DCIT, CIRCLE - 4(2), KOLKATA, KOLKATA vs. M/S SUDARSHAN PAPER & BOARD PVT. LTD., KOLKATA

In the result, both the appeals filed by the revenue are dismissed

Bench: Sri J. Sudhakar Reddy, Hon’Ble & Sri Aby T. Varkey, Hon’Ble) Assessment Year: 2013-14 Deputy Commissioner Of Income Tax, Circle-4(2), Kolkata.................................................Appellant Vs. M/S. Sudarshan Paper & Board Pvt. Ltd….......……….............................…………………........Respondent 27, Brabourne Road Room No. 311 Kolkata – 700 001 [Pan : Aahcs 1241 F] C.O. No. 33/Kol/2018 Assessment Year: 2013-14 M/S. Sudarshan Paper & Board Pvt. Ltd….......……….............................………………….............Appellant 27, Brabourne Road Room No. 311 Kolkata – 700 001 [Pan : Aahcs 1241 F] Vs. Deputy Commissioner Of Income Tax, Circle-4(2), Kolkata.............................................Respondent Assessment Year: 2014-15 Deputy Commissioner Of Income Tax, Circle-4(2), Kolkata.................................................Appellant Vs. M/S. Sudarshan Paper & Board Pvt. Ltd….......……….............................…………………........Respondent 27, Brabourne Road Room No. 311 Kolkata – 700 001 [Pan : Aahcs 1241 F]

cash deposits in bank, were recorded in the regular books of accounts and the details of the same furnished to were recorded in the regular books of accounts and the details of the same furnished to were recorded in the regular books of accounts and the details of the same furnished to the Assessing Officer. As these deposits are part

BISWANATH AGARWALA,KOLKATA vs. ACIT, CIR-43, KOLKATA, KOLKATA

In the result, Grounds No

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

unexplained cash credit under section 68 of the Act. Accordingly, no adverse inference can be drawn against the assessee is such circumstances. Moreover, it is also observed that the sugar comes under essential commodities Act and West Bengal sugar dealers licensing order 2009 and accordingly it regulated by State food & supply Department and enforcement branch. Therefore, we observe that

ACIT, CIRCLE-1, BURDWAN, BURDWAN vs. M/S. BARDHAMAN DHARMARAJ PAPER MILL PVT. LTD., BURDWAN

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year : 2015-16

unexplained cash credits. 6. Ground of appeal I have considered the written submissions of the appellant and also examined the assessment order. I has rightly disallowed the depreciation

M/S. BARDHAMAN DHARMARAJ PAPER MILL PVT. LTD.,BURDWAN vs. ACIT, CIRCLE-2, BURDWAN

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year : 2015-16

unexplained cash credits. 6. Ground of appeal I have considered the written submissions of the appellant and also examined the assessment order. I has rightly disallowed the depreciation

SRI SANJEEV JHUNJHUNWALA, HUF,HOWRAH vs. ITO, WARD - 48(4), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

unexplained cash credit under section 68 of the IT Act. 5.1.4. During the appellate proceedings, the appellant submitted written submissions dated 22.02.2018 and 07.05.2018. The appellant primarily contends that as the purchase of the ITA No.1918-1922/Kol/2018 A.Y 2014-15 Page 4 impugned shares have been effected by payment of cheque .through banking transaction and as the sales are corroborated

SRI ASHOK JHUNJHUNWALA ,HOWRAH vs. ITO, WARD - 34(2), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

unexplained cash credit under section 68 of the IT Act. 5.1.4. During the appellate proceedings, the appellant submitted written submissions dated 22.02.2018 and 07.05.2018. The appellant primarily contends that as the purchase of the ITA No.1918-1922/Kol/2018 A.Y 2014-15 Page 4 impugned shares have been effected by payment of cheque .through banking transaction and as the sales are corroborated

SRI SANJEEV JHUNJHUNWALA,HOWRAH vs. ITO, WARD - 36(3), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

unexplained cash credit under section 68 of the IT Act. 5.1.4. During the appellate proceedings, the appellant submitted written submissions dated 22.02.2018 and 07.05.2018. The appellant primarily contends that as the purchase of the ITA No.1918-1922/Kol/2018 A.Y 2014-15 Page 4 impugned shares have been effected by payment of cheque .through banking transaction and as the sales are corroborated

