M/S ESTIN TIE UP PVT. LTD.,KOLKATA vs. A.C.I.T., CENTRAL CIRCLE-1(2), KOLKATA

In the result, the two cross appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

Bench: Shri Duvvuru Rl Reddy & Shri Rakesh Mishra

revised on 20.1.2009. (page 157-159). The respondent was entitled to Rs.500/- per sq ft of the actual sale made by the developer in the year. The respondent got the property again revalued by the registered valuer on 6.8.2011 who valued the property at Rs. 90,00,00,000/- (vide paper book page 160-166). The effect to the said

PRATIK AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, C.C.-3(1), , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

263), the Court decided the issue against the assessee and in favour of the Revenue. The assessee in this case submitted in support of the genuineness of the Long Term Capital Gain on Penny stock on direct evidence, such as the contract notes from the brokers, profit & loss A/c, Balance Sheet, computation of total income, proximate facts and circumstances surrounding

PINKY AGARWAL ,KOLKATA vs. ACIT, CC-3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

263), the Court decided the issue against the assessee and in favour of the Revenue. The assessee in this case submitted in support of the genuineness of the Long Term Capital Gain on Penny stock on direct evidence, such as the contract notes from the brokers, profit & loss A/c, Balance Sheet, computation of total income, proximate facts and circumstances surrounding

M/S. NISHIT AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

263), the Court decided the issue against the assessee and in favour of the Revenue. The assessee in this case submitted in support of the genuineness of the Long Term Capital Gain on Penny stock on direct evidence, such as the contract notes from the brokers, profit & loss A/c, Balance Sheet, computation of total income, proximate facts and circumstances surrounding

M/S. GATEWAY FINANCIAL SERVICES LTD., ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

263), the Court decided the issue against the assessee and in favour of the Revenue. The assessee in this case submitted in support of the genuineness of the Long Term Capital Gain on Penny stock on direct evidence, such as the contract notes from the brokers, profit & loss A/c, Balance Sheet, computation of total income, proximate facts and circumstances surrounding

RUSSEL CREDIT LIMITED,KOLKATA vs. PCIT, KOL, KOLKATA

The appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Sanjay Awasthiassessment Year: 2018-19

revised return was filed on 2 Russel Credit Ltd. : AY: 2018-19 29.03.2019 at an income of Rs. 36,18,36,450/-. Thereafter, assessment was completed u/s 143(3) of the Act on 08.03.2021 at an income of Rs. 39,76,74,478/-. Following this assessment order, a notice u/s 263 of the Act was issued on 30.11.2022 and thereafter

ITO, WD.9(1), KOLKATA vs. M/S MAHARAJ VINCOM PVT. LTD., KOLKATA

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.35/Kol/2021 Assessment Year: 2009-10 Ito, Ward-9(1), Kolkata……………….......................…...……………....Appellant Vs. M/S Maharaj Vincom Pvt. Ltd……............…..........................…..…..... Respondent 69, Jamunalal Bajaj Street, Kolkata- 700007. [Pan: Aafcm6496E] C.O. No.6/Kol/2023 (A/O I.T.A. No.35/Kol/2021) Assessment Year: 2009-10 M/S Maharaj Vincom Pvt. Ltd……............…..........................…....... Cross-Objector 69, Jamunalal Bajaj Street, Kolkata- 700007. [Pan: Aafcm6496E] Vs Ito, Ward-9(1), Kolkata …………..….......................…...……………....Respondent Appearances By: Shri Miraj D. Shah, Ar, Appeared On Behalf Of The Assessee. Shri Abhijit Kundu, Cit-Dr, Appeared On Behalf Of The Department. Date Of Concluding The Hearing : March 07, 2024 Date Of Pronouncing The Order : May 15, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: This Appeal By The Revenue & Corresponding Cross-Objection By The Assessee Have Been Preferred Against The Order Dated 08.09.2020 Of The Commissioner Of Income Tax (Appeals)-7, Kolkata (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’).

revision of a non est order and, therefore, the impugned I.T.A. No.35/Kol/2021 & C.O. No.6/Kol/2023 Assessment Year: 2009-10 M/s Maharaj Vincom Pvt. Ltd. order passed u/s 263 by the Ld.CIT is also nullity in the eyes of law and therefore the same is hereby quashed.” 12. A perusal of the above order reveals that various Courts of Law including

