Principal CIT v. Sreeleathers

448 ITR 332High Court2022#1294 most cited

What is Principal CIT v. Sreeleathers authority for?

Additions made by an Assessing Officer under Section 68 for unsecured loans or share capital/premium are perverse if based merely on an allegation of 'shell companies' without proper findings, especially when the assessee has provided evidence and lenders confirmed transactions through Section 133(6) notices.

88

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2022 to 2026.

Also referred to as

PCIT v. Sreeleathers · Section 68 addition · unsecured loan shell company · creditworthiness of creditor · Section 133(6) notice · share capital addition · perverse assessment order · deletion of cash credit · source of source · bogus share capital

Also reported as

143 Taxmann.com 435

Sections most often in play

Section 68Section 133(6)Section 143(3)Section 148Section 142(1)Section 131Section 147Section 143(2)
Read the full judgment

Issues it is cited on

section 148bsource of sourcesection 106shell companypermanent account numbercreditworthiness of the creditorshare capital and share premiumbogus share capitalshare application moneyaddition under section 68principal commissioner of income-taxsummons under section 131

Judgments citing Principal CIT v. Sreeleathers

Dy. Commissioner of Income Tax, Noida vs. Star Landcraft Private Limited, Ghaziabad

In the result, appeal of the Revenue in ITA No

ITA 4117/DEL/2025[2022-23]Status: DisposedITAT Delhi26 Nov 2025AY 2022-23

Bench: Shri Anubhav Sharma & Shri Manish Agarwal

Section 132Section 139(1)Section 143(2)Section 148Section 37Section 41Section 68Section 69Section 69ASection 69C

…ITA No.3558/Del/2025 & Others INCOME TAX APPELLATE TRIBUNAL DELHI “G” BENCH: NEW DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER & SHRI MANISH AGARWAL, ACCOUNTANT MEMBER Sl. ITA No(s) Asst. Appeal(s) by No Year(s) Appellant vs. Respondent Appellant Respondent 1. 3558/Del/2025 2019-20 DCIT M/s. Allure Developers Pvt. Ltd., Flat No.14, Ground Floor, Central Circle –I Noida DDA MIG, Sura Apartment, Pul Pehladpur, New Delhi- 110044. PAN-AALCA3631R 2. 3559/Del/2025 2020-21 -do- -do- 3. 4108/Del/2025 2021-22 -do- -do- M/s. Ajay Realcon Pvt. Ltd., 4. 3560/Del/2025 2020-21 -do- Plot No.01-B, 7th Floor, Sector-126,…

Dy. Commissioner of Income Tax, Noida vs. Star Landcraft Private Limited, Ghaziabad

In the result, appeal of the Revenue in ITA No

ITA 4116/DEL/2025[2020-21]Status: DisposedITAT Delhi26 Nov 2025AY 2020-21

Bench: Shri Anubhav Sharma & Shri Manish Agarwal

Section 132Section 139(1)Section 143(2)Section 148Section 37Section 41Section 68Section 69Section 69ASection 69C

…ITA No.3558/Del/2025 & Others INCOME TAX APPELLATE TRIBUNAL DELHI “G” BENCH: NEW DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER & SHRI MANISH AGARWAL, ACCOUNTANT MEMBER Sl. ITA No(s) Asst. Appeal(s) by No Year(s) Appellant vs. Respondent Appellant Respondent 1. 3558/Del/2025 2019-20 DCIT M/s. Allure Developers Pvt. Ltd., Flat No.14, Ground Floor, Central Circle –I Noida DDA MIG, Sura Apartment, Pul Pehladpur, New Delhi- 110044. PAN-AALCA3631R 2. 3559/Del/2025 2020-21 -do- -do- 3. 4108/Del/2025 2021-22 -do- -do- M/s. Ajay Realcon Pvt. Ltd., 4. 3560/Del/2025 2020-21 -do- Plot No.01-B, 7th Floor, Sector-126,…

