ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3(1), KOLKATA, KOLKATA vs. RAJSHRI IRON INDUSTRIES PRIVATE LIMITED, KOLKATA

In the result, both the appeals of the Revenue are dismissed

Bench: Shri Rajesh Kumar, Am & Shrisonjoy Sarma, Jm

Section shows that the provisions operate only when an expenditure is shown to have been incurred by an Assessee. In the present case, the revenue can take advantage of the deeming provisions of Sec.69C of the Act only when there is material on record which shows that the Assessee has incurred any expenditure. It is respectfully submitted that the material

M/S. OM STEEL INDIA,HOWRAH vs. ACIT/ITO, NFAC, DELHI

In the result, the appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2011-12

section 271(1)(C) of the IT. Act dated 25/03/2022 by ACIT/ITO, National Faceless. Assessment Centre for the assessment year 2011-12 and subsequently confirmed by the ld. CIT (Appeal) NFAS dated 06/05/2024, is completely arbitrary, unjustified and illegal 2. For that on the facts and circumstances of the case, the Ld Appellate Authority vide order dated 06/05/2024 was wrong

M D DIESEL SPARES,HOWRAH vs. ITO, WARD-47, KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Rajesh Kumari.T.A No.1430/Kol/2023 Assessment Year: 2012-13 M D Diesel Spares………..………………………… ........................……Appellant 7/12, Kings Road, Howrah-711101. [Pan: Aakfm7649F] Vs. Ito, Ward-47(2), Kolkata..................…................…........……...…..…..Respondent Appearances By: Shri A. K. Tibrewal & Saurabh Gupta, Ar, Appeared On Behalf Of The Appellant. Shri Prabir Gupta Choudhury, Addl. Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : February 26, 2024 Date Of Pronouncing The Order : May 03, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 28.10.2023 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Assessee In This Appeal Has Agitated Against The Addition Of Rs.18,85,520/- Made By The Assessing Officer U/S 69C Of The Act On Account Of Bogus Purchases. 3. The Brief Facts Of The Case Are That The Assessee Firm Is Involved In The Business Of Spare Parts Of The Machinery. The Assessee Firm For The Year Under Consideration Filed Its Return Of Income Declaring A Total Income Of Rs.45,150/-. The Said Return Was Processed U/S 143(1) Of The

bogus purchase claim of the assessee and added with the returned income of the assessee on account of unexplained expenditure u/s 69C of the I.T. Act, 1961. Therefore, the said sum of Rs. 18,85,520/- is considered as undisclosed income of the assessee and assessment is made accordingly. Penalty proceedings u/s 271(1)(c) has been initiated for such

ESCEE TRADERS PVT. LTD. (FORMERLY KNOWN AS SATKRITI PROPERTIES PVT. LTD.),KOLKATA vs. I.T.O., WARD - 5(1), , KOLKATA

In the result, the appeal of assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarmai.T.A. No.1752/Kol/2024 Assessment Year: 2012-13 Escee Traders Pvt. Ltd (Formerly Known As Satkriti Properties Pvt. Ltd.) ….....Appellant 12Th Floor, Unit 12B, Unimark Asian, 52/1, Shakespeare Sarani, Kolkata – 700017. [Pan: Aancs7043M] Vs. Ito, Ward-5(1), Kolkata……….……….…............................…..…..... Respondent Appearances By: Shri R. C. Jhawer, Fca, Appeared On Behalf Of The Appellant. Smt. Rama Choudhary, Jcit- Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : January 14, 2025 Date Of Pronouncing The Order : January 28, 2025 आदेश / Order Per Sonjoy Sarma: The Present Appeal Has Been Preferred By The Assessee Pertaining To Assessment Year 2012-13 Against The Order Dated 21.06.2024 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’) Which In Turn Arises Out Of A Penalty Order Passed By The Assessing Officer U/S 271(1)(C) Of The Act Dated 26.03.2022. 2. Brief Facts Of The Case Are That The Assessee Filed Its Return Of Income Declaring Total Income Of Rs.19,81,896/-. The Case Of The Assessee Was Reopened U/S 147 Of The Act Based On Information Received Regarding Bogus Ltcg On Sale Of Shares Of Banas Finance Ltd. It Was Alleged That The Assessee Purchased 55,000 Shares For Rs.30,11,800/- & Sold Them For Rs.10,05,950/- Booking A Loss Of Rs.20,05,850/-. During The Assessment Proceedings, It Was Concluded