SMT. NITA JHUNJHUNWALA ,HOWRAH vs. ITO, WARD - 47(2), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

unexplained cash credit under section 68 of the IT Act. 5.1.4. During the appellate proceedings, the appellant submitted written submissions dated 22.02.2018 and 07.05.2018. The appellant primarily contends that as the purchase of the ITA No.1918-1922/Kol/2018 A.Y 2014-15 Page 4 impugned shares have been effected by payment of cheque .through banking transaction and as the sales are corroborated

SMT. SANGITA JHUNJHUNWALA ,HOWRAH vs. ITO, WARD - 47(2), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

unexplained cash credit under section 68 of the IT Act. 5.1.4. During the appellate proceedings, the appellant submitted written submissions dated 22.02.2018 and 07.05.2018. The appellant primarily contends that as the purchase of the ITA No.1918-1922/Kol/2018 A.Y 2014-15 Page 4 impugned shares have been effected by payment of cheque .through banking transaction and as the sales are corroborated

SHRI HRIBU BOSE,ASANSOL vs. I.T.O, WARD-1(2), ASANSOL, ASANSOL

In the result, the appeal filed by the assessee in ITA

Bench: Shri P.M Jagtap & Shri S.S.Viswanethra Ravi

depreciation on dumpers and addition made u/s. 68 of the Act on account of unexplained cash credit. As we have

ITO, WD-5(2), KOLKATA, KOLKATA vs. M/S SAYAJI MARKETING PVT. LTD., KOLKATA

In the result we set aside the order of the Ld

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ] I.T.A No. 282/Kol/2014 Assessment Year : 2010-11 Ito, Ward-5(2), Kolkata -Vs- M/S Sayaji Marketing Pvt. Ltd. [Pan: Aagcs 0147 M] (Appellant) (Respondent) C.O. No. 39/Kol/2018 (Arising Out Of I.T.A No. 282/Kol/2014) Assessment Year : 2010-11 M/S Sayaji Marketing Pvt. Ltd. -Vs- Ito, Ward-5(2), Kolkata [Pan: Aagcs 0147 M] (Cross Objector) (Respondent)

unexplained investment, where there were certain journal entries passed without any cash transactions. It was not a case where cheques have been issued. Thus, on facts this case law does not apply. 9.4.3. In the case of Jatia Investment Co. (supra), the facts were that entries were made in the books of account so as to comply with the directions

M/S. MATARANI VINTRADE PVT. LTD., ,KOLKATA vs. ITO, WARD - 15(1), KOLKATA , KOLKATA

Bench: Hon’Ble Shri P.M. Jagtap, V.P (Kz) & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2012-13

depreciation 9. Computation of total income. 10. Thus, the aforesaid documents were received by the Assessing Officer during assessment proceedings and thereafter he issued notices u/s 133(6) of the Act to all the thirty eight (38) share applicant companies and after perusal of the documents furnished by them (PB-II pages 1-843) and thereafter, summoned the director

ITO, WD-5(3), KOLKATA, KOLKATA vs. M/S BLESSING COMMERCIAL PVT. LTD., KOLKATA

In the result we set aside the order of the Ld

Bench: Hon‟Ble Sri J. Sudhakar Reddy, Am & Sri S.S. Viswanethra Ravi, Jm] I.T.A. No. 271/Kol/2014 Assessment Year : 2010-11 I.T.O., Ward-5(3), Kolkata -Vs.- M/S. Blessings Commercial Pvt. Ltd. 228A, A.J.C. Bose Road, Kolkata – 700 020 [Pan : Aaccb 1349 N] (Appellant) (Respondent) For The Appellant : Shri Goulen Hangshing, Cit, Dr. For The Respondent : Shri Manoj Kataruka, Advocate Date Of Hearing : 12.06.2017 Date Of Pronouncement : 28.06.2017 Order Per J. Sudhakar Reddy, Am This Is An Appeal Filed By The Revenue Directed Against The Order Of The Commissioner Of Income Tax (Appeals)-Vi, Kolkata, (Hereinafter The “Ld. Cit(A)”), Dt. 19/11/2013, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The „Act‟), Relating To Assessment Year 2010-11. 2. Facts In Brief:- The Assessee Is A Company & Is Engaged In The Business Of Finance & Investment. It Filed Its Return Of Income For The Assessment Year 2011-12 On 22/09/2010, Declaring –Nil- Income. It Showed A Loss Of Rs.668/-. The Facts As Recorded By The Assessing Officer In The Assessment Order Are Extracted Below:- “Para 1.2.1 The Assessee Has Shown Receipt Of Under Mentioned Share Capital Of Rs.1,90,00,000/- & Share Premium Of Rs.188,10,00,000/- During The Asst. Year 2010-11. The Assessee Credited Rs.1,90,00,000/- In Total In Its Books Against The Above Receipts. The Assessee Claimed That The Detail Of Receipts Are As Under :-