BIJNI DOOARS TEA COMPANY LTD. ,KOLKATA vs. PCIT, KOL-2, KOL, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2018-19 Bijni Dooars Tea Company Principal Commissioner Of Ltd. Income-Tax, Kolkata-2, 4Th Floor, Room No. 1, Kolkata. Vs. Shantiniketan, 8, Camac Street, Kolkata-700017. (Pan: Aabcb1013E) (Appellant) (Respondent)

263 of the Act presupposes existence of an order and as such, there cannot be any revision of a non-existing order. 2. That the Ld. CIT(A) further erred in not appreciating that in the instant case the assessment order is passed u/s. 143(3) of the act, wherein the assessing officer is required to make assessment

VENERABLE ADVERTISING PVT. LTD. ,KOLKATA vs. PCIT,KOL-1, KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawali.T.A. No.459/Kol/2023 Assessment Year: 2018-19 Venerable Advertising Pvt. Ltd....................…...……………....Appellant 6, Kali Krishna Tagore Street, Jorbagan, Kolkata- 700007. [Pan: Aaacv8673M] Vs. Pcit, Kolkata-1, Kolkata…..........................................…..…..... Respondent Appearances By: Shri Aayush Kedia, Ca, Appeared On Behalf Of The Appellant. Shri S. Datta, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : November 30, 2023 Date Of Pronouncing The Order : January 16, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Revision Order Dated 14.03.2023 Of The Principal Commissioner Of Income Tax, Kolkata [Hereinafter Referred To As ‘Pcit’] U/S 263 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Assessee In This Appeal Has Agitated Against The Action Of The Pr. Cit In Exercising His Revision Jurisdiction U/S 263 Of The Act & Thereby Directing The Assessing Officer To Frame The Assessment Afresh. 2. The Brief Facts Of The Case Are That The Assessee Vide Its Return Of Income For The Assessment Year Under Consideration I.E. A.Y 2018-19 Declared Total Income Of Rs.1,09,24,210/- Which Was Accepted By The Assessing Officer In The Assessment Carried Out U/S 143(3) Of The Act. However, Later On, The Ld. Pr. Cit In Exercising Of His Revision

revision I.T.A. No.459/Kol/2023 Assessment Year: 2018-19 Venerable Advertising Pvt. Ltd jurisdiction u/s 263 of the Act, observed from the record that the assessee had shown short term capital gain

GOUTAM GHOSH,HOWRAH vs. P.C.I.T., KOLKATA - 13, KOLKATA

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

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

revision was unjustified. In this case there are similar facts as the assessment order considered by the ld. Pr. CIT Page 11 of 15 I.T.A. No.: 1080/KOL/2024 Assessment Year: 2018-19 Goutam Ghosh. for action u/s 263 of the Act, has been passed u/s 147/143(3) of the Act. The relevant part of the order of the Hon’ble Calcutta

BINA GUPTA,KOLKATA vs. PRINCIPAL COMMISSIONER OF INCOME TAX-10, KOLKATA

In the result, both the appeals of the different assessees are allowed

Bench: Shri Rajesh Kumar&Shri Sonjoy Sarma]

revising the assessment and directing the AO to reassess the income. 4. The Ld. Counsel for the assessee vehemently submitted before us that the assumption of jurisdiction u/s 263 of the Act and passing of a consequent revisionary order u/s 263 of the Act by the ld PCIT is bad in law and nullity for three reasons. One that

KUSUM GUPTA,KOLKATA vs. PRINCIPAL COMMISSIONER OF INCOME TAX, KOLKATA

In the result, both the appeals of the different assessees are allowed

Bench: Shri Rajesh Kumar&Shri Sonjoy Sarma]

revising the assessment and directing the AO to reassess the income. 4. The Ld. Counsel for the assessee vehemently submitted before us that the assumption of jurisdiction u/s 263 of the Act and passing of a consequent revisionary order u/s 263 of the Act by the ld PCIT is bad in law and nullity for three reasons. One that

RAMOTAR CHOUDHARI HUF,KOLKATA vs. PCIT 5 KOLKATA, KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Shri Sanjay Awasthii.T.A. No.1336/Kol/2023 Assessment Year : 2013-14 Ramotar Choudhari Huf.……..…………............…...……………....Appellant 7Th Floor, R.N 25 Fortuna Tower, 23A N.S. Road, Kolkata-1. [Pan: Aanhr9093K] Vs. Pcit-5, Kolkata………….…...............................................…..…..... Respondent Appearances By: Shri S. K. Pransukha, Fca, Appeared On Behalf Of The Appellant. Shri Abhijit Kundu, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : May 06, 2024 Date Of Pronouncing The Order : May 09, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Revision Order Dated 18.10.2023 Of The Principal Commissioner Of Income Tax, Kolkata [Hereinafter Referred To As ‘Pr. Cit’] Passed U/S 263 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Assessee In This Appeal Has Agitated Against The Action Of The Pr. Cit In Exercising His Revision Jurisdiction U/S 263 Of The Act & Thereby Directing The Assessing Officer To Frame The Assessment Afresh. 2. The Brief Facts Of The Case Are That The Assessee Filed Return Of Income For The Year Under Consideration Declaring Total Income Of Rs.2,55,970/- On 21.01.2014. Thereafter, An Information Was Received By The Assessing Officer From Investigation Wing That The Assessee Has