purchased 55,000 shares for Rs.30,11,800/- and sold them for Rs.10,05,950/- booking a loss of Rs.20,05,850/-. During the assessment proceedings, it was concluded I.T.A. No.1752/Kol/2024 Assessment Year: 2012-13 Escee Traders Pvt. Ltd that the loss claimed was bogus and transaction was non-genuine. Accordingly, the Assessing Officer disallowed loss of Rs.20

DHAR & COMPANY PVT. LTD.,HOWRAH vs. I.T.O., WARD - 3(3), KOLKATA, KOLKATA

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

271(1)(c) of the Act dated\n25.04.2024, it was realized that CIT (A) has passed the order which\nwas not communicated to the previous management and thereafter,\nsteps were taken and appeal was filed with a delay of 234 days. The\nLd. Counsel for the assessee therefore prayed that since, the delay in\nfiling the appeal

PRAMOD KUMAR SARAF,KOLKATA vs. ITO, WARD-22(2), KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Shri Sanjay Awasthii.T.A. No.683/Kol/2024 Assessment Year: 2014-15 Pramod Kumar Saraf...…………….....……………………....………....Appellant 24, R. N Mukherjee Road, Mission Row, Kol-1. [Pan: Apkps6814F] Vs. Ito, Ward-22(2), Kolkata…...................................................…..…..... Respondent Appearances By: Shri Sunil Surana, Ar, Appeared On Behalf Of The Appellant. Shri Manas Mondal, Addl. Cit- Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : June 26, 2024 Date Of Pronouncing The Order : August 28, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 26.03.2024 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Assessee In This Appeal Has Agitated Against The Levy/Confirmation Of Penalty U/S 271(1)(C) Of The Act. 3. The Brief Facts Of The Case Are That The Assessee Had Claimed Long- Term Capital Gains On Account Of Sale Of Shares At Rs.7,10,447/-. During The Assessment Proceedings, The Assessee Produced Relevant Documents To Substantiate His Claim, However, The Assessing Officer Held That As Per The Report Received From The Investigation Wing, There Was Large Scale Price Rigging Of Certain Scrips, Whereby, The Bogus Long-Term

purchaser of the shares and the assessee has earned only small amount of long-term capital gains of Rs.7,10,447/-. Had the assessee any prior information I.T.A. No.683/Kol/2024 Assessment Year: 2014-15 or intention to claim bogus long-term capital gains, the assessee would have claimed higher amount in this respect. He has further submitted that the revenue could

RAM AWATAR DHOOT,KOLKATA vs. WARD 22(4) KOLKATA, KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Shri Sanjay Awasthii.T.A. No.91/Kol/2024 Assessment Year: 2015-16 Ram Awatar Dhoot…...…………….....……………………....………....Appellant 29B, Rabindra Sarani Floor, Room No.10E, Kolkata-700073. [Pan: Adepd7419F] Vs. Ito, Ward-22(4), Kolkata…...................................................…..…..... Respondent Appearances By: Shri Ram Awatar Dhoot, Self, Appeared On Behalf Of The Appellant. Shri P. P. Barman, Addl. Cit- Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : August 27, 2024 Date Of Pronouncing The Order : August 29, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 26.12.2023 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Assessee In This Appeal Has Agitated Against The Levy/Confirmation Of Penalty U/S 271(1)(C) Of The Act. 3. The Brief Facts Of The Case Are That The Assessee Had Claimed Long- Term Capital Gains On Account Of Sale Of Shares At Rs.14,94,407/-. During The Assessment Proceedings, The Assessee Produced Relevant Documents To Substantiate His Claim, However, The Assessing Officer Held That As Per The Report Received From The Investigation Wing, There

purchaser of the I.T.A. No.91/Kol/2024 Assessment Year: 2015-16 Ram Awatar Dhoot shares and the assessee has earned only small amount of long-term capital gains of Rs.4,61,771/-. Had the assessee any prior information or intention to claim bogus long-term capital gains, the assessee would have claimed higher amount in this respect. He has further submitted that