unexplained investment, 14 I.T.A. No. 271/Kol/2014 Assessment Year : 2010-11 M/s. Blessings Commercial Pvt. Ltd. where there were certain journal entries passed without any cash transactions. It was not a case where cheques have been issued. Thus, on facts this case law does not apply. 9.4.3. In the case of Jatia Investment Co. (supra), the facts were that entries were

ACIT, INTERNATIONAL TAXATION CIR.-1(2), KOLKATA , KOLKATA vs. MAHABIR PRASAD GUPTA , KOLKATA

In the result, the appeal filed by the Revenue and the Cross

Bench: Dr. Manish Borad & Sonjoy Sarma

depreciation and interest. 11. Without prejudice to the merit of the case; considering the entire cash deposit of Rs.1,73,77,481/- as unexplained money under section 69A of Income Tax Act 1961; the Ld. CIT (A) erred in law and facts by deleting the disallowance of Rs.28,27,141/-on account of interest and bank charges while estimating

SHRI RAKESH KUMAR CHAUDHARY,DURGAPUR vs. ACIT, CIR-DURGAPUR, DURGAPUR

Bench: Shri S.S.Godara & Dr. A.L. Saini

unexplained credit on the ground that Rs. 55,16,719/- was claimed as purchase of raw material from Mr. Amalesh Thakur but the same was not proved. The appellant has already submitted before the A.O that "1) In response of your specific query for supply of materials, we are being stated, that has been mistakenly entered in our accounts

ACIT, CIR-1, DURGAPUR, DURGAPUR vs. SHRI RAKESH KUMAR CHOWDHURY, DURGAPUR

Bench: Shri S.S.Godara & Dr. A.L. Saini

unexplained credit on the ground that Rs. 55,16,719/- was claimed as purchase of raw material from Mr. Amalesh Thakur but the same was not proved. The appellant has already submitted before the A.O that "1) In response of your specific query for supply of materials, we are being stated, that has been mistakenly entered in our accounts

AMRABATHI INVESTRA PVT. LTD.,KOLKATA vs. ITO, WARD - 12(3), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed and the appeal of the revenue is dismissed

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.231/Kol/2018 ("नधा"रणवष" / Assessment Year:2009-10)

unexplained cash credit u/s 68 of the Act to the tune of Rs. 14,85,00,000/- cannot be treated as business income because it is not an income classifiable under any heads of income as per section 14 of the Act. Therefore, such income is not eligible to be set off with brought forward business losses and unabsorbed depreciation

ACIT (OSD), WARD - 12(3), KOLKATA, KOLKATA vs. M/S. AMRABATHI INVESTRA PVT. LTD., KOLKATA

In the result, the appeal of the assessee is allowed and the appeal of the revenue is dismissed

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.231/Kol/2018 ("नधा"रणवष" / Assessment Year:2009-10)

unexplained cash credit u/s 68 of the Act to the tune of Rs. 14,85,00,000/- cannot be treated as business income because it is not an income classifiable under any heads of income as per section 14 of the Act. Therefore, such income is not eligible to be set off with brought forward business losses and unabsorbed depreciation

ACIT, CIRCLE-5(2), KOLKATA , KOLKATA vs. M/S NIRNIDHI MARKETING PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

unexplained cash credit. The AO has made observation that no business activity has been carried on justifying the The AO has made observation that no business activity has been carried on justifying the The AO has made observation that no business activity has been carried on justifying the huge premium. It appears that the AO not gone through the accounts