PRINCIPAL COMMISSIONER OF INCOME TAX-14, KOLKATA vs. PKS HOLDINGS

In the result, the appeal is partly allowed and the question nos

Bench: : The Hon’Ble Justice T.S. Sivagnanam

bogus loss. Thus, if the CIT(A) has to set aside such a finding, there should have been some semblance of discussion on the said aspect. The CIT(A) states that the Assessing Officer has not brought any evidence to establish that the loss booked by the appellant as alleged was received back by the appellant in some other forms

PRINCIPAL COMMISSIONER OF INCOME TAX 2 KOLKATA vs. M/S BOSCON LEATHER PRODUCTS PVT LTD

Accordingly, the appeal fails and is dismissed

Bench: : The Hon’Ble The Chief Justice T.S. Sivagnanam & The Hon’Ble Justice Chaitali Chatterjee (Das) Dated : 23Rd April, 2025

set aside the impugned order on the ground of non-application of mind. Be that as it may, the learned Tribunal has examined the merits of the case, taken note of the decision of the Hon’ble Supreme Court in CIT vs. M/s. Oden Builders (P) Ltd. in Review Petition (c) Diary No.22394/2019 in 4 Civil Appeal Nos.9604-9605

PRINCIPAL COMMISSIONER OF INCOME TAX 2 KOLKATA vs. SEASIDE PROJECTS PVT LTD

Bench: : The Hon’Ble Chief Justice T.S Sivagnanam

bogus loss transactions on client code modification while deciding the appeal in favour of the assesee ignoring the preponderance of probability and Finding arrived at against the assessee? iv) Whether on the facts and in the circumstances of the case the Learned Tribunal was justified in law in not passing a speaking order by considering the materials available on record

PRINCIPAL COMMISSIONER OF INCOME TAX CENTRAL 1 KOLKATA vs. MEGAPODE VYAPAR PVT LTD

The appeal is dismissed, and the stay petition

Bench: HON'BLE JUSTICE RAJARSHI BHARADWAJ,HON'BLE JUSTICE UDAY KUMAR

set aside the order of CIT(A) by allowing the appeal of the assessee without appreciating the vital fact that the assessee entered into such transactions of purchase and sale 2 of penny stocks i.e. BLUE CIRCLE & CCL INTERNATIONAL featuring in the list of ‘Bogus Capital Loss

PRINCIPAL COMMISSIONER OF INCOME TAX CENTRAL 1 KOLKATA vs. MEGAPODE VYAPAR PVT LTD

Accordingly, the appeal fails and is dismissed

Bench: HON'BLE JUSTICE RAJARSHI BHARADWAJ,HON'BLE JUSTICE UDAY KUMAR

set aside the order of CIT(A) by allowing the appeal of the assessee without appreciating the vital fact that the assessee entered into such transactions of purchase and sale of penny stocks i.e. Cressando, Nikki Global, Luminai Tech, Uno Industrial, Dhenu Buildcon and Shrsha Tex featuring in the list of 'Bogus Capital Loss

PRINCIPAL COMMISSIONER OF INCOME TAX 5 KOLKATA vs. M/S B L TAK AND SONS HUF

The appeal is allowed and the order passed by the learned Tribunal is set aside and the

Bench: : The Hon'Ble The Chief Justice T.S Sivagnanam -A N D- Hon'Ble Justice Chaitali Chatterjee (Das) Date : 9Th June, 2025.

bogus long term capital loss. Further, the assessing officer on facts found that the market sources revealed that accommodation entries are normally given at brokerage charge of @ 0.2% to 0.5% of the amount involved. Accordingly, the assessing officer held that the observations of expenditure remained unexplained and added back the same to the total income of the assessee under section

PRINCIPAL COMMISSIONER OF INCOME TAX-1, KOLKATA vs. ARSHIA GLOBAL TRADECOM PRIVATE LIMITED

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

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

purchases of the assessee during the year have been made with bogus parties/shell companies. Further the assessee failed to substantiate its transactions during the year and large cash deposits were found in its bank account, to the tune of Rs. 3,79,25,000/-.That the assessee failed to produce original cash memos and bills to substantiate the cash deposits

PRINCIPAL COMMISSIONER OF INCOME TAX CENTRAL 2 KOLKATA vs. SAMRAT FINVESTORS PRIVATE LIMITED

Bench: HON'BLE JUSTICE RAJARSHI BHARADWAJ,HON'BLE JUSTICE UDAY KUMAR

bogus loss. Thus, the addition/disallowance made by the assessee is merely on the basis of preponderance of probabilities. Therefore, in the present case, when the statements and investigation report relied upon by the AO has not been given to the assessee for the purpose of cross-examination as well as rebuttal, we in view of the above decision are inclined

