Principal CIT v. Sreeleathers

Sundip Kumar Gupta., Kolkata vs. DCIT, Cir-47, Kolkata.

Appeals of the assessee stand allowed

Bench: Shri Sanjay Garg & Shri Rakesh Mishrai.T.A. Nos.1170 To1173/Kol/2023 Assessment Years: 2010-11, 2012-13, 2014-15 & 2015-16 Sundip Kumar Gupta..…………………....................…...……………....Appellant Fort Oasis Complex, Flat No.040903, Block-436B, Panditya Road, Kolkata – 700029. [Pan: Aebpg7187B] Vs. Dcit, Circle-47, Kolkata…….……………............................…..…..... Respondent Appearances By: Shri Abhishek Bansal, Ar, Appeared On Behalf Of The Assessee. Shri B. K. Singh, Jcit-Sr. Dr, Appeared On Behalf Of The Revenue. Date Of Concluding The Hearing : April 23, 2024 Date Of Pronouncing The Order : July 02, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Captioned Are Bunch Of Four Appeals Preferred By The Assessee Against The Separate Orders Dated 06.09.2023, 06.09.2023, 15.09.2023 & 06.09.2023, Respectively, Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). Since The Facts & Issues Involved In All The Appeals Are Identical, Hence, These Appeals Have Been Heard Together & Are Being Disposed Of By This Common Order. At The Request Of Ld. Representatives Of The Parties, Ita No.1170/Kol/2023 Is Taken As The Lead Case For The Purpose Of Narration Of Facts.

…ors vs. ITO’ in ITA No.265/Kol/2023 decided on 22.06.2023, in which further, reliance has been placed on the various other decisions including the decision of the Jurisdictional Calcutta High Court in the case of ‘PCIT vs. Sree Leathers Pvt. Ltd.’ reported in 448 ITR 332 and of the Hon’ble Gujarat High Court in the case of ‘PCIT vs. Ambe Tradecorp Pvt. Ltd.’ reported in 145 taxmann.com 27. The relevant part of the order of the Tribunal in the case of ‘Poddar Realtors vs. ITO’ is reproduced as under: “8. In view of the above facts, the reliance placed by the Ld. Counsel for the assessee on the decision of the jur…

Sundip Kumar Gupta., Kolkata vs. DCIT, Cir-47, Kolkata.

Appeals of the assessee stand allowed

Bench: Shri Sanjay Garg & Shri Rakesh Mishrai.T.A. Nos.1170 To1173/Kol/2023 Assessment Years: 2010-11, 2012-13, 2014-15 & 2015-16 Sundip Kumar Gupta..…………………....................…...……………....Appellant Fort Oasis Complex, Flat No.040903, Block-436B, Panditya Road, Kolkata – 700029. [Pan: Aebpg7187B] Vs. Dcit, Circle-47, Kolkata…….……………............................…..…..... Respondent Appearances By: Shri Abhishek Bansal, Ar, Appeared On Behalf Of The Assessee. Shri B. K. Singh, Jcit-Sr. Dr, Appeared On Behalf Of The Revenue. Date Of Concluding The Hearing : April 23, 2024 Date Of Pronouncing The Order : July 02, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Captioned Are Bunch Of Four Appeals Preferred By The Assessee Against The Separate Orders Dated 06.09.2023, 06.09.2023, 15.09.2023 & 06.09.2023, Respectively, Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). Since The Facts & Issues Involved In All The Appeals Are Identical, Hence, These Appeals Have Been Heard Together & Are Being Disposed Of By This Common Order. At The Request Of Ld. Representatives Of The Parties, Ita No.1170/Kol/2023 Is Taken As The Lead Case For The Purpose Of Narration Of Facts.

