CIT v. Smt. Shelly Passi

Srikanta Mondal, Burdwan vs. ITO, WD-2(2), Asansol, Burdwan

In the result the appeal by the assessee is allowed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm] I.T.A No. 333/Kol/2014 Assessment Year : 2010-11 Srikanta Mondal -Vs.- I.T.O., Ward-2(2) Burdwan Asansol [Pan : Agxpm 6698 K] (Appellant) (Respondent)

…n for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) - Held, yes [Para 23] [In favour of the assessee]" CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 18. We are not inclined to ignore the intention of the provisions of section 40A(3) of the Act by giving a plain reading of the same as argued by the ld…

Sri Malay Mondal, Burdwan vs. I.T.O WD - 2(2), Asansol

In the result, the appeal of the Assessee is allowed

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

…er admitted payment and there was no doubt about genuineness of payment, no ITA No. 903/Kol/13 Sri Malay Mondal 12 disallowance could be made under section 40A(3) – Held, yes [Para 23] [In favour of the assessee]” CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 11.3 It is pertinent to note that the primary object of enacting section 40A(3) were two folds, firstly, putting a check on trading transactions with a m…

I.T.O WD - 2(3), Asansol vs. M/S Premier Traders Self Help Group (H/O Kishore Mondal), Burdwan

In the result, Revenue’s appeal is dismissed

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

…on for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) – Held, yes [Para 23] [In favour of the assessee]” CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) ITA No.1882/Kol/2013 & CO No. 120/Kol/2013 A.Y. 2010-11 ITO Wd-2(3), Asl vs. M/s Premier Traders self-help Group Page 9 In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. In view of above, we find that…

Income Tax Officer-Ward-12(1), Kolkata vs. M/S Standard Leather Pvt. Ltd., Kolkata

In the result, Revenue’s appeal stands dismissed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Years:2010-11

…n for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) – Held, yes [Para 23] [In favour of the assessee]” CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. It is pertinent to note that the primary object of enacting section 40A(3) were two folds, firstly, putting a check on trading transactions with the obj…

Smt Bimala Bala Mondal, Burdwan vs. ITO, WD-1(4), Durgapur

In the result the appeal by the assessee is allowed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm] I.T.A No. 794/Kol/2014 Assessment Year : 2010-11 Smt. Bimala Bala Mondal -Vs.- I.T.O., Ward-1(4) Burdwan Durgapur [Pan : Aeapm 9753 N] ] (Respondent) (Appellant) For The Appellant : None For The Respondent : Shri.Ambitab Bhattacharya Jcit Date Of Hearing : 23.08.2016 Date Of Pronouncement : 02.09.2016. Order This Is An Appeal By The Assessee Against The Order Dated 5.2.2014 Of Cit(A)- Durgapur, Relating To Ay 2010-11. 2. The Assessee Is An Individual. He Is A Dealer In Country Spirits. Purchases Are Made From A Single Party Namely Ifb Agro Industries Ltd.. The Assessee In Respect Of Purchases From Ifb Agro Industries Ltd. Made A Payment Of Rs.14,31,840/- In Cash. According To The Ao The Above Payment Made Cannot Be Allowed As Deduction In Computing The Total Income Of The Assessee Because Of The Violation Of The Provision Of Section 40A(3) Of The Income Tax Act, 1961 (Act). The Action Of The Ao Was Confirmed By Cit(A). 3. Aggrieved By The Order Of Cit(A) The Assessee Has Preferred An Appeal Before This Tribunal. 4. None Appeared On Behalf Of The Asseseee Nor Was Any Request For Adjournment Made. I Have Heard The Submissions Of The Ld. Dr. Identical Issue With Regard To The Disallowance U/S 40A(3) Of The Act In The Case Of Assessee Who Are Engaged In The Business Of Country Spirits Who Have Paid Purchases In Cash Had Come Up For Consideration Before This Bench In The Case Of Ramnagar Pachwai & C.S. (Shop) Vs Ito Vide Ita No.148/Kol/2015 & 185&186/Kol/2014 For A.Y.2007-08 & 2008-09

