CIT v. Orissa Corporation Pvt. Ltd.

ITO, Ward-10(4), Kolkata vs. M/S Positive Properties Pvt. Ltd., Kolkata

In the result, appeal of revenue is dismissed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

…1 Positive Properties Pvt. Ltd., AY 2012-13 आयकर अपील"य अधीकरण, "यायपीठ – “B” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA (सम") "ी ऐ. ट". वक", "यायीक सद"य एवं डॉ. अजु"न लाल सैनी, लेखा सद"य) [Before Shri A. T. Varkey, JM & Dr. A. L. Saini, AM] I.T.A. No. 2274/Kol/2016 Assessment Year: 2012-13 Income-tax Officer, Wd-10(4), Vs. M/s. Positive Properties Pvt. Ltd. Kolkata. (PAN: AAFCP7164E) Appellant Respondent Date of Hearing 01.01.2019 Date of Pronouncement 09.01.2019 For the Appellant Shri Pijush Mukherjee, Addl. CIT, Sr. DR For the Respondent Shri Manish Tiwari, AR ORDER Per Shri A.T.V…

ITO, Ward - 6(1), Kolkata vs. M/S. Delight Grih Nirman Pvt. Ltd., Kolkata

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1755/Kol/2017 ("नधा"रणवष" / Assessment Year: 2012-13)

…e of CIT v. Smt. P. K. Noorjahan [1999] 237 ITR 570. 17.The main plank on which the AO made the addition was because the directors of the share subscribers did not turn up before him. In such a case the Hon'ble Apex Court in the case of Orissa Corpn. (P) Ltd. 159 ITR 78 and the Hon'ble Gujarat High Court, in the case of Dy. CIT v. Rohini Builders [2002] 256 ITR 360 [2003] 127 Taxman 523 , has held that onus of the assessee (in whose books of account credit appears) stands fully discharged if the identity of the creditor is established and actual receipt of money from such creditor is proved. In case, the M/s Deli…

Bhutoria Electricals Pvt. Ltd., Kolkata vs. ITO, Ward - 7(4), Kolkata

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी एम .बालागणेश, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri M. Balaganesh, Am] I.T.A. No. 2024/Kol/2017 Assessment Year: 2012-13

…pex Court. 9. The main plank on which the AO made the addition was because the directors of the assessee company and that of the share subscribers did not turn up before him. In such a case the Hon'ble Apex Court in the case of Orissa Corpn. (P) Ltd. (supra) 159 ITR 78 and the Hon'ble Gujarat High Court, in the case of Dy. CIT v. Rohini Builders [2002] 256 ITR 360 /[2003] 127 Taxman 523 , has held that onus of the assessee (in whose books of account credit appears) stands fully discharged if the identity of the creditor is established and actual receipt of money from such creditor is proved. In case, the Assessi…

DCIT, Central Circle-5(1), Kolkata vs. M/S Prb Securities Pvt.Ltd., Kolkata

In the result, the appeal of the revenue is dismissed

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 211/Kol/2017 Assessment Year : 2013-14 Dcit, Circle-5(1), Kolkata -Vs- M/S Prb Securities Pvt. Ltd. [Pan: Aabcp 5425 G ] (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : KOLKATA [Before Hon’ble Shri A T Varkey, JM, & Shri M.Balaganesh, AM] I.T.A No. 211/Kol/2017 Assessment Year : 2013-14 DCIT, Circle-5(1), Kolkata -vs- M/s PRB Securities Pvt. Ltd. [PAN: AABCP 5425 G ] (Appellant) (Respondent) For the Appellant : Shri Saurabh Kumar, Addl. CIT Sr. DR For the Respondent : Shri Manish Tiwari, AR Date of Hearing : 22.11.2018 Date of Pronouncement : 05.12.2018 ORDER Per M.Balaganesh, AM 1. This appeal by the Revenue arises out of the order of the Learned Commissioner of Income Tax(Appeals)-2, Kolkata [in short the ld CIT(A)]…

ITO, Ward-10(4), Kolkata vs. Ms Savera Towers Pvt. Ltd., Kolkata

In the result, the appeal of the revenue is dismissed

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 2275/Kol/2016 Assessment Year : 2012-13 Ito, Ward-10(4), Kolkata -Vs- M/S Savera Towers Pvt. Ltd. [Pan: Aaocs 9744 C ] (Appellant) (Respondent)

