ACIT, CIRCLE - 25, KOLKATA , KOLKATA vs. M/S. MALA ROY & OTHERS, KOLKATA

In the result, this appeal of the In the result, this appeal of the revenue is dismissed

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey) Assessment Year: 2008-09 & Assessment Year: 2012-13

151 is to be made after application of e after application of mind. It is not so in this case as mechanical approval is given by an officer who is not mind. It is not so in this case as mechanical approval is given by an officer who is not mind. It is not so in this case as mechanical

ACIT, CIRCLLE-34, KOLKATA vs. SUBHAS KUMAR KEDIA, KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyआयकर अपील सं/Ita No.1677/Kol/2024 (नििाारण वर्ा / Assessment Year : 2016-2017) Acit, Circle-34, Kolkata Vs Subhas Kumar Kedia, 41, N.S.Road, Kolkata Pan No. :Afnpk 9669 M (अपीलार्थी /Appellant) (प्रत्यर्थी / Respondent) .. नििााररती की ओर से /Assessee By : Ms. Shreya Loyalka, Ar राजस्व की ओर से /Revenue By : Shri P.N.Barnwal, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 21/01/2025 घोषणा की तारीख/Date Of Pronouncement : 17/04/2025 आदेश / O R D E R Per Rajesh Kumar, Am : This Is An Appeal Filed By The Revenue Against The Order Dated 05.06.2024, Passed By The Ld. Cit(A), National Faceless Appeal Centre (Nfac), Delhi, For The Assessment Year 2016-2017, On The Following Grounds Of Appeal :- I) That On The Facts & In The Circumstances Of The Case, The Ld. Cit(Appeals), Nfac, Delhi, Erred In Quashing The Order U/S.148A(D) & All Subsequent Proceedings. Ii) That On The Facts & Circumstances Of The Case, The Ld. Cit(Appeals), Nfac, Delhi, Failed To Acknowledge The Fact That The Assesse Had Not Expressed Any Grievance Against The Validity Of Order U/S 148A(D) By Moving Any Writ Petition Which Should Have Been Done In Case Of Any Grievance After Getting The Sald Order U/S.148A(D). Iii) That On The Facts & Circumstances Of The Case, The Ld. Cit(Appeals), Nfac, Delhi, Erred In Quashing The Order When The Ld. Cit(A) Has No Jurisdiction To Deal With The Question Whether The 148A(D) Order Was Passed Validly Or Properly As An Order U/S.148A(D) Is Not An Appealable Order Before Ld. Cit(A) As Per Section 246A.

151(ii) of the Act. The direction is issued with the caveat that the revenue will have liberty to take steps, if deemed necessary, albeit as per law. 14. Needless to add, the rights and contentions of both the sides will remain open, in the event the revenue triggers reassessment proceedings. 15. The above-captioned writ petitions are disposed

SHRI SAROJ KUMAR PODDAR,KOLKATA vs. DCIT, CIRCLE - 6(1), KOLKATA , KOLKATA

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

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Shri S.S.Godara, Jm] Assessment Year : 2014-15 Shri Saroj Kumar Poddar -Versus- D.C.I.T., Circle-6(1) Kolkata Kolkata (Pan: Aftpp 2386 N) (Appellant) (Respondent) For The Appellant: Shri J.D.Mistry, Sr.Counsel, Sri Ronak G.Doshi & Shri A.K.Gupta, Ar For The Respondent: Shri Girish Dave, Special Counsel & Shri P.K.Srihari, Cit Date Of Hearing : 21.08.2018. Date Of Pronouncement : 16.11.2018 Order Per J.Sudhakar Reddy, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of The Commissioner Of Income Tax-(A)-2, Kolkata Dated 10.07..2017 Passed U/S 250 Of The Income Tax Act, 1961 (The ‘Act ‘) Relating To A.Y. 2014-15, Wherein The Order Passed By The Assessing Officer U/S 143(3) Of The Income Tax Act, 1961 (The ‘ Act’ ) Dated 30.12.2016 Was Confirmed.

2. In any case. the Appellant submitted that the capital gains cannot arise on account of the non-compete agreement entered into by the Appellant on 18 January 1996. The Appellant submits that firstly the compensation of Rs. 200 crores received by the Appellant has no relation to the non-compete agreement dated 18 January 1996 entered into

ANJU DARUKA,BURDWAN vs. ITO, WARD - 3(1),, ASANSOL

In the result, the appeal of the assessee is allowed

2) of the Act by the AO. The\nabove reopening was done after the Id. AO received information from\nthe DIT (Investigation) Kolkata that assessee is beneficiary of\naccommodation entries in the form Long Term Capital Gain. The\nreasons recorded are available at page no. 42 of the paper book,\nwhich has been challenged by the assessee to be vague

I.T.O WD - 2(3),KOLKATA., KOLKATA vs. M/S LGW LTD., NORTH 24 PARGANAS

In the result the appeal of the revenue is dismissed and cross objection of the assessee is partly allowed