…ors vs. ITO’ in ITA No.265/Kol/2023 decided on 22.06.2023, in which further, reliance has been placed on the various other decisions including the decision of the Jurisdictional Calcutta High Court in the case of ‘PCIT vs. Sree Leathers Pvt. Ltd.’ reported in 448 ITR 332 and of the Hon’ble Gujarat High Court in the case of ‘PCIT vs. Ambe Tradecorp Pvt. Ltd.’ reported in 145 taxmann.com 27. The relevant part of the order of the Tribunal in the case of ‘Poddar Realtors vs. ITO’ is reproduced as under: “8. In view of the above facts, the reliance placed by the Ld. Counsel for the assessee on the decision of the jur…

Balaka Vinimay Pvt. Ltd., Kolkata vs. ITO, Ward-2(1), Kolkata

In the result, appeals of the assessee in ITA No

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 160 & 161/Kol/2024 Assessment Year: 2008-09 Balaka Vinimay Pvt. Ltd. Income Tax Officer, Ward – 2(1), 9/12, Lal Bazar Street Vs Kolkata Kolkata - 700001 [Pan : Aadcb2610B] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tibrewal, A/R & Saurav Gupta, A/R Revenue By : Shri Abhijit Kundu, Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 09/04/2024 घोषणा क" तारीख /Date Of Pronouncement: 21/06/2024 आदेश/O R D E R Per Dr. Manish Borad: The Instant Appeals Are Directed At The Instance Of The Assessee Against The Separate Orders Of The National Faceless Appeal Centre, Delhi, (Hereinafter The “Ld. Cit(A)”). Ita No. 160/Kol/2024 Is Against The Order Of The Ld. Cit(A) Dt. 29/11/2023, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter ‘The Act’) Arising Out Of The Penalty Order Passed By The Ld. Assessing Officer U/S 271(1)(C) Of The Act & Ita No. 161/Kol/2023, Is Against The Order Of The Ld. Cit(A) Dt. 28/11/2023, Arising Out Of The Order Of The Ld. Assessing Officer Passed U/S 143(3) R.W.S. 254 Of The Act, For Assessment Year 2008-09. 2. Though The Assessee Has Raised Various Grounds In Both These Appeals, But The Effective Issue Raised In Ita No. 161/Kol/2024 Is Against The Addition Made U/S 68 Of The Act For Unexplained Share Capital Confirmed By The Ld. Cit(A) & In Ita No. 160/Kol/2024 Is Against The Levy Of Penalty U/S 271(1)(C) Of The Act On The Addition Made

…n.com 272 (Bombay), Hon'ble Madhya Pradesh High Court in the case of PCIT vs. Chain House International (P) Ltd. [2018] 98 taxmann.com 47 (Madhya Pradesh) and the recent judgment of Hon'ble Jurisdictional High Court in the case of PCIT vs. Sreeleathers [2022] 448 ITR 332 (Calcutta) has decided in favour of the assessee deleting the addition u/s 68 of the Act observing as follows: “6. We have heard rival contentions and perused the material placed on record. 7. Addition u/s 68 of the Act at Rs. 3.59 Crores is in dispute before us wherein both the lower authorities have held that the assessee had been unable to exp…