…not produce the directors of the share subscribing companies. In our considered opinion, for this reason alone, there cannot be any addition u/s 68 of the Act as held by the Hon’ble Supreme Court in the case of CIT vs. Orissa Corporation Pvt. Ltd. reported in 159 ITR 78 (SC). We find that the decision of Hon’ble Delhi High Court in the case of Novo Promoters and Finelease Pvt. Ltd. reported in 342 ITR 169 (Del) vehemently relied upon by the ld. DR before us, is not applicable in the instant case, as in the facts before the Hon’ble Delhi High Court, the notices u/s 133(6) have not been duly complied with. Hence th…

Shri Ashok Daulatramani, Kolkata vs. ITO, Ward - 29(2), Kolkata

In the result appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy] I.T.A. No. 1689/Kol/2018 Assessment Year: 2004-05 Sri Ashok Daulatramani………………………………………....………………..…………………….….Appellant 46A, Roopchand Mukherjee Lane Kolkata – 700 025 [Pan : Adgpd 9567 N] Income Tax Officer, Ward-29(2), Kolkata....………………………………….…………..…...Respondent Appearances By: Shri S. Jhajharia, A/R, Appeared On Behalf Of The Assessee. Shri Nicholas Murmu, Jcit, Appearing On Behalf Of The Revenue.

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘SMC’ BENCH, KOLKATA [Before Sri J. Sudhakar Reddy, Accountant Member] I.T.A. No. 1689/Kol/2018 Assessment Year: 2004-05 Sri Ashok Daulatramani………………………………………....………………..…………………….….Appellant 46A, Roopchand Mukherjee Lane Kolkata – 700 025 [PAN : ADGPD 9567 N] Income Tax Officer, Ward-29(2), Kolkata....………………………………….…………..…...Respondent Appearances by: Shri S. Jhajharia, A/R, appeared on behalf of the assessee. Shri Nicholas Murmu, JCIT, appearing on behalf of the Revenue. Date of concluding the hearing : November 27th, 2018 Date of pronouncing the order : December…

ITO, Ward-12(4), Kolkata vs. M/S Saktideep Suppliers Pvt. Ltd., Kolkata

In the result, the appeal of the revenue is dismissed

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] Lt.A No. 2444/Kol/2016 Assessment Year : 2012-13

…oved the three ingredients viz. identitiy, creditworthiness and genuineness of the transactions. The assessee among several other decisions placed reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs Orissa Corporation P Ltd reported in 159 ITR 78 (SC) wherein it was held that where the assessee has discharged its onus of proving the identity and creditworthiness of the creditor as well as the genuineness of the transaction, no addition is called for on the ground that nobody has appeared in response to summon issued u/s 131 of the Act. 5. The Id CITA deleted the addition by observing as…

ITO, WD-6(1), Kolkata vs. M/S Tritium Commodities Pvt. Ltd., Kolkata

In the result, appeal of the revenue is dismissed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi) Assessment Year: 2008-09 Income Tax Officer, Ward-6(1), Kolkata.………......……….........…………..………….…................Appellant Vs. M/S. Tritium Commodities………..........….……...........…………..……………….…...……..…….......Respondent 7, Babulal Lane Kolkata – 700 007 [Pan : Aacct 8286 G] Appearances By: Shri S.M. Surana, Advocate, Appeared On Behalf Of The Assessee. Shri Sankar Halder, Addl. Cit Sr. D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 6Th, 2018 Date Of Pronouncing The Order : November 28Th , 2018 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Revenue Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-2, Kolkata, (Hereinafter The ‘Ld. Cit(A)’), Dt. 15/10/2015, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The ‘Act’), Relating To Assessment Year 2008-09. 2. The Assessee Is A Company & Is In The Business Of Investment In Shares & Securities. For The Assessment Year 2012-13, It Filed Its Return Of Income On 27/09/2017, Disclosing Nil Income. It Filed Its Original Return Of Income For The Assessment Year 2008-09, On 22/10/2008, Declaring Total Loss Or Rs.14,726/-. The Assessment Order Was Passed U/S 147/143(3) Of The Act, On 24/06/2010. Thereafter The Ld. Cit(A), Passed An Order U/S 263 Of The Act, Setting Aside The Assessment Order Dt. 24/06/2010. The Assessing Officer Passed The Impugned Fresh Order In Pursuance To The Order U/S 263 Of The Act, Dt. 31/03/2014, Making An Addition Of The Share Application Money Of Rs.2.07 Crores U/S 68 Of The Act. Aggrieved The Assessee Carried The Matter In Appeal. The Ld. First Appellate Authority Deleted The Addition For The Reasons Given In His Order.

