“share capital and share premium”

Wise Properties Pvt. Ltd., Kolkata vs. I.T.O., Ward - 1(1), Kolkata

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarmai.T.A. No. 1835/Kol/2024 Assessment Year: 2012-13 Wise Properties Pvt. Income Tax Officer, Ltd. Ward 1(1), Aaykar Bhavan , Vs 2Nd Floor, 10 Princep Street, P-7, Chowringhee, Kolkata-700072 Kolkata-700069 [Pan : Aaaw9497N] अपीलार्थी/ (Appellant) प्रत्‍यर्थी/ (Respondent)

During the course of assessment proceedings, the ld. AO observed that the assessee has receipt of fresh subscription to its share capital and share premium of ₹3,11,45,000/-. During the assessment proceedings the assessee filed evidences before the ld. AO and also produced books of accounts ... support its claim of receipt of share capital and share premium. The ld. AO also issued summon u/s 131 of the Act to the subscribers which were not complied with and finally the ld. AO came to the conclusion that the identity and creditworthiness of the subscribers

Deputy Commissioner of Income Tax, Central Circle-3(1), Kolkata vs. Dream Gateway Hotels Pvt Ltd, Kolkata

In the result, the appeal of the Revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Dcit, Central Circle 3(1), Dream Gateway Hotels Pvt. Ltd. Room No.411, 4Th Floor, Aaykar 44/2A, Hazra Road, Near Bhavan Poorva, Panditya More, Kolkata-700019, Vs. 110 Shantipally, Kolkata-700 West Bengal 107, West Bengal (Appellant) (Respondent) Pan No. Aadcd0692H Assessee By : Shri Sunil Surana, Fca Revenue By : Shri Abhijit Kundu, Cit Date Of Hearing: 18.11.2024 Date Of Pronouncement : 27.11.2024

deleting the addition of ₹10,62,50,000/- as made by the ld. AO on account of share capital and share premium raised during the year. 03. The facts in brief are that the assessee filed its return of income on 02.11.2012, declaring total income ... during the course of assessment Dream Gateway Hotels Pvt. Ltd; A.Y. 2012-13 proceedings observed that the assessee company has raised share capital including share premium of ₹10,62,50,000/- from companies/ non-corporate entities by issuing share of face value of ₹10 at a premium

Karni Infraprojects Pvt. Ltd, Kolkata vs. ITO, Ward-12(3), Kolkata

Bench: Shri Sanjay Garg & Shri Rajesh Kumar

action of the lower authorities in making/confirming the addition of Rs.2,50,00,000/- u/s. 68 of the Act treating the share capital and share premium received by the assessee as unexplained and not genuine and thereby adding the same as income of the assessee from undisclosed sources ... other hand, has submitted that, in fact, the source and net worth of the subscriber companies was also out of share capital and share premium. That all the documents furnished by the assessee before the lower authorities were just paper arrangements whereas, the assessee company was not having

M/S Swift Vintrade Pvt. Ltd., Kolkata vs. CIT, Kolkata-1I, Kolkata

In the result, the appeal of the assessee is dismissed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Year: 2009-10

sudden awakening of the fiscal honesty of the assessees, but to get the stamp of scrutiny on the huge amount of share capital and share premium which all these assessees have brought in the books. Unfortunately, the Assessing Officers seem to have missed the wood for the trees ... retrospective, then it would mean that the Assessing Officer would have all the powers to examine the genuineness of share capital and share premium received by the assessee company on the touchstone of section 68. If the assessee fails to satisfy him on the identity and capacity

M/S. Tropex Suppliers Pvt. Ltd. (Successor to Ultra Marketing Pvt. Ltd.), Kolkata vs. I.T.O., Ward - 6(4), Kolkata