…n for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) - Held, yes [Para 23] [In favour of the assessee]" CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 18. We are not inclined to ignore the intention of the provisions of section 40A(3) of the Act by giving a plain reading of the same as argued by the ld…

Motor Ch. Mondal, Asansol vs. ITO, WD-2(2), Asansol

In the result the appeal by the assessee is allowed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am] I.T.A No. 200/Kol/2014 Assessment Year : 2009-10 Motor Ch. Mondal -Vs.- I.T.O., Ward-2(2) Sahid Khudi Ram Sarani Asansol Neamatpur, P.O.Sitarampur-713359 [Pan : Afapm 9913K] (Respondent) (Appellant) For The Appellant : Shri U.Dasgupta, Advocate For The Respondent : Shri.Rajat Kumar Kureel(Dr) Date Of Hearing : 11.08.2016 Date Of Pronouncement : 02.09.2016. Order Per N.V.Vasudevan, Jm

…n for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) - Held, yes [Para 23] [In favour of the assessee]" CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 18. We are not inclined to ignore the intention of the provisions of section 40A(3) of the Act by giving a plain reading of the same as argued by the ld…

Smt Shila Mondal, Burdwan vs. ITO, WD-2(2), Asansol

In the result, assessee’s appeal stands allowed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Years:2010-11

…n for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) – Held, yes [Para 23] [In favour of the assessee]” CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. It is pertinent to note that the primary object of enacting section 40A(3) were two folds, firstly, putting a check on trading transactions with the obj…

Arun Kumar Mondal, Burdwan vs. ITO, WD-2(2), Asansol

In the result, assessee’s appeal stands allowed

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

…on for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) – Held, yes [Para 23] [In favour of the assessee]” CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 6.1 It is pertinent to note that the primary object of enacting Section 40A(3) were two folds- firstly, putting a check on trading transactions with the…

Naba Kumar Mondal, Asansol vs. ITO, WD-2(2), Asansol

In the result the appeal by the assessee is allowed

….Sanctoria (S)C.S.Shop. A.Yr.2010-11 later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) - Held, yes [Para 23] [In favour of the assessee]" CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 18. We are not inclined to ignore the intention of the provisions of section 40A(3) of the Act by giving a plain reading of the same as argued by the ld…

Tushar Kanti Banerjee, Burdwan vs. ITO, WD-1(2), Asansol, Burdwan

In the result, the appeal of the assessee is allowed

Bench: Shri M. Balaganesh, Am & Shri K. Narasimha Chary, Jm]

…n for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) - Held, yes [Para 23] [In favour of the assessee]" CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 3.5. We find that the disallowance of the entire cash purchases results in abnormal trading profit for the assessee which it could never earn. We find…

M/S Bolkunda Pachwai & (S) C. S. Shop, Burdwan vs. ITO, WD.1(2), Asansol

In the result, the appeal of the assessee in ITA No

Bench: Shri M. Balaganesh, Am & Shri K. Narasimha Chary, Jm]

…n for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) - Held, yes [Para 23] [In favour of the assessee]" CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 3.5. We find that the disallowance of the entire cash purchases results in abnormal trading profit for the assessee which it could never earn. We find…

M/S Bolkunda Pachwai & (S) C. S. Shop, Burdwan vs. ITO, WD.1(2), Asansol

In the result, the appeal of the assessee in ITA No

Bench: Shri M. Balaganesh, Am & Shri K. Narasimha Chary, Jm]

…n for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) - Held, yes [Para 23] [In favour of the assessee]" CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 3.5. We find that the disallowance of the entire cash purchases results in abnormal trading profit for the assessee which it could never earn. We find…

M/S. Ramnagar Pachai & C.S. (S) Shop vs. ITO, Ward-2(3), Asansol

In the result, all the appeals of assessee are allowed

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

…n for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) - Held, yes [Para 23] [In favour of the assessee]" CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) 12 ITA No. 148/K/2015, ITA Nos. 185 & 186/Kol/2014 Ramnagar Pachwai & (S) C.S. Shop, AY 2007-08, 2008-09 & 2010-11 In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 18. We are not inclined to ignore th…

