BEGRAJ AGARWAL & ORS HUF,KOLKATA vs. I.T.O., WARD - 34(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Ito, Ward 34(1), Kolkata Begraj Agarwal & Ors. Huf Aaykar Bhavan Poorva, 110, Diamond Heritage, Unit No.609, Strand Road, Kolkata-700001 Shantipally, Kolkata-700107, Vs. West Bengal West Bengal (Appellant) (Respondent) Pan No. Aabhb8295F Assessee By : Shri S.M. Surana, Ar Revenue By : Shri Amuldeep Kaur, Dr Date Of Hearing: 19.12.2024 Date Of Pronouncement : 15.01.2025

section 148 of the Act is bad in law and is invalid as the reopening has been made on the wrong premises that Long Term Capital Gain of ₹94,38,891/- on sale of shares of Sulbha Engineering was not returned by the assessee during the year nor any money was credited qua the shares of Sulbha Engineering. Therefore, very

SAMRAT FINVESTORS PRIVATE LIMITED. ,KOLKATA vs. ITO, WARD- 10(2),KOLKATA. , KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 840/Kol/2023 Assessment Year: 2014-15 Samrat Finvestors Private Limited Income Tax Officer, Ward – 10(2), 20/1, Maharshi Debendra Vs Kolkata 2Nd Floor, Room No. 13A Kolkata - 700007 [Pan : Aadcs4698G] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Soumitra Choudhury, A/R Revenue By : Shri B.K. Singh, Jcit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 14/12/2023 घोषणा क" तारीख /Date Of Pronouncement: 11/01/2024 आदेश/O R D E R Per Shri Rajesh Kumar: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi, [Hereinafter The “Ld. Cit(A)”] Dt. 27/06/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2014-15. 2. The Assessee In The Instant Appeal Has Raised Two Effective Issues In The Various Grounds Before Us Which Are Summed Up As Under:- (I) That The Ld. Cit(A) Has Erred On Facts & In Law In Confirming The Disallowance Of Rs.3,98,50,208/- As Made By The Assessing Officer On Account Alleged Bogus Loss In Share Trading & In F&O Segment. (Ii) The Ld. Cit(A) Has Erred On Facts & In Law In Upholding The Addition Of Rs.11,58,944/- As Made By The Assessing

section 133(6) of the Act to the purchaser/sellers or stock exchange or brokers, has merely relied on the investigation wing/SEBI reports. We find no whisper in the assessment order disbelieving the evidences filed by the assessee or rejecting the same and the Assessing Officer has merely proceeded on an assumption that the transactions entered into by the assessee during

NALANDA BUILDERS PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 2(1), KOLKATA, KOLKATA

In the result the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 763/Kol/2022 Assessment Year: 2013-14 Nalanda Builders Pvt. Ltd. Dcit, Central Circle-2(1), Kolkata 5, Sree Charan Sarani Vs Bally Howrah – 711201 (West Bengal) [Pan : Aabcn7736Q] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Soumitra Choudhury, A/R Revenue By : Shri P.P. Barman, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 30/11/2023 घोषणा क" तारीख /Date Of Pronouncement: 11/01/2024 आदेश/O R D E R Per Shri Rajesh Kumar: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi, [Hereinafter The “Ld. Cit(A)”] Dt. 23/11/2022, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2013-14. 2. The Issues Raised In Ground Nos. 2 To 4 Is Against The Confirmation Of Addition As Made By The Assessing Officer On Account Of Difference Between The Value Taken By The Assessee & The Fair Market Value (Fmv) U/S 50C Of The Act. 3. The Facts In Brief Are That During The Year, The Assessee Sold Two Flats For An Aggregate Consideration Of Rs.3,00,00,000/- & Accordingly Addition Of Rs.3,26,37,314/- Was Made To The Income Of The Assessee. In 2

section 133(6) of the Act to the purchaser/sellers or stock exchange or brokers, has merely relied on the investigation wing/SEBI reports. We find no whisper in the assessment order disbelieving the evidences filed by the assessee or rejecting the same and the Assessing Officer has merely proceeded on an assumption that the transactions entered into by the assessee during

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. DOLLAR HOLDING PVT. LTD., KOLKATA

