&trading Co. (2014)220Taxman122(Kolkata) Peerless General Finance And Investment Co.Ltd. v. Deputy

Harsh Comtrade Pvt Ltd, Surat vs. Income Tax Officer, Ward 5(4), Kolkata

In the result, appeal of the assessee is partly allowed for statistical purposes

Bench: Shri George Mathanआयकर अपील सं/Ita No.225/Kol/2024 (नििाारण वर्ा / Assessment Year :2012-2013) Harsh Comtrade Private Limited, Vs Ito, Ward-5(4), Kolkata 1/A, Stuti Apartment, Near Ashok Panhouse, City Light, Surat, Gujarat Pan No. :Aabcg 8847 C (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) : Shri Mehul Shah, Ar नििााररती की ओर से /Assessee By राजस्व की ओर से /Revenue By : Shri S.B. Chakraborthy, Addl. Cit-Sr.Dr सुनवाई की तारीख / Date Of Hearing : 01/07/2025 घोषणा की तारीख/Date Of Pronouncement : 01/07/2025 आदेश / O R D E R This Is An Appeal Filed By The Assessee Against The Order Of The Ld Cit(A), National Faceless Appeal Centre (Nfac), Delhi, Dated 28.12.2023, Passed In Din & Order No.Itba/Nfac/S/250/2023-24/1059161646(1) For The Assessment Year 2012-2013. 2. Shri Mehul Shah, Ld. Ar Appeared On Behalf Of The Assessee & Shri S.B.Chakraborthy, Ld.Sr. Dr Appeared On Behalf Of The Revenue. 3. At The Time Of Hearing, Ld. Ar Submitted That He Has Filed Written Submissions Before The Tribunal Which Has Been Placed In The Paper Book At Pages 90 To 104 Which Reads As Follows :- Before Income Tax Appellate Tribunal, Kolkata - 'Smc' Bench In The Case Of Harsh Comtrade Pvt. Ltd Sub: Written Submission For A.Y. 2012-13 Ref: Assessee'S Appeal No. 225/Kol/2024 Date Of Hearing: 21.08.2024 May It Please To Your Honour 1. In This Case, The Case Is Re-Opened On The Basis Of Reasons For Reopening Recorded On 23.03.2018. The Same Is Reproduced

…sing Officer to give the benefit of the losses suffered by the assessee, which he had disallowed. The appeal did not raise any question of law and was therefore not to be admitted. f. Peerless General Finance and Investment Co. Ltd. vs. DCIT and Others [2005] 273 ITR 16 (Cal.) The law is now well settled by the Hon'ble apex court, as discussed above, that the reason for the formation of the belief must have a rational connection with or relevant bearing with the information received. Rational connection postulates that there must be a direct nexus or live link between the material coming to the notice of the Inco…

M/S R.S.Darshan Singh Motors Car Finance Pvt. Ltd., Kolkata vs. ITO, Ward-11(3), Kolkata

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

Bench: Sri Rajesh Kumar & Pradip Kumar Choubey

…d. The appeal did not raise any question of law and was therefore not to be admitted.” 6.3. The Hon’ble Calcutta High Court in another case of Peerless General Finance and Investment Co. Ltd. vs. Deputy Commissioner of Income Tax and Others reported in [2005] 273 ITR 16 (Cal) held the following: “The law is now well settled by the Hon'ble apex court, as discussed above, that the reason for the formation of the belief must have a rational connection with or relevant bearing with the information received. Rational connection postulates that there must be a direct nexus or live link between the material coming to th…

DCIT, Circle-6, Kolkata vs. M/S. Orient Paper & Industries Ltd., Kolkata

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

…ales tax exemption certificates of Rs.1,62,74,997/- to its P & L account as against sales tax exemption availed of Rs.2,16,99,999/-. The AO has relied on the decision of the Hon’ble Special Bench, ITAT Mumbai in the case of Reliance Industries Ltd reported in 273 ITR 16(Trib) and treated such purchase of exemption certificates worth of Rs.1,62,74, 997/-as capital expenditure and as such added the same to the total income of the assessee. 6. Aggrieved, the assessee preferred an appeal before the CIT-A and contended before him that the AO was wrong in placing reliance on the decision of the Hon’ble Special Bench,…