M/S Ramnagar Pachai & C. S. (S) Shop, Burdwan vs. ITO, WD-2(3), Asansol

In the result, all the appeals of assessee are allowed

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

…n for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) - Held, yes [Para 23] [In favour of the assessee]" CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) 12 ITA No. 148/K/2015, ITA Nos. 185 & 186/Kol/2014 Ramnagar Pachwai & (S) C.S. Shop, AY 2007-08, 2008-09 & 2010-11 In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 18. We are not inclined to ignore th…

M/S Ramnagar Pachai & C. S. (S) Shop, Burdwan vs. ITO, WD-2(3), Asansol

In the result, all the appeals of assessee are allowed

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

…n for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) - Held, yes [Para 23] [In favour of the assessee]" CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) 12 ITA No. 148/K/2015, ITA Nos. 185 & 186/Kol/2014 Ramnagar Pachwai & (S) C.S. Shop, AY 2007-08, 2008-09 & 2010-11 In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 18. We are not inclined to ignore th…

M/S. Tirat C.S. Shop, Asansol vs. ITO, Ward-1(3), Asansol

In the result, both the appeals of the assessee are treated as allowed for statistical purposes

Bench: Shri P.M. Jagtap

…ly to the concerned party against the purchases, but the same were deposited in the Bank account of the said party. In this regard, he has relied on the decision of the Hon’ble Punjab & Haryana High Court in the case of CIT –vs.- Smt. Shelly Passi reported in 350 ITR 227, wherein it was held that the amount in cash having been deposited by the assessee directly in the Bank account of the seller, the same could not be disallowed under section 40A(3). The ld. D.R. has not disputed this proposition by citing decision of any other Hon’ble High Court or Hon’ble Supreme Court taking a contrary view. He, however, has co…

Kajora Pachai & C.S. Shop, Burdwan vs. ITO, Ward - 1(3), Durgapur, Burdwan

In the result, assessee’s appeal stands allowed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year :2008-09

…n for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) – Held, yes [Para 23] [In favour of the assessee]” CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 7.3 It is pertinent to note that the primary object of enacting section 40A(3) were two folds, firstly, putting a check on trading transactions with a m…

Shri Prabir Kumar Mullick, Burdwan vs. ITO, Ward - 3(1), Asansol

In the result, assessee’s appeal stands allowed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year :2008-09 Prabir Kumar Mullick V/S. Income Tax Officer, Searsol C.S.Shop, Ward-3(1), G.T. Road Shisubagan (Kalali Gali) (West), Asansol Ranigunj (Burdwan) [Pan No.Ajepm 7142 G] .. अपीलाथ" /Appellant ""यथ"/Respondent

…n for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) – Held, yes [Para 23] [In favour of the assessee]” CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 11.3 It is pertinent to note that the primary object of enacting section 40A(3) were two folds, firstly, putting a check on trading transactions with a…

Bhagya Lakhi Roy (Prop), Bijoy Narayan Roy (Decd), Burdwan vs. ITO, Ward - 3(1), Asansol

In the result, assessee’s appeal stands allowed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year :2008-09

…n for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) – Held, yes [Para 23] [In favour of the assessee]” CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. 7.3 It is pertinent to note that the primary object of enacting section 40A(3) were two folds, firstly, putting a check on trading transactions with a m…

M/S Super Enterprise, Burdwan vs. ITO, WD-2(3), Durgapur

In the result the addition as confirmed by the Id

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

…for its transaction to seller, and later admitted payment and there was no doubt about genuineness of payment, no disallowance could be made under section 40A(3) - Held, yes [Para 23] [In favour of the assessee]" • CIT vs Smt. Shelly Passi reported in (2013) 350 ITR 227 (P&H) In this case the court upheld the view of the tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts were deposited in the bank by the payee. ITA No. 1495/Kol/202 7 -B-AM M/s. Super Enterprises 4.4. It is pertinent to note that the primary object of enacting section 40A(3) was two fold, f…