Dy Commissioner of Income Tax, Noida vs. M/S Allure Developers Private Limited, Delhi

In the result, appeal of the Revenue in ITA No

ITA 4108/DEL/2025[2021-22]Status: DisposedITAT Delhi26 Nov 2025AY 2021-22

Bench: Shri Anubhav Sharma & Shri Manish Agarwal

Section 132Section 139(1)Section 143(2)Section 148Section 37Section 41Section 68Section 69Section 69ASection 69C

…ITA No.3558/Del/2025 & Others INCOME TAX APPELLATE TRIBUNAL DELHI “G” BENCH: NEW DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER & SHRI MANISH AGARWAL, ACCOUNTANT MEMBER Sl. ITA No(s) Asst. Appeal(s) by No Year(s) Appellant vs. Respondent Appellant Respondent 1. 3558/Del/2025 2019-20 DCIT M/s. Allure Developers Pvt. Ltd., Flat No.14, Ground Floor, Central Circle –I Noida DDA MIG, Sura Apartment, Pul Pehladpur, New Delhi- 110044. PAN-AALCA3631R 2. 3559/Del/2025 2020-21 -do- -do- 3. 4108/Del/2025 2021-22 -do- -do- M/s. Ajay Realcon Pvt. Ltd., 4. 3560/Del/2025 2020-21 -do- Plot No.01-B, 7th Floor, Sector-126,…

Deputy Commissioner of Income Tax Central Circle 1 Noida, Noia vs. M/S Ajay Realcon Pvt. Ltd., Noida

In the result, appeal of the Revenue in ITA No

ITA 3560/DEL/2025[2020]Status: DisposedITAT Delhi26 Nov 2025

Bench: Shri Anubhav Sharma & Shri Manish Agarwal

Section 132Section 139(1)Section 143(2)Section 148Section 37Section 41Section 68Section 69Section 69ASection 69C

…ITA No.3558/Del/2025 & Others INCOME TAX APPELLATE TRIBUNAL DELHI “G” BENCH: NEW DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER & SHRI MANISH AGARWAL, ACCOUNTANT MEMBER Sl. ITA No(s) Asst. Appeal(s) by No Year(s) Appellant vs. Respondent Appellant Respondent 1. 3558/Del/2025 2019-20 DCIT M/s. Allure Developers Pvt. Ltd., Flat No.14, Ground Floor, Central Circle –I Noida DDA MIG, Sura Apartment, Pul Pehladpur, New Delhi- 110044. PAN-AALCA3631R 2. 3559/Del/2025 2020-21 -do- -do- 3. 4108/Del/2025 2021-22 -do- -do- M/s. Ajay Realcon Pvt. Ltd., 4. 3560/Del/2025 2020-21 -do- Plot No.01-B, 7th Floor, Sector-126,…

Deputy Commissioner of Income Tax Central Circle 1 Noida, Noida vs. M/S Allure Developers Pvt. Ltd, New Delhi

In the result, appeal of the Revenue in ITA No

ITA 3559/DEL/2025[2020]Status: DisposedITAT Delhi26 Nov 2025

Bench: Shri Anubhav Sharma & Shri Manish Agarwal

Section 132Section 139(1)Section 143(2)Section 148Section 37Section 41Section 68Section 69Section 69ASection 69C

…ITA No.3558/Del/2025 & Others INCOME TAX APPELLATE TRIBUNAL DELHI “G” BENCH: NEW DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER & SHRI MANISH AGARWAL, ACCOUNTANT MEMBER Sl. ITA No(s) Asst. Appeal(s) by No Year(s) Appellant vs. Respondent Appellant Respondent 1. 3558/Del/2025 2019-20 DCIT M/s. Allure Developers Pvt. Ltd., Flat No.14, Ground Floor, Central Circle –I Noida DDA MIG, Sura Apartment, Pul Pehladpur, New Delhi- 110044. PAN-AALCA3631R 2. 3559/Del/2025 2020-21 -do- -do- 3. 4108/Del/2025 2021-22 -do- -do- M/s. Ajay Realcon Pvt. Ltd., 4. 3560/Del/2025 2020-21 -do- Plot No.01-B, 7th Floor, Sector-126,…