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

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

section 14A of the Act on account of expenses incurred to earn exempt income to Rs. 86,368/- in contravention of CBDT's Circular No. 5/2014 dated 11/02/2014?” 04. Brief facts of the case are that the assessee filed the return of income on 29.09.2015, declaring total loss of ₹10,22,220/-, which was selected for scrutiny under Computer Assisted

DEPUTY COMMISSOENR OF INCOME TAX, KOLKATA vs. DOLLAR HOLDING PVT. LTD., KOLKATA

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

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

section 14A of the Act on account of expenses incurred to earn exempt income to Rs. 86,368/- in contravention of CBDT's Circular No. 5/2014 dated 11/02/2014?” 04. Brief facts of the case are that the assessee filed the return of income on 29.09.2015, declaring total loss of ₹10,22,220/-, which was selected for scrutiny under Computer Assisted

ITO, WARD-4(4), KOLKATA vs. M/S KEMEX ENGINEERING (P) LTD, KOLKATA

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2012-13

133(6) of the Act. The facts and circumstances furnished by the shareholders in response thereto, supported the AR’s contention that the identity of all the five share subscribing companies stood established. Referring to the copies of the bank statements, the AR established that payment of subscription amounts were recorded in the bank statements of the respective companies

SANJAY KUMAR SINGH,KOLKATA vs. ACIT, E-ASSESSMENT CENTRE, DELHI

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

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2020-21

section 56(2)(x)(b) and added to the income of AY 2020-21. Since no reply was filed, therefore, a sum of Rs. 49,00,000/- was added on account of capital gains. As regards income from other sources, a sum of Rs.1,46,23,369/- was also added u/s. 56(2)(x)(b) of the Act. Before

DCIT, CENTRAL CIRCLE-4(2), KOLKATA, AAYAKAR BHAWAN POORVA, KOLKATA vs. ALOM EXTRUSIONS LIMITED, KOLKATA

In the result, the appeal of the revenue stands dismissed

Bench: Shri Sanjay Garg & Rajesh Kumari.T.A No.908/Kol/2023 Assessment Year: 2015-16 Dcit, C.C-4(2), Kolkata.................................................................……Appellant Vs. Alom Extrusions Ltd.........................…................…........……...…..…..Respondent 7B, Alom House, Pretoria Street, Kolkata-700071. [Pan: Aaaco3518N] Appearances By: Shri S. Dutta, Cit-Dr, Appeared On Behalf Of The Appellant. Shri A.K. Tibrewal, Fca & Amit Agrawal, Advocate, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : November 09, 2023 Date Of Pronouncing The Order : December 14, 2023 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Department Against The Order Dated 14.06.2023 Of The Commissioner Of Income Tax(Appeals)- 27, Kolkata (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Revenue In This Appeal Has Taken The Following Grounds Of Appeal: “1. That In The Facts & Circumstances Of The Case & In Law, The Ld. Cit(A) Has Erred In Deleting The Addition Made U/S 68 On Account Of Unsecured Loan Amounting To Rs.3,00,00,000/- As Unexplained Cash Credit Without Appreciating The Material Brought On Record & Facts Evaluated By The A.O In The Assessment Order.

section 133(6) to the lenders where duly acknowledged and all the lenders confirmed the loan transactions by filing the documents which were placed before the tribunal in the form of a paper book. These materials were available on the file of the Assessing Officer and there is no discussion on this aspect. Thus, the tribunal rightly dismissed the appeal