Balaka Vinimay Pvt. Ltd., Kolkata vs. ITO, Ward-2(1), Kolkata

In the result, appeals of the assessee in ITA No

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 160 & 161/Kol/2024 Assessment Year: 2008-09 Balaka Vinimay Pvt. Ltd. Income Tax Officer, Ward – 2(1), 9/12, Lal Bazar Street Vs Kolkata Kolkata - 700001 [Pan : Aadcb2610B] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tibrewal, A/R & Saurav Gupta, A/R Revenue By : Shri Abhijit Kundu, Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 09/04/2024 घोषणा क" तारीख /Date Of Pronouncement: 21/06/2024 आदेश/O R D E R Per Dr. Manish Borad: The Instant Appeals Are Directed At The Instance Of The Assessee Against The Separate Orders Of The National Faceless Appeal Centre, Delhi, (Hereinafter The “Ld. Cit(A)”). Ita No. 160/Kol/2024 Is Against The Order Of The Ld. Cit(A) Dt. 29/11/2023, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter ‘The Act’) Arising Out Of The Penalty Order Passed By The Ld. Assessing Officer U/S 271(1)(C) Of The Act & Ita No. 161/Kol/2023, Is Against The Order Of The Ld. Cit(A) Dt. 28/11/2023, Arising Out Of The Order Of The Ld. Assessing Officer Passed U/S 143(3) R.W.S. 254 Of The Act, For Assessment Year 2008-09. 2. Though The Assessee Has Raised Various Grounds In Both These Appeals, But The Effective Issue Raised In Ita No. 161/Kol/2024 Is Against The Addition Made U/S 68 Of The Act For Unexplained Share Capital Confirmed By The Ld. Cit(A) & In Ita No. 160/Kol/2024 Is Against The Levy Of Penalty U/S 271(1)(C) Of The Act On The Addition Made

…n.com 272 (Bombay), Hon'ble Madhya Pradesh High Court in the case of PCIT vs. Chain House International (P) Ltd. [2018] 98 taxmann.com 47 (Madhya Pradesh) and the recent judgment of Hon'ble Jurisdictional High Court in the case of PCIT vs. Sreeleathers [2022] 448 ITR 332 (Calcutta) has decided in favour of the assessee deleting the addition u/s 68 of the Act observing as follows: “6. We have heard rival contentions and perused the material placed on record. 7. Addition u/s 68 of the Act at Rs. 3.59 Crores is in dispute before us wherein both the lower authorities have held that the assessee had been unable to exp…

M/S Devbhumi Vinimay Pvt. Ltd., Kolkata vs. DCIT, Cir. 5(1), Kolkata

In the result, appeal of the assessee is allowed

Bench: DR. MANISH BORAD, HON’BLE (Accountant Member), SHRI SANJAY GARG, HON’BLE (Judicial Member)

…ions:- 4 I.T.A. No. 1393/Kol/2023 Assessment Year: 2012-13 M/s. Devbhumi Vinimay Pvt. Ltd. 1) M/s. Mahalakshmi Vinimay (P) Ltd. vs. ITO in ITA NO. 35/Kol/2020; Assessment Year 2008-09, order dt. 18/05/2023 2) Principal CIT vs. Sreeleathers reported in [2022] 448 ITR 332 (Cal) 3) CIT vs. Gagandeep Infrastructure (P) Ltd. 80 taxmann.com 272 (Bombay) 4) M/s. Inter Securities Pvt. Ltd. vs. ITO in ITA No. 609/Kol/2018; Assessment Year 2012-13; order dt. 16/10/2023. 8. On the other hand, the ld. D/R supported that the order of the lower authorities and stated that the assessee failed to bring forth the individual shar…

Wellman Logistice Pvt. Ltd., Kolkata vs. ACIT(OSD), Ward-4(1), Kolkata.

Bench: Dr. Manish Borad & Sonjoy Sarma

…assessee company has been received. In this regard, the ld. A/R placed reliance on the judgment of the Hon'ble Jurisdictional High Court in the case of Pr. Commissioner of Income Tax [hereinafter referred to Ld. 'Pr. CIT'] vs. Sreeleathers reported in [2022] 448 ITR 332 (Cal.). 7. On the other hand, ld. D/R vehemently supported the orders of both the lower authorities and stated that the alleged share subscribers are accommodation entry providers and jama-kharchi companies and do not have sufficient creditworthiness to make the alleged investment. 8. We have heard the rival contentions and perused the material a…

Soubhik Exports Limited., Kolkata vs. DCIT, Cir-8(2), Kolkata / N E-Assessment Centre, Delhi.