Bench: Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2009-10

151 to 595 of the assessee’s paper book. The statement of gains in forex forward contract included in the sales account is at pages 596 to 606 of the assessee’s paper book. The statement of month-wise inventory of stock of cotton is at pages 607- 621 of Assessee’s paper book. 27. We have considered the rival

SURESH KUMAR PODDAR,KOLKATA vs. I.T.O., WARD - 63(4), KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed

Bench: SHRI RAJESH KUMAR (Accountant Member)

capital gain and Rs. 73,60,000/- was added in respect of investment in shares of M/s Shri Ganesh Spinners Limited, controlled and manage Shri Shah. The assessment was framed by the AO was affirmed by the Ld. CIT(A). 6. The ld AR vehemently submitted that the assessment framed by the AO u/s 144/147 of the Act vide order

SHRI RAGHVENDRA MOHTA,KOLKATA vs. ACIT, CIRCLE - 36, KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2014-15

gain from sale of shares of Ashika Credit Capital Ltd. of Rs.29,73,500/- for sale of Rs.42,27,500/- which has been claimed as exempt u/s. 10(38) of the Act. Several other disallowance/additions were made towards bogus interest u/s. 69C, interest expenditure attributable to negative capital, u/s. 14A read with Rule 8D and on account of dividend stripping

1.INCOME TAX OFFICER WARD 3(1), KOLKATA , KOLKATA vs. ANUSHREYA INVESTMENT PRIVATE LIMITED, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Income Tax Officer, Ward 3(1), Anushreya Investment Private Kolkata Limited P-7, Chowringhee Square, 5Th Floor, Mangalam-A, 24 4Th Floor, Aaykar Bhawan Hemanta Basu Sarani, Vs. Poorva, Kolkata-700069, Kolkata-700001, West Bengal West Bengal (Appellant) (Respondent) Pan No. Aacca3658B Assessee By : Shri N.S. Saini, Ar Revenue By : Shri Susanta Saha, Dr Date Of Hearing: 31.10.2025 Date Of Pronouncement: 19.11.2025

2,95,99,250/- in the script JMD Telefilms Ltd. Thereafter, during the course of assessment proceedings, the learned AO noted that assessee has also claimed the short-term capital gain / short-term loss on transactions with Nivyah Infrastructure and Telecom Services Ltd. a penny Stock Listed on BSE with Script Code (517534) involving trade value

M/S. CYGNUS INVESTMENT & FINANCE PVT. LTD.,,KOLKATA vs. ACIT, CENTRAL CIRCLE - 3(3), KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi)

2), the notice reopening the assessment cannot be sustained in law. [Para 7] Under similar circumstances, the Lucknow Bench of the ITAT in the case of Balbir Singh, being ITA No. 880/K/2014, dt. 13/03/2015, wherein the judgement of the Delhi High Court in the case of CIT vs. SPL’s Siddhartha Ltd. [2012] 345 ITR 223 (Delhi) wherein

ITO, WARD - 4(1), KOLKATA, KOLKATA vs. M/S. TRIBUTE TRADING AND FINANCE LTD.,, KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

2. The appellant purchased 29000 shares of NCL Research & Financial Services Ltd. at a consideration of Rs.79,75,000 @ Rs. 275/share. The said shares were credited in the demat account of the Appellant Assessee on 25.07.2012 maintained with Stock Holding Corporation of India Limited. During the previous year relevant to the Assessment Year 2014-15 the Appellant sold 29000 shares

SRI SUBRATA BANERJEE ,KOLKATA vs. ACIT, CIRCLE - 51(1) , KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

2. The appellant purchased 29000 shares of NCL Research & Financial Services Ltd. at a consideration of Rs.79,75,000 @ Rs. 275/share. The said shares were credited in the demat account of the Appellant Assessee on 25.07.2012 maintained with Stock Holding Corporation of India Limited. During the previous year relevant to the Assessment Year 2014-15 the Appellant sold 29000 shares

ITO, WARD - 4(1), KOLKATA, KOLKATA vs. M/S. TRIBUTE TRADING AND FINANCE LTD.,, KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

2. The appellant purchased 29000 shares of NCL Research & Financial Services Ltd. at a consideration of Rs.79,75,000 @ Rs. 275/share. The said shares were credited in the demat account of the Appellant Assessee on 25.07.2012 maintained with Stock Holding Corporation of India Limited. During the previous year relevant to the Assessment Year 2014-15 the Appellant sold 29000 shares

WHITEPIN TIE-UP LTD.,HOWRAH vs. ITO, WD-1(4), KOLKATA, KOLKATA

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

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year:2011-12

Capital Gain of Rs.4,51,20,300.00 which was claimed as exempted income u/s. 10(34) & 10(38) of the Act respectively. The assessee made the disallowance of the expenses incurred in relation to such exempted income under section 14A of the Act for Rs.66,99,516.00 only. However the AO was not satisfied with the disallowance made