In the result, both the appeals are allowed for statistical purposes

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarmai.T.A. Nos.1371&1815/Kol/2024 Assessment Year: 2012-13 M/S Tropex Suppliers Pvt. Ltd. (Successor To Ujjawal Mercantile Pvt. Ltd.).............................……….……Appellant 113, Netaji Subhash Road, Kolkata -1. [Pan:Aabct1459N] Vs. Ito, Ward-6(4), Kolkata............…..….…..….........……........……...…..…..Respondent Appearances By: Shri Miraj D. Shah, Ar, Appeared On Behalf Of The Appellant. Shri S. Dutta, Cit-Dr & Pradip Biswas, Addl. Cit- Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 28, 2024 Date Of Pronouncing The Order : October 30, 2024 Order Per Sonjoy Sarma: Both The Captioned Appeals Are Filed By The Assessee Against The Order Dated 15.03.2023 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Arising Out Of The Assessment Order 23.03.2015 & Another Order Dated 26.12.2023 Of The Cit(A) Arising Out Of The Penalty Order Dated 28.09.2015 Against The Assessee. The Assessment Was Framed U/S 143(3) Of The Income Tax Act [Hereinafter Referred To As The ‘Act’] Dated 23.03.2015 & The Penalty Proceedings Were Initiated U/S 271(1)(C) Of The Act Dated 28.09.2015, Which Is Arising Out Of The Same Assessment Order Dated 23.03.2015. 2. At The Outset, The Ld. Ar Stated At The Bench That Since The Issues Involved In Both The Appeals Are Arising Out Of The Same Assessment Order & Relating To The Same Assessee, Therefore, They May Be Heard Together & Decided On Merits Of The Case. The Ld. Ar Has Further Stated That Ita No.1371/Kol/2024 Is Delayed By 404 Days & Ita

investing companies, which were rendered undelivered by the postal authorities. As a result, the assessment was framed by treating the share capital and share premium amounting to Rs.2,07,47,000/- as unexplained cash credit under the provisions of the Act. Additionally, penalty proceedings

M/S. Tropex Suppliers Pvt. Ltd. (Successor to Ujjawal Mercantile Pvt. Ltd.), Kolkata vs. I.T.O., Ward - 6(4), Kolkata

In the result, both the appeals are allowed for statistical purposes

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarmai.T.A. Nos.1371&1815/Kol/2024 Assessment Year: 2012-13 M/S Tropex Suppliers Pvt. Ltd. (Successor To Ujjawal Mercantile Pvt. Ltd.).............................……….……Appellant 113, Netaji Subhash Road, Kolkata -1. [Pan:Aabct1459N] Vs. Ito, Ward-6(4), Kolkata............…..….…..….........……........……...…..…..Respondent Appearances By: Shri Miraj D. Shah, Ar, Appeared On Behalf Of The Appellant. Shri S. Dutta, Cit-Dr & Pradip Biswas, Addl. Cit- Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 28, 2024 Date Of Pronouncing The Order : October 30, 2024 Order Per Sonjoy Sarma: Both The Captioned Appeals Are Filed By The Assessee Against The Order Dated 15.03.2023 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Arising Out Of The Assessment Order 23.03.2015 & Another Order Dated 26.12.2023 Of The Cit(A) Arising Out Of The Penalty Order Dated 28.09.2015 Against The Assessee. The Assessment Was Framed U/S 143(3) Of The Income Tax Act [Hereinafter Referred To As The ‘Act’] Dated 23.03.2015 & The Penalty Proceedings Were Initiated U/S 271(1)(C) Of The Act Dated 28.09.2015, Which Is Arising Out Of The Same Assessment Order Dated 23.03.2015. 2. At The Outset, The Ld. Ar Stated At The Bench That Since The Issues Involved In Both The Appeals Are Arising Out Of The Same Assessment Order & Relating To The Same Assessee, Therefore, They May Be Heard Together & Decided On Merits Of The Case. The Ld. Ar Has Further Stated That Ita No.1371/Kol/2024 Is Delayed By 404 Days & Ita

investing companies, which were rendered undelivered by the postal authorities. As a result, the assessment was framed by treating the share capital and share premium amounting to Rs.2,07,47,000/- as unexplained cash credit under the provisions of the Act. Additionally, penalty proceedings