…panies, drawing an adverse inference against the assessee company to treat the receipt of share capital as bogus is unwarranted. Reliance in this regard is placed on the decision of the Hon'ble Supreme Court in the case of Orissa Corporation P Ltd reported in 159 ITR 78 (SC) and Hon'ble Gujarat High Court in the case of DCIT vs Rohini Builders reported in 256 ITR 360 (Guj) , wherein it was held that onus of the assessee (in whose books of account, the credit appears) stands fully discharged, if the identity of the creditor is establishd and actual receipt of money from such creditor is proved. In case, the Assess…

ITO, WD-10(4), Kolkata vs. M/S Bsni Commercial Pvt. Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri Satbeer Singh Godara

…not produce the directors of the share subscribing companies. In our considered opinion, for this reason alone, there cannot be any addition u/s 68 of the Act as held by the Hon’ble Supreme Court in the case of CIT vs. Orissa Corporation Pvt. Ltd. reported in 159 ITR 78 (SC). We find that the decision of Hon’ble Delhi High Court in the case of Novo Promoters and Finelease Pvt. Ltd. reported in 342 ITR 169 (Del) vehemently relied upon by the ld. DR before us, is not applicable in the instant case, as in the facts before the Hon’ble Delhi High Court, the notices u/s 133(6) have not been duly complied with. Hence th…

ITO, WD-12(2), Kolkata vs. M/S Goodluck Merchants P Ltd., Kolkata

In the result, appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi) Assessment Year: 2012-13 Income Tax Officer, Ward-12(2), Kolkata.……......……….........…………..………….…................Appellant Vs. M/S. Goodluck Merchants P. Ltd..........….……...........…………..……………….…...……..…….......Respondent 10/4B, Elgin Road Kolkata – 700 020 [Pan : Aabcb 2011 L]

…quired by law, is given, an addition cannot be made solely on the ground that the directors failed to appear in response to summons issued u/s 131 of the Act. The Hon’ble Supreme Court in the case of Commissioner of Income Tax vs. Orissa Corporation Pvt. Ltd. 159 ITR 78 SC and the Hon’ble Bombay High Court in the case of Commissioner of Income Tax v. Orchid Industries Pvt. Ltd. 397 ITR 136, have held that an addition cannot be made simply because a person has not appeared in compliance to notice u/s 131of the Act, when all the other requirements of the notices u/s 133(6) of the Act, has been complied with. Simila…

ITO, WD-9(2), Kolkata vs. M/S Goldstar Tracom Pvt. Ltd., Kolkata

In the result, appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy) Assessment Year: 2011-12 Income Tax Officer, Ward-9(2), Kolkata...........................................................…..…….………..Appellant M/S. Goldstar Tracom Pvt. Ltd…..………………………………………..……………...…….…............Respondent 4, Synagougue Street Burrabazar Kolkata – 700 001 [Pan: Aadcg 8045 K] Appearances By: Shri Manish Tiwari, A/R, Appeared On Behalf Of The Assessee. Shri Saurabh Kumar, Addl. Cit, D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : September 12Th, 2018 Date Of Pronouncing The Order : November 9Th , 2018 Order Per J. Sudhakar Reddy, Am :-

…share capital from genuine sources. He submitted that no addition can be made merely because the directors did not appear before the ld. Assessing Officer in response to summons issued to them. He relied on the following case-law:- a) Orrissa Corporation Ltd. 159 ITR 78 (SC) b) Orchid Industries (P) Ltd. 397 ITR 136 (Mumbai HC) c) Gagandeep Infrastructure P. Ltd. 394 ITR 680 (Mumbai HC) 4.1.1. He specifically pointed out to the factual findings of the ld. CIT(A), at page 32 & 33 of his order, wherein the factual errors committed by the Assessing Officer have been highlighted and submitted that he ld. D/R could no…