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

…gh to explain the investment of alleged sum. The ld. Counsel for the assessee further placed reliance on the following judgments:- (i) CIT vs. Gagandeep Infrastructure (P) Ltd. 80 taxmann.com 272 (Bombay) (ii) Principal CIT vs. Sreeleathers reported in [2022] 448 ITR 332 (Cal) (iii) Mahalakshmi Vinimay (P) Ltd vs. ITO, Ward-4(2), Kolkata in I.T.A No.35/Kol/2020; Assessment year: 2008-09, order dt. May 18, 2023 M/s. Inter Securities Pvt. Ltd. vs. ITO in ITA No. 609/Kol/2018; (iv) Assessment Year 2012-13; order dt. 16/10/2023. 6 I.T.A. No. 1242 & 1243/Kol/2023 Assessment Year: 2012-13 & 2018-19 Soubhik Exports Limi…

Soubhik Exports Limited., Kolkata vs. DCIT, Cir-8(2), Kolkata.

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

…gh to explain the investment of alleged sum. The ld. Counsel for the assessee further placed reliance on the following judgments:- (i) CIT vs. Gagandeep Infrastructure (P) Ltd. 80 taxmann.com 272 (Bombay) (ii) Principal CIT vs. Sreeleathers reported in [2022] 448 ITR 332 (Cal) (iii) Mahalakshmi Vinimay (P) Ltd vs. ITO, Ward-4(2), Kolkata in I.T.A No.35/Kol/2020; Assessment year: 2008-09, order dt. May 18, 2023 M/s. Inter Securities Pvt. Ltd. vs. ITO in ITA No. 609/Kol/2018; (iv) Assessment Year 2012-13; order dt. 16/10/2023. 6 I.T.A. No. 1242 & 1243/Kol/2023 Assessment Year: 2012-13 & 2018-19 Soubhik Exports Limi…

True-Man Consultants Pvt. Ltd., Kolkata vs. ITO, Ward-7(2), Kolkata.

In the result, the appeal filed by the assessee is partly allowed

Bench: Sri Rajpal Yadav & Dr. Manish Borad

…n.com 272 (Bombay), Hon'ble Madhya Pradesh High Court in the case of PCIT vs. Chain House International (P) Ltd. [2018] 98 taxmann.com 47 (Madhya Pradesh) and the recent judgment of Hon'ble Jurisdictional High Court in the case of PCIT vs. Sreeleathers [2022] 448 ITR 332 (Calcutta) has decided in favour of the assessee deleting the addition u/s 68 of the Act observing as follows: “6. We have heard rival contentions and perused the material placed on record. Page 14 of 36 I.T.A. No.: 1158/KOL/2023 Assessment Year: 2012-13 True-Man Consultants Pvt. Ltd. 7. Addition u/s 68 of the Act at Rs. 3.59 Crores is in dispu…

Vish Realty Solutions Private Limited, Kolkata vs. I.T.O., Ward-5(3), Kolkata

In the result, appeal of the revenue is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 250/Kol/2020 Assessment Year: 2012-13 Vish Realty Solutions Private Limited Income Tax Officer, Ward-5(3), 55, Ezra Street Vs Kolkata 2Nd Floor Kolkata - 700001 [Pan : Aadcv9938N] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S. Jhajharia, A/R Revenue By : Shri Vineet Kumar, Addl. Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 16/01/2024 घोषणा क" तारीख /Date Of Pronouncement: 21/02/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Commissioner Of Income Tax (Appeals) -10 (Hereinafter The “Ld. Cit(E)”) Dt. 02/12/2019, Passed U/S 263 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 Learned Commissioner Of Income Tax (Appeals)-Io, Kolkata Erred In Passing An Order Dated 2Nd Of December, 2019 Under Section 143(3) Of The Income Tax Act, 1961 Dismissing The Appeal Of The Appellant Without Allowing Reasonable Opportunity Of Being Heard. 2. That The Learned Commissioner Of Income Tax (Appeals) - 10, Kolkata Erred In Confirming The Addition Of Share Application Money Ofrs. 5,86,00,000/- Made By The Assessing Officer Under Section 68 Of The Income Tax Act, 1961 On Irrelevant Considerations & Arbitrary Grounds.