DCIT, C.C.-3(4), KOLKATA vs. M/S TANISHQUE TRADE LINK PVT. LTD, HOWRAH

In the result, appeal of the revenue is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 17/Kol/2021 Assessment Year: 2008-09 Deputy Commissioner Of Income Tanishque Tradelink Pvt. Ltd. Tax, Central Circle-3(4), Kolkata Vs Bhabatarini Apartment G.T. Road, Room No. 602 Howrah - 711201 [Pan : Aacct7512R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tibrewal, Fca Revenue By : Shri Biswanath Das, Cit D/R सुनवाई क" तारीख/Date Of Hearing : 18/01/2023 घोषणा क" तारीख /Date Of Pronouncement: 16/03/2023 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-6, Kolkata (Hereinafter The “Ld. Cit(A)”) Dated 24/09/2020, Passed U/S 250 Of The Income Tax Act, 1961 (‘The Act’), For Assessment Year 2008-09. 2. The Revenue Has Raised The Following Grounds Of Appeal:- “1. That On Facts & In The Circumstances Of The Case, The Ld. Cit(A) Has Erred In Law As Well As In Facts In Allowing The Bogus Share Capital Raised In The Books Of The Assessee Without Appreciating The Fact That The Assessee Failed To Discharge Its Primary Onus To Prove & Establish The Identity & Creditworthiness Of The Investor Companies & Genuineness Of The Transaction. 2. That On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Has Erred In Law As Well As In Facts In Ignoring That The Identity & Creditworthiness Of The Shareholders & Even The Genuineness Of The Transactions Remained Unexplained. 3. That On Facts & In The Circumstances Of The Case, The Ld. Cit(A) Has Erred In Not Invoking His Powers U/S. 250(4) Of The I.T. Act, 1961 In Directing The Assessing Officer To Make Further Enquiry & Report The Results Of The

133(6) (ii) Copy of IT Acknowledgment for the relevant AY 2012-13 (iii) Copy of the Annual Financial Statements for the year ended 31.03.2012 (iv) Copy of the Letter of Confirmation along with Bank Statement evidencing the source of funds out of which monies were paid to the assessee I.T.A. No. 17/Kol/2021 Assessment Year: 2008-09 Tanishque Tradelink

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. GOLDEN GOENKA CREDIT PRIVATE LIMITED , KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar (Accountant Member), Shri Pradip Kumar Choubey (Judicial Member)

section 133(6) to the lenders where duly acknowledged and all the lenders confirmed the loan transactions by filing the documents which were placed before the tribunal in the form of a paper book. These materials were available on the file of the Assessing Officer and there is no discussion on this aspect. Thus, the tribunal rightly dismissed the appeal

VESHNAWY VYAPAAR PVT. LTD.,KOLKATA vs. ITO, WARD - 9(2), KOLKATA , KOLKATA

In the result, appeal of the assessee is dismissed

Bench: Shri Rajpal Yadav, Vice- & Dr. Manish Borad

capital and reserve & surplus in the form of share security premium received by various share subscriber companies, which are sufficient enough to explain the investment. Various judgments have also referred to in the light of these details and also the facts that parties have also replied to the notices issued under section 133(6) in the proceedings carried

MOUL SHREE JHUNJHUNWALA,KOLKATA vs. ITO, WARD-12(3), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Boradi.T.A. No. 426/Kol/2021 Assessment Year: 2012-2013 Moul Shree Jhunjhunwala,……………….……Appellant 58/3, Kutir Udyog Kendra, Biplabi Rash Behari Basu Road, Canning Street, Kolkata-700001 [Pan:Acqpj6330E] -Vs.- Income Tax Officer,………………………….……Respondent Ward-12(3), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri Miraj D. Shah, A.R., Appeared On Behalf Of The Assessee Shri P.P. Barman, Addl. Cit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : June 05, 2024 Date Of Pronouncing The Order : August 23Rd, 2024 O R D E R

capital gain. He has neither referred any such information possessed by him nor has supplied any copy to the assessee, rather perusal of these reasons would indicate that it is simply an 6 Moul Shree Jhunjhunwala exercise to issue notice under section 148 without possessing any information. The ld. Assessing Officer has alleged that he has issued notice under section

VISH REALTY SOLUTIONS PRIVATE LIMITED ,KOLKATA vs. I.T.O.,WARD-5(3), KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 250/Kol/2020 Assessment Year: 2012-13 Vish Realty Solutions Private Limited Income Tax Officer, Ward-5(3), 55, Ezra Street Vs Kolkata 2Nd Floor Kolkata - 700001 [Pan : Aadcv9938N] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S. Jhajharia, A/R Revenue By : Shri Vineet Kumar, Addl. Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 16/01/2024 घोषणा क" तारीख /Date Of Pronouncement: 21/02/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Commissioner Of Income Tax (Appeals) -10 (Hereinafter The “Ld. Cit(E)”) Dt. 02/12/2019, Passed U/S 263 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2012-13. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. That The Learned Commissioner Of Income Tax (Appeals)-Io, Kolkata Erred In Passing An Order Dated 2Nd Of December, 2019 Under Section 143(3) Of The Income Tax Act, 1961 Dismissing The Appeal Of The Appellant Without Allowing Reasonable Opportunity Of Being Heard. 2. That The Learned Commissioner Of Income Tax (Appeals) - 10, Kolkata Erred In Confirming The Addition Of Share Application Money Ofrs. 5,86,00,000/- Made By The Assessing Officer Under Section 68 Of The Income Tax Act, 1961 On Irrelevant Considerations & Arbitrary Grounds.