Deputy Commissioner of Income Tax Central Circle 1 Noida, Noida vs. M/S Allure Developers Private Limited, Noida

In the result, appeal of the Revenue in ITA No

ITA 3558/DEL/2025[2019]Status: DisposedITAT Delhi26 Nov 2025

Bench: Shri Anubhav Sharma & Shri Manish Agarwal

Section 132Section 139(1)Section 143(2)Section 148Section 37Section 41Section 68Section 69Section 69ASection 69C

…ITA No.3558/Del/2025 & Others INCOME TAX APPELLATE TRIBUNAL DELHI “G” BENCH: NEW DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER & SHRI MANISH AGARWAL, ACCOUNTANT MEMBER Sl. ITA No(s) Asst. Appeal(s) by No Year(s) Appellant vs. Respondent Appellant Respondent 1. 3558/Del/2025 2019-20 DCIT M/s. Allure Developers Pvt. Ltd., Flat No.14, Ground Floor, Central Circle –I Noida DDA MIG, Sura Apartment, Pul Pehladpur, New Delhi- 110044. PAN-AALCA3631R 2. 3559/Del/2025 2020-21 -do- -do- 3. 4108/Del/2025 2021-22 -do- -do- M/s. Ajay Realcon Pvt. Ltd., 4. 3560/Del/2025 2020-21 -do- Plot No.01-B, 7th Floor, Sector-126,…

Deputy Commissioner of Income Tax Central Circle 1 Noida, Noida vs. M/S Ace Residency Pvt. Ltd, Ghaziabad

In the result, appeal of the Revenue in ITA No

ITA 3493/DEL/2025[2021]Status: DisposedITAT Delhi26 Nov 2025

Bench: Shri Anubhav Sharma & Shri Manish Agarwal

Section 132Section 139(1)Section 143(2)Section 148Section 37Section 41Section 68Section 69Section 69ASection 69C

…ITA No.3558/Del/2025 & Others INCOME TAX APPELLATE TRIBUNAL DELHI “G” BENCH: NEW DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER & SHRI MANISH AGARWAL, ACCOUNTANT MEMBER Sl. ITA No(s) Asst. Appeal(s) by No Year(s) Appellant vs. Respondent Appellant Respondent 1. 3558/Del/2025 2019-20 DCIT M/s. Allure Developers Pvt. Ltd., Flat No.14, Ground Floor, Central Circle –I Noida DDA MIG, Sura Apartment, Pul Pehladpur, New Delhi- 110044. PAN-AALCA3631R 2. 3559/Del/2025 2020-21 -do- -do- 3. 4108/Del/2025 2021-22 -do- -do- M/s. Ajay Realcon Pvt. Ltd., 4. 3560/Del/2025 2020-21 -do- Plot No.01-B, 7th Floor, Sector-126,…

Assistant Commissioner of Income Tax, Central Circle-3(1), Kolkata vs. Rajshri Iron Industries Private Limited, Kolkata

In the result, both the appeals of the Revenue are dismissed

ITA 2388/KOL/2024[2013]Status: DisposedITAT Kolkata21 Nov 2025

Bench: Shri Rajesh Kumar, Am & Shrisonjoy Sarma, Jm

For Appellant: Shri Soumitra Choudhury, ARFor Respondent: S/Shri Praveen Kishore &
Section 147Section 148Section 148ASection 69C