…ounds raised by the assessee. 21. In the result, the appeal filed by the assessee is allowed.” 13. Our view is further supported by the judgment of the Hon’ble Jurisdictional Calcutta High Court in the case of Principal CIT vs. Sreeleathers reported in [2022] 448 ITR 332 (Cal) wherein Hon’ble Court held as follows: “Section 68 of the Income-tax Act, of 1961, deals with cash credits. It states that where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers 22 I.T.A. No. 250/Kol/2020 Assessment Year: 2012-13 Vish Realty Solutions Private Limited no explana…

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

…| 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. 580/Kol/2022 Assessment Year: 2015-16 Deputy Commissioner of Income M/s. Navin Constructions & Tax, Central Circle – 1(3), Vs Credit Pvt. Ltd. 12, Government Place East, Kolkata Dalhousie Kolkata - 700069 [PAN: AAACN9084E] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) C.O. No. 17/Kol/2023 Assessment Year: 2015-16 M/s. Navin Constructions & Deputy Commissioner of Income Credit Pvt. Ltd. Tax, Central Circle – 1(3), Vs 12…

DCIT, Central Circle-4(2), Kolkata, Aayakar Bhawan Poorva vs. Alom Extrusions Limited, Kolkata

In the result, the appeal of the revenue stands dismissed

Bench: Shri Sanjay Garg & Rajesh Kumari.T.A No.908/Kol/2023 Assessment Year: 2015-16 Dcit, C.C-4(2), Kolkata.................................................................……Appellant Vs. Alom Extrusions Ltd.........................…................…........……...…..…..Respondent 7B, Alom House, Pretoria Street, Kolkata-700071. [Pan: Aaaco3518N] Appearances By: Shri S. Dutta, Cit-Dr, Appeared On Behalf Of The Appellant. Shri A.K. Tibrewal, Fca & Amit Agrawal, Advocate, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : November 09, 2023 Date Of Pronouncing The Order : December 14, 2023 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Department Against The Order Dated 14.06.2023 Of The Commissioner Of Income Tax(Appeals)- 27, Kolkata (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Revenue In This Appeal Has Taken The Following Grounds Of Appeal: “1. That In The Facts & Circumstances Of The Case & In Law, The Ld. Cit(A) Has Erred In Deleting The Addition Made U/S 68 On Account Of Unsecured Loan Amounting To Rs.3,00,00,000/- As Unexplained Cash Credit Without Appreciating The Material Brought On Record & Facts Evaluated By The A.O In The Assessment Order.

…आयकर अपील"य अ"धकरण, कोलकाता पीठ ‘ए’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH KOLKATA Before Shri Sanjay Garg, Judicial Member and Rajesh Kumar, Accountant Member I.T.A No.908/Kol/2023 Assessment year: 2015-16 DCIT, C.C-4(2), Kolkata.................................................................……Appellant vs. Alom Extrusions Ltd.........................…................…........……...…..…..Respondent 7B, Alom House, Pretoria Street, Kolkata-700071. [PAN: AAACO3518N] Appearances by: Shri S. Dutta, CIT-DR, appeared on behalf of the appellant. Shri A.K. Tibrewal, FCA & Amit Agrawal, Advocate, appea…

A.C.I.T., Circle-1(2), Kolkata vs. M/S Sarada Jute Mills Pvt. Ltd., Kolkata

Bench: Dr. Manish Borad & Sonjoy Sarma

…rs of the assessee company as well as directors of the share subscriber companies appeared on 19.03.2019 and produced the documents as requisitioned. Reliance placed on the decision of Hon'ble Jurisdictional High Court PCIT vs. Sreeleathers reported in [2022] 448 ITR 332 (Calcutta) as well as in the decision of this Tribunal in the case of ITO vs. Inset commercial & Trading Co. (P) Ltd. in ITA No. 650/KOL/2020 order dated 06.02.2023, ITO vs. M/s. Tara Re-Rolling Pvt. Ltd. in ITA No. 49/KOL/2021 order dated 01.05.2023 and on the judgment of Hon'ble Jurisdictional High Court in the case of CIT vs. Dataware Private…

