…

Shri Kishan Jindal, Kolkata vs. C.I.T - Xv, Kolkata

In the result appeal by the Assessee is dismissed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2008-09

…63 of the Act besides relying on certain judicial pronouncements to which we will make a reference later. The learned DR relied on the order of the CIT u/s.263 of the Act and the decision of the Hon’ble Calcutta High Court in the case of Maithan International 375 ITR 123 (Cal). 10. We have considered the rival submissions. We agree with the contention put forth on behalf of the assessee that where an enquiry is conducted by the AO and he gets satisfied with the genuineness of the transaction, the CIT cannot intervene through revision for coming to a conclusion that the assessment order passed by the ITA No.781/K…

The Calcutta Stock Excange Ltd., Kolkata vs. DCIT, Cir-4(1), Kolkata

In the result, the appeal of the assessee is allowed

Bench: : Shri S.S. Vishwanethra Ravi

…nd prejudicial to interest of revenue and further argued that non-examination of this issue by the Learned AO made the order erroneous. He further relied on the decision of the Calcutta High Court in the case of CIT vs Maithan International reported in (2015) 375 ITR 123 (Cal). 4.1. In response to this, the Learned AR argued that the assessee is a company which is a self regulatory body operating a stock exchange which is recognized by the Securities Exchange Board of India (SEBI in short). The assessee company is a notified stock exchange which is controlled and managed by its Board of Directors and functions i…

M/S S. Dhole & Co., Kolkata vs. CIT, - Xx, Kolkata

In the result, assessee’s appeal is allowed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year :2009-10

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “C” KOLKATA Before Shri Waseem Ahmed, Accountant Member and Shri S.S.Viswanethra Ravi, Judicial Member Assessment Year :2009-10 M/s S.Dhole & Co V/s. Commissioner of 63, Baguiati Road, Income Tax-XX, Rafi Kolkata-700 028 Ahmed Kidwai Road, [PAN No.ABAFS 8332 A] Kolkata-700 016 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri G. Banerjee, FCA अपीलाथ" क" ओर से/By Appellant Shri S. Srivastava, CIT-DR ""यथ" क" ओर से/By Respondent 05-01-2016 सुनवाई क" तार"ख/Date of Hearing 11-02-2016 घोषणा क" तार"ख/Date of Pronouncement आदेश /O R D E R PER Waseem Ahmed, Accountant Me…