…aid advance was repaid in two instalments i.e. on 06.09.2016 ₹1 crores and on 08.09.2010 Rs. 1 crores as the business deal signed did not materialized. The ld CIT(A) relied on the decisions of PCIT vs. Sreeleathers [2022] 143 taxmann.com 435 (Calcutta)/[2022] 448 ITR 332 (Calcutta)[14-07- 2022] and Principal Commissioner of Income-tax vs. Ambe Tradecorp (P.) Ltd. [2022] 145 taxmann.com 27 (Gujarat)/[2023] 290 Taxman 471 (Gujarat)[05-07-2022] and various other decisions while deleting the addition by holding that the assessee is not a beneficiary of accommodation entries as the advance taken was repaid and assesse…

Assistant Commissioner of Income Tax, Central Circle-3(1), Kolkata vs. Rajshri Iron Industries Private Limited, Kolkata

In the result, both the appeals of the Revenue are dismissed

ITA 2385/KOL/2024[2018]Status: DisposedITAT Kolkata21 Nov 2025

Bench: Shri Rajesh Kumar, Am & Shrisonjoy Sarma, Jm

For Appellant: Shri Soumitra Choudhury, ARFor Respondent: S/Shri Praveen Kishore &
Section 147Section 148Section 148ASection 69C

…aid advance was repaid in two instalments i.e. on 06.09.2016 ₹1 crores and on 08.09.2010 Rs. 1 crores as the business deal signed did not materialized. The ld CIT(A) relied on the decisions of PCIT vs. Sreeleathers [2022] 143 taxmann.com 435 (Calcutta)/[2022] 448 ITR 332 (Calcutta)[14-07- 2022] and Principal Commissioner of Income-tax vs. Ambe Tradecorp (P.) Ltd. [2022] 145 taxmann.com 27 (Gujarat)/[2023] 290 Taxman 471 (Gujarat)[05-07-2022] and various other decisions while deleting the addition by holding that the assessee is not a beneficiary of accommodation entries as the advance taken was repaid and assesse…

Quiver Commercial (P) Ltd., Kolkata vs. I.T.O., Ward - 1(2), Kolkata

In the result, the appeal of the assessee is allowed

ITA 1700/KOL/2024[2009-2010]Status: DisposedITAT Kolkata19 Nov 2025AY 2009-2010

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Ito, Ward 1(2), Kolkata Quiver Commercial (P) Ltd. Aaykar Bhawan, P-7, 3, Amartalla Street, Burrabazar, Chowringhee Square, Vs. Kolkata-700001, West Bengal Kolkata-700069, West Bengal (Appellant) (Respondent) Pan No. Aaacq1349R Assessee By : Shri Giridhari Dhelia, Ar Revenue By : Shri Guru Bhashyam, Dr Date Of Hearing: 28.10.2025 Date Of Pronouncement: 19.11.2025

For Appellant: Shri Giridhari Dhelia, ARFor Respondent: Shri Guru Bhashyam, DR
Section 131Section 142(1)Section 143(3)Section 147Section 148Section 263Section 68

…sets and reserves and surplus. The case of the assessee find support from the decision of Hon'ble Delhi High Courtin case of CIT vs. Ms. Mayawati 338 ITR 563 dated 03.08.2011. Also, in case of PCIT vs. Sreeleathers [2022] 143 taxmann.com 435 (Calcutta)/[2022] 448 ITR 332 (Calcutta)[14-07-2022], wherein it has been held as under:- “‘In the absence of any such finding, it is held that the order passed by the Assessing Officer was utterly perverse and rightly interfered by the Commissioner (Appeals). The Tribunal re-appreciated the factual position and agreed with the Commissioner (Appeals). The Tribunal apart from…

Adhira Vinicom Private Limited, Howrah vs. Income Tax Officer, Ward (10)1, Kolkata

