DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

Section 68 of the Act, three ingredients were necessary. Firstly identity of the parties to the transaction of loan, second is the creditworthiness of such parties and thirdly the genuineness of the transaction. It was submitted in vain that neither of the ingredients were satisfied. 5. As discussed above, since the requisite material was furnished by assessee showing the identity

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED, PATNA

The appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

Section 68 of the Act, three ingredients were necessary. Firstly identity of the parties to the transaction of loan, second is the creditworthiness of such parties and thirdly the genuineness of the transaction. It was submitted in vain that neither of the ingredients were satisfied. 5. As discussed above, since the requisite material was furnished by assessee showing the identity

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

Section 68 of the Act, three ingredients were necessary. Firstly identity of the parties to the transaction of loan, second is the creditworthiness of such parties and thirdly the genuineness of the transaction. It was submitted in vain that neither of the ingredients were satisfied. 5. As discussed above, since the requisite material was furnished by assessee showing the identity

GOPAL & SONS HUF,KOLKATA vs. I.T.O., WARD - 32(1), KOLKATA, KOLKATA

The appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

Section 68 of the Act, three ingredients were necessary. Firstly identity of the parties to the transaction of loan, second is the creditworthiness of such parties and thirdly the genuineness of the transaction. It was submitted in vain that neither of the ingredients were satisfied. 5. As discussed above, since the requisite material was furnished by assessee showing the identity

OM FORGING & ENGINEERING PRIVATE LIMITED,KOLKATA vs. THE PR. CIT-1, KOLKATA, KOLKATA

In the result the appeals are allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

10 taxmann.com 138 (Delhi) - In this case the issue before Hon'ble Delhi High Court was as to whether addition could be made under section 69C of the Act in respect of expenditures debited in the books of accounts but were found to be unauthenticated. The Hon'ble Delhi High Court held that the focus of section

ACIT, CIRCLE - 34, KOLKATA , KOLKATA vs. BHAWARLAL ALOKE KUMAR , KOLKATA

Appeal is dismissed

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2014-15 Acit, Cicle-34, V/S. Bhawarlal Aloke Kumar Aayakar Poorva, 7Th P-12, New Howrah Bridge Approach Road, 4Th Floor, Floor, 110, Shantipally, Kolkatka-107 Kolkta-700001 [Pan No.Aadfb 0620 N] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Robin Choudhury, Addl. Cit-Dr अपीलाथ" क" ओर से/By Appellant None ""यथ" क" ओर से/By Respondent 04-02-2019 सुनवाई क" तार"ख/Date Of Hearing 03-05-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee‘S Appeal For Assessment Year 2014-15 Arises Against The Commissioner Of Income Tax (Appeals)-10, Kolkata’S Order Dated 23.01.2018 Passed In Case No.224/Cit(A)-10/C-34/14-15/16-17/Kol, Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Case Called Twice. None Appears At The Assessee’S Behest Despite The Registry Having Sent An Rpad Notice. It Is Accordingly Proceeded Ex Parte. 2. Revenue’S Sole Substantive Grievance Raised In The Instant Appeal Seeks To Challenge Correctness Of Cit(A)’S Action Partly Upholding Assessing Officer’S Findings Disallowing Assessee’S Purchase(S) Of ₹3,22,28,000/- Only To The Extent Of 15% Vide Impugned Following Detailed Discussion:- “06. Findings &. Decision:

26 CCH 041.4 Jaipur Trib (2008) 10 DTR (Jp. Trib.) 0281 "11. ----------Undisputedly, it is not a/ways within the control of a purchaser to produce the suppliers before the AO to establish the genuineness of claim of purchases. What is expected from a prudent purchaser to establish genuineness of claim of purchases is furnishing of purchase bill containing

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED, PATNA

The appeal of the Revenue is dismissed

purchase and sale entries were arranged by the same\noperators and were meant to inflate the turnover. Therefore, we find\nmerit in the contention of the Id. AR, who relied heavily on the order of\nthe Id. CIT(A) that since there was no profit realized from these\ntransactions over and above, what has been shown in the books\naccount

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED , PATNA

The appeal of the Revenue is dismissed

purchase and sale entries were arranged by the same\noperators and were meant to inflate the turnover. Therefore, we find\nmerit in the contention of the Id. AR, who relied heavily on the order of\nthe Id. CIT(A) that since there was no profit realized from these\ntransactions over and above, what has been shown in the books\naccount