gain. 10.1. In the paper book, the assessee had filed the confirmation letters and all the share subscribers have stated to have given the share application money and the source of such share application money in the confirmation letter which the share applicants received before making the investment in the assessee company. In other words, source of source has been

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. RAJA SHELTERS PRIVATE LIMITED, KOLKATA

In the result, the appeal of the revenue is dismissed

section 133(6) to the lenders where duly acknowledged and all the\nlenders confirmed the loan transactions by filing the documents which\nwere placed before the tribunal in the form of a paper book.\nThese materials were available on the file of the Assessing Officer and\nthere is no discussion on this aspect. Thus, the tribunal rightly dismissed\nthe appeal

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

Gains or Short Term Capital Loss by various beneficiaries. The AO also failed to analyze the DIT's report and the various names of the brokers and share dealers who were perpetrating the large economic scam adopting this unique modus operandi of artificially hiking the share price even when there was no inherent value of the company to generate

AJAY GOEL, LEGAL HEIR OF LATE MANJU GOEL,KOLKATA vs. ITO, WARD - 4(4), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Duvvuru Rl Reddy, Vice-(Kz) I.T.A. No. 2450/Kol/2024 Assessment Year: 2013-2014 Ajay Goel (Legal Heir Of Late Manju Goel),…Appellant Flat 4H, 4Th Floor, Lake Plaza, 277, Jessore Road, Lake Town, Kolkata-700048 [Pan:Adcpg2207N] -Vs.- Assessing Officer,…………..……….…………...Respondent National Faceless Appeal Centre (Nfac), Delhi Appearances By: Shri Soumitra Choudhury, A.R., Appeared On Behalf Of The Assessee Shri Susanta Saha, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing: March 10, 2025 Date Of Pronouncing The Order: May 28, 2025 O R D E R

capital gain through share transactions of penny stock companies listed with Bombay Stock Exchange. As per the information received, the assessee had transacted in shares of ‘CCL International’ during Financial Year 2012-13 and she is one of such beneficiaries. In view of this, notice under section 133(6

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. RITESH PROPERTIES PRIVATE LIMITED, KOLKATA

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Pradip Kumar Choubey&Shri Sanjay Awasthi]

gain/ loss through penny stocks and cases of accommodation entries) as mentioned this circular no. 5/2024 dated 15.03.2024. d) The revenue craves the right to add, alter, amend or withdraw any grounds of appeal before or at the time of hearing. 5. Contrary to that the Ld. A.R first of all opposed the appeal by submitting that the tax effect

MUNMUN NAYAK,BURDHWAN vs. ITO, WARD 2(2), BURDWAN

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

Bench: Shri Duvvuru Rl Reddy, Vice-(Kz) I.T.A. No. 948/Kol/2024 Assessment Year: 2012-2013 Munmun Nayak,………………………………………Appellant C/O. S.N. Ghosh & Associates, Advocates, “Sagar Mansion”, 2, Garstin Place, 2Nd Floor, Suite Nos. 202 & 203, Hare Street, Kolkata-700001, West Bengal [Pan:Aicpn6605L] -Vs.- Income Tax Officer,………………….…………...Respondent Ward-2(2), Burdwan, Kachari Road, Court Compound, P.O. & P.S. Burdwan, Dist. Purba Bardhaman-713101, W.B, Appearances By: Shri Somnath Ghosh, A.R., Appeared On Behalf Of The Assessee Shri Somnath Das Biswas, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing: April 30, 2025 Date Of Pronouncing The Order: May 30, 2025 O R D E R

section 133(6) of the Act was issued to the Banks. During scrutiny proceedings, it was observed 2 Munmun Nayak that the assessee failed to produce any documents from where she claimed long-term capital gain