In the result, the appeal of the assessee is allowed

ITA 998/KOL/2024[2012-13]Status: DisposedITAT Kolkata11 Nov 2025AY 2012-13

Bench: Shri Rajesh Kumar, Am & Shripradip Kumar Choubey, Jm Adhira Vincom Private Limited Ito, Ward (10)1, Kolkata 52/1, 2Nd Floor, Santan Mistry Chowringhee Square, Lane, Near Oriya Para Mandir, Vs. Kolkata-700069, West Bengal Howrah-711011, West Bengal (Appellant) (Respondent) Pan No. Aahca4935E Assessee By : Shri Devesh Poddar, Ar Revenue By : Shri Pankaj Pandey, Dr Date Of Hearing: 14.10.2025 Date Of Pronouncement: 11.11.2025

For Appellant: Shri Devesh Poddar, ARFor Respondent: Shri Pankaj Pandey, DR
Section 131Section 132Section 133(6)Section 143(2)Section 143(3)Section 153ASection 68

…had furnished all the evidences before the AO which are also available before the ld CIT(A). The case of the assessee is squarely covered by the decision of the jurisdictional High Court in case of Principal Commissioner of Income-tax vs. Sreeleathers [2022] 448 ITR 332 (Calcutta)[14-07-2022], wherein the Hon'ble Court has held as under:- “‘In the absence of any such finding, it is held that the order passed by the Assessing Officer was utterly perverse and rightly interfered by the Commissioner (Appeals). The Tribunal re-appreciated the factual position and agreed with the Commissioner (Appeals). The Tribunal…

Samrat Finvestors Private Limited, Kolkata vs. DCIT, Cent. Cir. 4(2), Kolkata

In the result, the appeals of the assessee are partly allowed

ITA 1038/KOL/2025[2016-2017]Status: DisposedITAT Kolkata16 Oct 2025AY 2016-2017

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

For Appellant: Shri Soumitra Choudhury, ARFor Respondent: Shri Sanat Kumar Raha, DR
Section 131Section 143(3)Section 263Section 68

…subscribers and the ld. AO has not pointed out any mistake / defects in the said evidences, then the addition u/s 68 cannot be made. In defense of his argument the ld. AR relied on the decision of Hon'ble Calcutta High Courtin case of Pr. CIT Vs. Sreeleathers 448 ITR 332. 09. The ld. AR also submitted that the summons u/s 131 of the Act were also issued during the assessment proceedings, which were duly served upon the share subscribers and the share subscriber duly complied with the summons u/s 131 of the Act and therefore, the identity of the subscribers cannot be doubted and even statements of the subscribers…

Samrat Finvestors Private Limited, Kolkata vs. DCIT, Cent. Cir. 4(2), Kolkata

In the result, the appeals of the assessee are partly allowed

ITA 1037/KOL/2025[2015-2016]Status: DisposedITAT Kolkata16 Oct 2025AY 2015-2016

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

For Appellant: Shri Soumitra Choudhury, ARFor Respondent: Shri Sanat Kumar Raha, DR
Section 131Section 143(3)Section 263Section 68

…subscribers and the ld. AO has not pointed out any mistake / defects in the said evidences, then the addition u/s 68 cannot be made. In defense of his argument the ld. AR relied on the decision of Hon'ble Calcutta High Courtin case of Pr. CIT Vs. Sreeleathers 448 ITR 332. 09. The ld. AR also submitted that the summons u/s 131 of the Act were also issued during the assessment proceedings, which were duly served upon the share subscribers and the share subscriber duly complied with the summons u/s 131 of the Act and therefore, the identity of the subscribers cannot be doubted and even statements of the subscribers…

Samrat Finvestors Private Limited, Kolkata vs. DCIT, Cent. Cir. 4(2), Kolkata

In the result, the appeals of the assessee are partly allowed

ITA 1036/KOL/2025[2014-2015]Status: DisposedITAT Kolkata16 Oct 2025AY 2014-2015

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

For Appellant: Shri Soumitra Choudhury, ARFor Respondent: Shri Sanat Kumar Raha, DR
Section 131Section 143(3)Section 263Section 68

