M/S ABHIJEET ENTERPRISE LTD.,KOLKATA vs. ITO, WARD 2(2), KOLKATA, KOLKATA

In the result the appeal of the assessee is allowed for statistical purpose

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 68 of the Income Tax Act. As there was no case for disallowance for corresponding purchase, no addition could

BIDIT FINANCIAL MANAGEMENT PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-7(1), KOLKATA, KOLKATA

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.579/Kol/2017 ("नधा"रणवष" / Assessment Year:2012-13)

section 68 is prospective and applicable only from assessment year 2013-14. With this background, now we shall proceed to examine in the assessee`s case under consideration, whether assessee has discharged his onus toprove, prima facie, the identity, creditworthiness and genuineness of the share capital and share premium received by it from share subscribers companies. 9. We note that

ITO, WARD - 6(1), KOLKATA , KOLKATA vs. M/S. DELIGHT GRIH NIRMAN PVT. LTD., , KOLKATA

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1755/Kol/2017 ("नधा"रणवष" / Assessment Year: 2012-13)

section 68 namely: identity, creditworthiness and genuineness. Therefore, Assessing Officer was right in making the disallowance u/s 68 of the Act. Apart

ITO, WARD-12(3), KOLKATA, KOLKATA vs. M/S SPLENDOUR VILLA MAKERS PVT. LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1768/Kol/2016 Assessment Year : 2012-13 Ito, Ward-12(3), Kolkata -Vs- M/S Splendour Villa Makers Pvt. Ltd. [Pan: Aahcs 9726 M] (Appellant) (Respondent)

Section 68 of the Act. Therefore, we do not want to interfere in the impugned order of Ld. CIT(A) which is confirmed and consequently the ground no. 1 raised by the revenue is dismissed. 6. The last issue to be decided in this appeal is as to whether the ld CITA was justified in deleting the disallowance

DCIT, CIR.-11(1), KOLKATA, KOLKATA vs. M/S JAGANNATH BANWARILAL TEXOFABS PVT. LTD., KOLKATA

Bench: Shri A. T. Varkey, Jm & Shri A.L.Saini, Am]

Section 68 stood satisfied. The Ld. DR thereafter took us through the relevant documents furnished by the assessee company in their Paperbook. With regard to the identity of the share subscribers, he submitted that all the share applicants were paper companies and the fact that none of the Directors attended the summons proved their non-existence. Thereafter

KANCHAN PLYWOOD PRODUCTS PVT. LTD., ,JALPAIGURI vs. ITO, WARD - 1(2), JALPAIGURI, JALPAIGURI

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini Am]

disallowed the entire share application money raised from the share applicant during the year under consideration on the ground that directors of the share subscribing companies failed to appear before him and that the funds received by the investor companies from different sources were passed on to the assessee-company on the same day. We note that the shares were

ITO, WD-6(4), KOLKATA, KOLKATA vs. M/S WIZ TECH SOLUTIONS PVT. LTD., KOLKATA

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

disallowed the entire share application money raised from the share applicants during the year under consideration on the ground that directors and shareholder companies failed to appear before him. We note that these shares were issued to the following shareholders: 3 Wiz-Tech Solutions Pvt. Ltd., AY 2012-13 4 Wiz-Tech Solutions

DCIT, CENTRAL CIRCLE - 2(4), KOLKATA , KOLKATA vs. M/S. MAA ANNAPURNA TRANSPORT AGENCY LTD., , KOLKATA

In the result, the appeal of revenue is dismissed

Bench: Shri A.T. Varkery, Jm & Dr. Arjun Lal Saini, Am ]

Section 68 of the Act. Therefore, we do not want to interfere in the impugned order of Ld. CIT(A) which is confirmed and consequently the appeal of Revenue is dismissed. 25. Ground no. 2 of revenue is against the action of the ld. CIT(A) in deleting the addition of Rs.12,75,987/- on account of interest payment

BALHANUMAN COMMODEAL PVT. LTD.,KOLKATA vs. ITO, WARD-5(4), KOLKATA

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2012-13

section 68 of I.T. Act. But the assessee failed to give any explanation. Accordingly, Rs. 1,40,00,000/- was disallowed

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

68 of the I.T. Act, 1961.  The AO also made disallowances u/s. 14A of the I.T. Act, 1961 even though no income was earned which could have been claimed as exempt. The AO did so by way of referring to Board Circular No. 5/2014 dated 11.12.2014. DECISION : In this case, the assessment was completed u/s. 147 read with 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.

