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

unexplained cash credit from the M/s. Satya Retail Private Limited and from M/s. J.A Infracon Private Limited in his order in paras 5.1 and 5.2 respectively, the Commissioner of Income-tax in the appeal preferred by assessee found on facts and the material before it that the said two cash creditors had 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

unexplained cash credit from the M/s. Satya Retail Private Limited and from M/s. J.A Infracon Private Limited in his order in paras 5.1 and 5.2 respectively, the Commissioner of Income-tax in the appeal preferred by assessee found on facts and the material before it that the said two cash creditors had 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

unexplained cash credit from the M/s. Satya Retail Private Limited and from M/s. J.A Infracon Private Limited in his order in paras 5.1 and 5.2 respectively, the Commissioner of Income-tax in the appeal preferred by assessee found on facts and the material before it that the said two cash creditors had Balmukund Lease Fin Private Limited

M/S. GUNNY DEALERS LTD. ,KOLKATA vs. ITO, TECH-1, KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishrai.T.A. No.1373/Kol/2023 Assessment Years: 2012-13 M/S Gunny Dealers Ltd…………………....................…...……………....Appellant C/O Subash Agarwal & Associates, Advocates Siddha Gibson, 1, Gibson Lane, Suite 213, 2Nd Floor, Kolkata – 700069. [Pan: Aabcg0019R] Vs. Ito, Tech-1, Kolkata………….……………............................…..…..... Respondent Appearances By: Shri Siddharth Agarwal, Advocate, Appeared On Behalf Of The Assessee. Shri P. P. Barman, Addl. Cit-Sr. Dr, Appeared On Behalf Of The Revenue. Date Of Concluding The Hearing : April 30, 2024 Date Of Pronouncing The Order : June 27, 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 28.11.2023 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 Taken The Following Grounds Of Appeal: “1. For That On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Ought To Haye Considered That The Order U/S 143(3) Was Passed By An Authority Who Lacks Jurisdiction Over The Appellant & As Such, The Said Order Is Bad In Law & Is Liable To Be Quashed. 2. For That On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Was Not Justified In Confirming The Disallowance Of

bogus purchases made from Smt. Anima Roy. 5. For that on the facts and in the circumstances of the case, the Ld. CIT(A) was not justified in confirming the disallowance of Rs.44,459/- made by the A.O. on account of Employees' contribution to Provident Fund by wrongly invoking the provisions of sec.36(1)(va) r.w.s

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

The appeal of the Revenue is dismissed

bogus purchases, and unsecured loans.", "held": "The Tribunal held that cash entries in the nature of investments cannot be treated as income and documents seized should be read as a whole. It was observed that transactions in WhatsApp chats lacked corroborative material for addition. Unexplained cash credits

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

unexplained cash credits, bogus purchases, and other alleged income. The Commissioner of Income-tax (Appeals) had partly allowed some appeals

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

bogus purchases and sales are justified, and if so, what is the correct method of estimation. Whether unsecured loans, supported by documentation and repaid, can be added as unexplained cash credit

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

The appeal of the Revenue is dismissed

unexplained cash credit in respect of unsecured loans besides\nraising the issue of deletion of interest of Rs.19,25,497/- by the learned\nCIT(A) as made by the learned AO in respect of interest paid on bogus\nunsecured loan.\n55. The above addition has been made on account of unsecured loans\nreceived from the following parties :\nΑ.Υ.\nName

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

The appeal of the Revenue is dismissed

unexplained cash credit in respect of unsecured loans besides\nraising the issue of deletion of interest of Rs.19,25,497/- by the learned\nCIT(A) as made by the learned AO in respect of interest paid on bogus\nunsecured loan.\n55. The above addition has been made on account of unsecured loans\nreceived from the following parties :\nΑ.Υ.\nName

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

The appeal of the Revenue is dismissed

unexplained cash credit in respect of unsecured loans besides\nraising the issue of deletion of interest of Rs.19,25,497/- by the learned\nCIT(A) as made by the learned AO in respect of interest paid on bogus\nunsecured loan.\n55. The above addition has been made on account of unsecured loans\nreceived from the following parties :\nΑ.Υ.\nName

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

The appeal of the Revenue is dismissed

unexplained cash credit in respect of unsecured loans besides\nraising the issue of deletion of interest of Rs.19,25,497/- by the learned\nCIT(A) as made by the learned AO in respect of interest paid on bogus\nunsecured loan.\n55. The above addition has been made on account of unsecured loans\nreceived from the following parties :\nΑ.Υ.\nName

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

The appeal of the Revenue is dismissed

unexplained cash credit in respect of unsecured loans besides\nraising the issue of deletion of interest of Rs.19,25,497/- by the learned\nCIT(A) as made by the learned AO in respect of interest paid on bogus\nunsecured loan.\n55. The above addition has been made on account of unsecured loans\nreceived from the following parties :\nΑ.Υ.\nName

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

unexplained cash credit in respect of unsecured loans besides\nraising the issue of deletion of interest of Rs.19,25,497/- by the learned\nCIT(A) as made by the learned AO in respect of interest paid on bogus\nunsecured loan.\n55. The above addition has been made on account of unsecured loans\nreceived from the following parties :\nΑ.Υ.\nName

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

The appeal of the Revenue is dismissed

unexplained cash credit in respect of unsecured loans besides\nraising the issue of deletion of interest of Rs.19,25,497/- by the learned\nCIT(A) as made by the learned AO in respect of interest paid on bogus\nunsecured loan.\n55. The above addition has been made on account of unsecured loans\nreceived from the following parties :\nΑ.Υ.\nName

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

The appeal of the Revenue is dismissed

unexplained cash credit in respect of unsecured loans besides\nraising the issue of deletion of interest of Rs.19,25,497/- by the learned\nCIT(A) as made by the learned AO in respect of interest paid on bogus\nunsecured loan.\n55. The above addition has been made on account of unsecured loans\nreceived from the following parties :\nΑ.Υ.\nName

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

The appeal of the Revenue is dismissed

unexplained cash credit in respect of unsecured loans besides\nraising the issue of deletion of interest of Rs.19,25,497/- by the learned\nCIT(A) as made by the learned AO in respect of interest paid on bogus\nunsecured loan.\n55. The above addition has been made on account of unsecured loans\nreceived from the following parties :\nΑ.Υ.\nName

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

bogus sale and sums credited in the assessee account are treated as unexplained cash credit under section 68 of the I.T. Act and added to the total income of the assessee during the year.” 4. Aggrieved with the assessment order, the assessee filed an appeal before the Ld. CIT(A), who issued notices for hearing and after considering the assessment

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

bogus sale and sums credited in the assessee account are treated as unexplained cash credit under section 68 of the I.T. Act and added to the total income of the assessee during the year.” 4. Aggrieved with the assessment order, the assessee filed an appeal before the Ld. CIT(A), who issued notices for hearing and after considering the assessment