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

section 68 of the Act Before the Commissioner (Appeals) it as submitted by the assessee that raw hides were purchased from the four parties under consideration on the understanding that after the hides were processed and the finished leather was produced the same would be resold to same parties in substance therefore the transaction was more in the nature

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 Before the Commissioner (Appeals) it as submitted by the assessee that raw hides were purchased from the four parties under consideration on the understanding that after the hides were processed and the finished leather was produced the same would Balmukund Lease Fin Private Limited; A.Y. 15-16 to 18-19, 23-24 Balmukund Cement & Roofings

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 Before the Commissioner (Appeals) it as submitted by the assessee that raw hides were purchased from the four parties under consideration on the understanding that after the hides were processed and the finished leather was produced the same would Balmukund Lease Fin Private Limited; A.Y. 15-16 to 18-19, 23-24 Balmukund Cement & Roofings

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 Before the Commissioner (Appeals) it as submitted by the assessee that raw hides were purchased from the four parties under consideration on the understanding that after the hides were processed and the finished leather was produced the same would Balmukund Lease Fin Private Limited; A.Y. 15-16 to 18-19, 23-24 Balmukund Cement & Roofings

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 Before the Commissioner (Appeals) it as submitted by the assessee that raw hides were purchased from the four parties under consideration on the understanding that after the hides were processed and the finished leather was produced the same would Balmukund Lease Fin Private Limited; A.Y. 15-16 to 18-19, 23-24 Balmukund Cement & Roofings

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 Before the Commissioner (Appeals) it as submitted by the assessee that raw hides were purchased from the four parties under consideration on the understanding that after the hides were processed and the finished leather was produced the same would Balmukund Lease Fin Private Limited; A.Y. 15-16 to 18-19, 23-24 Balmukund Cement & Roofings

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:

Section 145 of the Income-tax Act, 1961 - Method of accounting - Estimation of Profits [Bogus purchases] - Assessment year 2006-07 - Assessee was engaged in ,business of trading in steel on wholesale basis - Assessing Officer having found that some of alleged suppliers of steel to assessee had not supplied steel to assessee but had only provided sale bills, held that purchases

M/S. FUTURE DISTRIBUTORS,KOLKATA vs. PR.CIT, KOLKATA - 9, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

145(3) of the Act and estimated the income of the assessee by applying the said theorem. Accordingly, the gross profit from the entire business of Bhutan Lotteries was estimated by the Assessing Officer at Rs.400 crores as under:- “Face value of lottery tickets printed and claimed to have been purchased from the Royal Govt. of Bhutan-Rs.3

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

The appeal of the Revenue is dismissed

145\ntaxmann.com 546 (Bombay), \"wherein, no disallowance of the bogus purchases can be\nmade on the basis of the information received from sales tax department that assessee\nwas beneficiary of accommodation entries without disputing the corresponding sales\ntransactions.\nFurther, the assessee relied upon the Hon'ble ITAT Delhi Bench, in the case of DCIT vs\nSharp Mint Ltd, reported

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

The appeal of the Revenue is dismissed

145\ntaxmann.com 546 (Bombay), \"wherein, no disallowance of the bogus purchases can be\nmade on the basis of the information received from sales tax department that assessee\nwas beneficiary of accommodation entries without disputing the corresponding sales\ntransactions.\nFurther, the assessee relied upon the Hon'ble ITAT Delhi Bench, in the case of DCIT vs\nSharp Mint Ltd, reported

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

145\ntaxmann.com 546 (Bombay), \"wherein, no disallowance of the bogus purchases can be\nmade on the basis of the information received from sales tax department that assessee\nwas beneficiary of accommodation entries without disputing the corresponding sales\ntransactions.\nFurther, the assessee relied upon the Hon'ble ITAT Delhi Bench, in the case of DCIT vs\nSharp Mint Ltd, reported

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

The appeal of the Revenue is dismissed

145\ntaxmann.com 546 (Bombay), "wherein, no disallowance of the bogus purchases can be\nmade on the basis of the information received from sales tax department that assessee\nwas beneficiary of accommodation entries without disputing the corresponding sales\ntransactions.\nFurther, the assessee relied upon the Hon'ble ITAT Delhi Bench, in the case of DCIT vs\nSharp Mint Ltd, reported

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

The appeal of the Revenue is dismissed

145\ntaxmann.com 546 (Bombay), \"wherein, no disallowance of the bogus purchases can be\nmade on the basis of the information received from sales tax department that assessee\nwas beneficiary of accommodation entries without disputing the corresponding sales\ntransactions.\nFurther, the assessee relied upon the Hon'ble ITAT Delhi Bench, in the case of DCIT vs\nSharp Mint Ltd, reported

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

The appeal of the Revenue is dismissed

145\ntaxmann.com 546 (Bombay), \"wherein, no disallowance of the bogus purchases can be\nmade on the basis of the information received from sales tax department that assessee\nwas beneficiary of accommodation entries without disputing the corresponding sales\ntransactions.\nFurther, the assessee relied upon the Hon'ble ITAT Delhi Bench, in the case of DCIT vs\nSharp Mint Ltd, reported

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

The appeal of the Revenue is dismissed

145\ntaxmann.com 546 (Bombay), \"wherein, no disallowance of the bogus purchases can be\nmade on the basis of the information received from sales tax department that assessee\nwas beneficiary of accommodation entries without disputing the corresponding sales\ntransactions.\nFurther, the assessee relied upon the Hon'ble ITAT Delhi Bench, in the case of DCIT vs\nSharp Mint Ltd, reported

BALMUKUND CEMENT & ROOFINGS PVT. LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

The appeal of the Revenue is dismissed

145\ntaxmann.com 546 (Bombay), \"wherein, no disallowance of the bogus purchases can be\nmade on the basis of the information received from sales tax department that assessee\nwas beneficiary of accommodation entries without disputing the corresponding sales\ntransactions.\nFurther, the assessee relied upon the Hon'ble ITAT Delhi Bench, in the case of DCIT vs\nSharp Mint Ltd, reported

STAR AGENCY,KOLKATA vs. ITO, WD-27(2), HALDIA, HALDIA

In the result, the appeal of the assessee is partly allowed

Bench: Shri P.M. Jagtap

section 145(3), the Assessing Officer proceeded to determine the income of the assessee by estimation. In this regard, the Assessing Officer felt that the best method of estimation would be to make additions on account of various defects instead of making an estimate of gross profit. Accordingly the difference of Rs.13,245/-, Rs.1,15,215/-, Rs.2,472/-, Rs.1

DCIT, CIR-4, KOLKATA, KOLKATA vs. M/S MARUTI FREIGHT MOVERS LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri N. V. Vasudevan & Shri M. Balaganesh, I.T.A. No. 482/Kol/2014 Assessment Years: 2009-10

bogus transactions made by the appellant even though he had examined the books of accounts and the supporting vouchers of the appellant. Considering the above judicial pronouncements and the nature of business and the local situation, the appellant was forced to do business through certain Associations on the terms set by such Associations. This being the case, if the appellant