DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALAJEE MINI STEELS & REROLLING PRIVATE LIMITED , PATNA

In the result, the appeals of the Revenue are dismissed

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

10 of the assessment order. Further, it is observed that in case the purchases are excluded from the trading account, the corresponding sales would also have to be excluded. Hence, this exercise would reduce the income returned by the assessee. Therefore, it can be inferred that percentage disallowance of the purchases would amount to double taxation as the assessee

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

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. SHAKAMBHARI ISPAT & POWER LIMITED, KOLKATA

10 TMI 442 (SC)&PCIT vs. Sreeleathers [2022] 143\ntaxmann.com 435 (Calcutta)/[2022] 448 ITR 332 (Calcutta)[14-07-2022].\n16. We have also perused the provisions of Section 142(2) and 142(3)\nof the Act and find that Section 142(2) of the Act deals with the obtaining\nfull information in respect of income or loss

M/S. SHAKAMBHARI ISPAT & POWER LTD.,KOLKATA vs. DCIT, CC - 3(3),, KOLKATA

10 TMI 442 (SC)&PCIT vs. Sreeleathers [2022] 143\ntaxmann.com 435 (Calcutta)/[2022] 448 ITR 332 (Calcutta)[14-07-2022].\n16. We have also perused the provisions of Section 142(2) and 142(3)\nof the Act and find that Section 142(2) of the Act deals with the obtaining\nfull information in respect of income or loss

M/S. SHAKAMBHARI ISPAT & POWER LTD., ,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), , KOLKATA

10 TMI 442 (SC)&PCIT vs. Sreeleathers [2022] 143\ntaxmann.com 435 (Calcutta)/[2022] 448 ITR 332 (Calcutta)[14-07-2022].\n16. We have also perused the provisions of Section 142(2) and 142(3)\nof the Act and find that Section 142(2) of the Act deals with the obtaining\nfull information in respect of income or loss

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

10 of the assessment order. Further, it is observed that in case the purchases are excluded from the trading account, the corresponding sales would also have to be excluded. Hence, this exercise would reduce the income returned by the assessee. Therefore, it can be inferred that percentage disallowance of the purchases would amount to double Balmukund Lease Fin Private Limited

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

10 of the assessment order. Further, it is observed that in case the purchases are excluded from the trading account, the corresponding sales would also have to be excluded. Hence, this exercise would reduce the income returned by the assessee. Therefore, it can be inferred that percentage disallowance of the purchases would amount to double Balmukund Lease Fin Private Limited

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

10 of the assessment order. Further, it is observed that in case the purchases are excluded from the trading account, the corresponding sales would also have to be excluded. Hence, this exercise would reduce the income returned by the assessee. Therefore, it can be inferred that percentage disallowance of the purchases would amount to double Balmukund Lease Fin Private Limited

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

10 of the assessment order. Further, it is observed that in case the purchases are excluded from the trading account, the corresponding sales would also have to be excluded. Hence, this exercise would reduce the income returned by the assessee. Therefore, it can be inferred that percentage disallowance of the purchases would amount to double Balmukund Lease Fin Private Limited

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

10 of the assessment order. Further, it is observed that in case the purchases are excluded from the trading account, the corresponding sales would also have to be excluded. Hence, this exercise would reduce the income returned by the assessee. Therefore, it can be inferred that percentage disallowance of the purchases would amount to double Balmukund Lease Fin Private Limited

M/S. SHAKAMBHARI ISPAT & POWER LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), , KOLKATA

10 TMI 442 (SC)&PCIT vs. Sreeleathers [2022] 143\ntaxmann.com 435 (Calcutta)/[2022] 448 ITR 332 (Calcutta)[14-07-2022].\n16. We have also perused the provisions of Section 142(2) and 142(3)\nof the Act and find that Section 142(2) of the Act deals with the obtaining\nfull information in respect of income or loss

D.C.I.T., CC - 3(1),, KOLKATA vs. SHAKAMBHARI ISPAT & POWER LIMITED, KOLKATA

10 TMI 442 (SC)&PCIT vs. Sreeleathers [2022] 143\ntaxmann.com 435 (Calcutta)/[2022] 448 ITR 332 (Calcutta)[14-07-2022].\n16. We have also perused the provisions of Section 142(2) and 142(3)\nof the Act and find that Section 142(2) of the Act deals with the obtaining\nfull information in respect of income or loss

M/S. SHAKAMBHARI ISPAT & POWER LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), , KOLKATA

10 TMI 442 (SC)&PCIT vs. Sreeleathers [2022] 143\ntaxmann.com 435 (Calcutta)/[2022] 448 ITR 332 (Calcutta)[14-07-2022].\n16. We have also perused the provisions of Section 142(2) and 142(3)\nof the Act and find that Section 142(2) of the Act deals with the obtaining\nfull information in respect of income or loss

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 3(1),, KOLKATA vs. SHAKAMBHARI ISPAT & POWER LIMITED, KOLKATA

10 TMI 442 (SC)&PCIT vs. Sreeleathers [2022] 143\ntaxmann.com 435 (Calcutta)/[2022] 448 ITR 332 (Calcutta)[14-07-2022].\n16. We have also perused the provisions of Section 142(2) and 142(3)\nof the Act and find that Section 142(2) of the Act deals with the obtaining\nfull information in respect of income or loss

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. SHAKAMBHARI ISPAT & POWER LIMITED, KOLKATA

10 TMI 442 (SC)&PCIT vs. Sreeleathers [2022] 143\ntaxmann.com 435 (Calcutta)/[2022] 448 ITR 332 (Calcutta)[14-07-2022].\n16. We have also perused the provisions of Section 142(2) and 142(3)\nof the Act and find that Section 142(2) of the Act deals with the obtaining\nfull information in respect of income or loss

M/S. SHAKAMBHARI ISPAT & POWER LTD., ,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), KOLKATA

Appeals of the assessee are partly allowed and\nappeals of the revenue are dismissed

10 TMI 442 (SC)&PCIT vs. Sreeleathers [2022] 143\ntaxmann.com 435 (Calcutta)/[2022] 448 ITR 332 (Calcutta)[14-07-2022].\n16. We have also perused the provisions of Section 142(2) and 142(3)\nof the Act and find that Section 142(2) of the Act deals with the obtaining\nfull information in respect of income or loss

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 3.1, KOLKATA vs. SHAKAMBHARI ISPAT & POWER LIMITED, KOLKATA

10 TMI 442 (SC)&PCIT vs. Sreeleathers [2022] 143\ntaxmann.com 435 (Calcutta)/[2022] 448 ITR 332 (Calcutta)[14-07-2022].\n16. We have also perused the provisions of Section 142(2) and 142(3)\nof the Act and find that Section 142(2) of the Act deals with the obtaining\nfull information in respect of income or loss

M/S. SHAKAMBHARI ISPAT & POWER LTD., ,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), , KOLKATA

10 TMI 442 (SC)&PCIT vs. Sreeleathers [2022] 143\ntaxmann.com 435 (Calcutta)/[2022] 448 ITR 332 (Calcutta)[14-07-2022].\n16. We have also perused the provisions of Section 142(2) and 142(3)\nof the Act and find that Section 142(2) of the Act deals with the obtaining\nfull information in respect of income or loss