Shipra Enclave (P) Ltd., Kolkata vs. ITO, Ward-9(1), Kol, Kolkata

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 543/Kol/2023 Assessment Year: 2012-13 M/S. Shipra Enclave Private Limited Income Tax Officer, Ward – 47B, 2Nd Floor Vs 9(1), Kolkata 134/1, Mg Road, Burra Bazar Kolkata - 700007 [Pan : Aadcs9457M] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Sunil Surana, A/R Revenue By : Shri Abhijit Kundu, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 26/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/11/2023 आदेश/O R D E R Per Dr. Manish Borad: 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. 24/05/2023, 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. For That The Ld. Cit Erred In Confirming The Action Of The Ld. Ao When The Order U/S 143(3) Is Bad In Law. 2. For That The Ld. Cit Erred In Confirming The Addition Of Share Capital & Share Premium Of Rs.6,22,00,000/- Made By The Ao U/S 68 Of The I.T. Act, 1961 When Assessee Duly Discharged Its Onus To Prove The Credits By Submitting All The Relevant Documents Which Proved The Identity & Creditworthiness Of The Subscribers & Genuineness Of The Transactions. 3. For That The Ld. Cit Erred In Confirming The Addition When Notices U/S 133(6) Issued By The Ao To All The Subscribers Were Duly Served On Them & Replied Back Which Has Not Been Disputed Or Doubted By The Assessing Officer.

…done, was done and merely for non-appearance of the share applicant companies, additions cannot be made. In support, reliance was placed on the decision of the Hon’ble Jurisdictional High Court in the case of Principal CIT vs. Sreeleathers reported in [2022] 448 ITR 332 (Cal). Reliance was also placed on the decision of the Co-ordinate Bench of 5 I.T.A. No. 543/Kol/2023 Assessment Year: 2012-13 M/s. Shipra Enclave Private Limited the M/s. Mahalakshmi Vinimay (P) Ltd. vs. ITO in ITA No. 35/Kol/2020; Assessment Year 2008-09; order dt. 18/05/2023. 7. The ld. D/R vehemently argued supporting the order of the ld. Ass…

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

…accordingly upheld the order of the CIT(A). The appeal of the revenue is, therefore, dismissed.” 12(b). Our views are further fortified by the judgment of the Jurisdictional Calcutta High Court in the case of Principal CIT vs. Sreeleathers reported in [2022] 448 ITR 332 (Cal) has held as follows: “Section 68 of the Income-tax Act, of 1961, deals with cash credits. It states that where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not in the opinion of the Asses…

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

…accordingly upheld the order of the CIT(A). The appeal of the revenue is, therefore, dismissed.” 13.4. Our views are further fortified by the judgment of the Jurisdictional Calcutta High Court in the case of Principal CIT vs. Sreeleathers reported in [2022] 448 ITR 332 (Cal) has held as follows: “Section 68 of the Income-tax Act, of 1961, deals with cash credits. It states that where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not in the opinion of the Asses…

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

…llowed.” 22 I.T.A. No. 609/Kol/2018 Assessment Year: 2012-13 M/s. Inter Securities Pvt. Ltd. 13. Our view is further supported by the judgment of the Hon’ble Jurisdictional Calcutta High Court in the case of Principal CIT vs. Sreeleathers reported in [2022] 448 ITR 332 (Cal) wherein Hon’ble Court held as follows: “Section 68 of the Income-tax Act, of 1961, deals with cash credits. It states that where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not in the op…