MANOJ BEGANI,KOLKATA vs. ACIT, CIRCLE-44, KOLKATA, KOLKATA

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

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी वसीम अहमद, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri Waseem Ahmed, Am]

10. We note that AO exercised his power to reopen the assessment for AY 2008-09 on the following reasons recorded by him: “The reasons recorded u/s. 148 of the Act before reopening of the assessment reads as follows: From the specific information received from the director of income tax investigation W.N. Sikkim & NER, Aayakar Bhawan, Annexe P-13, Chowringhee

MANOJ BEGANI,KOLKATA vs. ACIT, CIRCLE-44, KOLKATA, KOLKATA

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

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी वसीम अहमद, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri Waseem Ahmed, Am]

10. We note that AO exercised his power to reopen the assessment for AY 2008-09 on the following reasons recorded by him: “The reasons recorded u/s. 148 of the Act before reopening of the assessment reads as follows: From the specific information received from the director of income tax investigation W.N. Sikkim & NER, Aayakar Bhawan, Annexe P-13, Chowringhee

MANOJ BEGANI,KOLKATA vs. ACIT, CIRCLE-44, KOLKATA, KOLKATA

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

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी वसीम अहमद, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri Waseem Ahmed, Am]

10. We note that AO exercised his power to reopen the assessment for AY 2008-09 on the following reasons recorded by him: “The reasons recorded u/s. 148 of the Act before reopening of the assessment reads as follows: From the specific information received from the director of income tax investigation W.N. Sikkim & NER, Aayakar Bhawan, Annexe P-13, Chowringhee

MANOJ BEGANI,KOLKATA vs. ACIT, CIRCLE-44, KOLKATA, KOLKATA

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

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी वसीम अहमद, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri Waseem Ahmed, Am]

10. We note that AO exercised his power to reopen the assessment for AY 2008-09 on the following reasons recorded by him: “The reasons recorded u/s. 148 of the Act before reopening of the assessment reads as follows: From the specific information received from the director of income tax investigation W.N. Sikkim & NER, Aayakar Bhawan, Annexe P-13, Chowringhee

MANOJ BEGANI,KOLKATA vs. ACIT, CIRCLE-44, KOLKATA, KOLKATA

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

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी वसीम अहमद, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri Waseem Ahmed, Am]

10. We note that AO exercised his power to reopen the assessment for AY 2008-09 on the following reasons recorded by him: “The reasons recorded u/s. 148 of the Act before reopening of the assessment reads as follows: From the specific information received from the director of income tax investigation W.N. Sikkim & NER, Aayakar Bhawan, Annexe P-13, Chowringhee

BALMUKUND SPONGE & IRON PVT. LTD.,,PATNA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

The appeal of the Revenue is dismissed

purchase and sale entries were arranged by the same\noperators and were meant to inflate the turnover. Therefore, we find\nmerit in the contention of the Id. AR, who relied heavily on the order of\nthe Id. CIT(A) that since there was no profit realized from these\ntransactions over and above, what has been shown in the books\naccount

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED, PATNA

The appeal of the Revenue is dismissed

purchase and sale entries were arranged by the same\noperators and were meant to inflate the turnover. Therefore, we find\nmerit in the contention of the Id. AR, who relied heavily on the order of\nthe Id. CIT(A) that since there was no profit realized from these\ntransactions over and above, what has been shown in the books\naccount

BALMUKUND SPONGE & IRON PVT. LTD.,,PATNA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

The appeal of the Revenue is dismissed

purchase and sale entries were arranged by the same\noperators and were meant to inflate the turnover. Therefore, we find\nmerit in the contention of the Id. AR, who relied heavily on the order of\nthe Id. CIT(A) that since there was no profit realized from these\ntransactions over and above, what has been shown in the books\naccount

DCIT CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND LEASE FIN PRIVATE LIMITED, PATNA

The appeal of the Revenue is dismissed

purchase and sale entries were arranged by the same\noperators and were meant to inflate the turnover. Therefore, we find\nmerit in the contention of the Id. AR, who relied heavily on the order of\nthe Id. CIT(A) that since there was no profit realized from these\ntransactions over and above, what has been shown in the books\naccount

BALMUKUND SPONGE & IRON PVT. LTD.,,PATNA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

The appeal of the Revenue is dismissed

purchase and sale entries were arranged by the same\noperators and were meant to inflate the turnover. Therefore, we find\nmerit in the contention of the Id. AR, who relied heavily on the order of\nthe Id. CIT(A) that since there was no profit realized from these\ntransactions over and above, what has been shown in the books\naccount