…subscribers and the ld. AO has not pointed out any mistake / defects in the said evidences, then the addition u/s 68 cannot be made. In defense of his argument the ld. AR relied on the decision of Hon'ble Calcutta High Courtin case of Pr. CIT Vs. Sreeleathers 448 ITR 332. 09. The ld. AR also submitted that the summons u/s 131 of the Act were also issued during the assessment proceedings, which were duly served upon the share subscribers and the share subscriber duly complied with the summons u/s 131 of the Act and therefore, the identity of the subscribers cannot be doubted and even statements of the subscribers…

Samrat Finvestors Private Limited, Kolkata vs. ITO, Ward 5(2) (Now DCIT, Cent.Cir. 4(2)), Kolkata

In the result, the appeals of the assessee are partly allowed

ITA 1035/KOL/2025[2012-2013]Status: DisposedITAT Kolkata16 Oct 2025AY 2012-2013

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

For Appellant: Shri Soumitra Choudhury, ARFor Respondent: Shri Sanat Kumar Raha, DR
Section 131Section 143(3)Section 263Section 68

…subscribers and the ld. AO has not pointed out any mistake / defects in the said evidences, then the addition u/s 68 cannot be made. In defense of his argument the ld. AR relied on the decision of Hon'ble Calcutta High Courtin case of Pr. CIT Vs. Sreeleathers 448 ITR 332. 09. The ld. AR also submitted that the summons u/s 131 of the Act were also issued during the assessment proceedings, which were duly served upon the share subscribers and the share subscriber duly complied with the summons u/s 131 of the Act and therefore, the identity of the subscribers cannot be doubted and even statements of the subscribers…

Deputy Commissioner of Income Tax, Central Circle - 3(2), Kolkata vs. Eskag Sanjeevani Pvt. Ltd., Kolkata

In the result, both the appeals of the Revenue are dismissed

ITA 1638/KOL/2024[2019-20]Status: DisposedITAT Kolkata08 Oct 2025AY 2019-20

Bench: Shri Rajesh Kumar, Am & Shri Sonjoy Sarma, Jm

For Appellant: Shri Rajeeva Kumar, ARFor Respondent: Shri P.N. Barnwal, DR
Section 133(6)Section 139(1)Section 153ASection 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, KOLKATA BEFORE SHRI RAJESH KUMAR, AM AND SHRI SONJOY SARMA, JM ITA No. 1638 & 1639/KOL/2024 (Assessment Years: 2019-20 & 2020-21) DCIT ESKAG Sanjeevani Pvt. Ltd. 110 Shantipally, Aaykar Bhawan P-48, Baghbazar, Poorva, EM By pass, SO Kolkata, Kolkata-700107 Vs. Kolkata-700107, West Bengal West Bengal (Respondent) (Appellant) PAN No. AABCE9600J Assessee by : Shri Rajeeva Kumar, AR Revenue by : Shri P.N. Barnwal, DR Date of hearing: 11.09.2025 Date of pronouncement: 08.10.2025 O R D E R Per Rajesh Kumar, AM: These are appeals preferred by the assessee against the or…

DCIT, Cental Circle 2(3), Kolkata vs. Lumino Industries Limited, Merlin Acropolis, E.K.T

In the result, both the appeal of the Revenue and cross objections of the assessee are dismissed

