MANGILAL JAIN ,DARJEELING vs. ITO, WARD - 3(3), DARJEELING , DARJEELING

Appeal is allowed

Bench: Shri S.S, Godaraassessment Year:2014-15 Mangilal Jain Income Tax Officer, बनाम / C/O Advocate Pradip Ward-3(3), Nr. Lal V/S. Lakhotia, 2Nd Floor, Metro Kothi, Darjeeling Plaza, Sf Road, Siliguri-734005 [Pan No.Afkpj 4178 D] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri Dhiraj Lakhotia, A.R अपीलाथ" क" ओर से/By Appellant Shri C.J. Singh, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 05-03-2019 सुनवाई क" तार"ख/Date Of Hearing 15-05-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R This Assessee’S Appeal For Assessment Year 2014-15 Arises Against The Commissioner Of Income-Tax (Appeals)-Siliguri’S Order Dated 22.03.2018 Passed In Case No.69/Cit(A)/Slg/2016-17, Involving Proceedings U/S. 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused. 2. The Assessee’S Sole Substantive Grievance Raised In The Instant Appeal Seeks To Reverse Both The Lower Authorities Findings Treating His Short Term Capital Loss (Stcl) Arising From Sale Of Shares After Payment Of Security Transaction Tax (Stt), Amounting To ₹1,92,320/- As Bogus Unexplained Cash Credits. The Cit(A)’S Detailed Discussion To This Effect Reads As Under:- “4. Decision :- I Have Perused The Assessment Order, The Grounds Of Appeal & The Submissions Made By The Ld.. A/R On Behalf Of The Appellant. My Observations & Findings Are As Under :- 4.1. The Present Appeal Emanates After Disallowing Rs. 11,92,320/- Arising Out Of Shares Transaction & Treated The Same As Bogus. In This Case The Assessee Purchased 32000 Shares Of Global Infratech & Finance Ltd. Through Eureka Stock & Shares Broking Services Limited @ Rs. 77.37 Per Share Aggregating To Rs. 24,79,714/- On 11.02.2014 & Further Sold The

house to these paper companies viz. M/s. Globallnfratech and Finance Limited cannot also be ignored. On careful analysis of all the facts and circumstances stated above, it appears that the assessee had purchased and sold the scrip at pre-determined price, pre-determined time and to pre-determined buyers with the help of accommodation entry providers, share broker

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

House, 18, Deshpriya Park Road, Kolkata-700026 Contact No. 033 30015555. 3. Contract Notes issued regarding sale of equity shares of Unno Industries Ltd. on Bombay Stock Exchange by SEBI registered brokers- Ashika Stock Broking Ltd. and Guiness Securities ltd. are enclosed. Annexure V. 4. The relevant Demat Account statements of Ashika Stock Broking Ltd. and Guiness Securities Ltd. reflecting

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

House, 18, Deshpriya Park Road, Kolkata-700026 Contact No. 033 30015555. 3. Contract Notes issued regarding sale of equity shares of Unno Industries Ltd. on Bombay Stock Exchange by SEBI registered brokers- Ashika Stock Broking Ltd. and Guiness Securities ltd. are enclosed. Annexure V. 4. The relevant Demat Account statements of Ashika Stock Broking Ltd. and Guiness Securities Ltd. reflecting

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

House, 18, Deshpriya Park Road, Kolkata-700026 Contact No. 033 30015555. 3. Contract Notes issued regarding sale of equity shares of Unno Industries Ltd. on Bombay Stock Exchange by SEBI registered brokers- Ashika Stock Broking Ltd. and Guiness Securities ltd. are enclosed. Annexure V. 4. The relevant Demat Account statements of Ashika Stock Broking Ltd. and Guiness Securities Ltd. reflecting

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

House, 18, Deshpriya Park Road, Kolkata-700026 Contact No. 033 30015555. 3. Contract Notes issued regarding sale of equity shares of Unno Industries Ltd. on Bombay Stock Exchange by SEBI registered brokers- Ashika Stock Broking Ltd. and Guiness Securities ltd. are enclosed. Annexure V. 4. The relevant Demat Account statements of Ashika Stock Broking Ltd. and Guiness Securities Ltd. reflecting