PRINCIPAL COMMISSIONER OF INCOME TAX 1 KOLKATA vs. M/S ITC LTD

Bench: The Learned Tribunal – One By The Assessee & The Other By The Revenue Which Have Been Disposed Of By A Common Order, Impugned In This Appeal. 2. The Revenue Has Raised The Following Substantial Questions Of Law For Consideration :

bogus purchases, liquidated damages, income tax interest expense, commission to non-executive directors, disallowance under Section 14A read with Rule 8D, deduction under Section 801A, deduction under Section 80IC. The assessment was completed under Section 143(3) of the Act by order dated 29.03.2014. Aggrieved by the same, the assessee preferred appeal before the Commissioner of Income Tax (Appeals

PRINCIPAL COMMISSIONER OF INCOME TAX vs. MUKESH SARAOGI (HUF)

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

loss account, ITAT NO. 06 OF 2022 AND ETC. BATCH Page 13 of 150 balance sheet, computation of total income, statement of STCG/LTCG, D- Mat account, contract notes, bank statements and other details. The assessing officer after scrutiny of the documents produced, directed the assessee to submit the details of shares purchased and sold during the year under consideration

PRINCIPAL COMMISSIONER OF INCOME TAX-18, KOLKATA vs. SRI VIKASH GOEL

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

loss account, ITAT NO. 06 OF 2022 AND ETC. BATCH Page 13 of 150 balance sheet, computation of total income, statement of STCG/LTCG, D- Mat account, contract notes, bank statements and other details. The assessing officer after scrutiny of the documents produced, directed the assessee to submit the details of shares purchased and sold during the year under consideration

PRINCIPAL COMMISSIONER OF INCOME TAX-12, KOLKATA vs. MUKTA AGARWAL

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

loss account, ITAT NO. 06 OF 2022 AND ETC. BATCH Page 13 of 150 balance sheet, computation of total income, statement of STCG/LTCG, D- Mat account, contract notes, bank statements and other details. The assessing officer after scrutiny of the documents produced, directed the assessee to submit the details of shares purchased and sold during the year under consideration

PRINCIPAL COMMISSIONER OF INCOME TAX ,BURDWAN vs. BIJAYA TAH

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

loss account, ITAT NO. 06 OF 2022 AND ETC. BATCH Page 13 of 150 balance sheet, computation of total income, statement of STCG/LTCG, D- Mat account, contract notes, bank statements and other details. The assessing officer after scrutiny of the documents produced, directed the assessee to submit the details of shares purchased and sold during the year under consideration

PRINCIPAL COMMISSIONER OF INCOME TAX, SILIGURI vs. PRAKASHO DEVI SARIA

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

loss account, ITAT NO. 06 OF 2022 AND ETC. BATCH Page 13 of 150 balance sheet, computation of total income, statement of STCG/LTCG, D- Mat account, contract notes, bank statements and other details. The assessing officer after scrutiny of the documents produced, directed the assessee to submit the details of shares purchased and sold during the year under consideration

PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL-1, KOLKATA vs. KRISHNA KUMAR PARSURAMKA

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

loss account, ITAT NO. 06 OF 2022 AND ETC. BATCH Page 13 of 150 balance sheet, computation of total income, statement of STCG/LTCG, D- Mat account, contract notes, bank statements and other details. The assessing officer after scrutiny of the documents produced, directed the assessee to submit the details of shares purchased and sold during the year under consideration

PRINCIPAL COMMISSIONER OF INCOME TAX CENTRAL -1, KOLKATA vs. SURAJ SAHANA

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

loss account, ITAT NO. 06 OF 2022 AND ETC. BATCH Page 13 of 150 balance sheet, computation of total income, statement of STCG/LTCG, D- Mat account, contract notes, bank statements and other details. The assessing officer after scrutiny of the documents produced, directed the assessee to submit the details of shares purchased and sold during the year under consideration

PRINCIPAL COMMISSIONER OF INCOME TAX -5,KOLKATA vs. SWATI BAJAJ

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

loss account, ITAT NO. 06 OF 2022 AND ETC. BATCH Page 13 of 150 balance sheet, computation of total income, statement of STCG/LTCG, D- Mat account, contract notes, bank statements and other details. The assessing officer after scrutiny of the documents produced, directed the assessee to submit the details of shares purchased and sold during the year under consideration

PRINCIPAL COMMISSIONER OF INCOME TAX-15, KOLKATA vs. SMT. BABITA AGARWAL

In the result, these appeals are allowed and the substantial

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

loss account, ITAT NO. 06 OF 2022 AND ETC. BATCH Page 13 of 150 balance sheet, computation of total income, statement of STCG/LTCG, D- Mat account, contract notes, bank statements and other details. The assessing officer after scrutiny of the documents produced, directed the assessee to submit the details of shares purchased and sold during the year under consideration