263 of the Act and observed that the assessment order passed u/s u/s 147 r.w.s 144B dated 30.03.2022 was erroneous and prejudicial to the interest of revenue. The ld. Pr. CIT, accordingly, issued show-cause notice to the assessee on 15.02.2023 as to why the assessment order be not revised, the same being erroneous and prejudicial to the interest

ORIENTAL CHARITABLE FOUNDATION,KOLKATA vs. CIT(EXEMPTIONS), KOLKATA

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

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2017-18

revision order of the Ld. Commissioner of Income Tax (Exemptions), Kolkata, (hereinafter referred to as “the Ld. CIT(E)” passed u/s 263 of the Income tax Act, 1961 (hereinafter referred to as the “Act”) vide M. No.CIT(E)/Kol/263/2021-22/193-195 dated 16.03.2022. 2. Grounds of appeal raised by the assessee read as under : “1. That in the facts and circumstances

SHRI BUDHRAJ AGARWAL,KOLKATA vs. ITO, WARD-43(6) , KOLKATA

In the result, the appeal filed by the assessee is allowed in the legal issue as well as on merit

Bench: Sri Rajesh Kumar & Sonjoy Sarma

revising the assessment u/s 263 of the Act. In our opinion, if the AO has examined the issue on the basis of documents furnished by the assessee and taken a plausible view then the jurisdiction u/s 263 of the Act is not available to Ld. Pr. CIT to set aside the assessment framed. The case of the assessee find support

DEEPAK SWITCH GEARS PVT. LTD. ,KOLKATA vs. PCIT, ASANSOL, ASANSOL

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.809/Kol/2023 Assessment Year: 2012-13 Deepak Switch Gears Pvt. Ltd….…......................…...……………....Appellant 48/6, Suman Villa, 2Nd Floor, 155, Jessore Road, Kolkata-700055. [Pan: Aabcd1131H] Vs. Pcit, Asansol….....….........................................................…..…..... Respondent Appearances By: Shri A. K. Tibrewal, Ar, Appeared On Behalf Of The Appellant. Shri Abhijit Kundu, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : April 08, 2024 Date Of Pronouncing The Order : May 07, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Revision Order Dated 30.12.2022 Of The Principal Commissioner Of Income Tax, Kolkata [Hereinafter Referred To As ‘Pr. Cit’] Passed U/S 263 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Assessee In This Appeal Has Agitated Against The Action Of The Pr. Cit In Exercising His Revision Jurisdiction U/S 263 Of The Act & Thereby Directing The Assessing Officer To Frame The Assessment Afresh. 2. The Registry Has Pointed Out That The Appeal Is Time-Barred By 158 Days. A Separate Application Of Condonation Of Delay Has Been Filed, Wherein, It Has Been Pleaded That After Receipt Of The Impugned Order Of The Pr. Cit, The Assessee, Through Its Director, Shri Deep Kishan Saraf, Immediately Approached One Shri Pawan Kumar Agarwal, Chartered

gain anything by making an appeal time barred. Therefore, such a step can never be taken at the end of the assessee to delay the disposal of the appeals. The demand has already been raised against the assessee and it is an adverse order against it unless it is deleted, no benefit would be there to the assessee. Therefore

BRITANNIA INDUSTRIES LTD,KOLKATA vs. DCIT, CIR-7(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

263 of the Act on the ground of lack of enquiry or non-enquiry. Similarly the Coordinate Bench in the case of Peerless General Finance & Investment Company Limited –vs.- CIT (supra) has held as under:- We have considered the rival submissions and also “15. perused the relevant material available on record, ll is observed that the short-term capital gain

SRI SNEHASISH BHAUMIK,KOLKATA vs. PCIT-17, KOLKATA

In the result, the appeal of the assessee is allowed

Capital Gain. Accordingly, the order passed is erroneous and prejudicial to the interest of the Revenue. The Id. PCIT issued notice u/s 263 of the Act on 08.02.2019, as to why the impugned assessment framed should not be revised