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

House, 18, Deshpriya Park Road, Kolkata-700026 Contact No. 033 30015555. 3. Contract Notes issued regarding sale of equity shares of Unno Industries Ltd. on Bombay Stock Exchange by SEBI registered brokers- Ashika Stock Broking Ltd. and Guiness Securities ltd. are enclosed. Annexure V. 4. The relevant Demat Account statements of Ashika Stock Broking Ltd. and Guiness Securities Ltd. reflecting

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

purchase order received by the assessee regarding the alleged sale. The ledger of M/s. Ambika Ispat Udyog is on page 69 of the paper book which contains details, but nothing is mentioned about the details of sales made. Before the Ld. CIT(A)/Ld. AO, the details of transportation could not be furnished. Our attention was also drawn

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

purchase order received by the assessee regarding the alleged sale. The ledger of M/s. Ambika Ispat Udyog is on page 69 of the paper book which contains details, but nothing is mentioned about the details of sales made. Before the Ld. CIT(A)/Ld. AO, the details of transportation could not be furnished. Our attention was also drawn

M/S. PODDAR DEWKI LTD., ,KOLKATA vs. ITO, WARD - 5(2), KOLKATA, KOLKATA

Appeal is partly allowed accordingly

Bench: Shri S.S, Godaraassessment Year:2008-09

bogus ITA No.1661/Kol/2017 A.Y.2008-09 M/s Poddar Dewki Ltd. vs. ITO Wd-5(2), Kol. Page 4 and not allowable therefore. It transpires during the course of hearing that assessee had placed on record its details of purchases as well as sales followed by compliance of sec. 133(6) notice from both the parties concerned. The CIT(A) has admittedly

PURPLE SUPPLIERS PVT. LTD.,SURAT, GUJRAT vs. A.C.I.T., CIRCLE - 5(1), KOLKATA, KOLKATA

In the result, all the three appeal for AYs 2011-12 to 2013-14 of the assessee are allowed

Bench: Dr. Manish Borad & Shri Sonjoy Sarmai.T.A. Nos.757 To 759/Kol/2022 Assessment Years: 2011-12 To 2013-14 Purple Suppliers Pvt. Ltd. ………. Appellant (Pan: Aafcp2218P) Vs. Asstt. Commissioner Of Income Tax, Circle-5(1), Kolkata. ………… Respondent Appearances By: Shri Anil Kochar, Advocate Appeared For Appellant. Shri Subhendu Datta, Cit, Dr Appeared For Respondent. Date Of Concluding The Hearing : 28.05.2024 Date Of Pronouncing The Order : 26.08.2024 Order Per Manish Borad: The Captioned Appeals Filed At The Instance Of The Assessee Pertaining To The Assessment Years (In Short “Ay”) 2011-12 To 2013-14 Are Directed Against The Separate Orders Passed U/S 250 Of The Income Tax Act, 1961 (In Short The “Act”) By Ld. Commissioner Of Income-Tax, Appeal, National Faceless Appeal Centre (Nfac), Delhi [In Short Ld. “Cit(A)”] Dated 03.11.2022 Arising Out Of The Separate Assessment Orders U/S 143(3)/147 Of The Act By Acit, Circle-5(1), Kolkata Dated 31.12.2018. Since Grounds Of Appeal Raised In These Appeals Are Common & Facts Are Identical, Except Variance In Amount, With The Consent Of Both The Parties, We Proceed To Dispose Of All These Appeals By This Consolidated Order For The Sake Of Brevity & Convenience.

House branch having PAN AALCS2336M. The account was opened on 25.0L2008. Date of incorporation 01.10.2007. The account has triggered for high value of non-cash transactions in the current account. As per the information obtained through bank officials the customers is a Gems and Jewellery Trader Transaction pattern shows that account get credit mainly by RTGS & transfer

PURPLE SUPPLIERS PVT. LTD.,SURAT, GUJRAT vs. A.C.I.T., CIRCLE - 5(1), KOLKATA, KOLKATA

In the result, all the three appeal for AYs 2011-12 to 2013-14 of the assessee are allowed