ITA 1223/KOL/2025[2014-2015]Status: DisposedITAT Kolkata16 Sept 2025AY 2014-2015

Bench: Shri Duvvuru Rl Reddy & Shri Rajesh Kumari.T.A. No.1223/Kol/2025 Assessment Year: 2014-15 Dcit, Central Circle-2(3), Kolkata........................…...........................……….……Appellant Vs. Lumino Industries Ltd……………………............…..….…..….......……...…..…..Respondent Unit No.12/4, Merlin Acropolis, E.K.T., Kol-700107. [Pan: Aaacd9817H] C.O No.57/Kol/2025 (In I.T.A. No.1223/Kol/2025) Assessment Year: 2014-15 Lumino Industries Ltd.......................................................................……….…Cross-Objector Unit No.12/4, Merlin Acropolis, E.K.T., Kol-700107. [Pan: Aaacd9817H] Vs. Dcit, Central Circle-2(3), Kolkata ……………….…..….......……..…...…..…..Respondent Appearances By: Shri P. N. Barnwal, Cit-Dr, Appeared On Behalf Of The Revenue. Shri Akkal Dudhwewala, Fca, Appeared On Behalf Of The Assessee. Date Of Concluding The Hearing : August 06, 2025 Date Of Pronouncing The Order : September 16, 2025 Order Per Rajesh Kumar: This Is An Appeal By The Revenue & Cross Objections D By The Assessee Against The Order Of The Ld. Commissioner Of Income-Tax (Appeals) – 26, Kolkata [Hereinafter Referred To As The ‘Ld. Cit(A)’] Dated 27.03.2025 Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter Referred To As The ‘Act’) For Ay 2014-15. 02. At The Outset, We Note That There Is A Delay In Filing Of The Appeal By 7 Days By The Revenue, For Which, Condonation Petition Has Been Filed. After Hearing Both The Parties & Perusing The Contents Of The Condonation Application Filed By The Revenue, We Are Of The View That The

Section 131Section 133(6)Section 143(2)Section 250Section 68

…AO’s reliance on the statement of Shri Raj Kothari to justify the addition u/s 68 of the Act was unsustainable. 11. The case of the assessee is squarely covered by the decision of Hon’ble jurisdictional Calcutta High Court in the case of PCIT Vs Sreeleathers (448 ITR 332) and the paras are extracted as under: “..The assessing officer has brushed aside these documents and in a very casual manner has stated that mere filing PAN details, balance sheet does not absolve the assessee from his 7 I.T.A. No.1223/Kol/2025 & C.O No.57/Kol/2025 Lumino Industries Ltd responsibility of proving the nature of transaction. Ther…

Principal Commissioner of Income Tax 2 Kolkata vs. Goodview Marketing Pvt Ltd

Accordingly, the appeal fails and is dismissed

ITAT/114/2025HC Calcutta03 Sept 2025

Bench: : The Hon’Ble The Chief Justice T.S. Sivagnanam & The Hon’Ble Justice Chaitali Chatterjee (Das) Date: 3Rd September, 2025 Appearance: Mr. Tilak Mitra, Adv. Mr. Prithu Dudhoria, Adv. …For Appellant Mr. J.P. Khaitan, Sr. Adv. Mr. Saumya Kejriwal, Adv. Ms. Ananya Rath, Adv. Mr. Navin Mittal, Adv. Mr. Debarghya Banerjee, Adv. …For Respondent

Section 143(1)Section 143(3)Section 144Section 147Section 260ASection 263Section 68

…it could not be said that such a conclusion was unreasonable or perverse or based on no evidence. After taking note of the said decision, the learned Tribunal also took note of the decision of this Court in the case Principal CIT vs. Shreeleathers, (2022) 448 ITR 332 (Cal). The learned Tribunal applied the law laid down in the decision and pointed out that the asssessee has successfully explained the nature and source of the alleged investments in the share capital and share premium by proving the identity, genuineness and creditworthiness of all the 18 share applicants who are regularly assessed to incom…