NAVIN KUMAR KAJARIA,KOLKATA vs. ACIT, CIRCLE - 35, KOLKATA , KOLKATA

Bench: Shri S.S, Godara

2,93,7201- is added an undisclosed expenditure under section 69C of the Act. ITA No.1254-1255/Kol/2018 A.Y.2014-15 Navin Kr. Kajaria & Smt. Sushila Devi Kajaria Vs. ACIT Cir-35/36 Kol Page 17 6. Commodity loss During the course of assessment proceedings, it is seen that the assessee had booked commodity loss to the tune of Rs.2

SMT. SUSHILA DEVI KAJARIA,KOLKATA vs. ACIT, CIRCLE - 36, KOLKATA , KOLKATA

Bench: Shri S.S, Godara

2,93,7201- is added an undisclosed expenditure under section 69C of the Act. ITA No.1254-1255/Kol/2018 A.Y.2014-15 Navin Kr. Kajaria & Smt. Sushila Devi Kajaria Vs. ACIT Cir-35/36 Kol Page 17 6. Commodity loss During the course of assessment proceedings, it is seen that the assessee had booked commodity loss to the tune of Rs.2

ITO, WARD - 40(2), KOLKATA , KOLKATA vs. SHRI SURESH CHAND GUPTA, KOLKATA

Appeal is dismissed

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2014-15 Ito Ward-40(2) V/S. Shri Suresh Chand Gupta 2Nd Floor, 3 16, Tara Chand Dutta Government Place Street, Kolkata-700073 West,Kolkata-700001 [Pan No.Aczpg 0724 C] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Ajoy Kr. Singh, Cit-Dr अपीलाथ" क" ओर से/By Appellant Shri Manish Tiwari, Fca ""यथ" क" ओर से/By Respondent 26-11-2018 सुनवाई क" तार"ख/Date Of Hearing 26-12-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Revenue’S Appeal For Assessment Year 2014-15 Arises From The Commissioner Of Income Tax (Appeals)-12, Kolkata’S Order Dated 20.04.2017, Passed In Case No.10190/Cit(A)-12/Kol/Ward-40(2)/2016-17, In Proceedings U/S. 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused. 2. The Revenue’S Sole Substantive Ground Raised In The Instant Appeal Pleads That The Cit(A) Has Erred In Law & On Facts In Reversing The Assessing Officer’S Action Treating Assessee’S Alleged Long Term Capital Gains (Ltcg) Of ₹3,84,74,960/- To Be Bogus In The Nature Of Unexplained Cash Credits U/S 68 Of The Act. The Cit(A)’S Detailed Discussion Qua The Impugned Sole Issue Reads As Under:- “3.2 I Have Perused The Observations & Findings Contained In The Assessment Order. I Have Also Considered The Submission Of The Appellant Along With Paper Book Filed By Ld. A/R Which Contained, Inter-Alia, The Following Documents:-

151 (S C) had held that no addition can be made on the basis of surmises, suspicion and conjectures. In the case of CIT(Central), Kolkata vs. Daulat Ram Rawatmull reported in 87 ITR 349, the Hon'ble Supreme Court held that, the onus to prove that the apparent is not the real is on the party who claims

THE PEERLESS GENERAL FINANCE & INVESTMENT CO. LTD.,,KOLKATA vs. DCIT, CIRCLE - 3(1), KOLKATA, KOLKATA

In the result, appeal of the assessee in ITA No

Bench: Shri A.T. Varkey, J.M. & Dr.A.L.Saini, A.M.)

151/­ ITA No. 937/K/18 ITA No. 938/K/18 ITA No. 1439/K/18 A.Y 2010­11 The Peerless General Finance & Investment Co.Ltd 5 B= Average value of investments yielding in the exempt income as submitted by the assessee Rs.251,83,22,935/­ C =Rs.4884,64,29,279/ ­ So the resultant figure of AX B/C = Rs.6,14,29, 152/­ Disallowance of ½ % of average value

THE PEERLESS GENERAL FINANCE & INVESTMENT CO. LTD.,,KOLKATA vs. DCIT, CIRCLE - 3(1), KOLKATA, KOLKATA

In the result, appeal of the assessee in ITA No

Bench: Shri A.T. Varkey, J.M. & Dr.A.L.Saini, A.M.)

151/­ ITA No. 937/K/18 ITA No. 938/K/18 ITA No. 1439/K/18 A.Y 2010­11 The Peerless General Finance & Investment Co.Ltd 5 B= Average value of investments yielding in the exempt income as submitted by the assessee Rs.251,83,22,935/­ C =Rs.4884,64,29,279/ ­ So the resultant figure of AX B/C = Rs.6,14,29, 152/­ Disallowance of ½ % of average value