section 68 of the Income Tax Act, 1961. 5. That the appellant craves leave to add, alter or delete all or any of the grounds of appeal.” 3. Facts in brief are that the assessee is a private limited company engaged in the business of development of property. Nil income declared in the return for Assessment Year 2012-13 furnished

D.C.I.T.,CIRCLE-1(4), KOLKATA vs. EDMOND FINVEST PVT. LTD., KOLKATA

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

Bench: Sri Sanjay Garg & Dr. Manish Borad

disallowance of Rs. 1,00,00,000/- as alleged unexplained cash credit under Section 68 of the Act and consequently

INCOME TAX OFFICER-WARD-12(1), KOLKATA, KOLKATA vs. M/S STANDARD LEATHER PVT. LTD., KOLKATA

In the result, Revenue’s appeal stands dismissed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Years:2010-11

disallowed the purchases from those creditors nor the trading results were disturbed. In CIT vs. Ritu Anurag Aggarwal –IT Appeal No. 325 of 2008 dated 22/7/2009, dealing with section 68

L B SAREE EMPORIUM,KOLKATA vs. ACIT, CIR. 43, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Dr. Manish Borad (Accountant Member), Shri Pradip Kumar Choubey (Judicial Member)

section 68 of the Act. Similarly interest expenditure claimed in respect of alleged 28 parties amounting to Rs.42,19,262/- was also disallowed

SRIDHARPUR CO-OPERATIVE BANK,BARDHAMAN vs. ITO, WARD-3(2), BURDWAN

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

Bench: Shri George Mathan & Shri Rakesh Mishra

section 68 of the I.T Act, 1961 money deposited in S.B.N. during the Demonetization period of Rs. 100714500/- as unexplained income which is grossly illegal and unwarranted and unjustified. 2) That the Learned A.O. disallowed

A.C.I.T.,CIRCLE-49(1), KOLKATA vs. M/S VISWAKARMA RESIDENCY, KOLKATA

Appeal is dismissed

Bench: Shri Sanjay Garg & Dr. M.L.Meenaआयकर अपील सं.य/ Assessment Years:2016-17 बनाम / Acit, Cir-49(1), Kolkata M/S. Viswakarma Residency Uttarpan Complex, Ds-Iv, V/S. 2Nd Fl., Manicktala Civick Centre, Block-2 & 3, 2Nd Fl., Kolkata-700 054. Pan: Aaifv3279Q अपीलाथ" /Appellant ""यथ" /Respondent .. Hearing Through Video Conferencing अपीलाथ" क" ओर से/By Appellant Shri Manish Kanojia, Cit, Dr ""यथ" क" ओर से/By Respondent Shri S.M Surana, Advocate, Ar सुनवाई क" तार"ख/Date Of Hearing 04-08-2021 घोषणा क" तार"ख/Date Of Pronouncement 26-10-2021

disallowed. In response to the said notice the assessee filed written submission stating filed a copy of reply of the CPIO and Deputy Director, Ministry of Corporate Affairs, Government of India dated 16.05.2018 whereby in response to RTI Query dated 24.04.2018 to the Department of Revenue forwarded to it through the coordination Section vide OM dated 04.05.2018, it has been

TRUE-MAN CONSULTANTS PVT. LTD. ,KOLKATA vs. ITO,WARD-7(2),KOLKATA. , KOLKATA

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

Bench: Sri Rajpal Yadav & Dr. Manish Borad

68 of the Act for the alleged unexplained cash credit of Rs. 6.52 Crore received by the assessee towards share capital and share premium. Ld. AO also made disallowance u/s 14A of the Act of Rs. 1,02,350/- observing that the assessee had made investments in equity shares. Income assessed at Rs. 6,53,76,770/-. 4. Aggrieved

DCIT, CIRCLE-3(1), KOLKATA, KOLKATA vs. M/S. LAL BABA SEAMLESS TUBES PVT. LIMITED , KOLKATA

In the result, the appeal of the assessee is treated as allowed for statistical purposes, while the appeal of the Revenue is treated as partly allowed for statistical purposes

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri S.S. Viswanethra Ravi

section 13 of 1922 Act, arises only where no method of accounting has been regularly employed by assessee or where method employed is such that income, profits and gain could not properly be deduced therefrom – held, yes.” In view of the above discussion and the ratio of the cited case laws, it is held that the AO was not justified