Sonthalia Capital Private Limited, Kolkata vs. DCIT, Circle 7(2), Kolkata

In the result, appeal of the assessee is allowed

ITA 958/KOL/2025[2017-2018]Status: DisposedITAT Kolkata03 Sept 2025AY 2017-2018

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyआयकर अपील सं/Ita No.958/Kol/2025 (निर्धारण वर्ा / Assessment Year : 2017-2018) Sonthalia Capital Pvt. Ltd., Vs Dcit, Circle-7(2), Kolkata 3Rd Unit No.3, Floor, Ideal Centre, 9, Ajc Bose Road, Circus Aenue, So Kolkata-17 Pan No. :Aabck 4477 F (अपीलधर्थी /Appellant) (प्रत्यर्थी / Respondent) .. निर्धाररती की ओर से /Assessee By : Shri Siddharth Agarwal, Advocate रधजस्व की ओर से /Revenue By : Shri S.B.Chakraborthy, Sr. Dr सुनवाई की तारीख / Date Of Hearing : 11/08/2025 घोषणा की तारीख/Date Of Pronouncement : 03/09/2025 आदेश / O R D E R Per Pradip Kumar Choubey, Jm : The Assessee Has Filed The Instant Appeal Against The Order Dated 06.03.2025, Passed By The Ld.Cit(A), National Faceless Appeal Centre (Nfac), Delhi For The Assessment Year 2017-2018. 2. The Assessee Company Filed Its Original Return Of Income For The 2017-18 & Declaring Total Income Of Rs. Rs. 10,14,610/-. Notices Under Section 143(2) & 142(1) Of The Act Were Issued & Served On The Appellant Company & Duly Complied With. Subsequently Assessment Order Under Section 143(3) Of The Act Was Passed On 24.12.2019 Determining Total Income At Rs.59,14,610/-. While Framing The Assessment Order, The Assessing Officer Has Made Additions Under Section 68 Of The Act Amounting To Rs.25,00,000/- & 24,00,000/- With Respect To Loan Received From Linkwise Dealtrade Private Limited (In Short ‘Ldpl’) & Ambala Trafin Private Limited (In Short ‘Atpl’), Respectively.

For Appellant: Shri Siddharth Agarwal, AdvocateFor Respondent: Shri S.B.Chakraborthy, Sr. DR
Section 131Section 143(2)Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, KOLKATA BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER आयकर अपील सं/ITA No.958/KOL/2025 (निर्धारण वर्ा / Assessment Year : 2017-2018) Sonthalia Capital Pvt. Ltd., Vs DCIT, Circle-7(2), Kolkata 3rd Unit No.3, Floor, Ideal Centre, 9, AJC Bose Road, Circus Aenue, SO Kolkata-17 PAN No. :AABCK 4477 F (अपीलधर्थी /Appellant) (प्रत्यर्थी / Respondent) .. निर्धाररती की ओर से /Assessee by : Shri Siddharth Agarwal, Advocate रधजस्व की ओर से /Revenue by : Shri S.B.Chakraborthy, Sr. DR सुनवाई की तारीख / Date of Hearing : 11/08/2025 घोषण…

DCIT- Central Circle-2(4), Kolkata vs. Vikrma Impex Private Limited, Kolkata

In the result, both the appeals of the revenue are dismissed

ITA 317/KOL/2025[2020-21]Status: DisposedITAT Kolkata25 Aug 2025AY 2020-21

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 115BSection 132Section 133(6)Section 153ASection 68Section 69C

…आयकर अपीलीय अधिकरण, कोलकाता पीठ “डी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH: KOLKATA श्री राजेश कुमार, लेखा सटस्य एवं श्री प्रदीप कुमार चौबे, न्याययक सदस्य के समक्ष [Before Shri Rajesh Kumar, Accountant Member &Shri Pradip Kumar Choubey, Judicial Member] I.T.A. Nos. 316 & 317/Kol/2025 Assessment Years: 2019-20 & 2020-21 DCIT, CC-2(4), Kolkata Vs. Vikrma Impex Pvt. Ltd. (PAN: AABCV 0337 K) ) अपीलार्थी ( Respondent / प्रत्यर्थी Appellant / Date of Hearing / सुनवाई 29.07.2025 की यिथर्थ Date of Pronouncement/ 25.08.2025 आदेश उद्घोषणा की यिथर्थ For the assessee / Shri Miraj D Shah, AR यनर्ााररिी क…