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1(1), KOLKATA, KOLKATA vs. AXIS OVERSEAS LIMITED, KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Dy. Commissioner Of Income Tax, Cc 1(1), Kolkata Axis Overseas Limited Aaykar Bhawan Poorva, 21A, Shakespeare Sarani, Vs. 3Rd Floor, Kolkata-700107, Kolkata-700107, West Bengal West Bengal (Appellant) (Respondent) Pan No. Aagca7497L Assessee By : Shri Siddharth Agarwal, Ar Revenue By : Shri P.N. Barnwal, Dr Date Of Hearing: 13.11.2025 Date Of Pronouncement: 03.12.2025

section 68 of the Act on the ground that the assessee failed to discharge its onus to establish identity, creditworthiness and genuineness of the transaction in respect of the money received through cash trail. The CIT(A) in course of hearing the appeal called for a remand report from the Assessing Officer and in the said remand report the Assessing

RAMESHWAR SHAW,HOWRAH vs. ITO, 48(3),KOLKATA. , KOLKATA

In the result, the appeal filed by the assessee bearing

Bench: Shri Rajesh Kumar & Shri Anikesh Banerjeei.T.A. No. 841/Kol/2023 Assessment Year: 2013-2014 Rameshwar Shaw,....................................Appellant 12/5, Musalmanpara Lane, Banta, Howrah-711101 [Pan: Amaps0893D] -Vs.- Income Tax Officer,.................................Respondent Ward-48(3), Kolkata, 3, Government Place (West), Kolkata-700001 Appearances By: Shri Debabrata Ghosh, A.R., Appeared On Behalf Of The Assessee Shrip.P. Barman, Addl. Cit, Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : February 12, 2024 Date Of Pronouncing The Order : February 12, 2024

bogus sundry creditors, Penalty proceedings u/s 271(1)(c) & u/s 271(1)(b) initiated separately. The ld. D.R. further argued that in any case there was no verification was done. The entire sundry creditors are non- 6 Rameshwar Shaw verified from the end of the Revenue. So, further investigation should be required in relation to the sundry creditors

NEHA DIWAN,HINDMOTOR vs. ITO WARD - 23(1), HOOGHLY

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

section 271(1)(c) of the Income Tax Act 1961. 17. That the appellant craves leave to adduce additional grounds and/or amend or withdraw any of the aforesaid grounds before or at the time of hearing of appeal.” 3. Brief facts of the case are that as per the information available with the Income Tax Department, the assessee was found

SATYANARAYAN HOLDINGS PVT. LTD.,KOLKATA vs. ITO, WARD-5(2), KOLKATA

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.444/Kol/2024 Assessment Year: 2012-13

271(1)(c) are being initiated separately. The facts of Nova Promoters and Finlease (P) Ltd. (supra) fall in the former category and that is why this Court decided in favour of the revenue in that case. However, the facts of the present case are clearly distinguishable and fall in the second category and are more in line with facts

SILKINA COMMODEAL PVT. LTD.,KOLKATA vs. ITO, WARD-3(3), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

section 106 of Evidence Act. 9. After considering the submissions made by the assessee, Ld. CIT(A) observed, “the conclusion of Ld. AO that share subscriber company was a shell company having no business and creditworthiness for purchasing the share of the assessee is justified.” Similar observation and conclusion was drawn for AY 2012-13. Aggrieved, assessee is in appeal

SILKINA COMMODEAL PVT. LTD.,KOLKATA vs. ITO, WARD 3(3), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

section 106 of Evidence Act. 9. After considering the submissions made by the assessee, Ld. CIT(A) observed, “the conclusion of Ld. AO that share subscriber company was a shell company having no business and creditworthiness for purchasing the share of the assessee is justified.” Similar observation and conclusion was drawn for AY 2012-13. Aggrieved, assessee is in appeal

SILKINA COMMODEAL PVT. LTD.,KOLKATA vs. ITO, WARD-3(3), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

section 106 of Evidence Act. 9. After considering the submissions made by the assessee, Ld. CIT(A) observed, “the conclusion of Ld. AO that share subscriber company was a shell company having no business and creditworthiness for purchasing the share of the assessee is justified.” Similar observation and conclusion was drawn for AY 2012-13. Aggrieved, assessee is in appeal

NAVANSH VINIMAY PVT. LTD.,KOLKATA vs. I.T.O., WARD - 8(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri George Mathan & Shri Rakesh Mishra

purchase & sell details with respect to transactions made in penny stock named Reckon Enterprises Ltd. However, the assessee has not submitted any details in respect of transactions made in the stock Rockon Enterprise Ltd. In view of the above, a show cause notice dated 18.12.2019 has been issued to the assessee alongwith a summon U/S 131 of the Act wherein

ALOSHA MARKETING PVT. LTD.,KOLKATA vs. ACIT, CIR. 4(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Boradi.T.A. No. 313/Kol/2024 Assessment Year: 2013-2014 Alosha Marketing Pvt. Ltd.,……………..………Appellant 62A, Hazra Road, Kolkata-700019 [Pan:Aacca1930G] -Vs.- Assistant Commissioner Of Income Tax,.…Respondent Circle-4(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri N.S. Saini, A.R. & Priyanka Salarpuria, A.R., Appeared On Behalf Of The Assessee Shri Manas Mondal, Addl. Cit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : April 30, 2024 Date Of Pronouncing The Order : July 08, 2024 O R D E R

271(1)(c) of the Income-tax Act, 1961, Income and tax computation sheet and a copy of the assessment order to the assessee”. 7 Alosha Marketing Pvt. Ltd. 4. Dissatisfied with the reopening as well as addition on quantum, the assessee carried the matter in appeal before the ld. CIT(Appeals). The findings of the ld. CIT(Appeals

NARAYAN SUPPLIERS PVT. LTD.,KOLKATA vs. I.T.O., WARD - 6(3), KOLKATA, KOLKATA

In the result, appeal of the assessee is dismissed

purchasers not relatives cannot be put to\nassessee hence reasons of reopening recorded by Assessing\nOfficer not sustainable. (A.Y. 2009-2010) Laxmiraj Distributors\nPvt. Ltd. v. ACIT (2017) 53 ITR 376 (Ahd.) (Trib.) also ACIT v.\nKad Housing P. Ltd. (2019) 69 ITR 550 (Delhi) (Trib).\n30.\nCase u/s 143(1): The Assessing Officer cannot reopen without\nestablishing prima facie

HILTON COMMODITIES PVT. LTD.,KOLKATA vs. ITO, WARD-5(3), KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Hilton Commodities Pvt. Ltd. Ito, Ward 5(3) 9/12, Lal Bazar Street, Aaykar Bhavan, P-7, Mercantile Building, Block-B, Chowringhee Square, Vs. 3Rd Floor, No.10, Kolkata-700069, West Bengal Kolkata-700001, West Bengal (Appellant) (Respondent) Pan No. Aacch1011P Assessee By : Shri Soumitra Choudhury, Ar Revenue By : Shri S Datta, Cit Dr Date Of Hearing: 08.01.2025 Date Of Pronouncement : 24.02.2025

Purchase P. Limited (supra). The Hon'ble Court has held as under:- “We have heard Ms. Smita Das De, learned senior standing counsel appearing for the appellant/revenue and Mr. Abhratosh Majumdar, learned senior advocate appearing for the respondent/assessee. The short question which falls for consideration is whether the learned Tribunal was right in affirming the order passed by the Commissioner