Bench: Dr. Manish Borad & Shri Sonjoy Sarmai.T.A. Nos.757 To 759/Kol/2022 Assessment Years: 2011-12 To 2013-14 Purple Suppliers Pvt. Ltd. ………. Appellant (Pan: Aafcp2218P) Vs. Asstt. Commissioner Of Income Tax, Circle-5(1), Kolkata. ………… Respondent Appearances By: Shri Anil Kochar, Advocate Appeared For Appellant. Shri Subhendu Datta, Cit, Dr Appeared For Respondent. Date Of Concluding The Hearing : 28.05.2024 Date Of Pronouncing The Order : 26.08.2024 Order Per Manish Borad: The Captioned Appeals Filed At The Instance Of The Assessee Pertaining To The Assessment Years (In Short “Ay”) 2011-12 To 2013-14 Are Directed Against The Separate Orders Passed U/S 250 Of The Income Tax Act, 1961 (In Short The “Act”) By Ld. Commissioner Of Income-Tax, Appeal, National Faceless Appeal Centre (Nfac), Delhi [In Short Ld. “Cit(A)”] Dated 03.11.2022 Arising Out Of The Separate Assessment Orders U/S 143(3)/147 Of The Act By Acit, Circle-5(1), Kolkata Dated 31.12.2018. Since Grounds Of Appeal Raised In These Appeals Are Common & Facts Are Identical, Except Variance In Amount, With The Consent Of Both The Parties, We Proceed To Dispose Of All These Appeals By This Consolidated Order For The Sake Of Brevity & Convenience.

House branch having PAN AALCS2336M. The account was opened on 25.0L2008. Date of incorporation 01.10.2007. The account has triggered for high value of non-cash transactions in the current account. As per the information obtained through bank officials the customers is a Gems and Jewellery Trader Transaction pattern shows that account get credit mainly by RTGS & transfer

PURPLE SUPPLIERS PVT. LTD.,SURAT, GUJRAT vs. A.C.I.T., CIRCLE - 5(1), KOLKATA, KOLKATA

In the result, all the three appeal for AYs 2011-12 to 2013-14 of the assessee are allowed

Bench: Dr. Manish Borad & Shri Sonjoy Sarmai.T.A. Nos.757 To 759/Kol/2022 Assessment Years: 2011-12 To 2013-14 Purple Suppliers Pvt. Ltd. ………. Appellant (Pan: Aafcp2218P) Vs. Asstt. Commissioner Of Income Tax, Circle-5(1), Kolkata. ………… Respondent Appearances By: Shri Anil Kochar, Advocate Appeared For Appellant. Shri Subhendu Datta, Cit, Dr Appeared For Respondent. Date Of Concluding The Hearing : 28.05.2024 Date Of Pronouncing The Order : 26.08.2024 Order Per Manish Borad: The Captioned Appeals Filed At The Instance Of The Assessee Pertaining To The Assessment Years (In Short “Ay”) 2011-12 To 2013-14 Are Directed Against The Separate Orders Passed U/S 250 Of The Income Tax Act, 1961 (In Short The “Act”) By Ld. Commissioner Of Income-Tax, Appeal, National Faceless Appeal Centre (Nfac), Delhi [In Short Ld. “Cit(A)”] Dated 03.11.2022 Arising Out Of The Separate Assessment Orders U/S 143(3)/147 Of The Act By Acit, Circle-5(1), Kolkata Dated 31.12.2018. Since Grounds Of Appeal Raised In These Appeals Are Common & Facts Are Identical, Except Variance In Amount, With The Consent Of Both The Parties, We Proceed To Dispose Of All These Appeals By This Consolidated Order For The Sake Of Brevity & Convenience.

House branch having PAN AALCS2336M. The account was opened on 25.0L2008. Date of incorporation 01.10.2007. The account has triggered for high value of non-cash transactions in the current account. As per the information obtained through bank officials the customers is a Gems and Jewellery Trader Transaction pattern shows that account get credit mainly by RTGS & transfer

SHRI ADITYA CHINDALIA ,KOLKATA vs. ITO, WARD - 34(2), KOLKATA

In the result, the appeal is allowed

Bench: Hon’Ble Shri S.S. Godara, Jm] I.T.A No. 2241/Kol/2018 Assessment Year : 2010-11 Smt. Laxmi Devi Chindalia Vs. I.T.O, Ward 34(2) Pan: Acopc8728P Kolkata (Appellant) (Respondent) I.T.A No. 2242/Kol/2018 Assessment Year : 2010-11 Shri Aditya Chindalia Vs. I.T.O, Ward 34(2) Pan: Afkpc6363F Kolkata (Appellant) (Respondent)

Properties and Industries Pvt. Ltd., which was upheld by the Hon'ble Supreme Court. The Hon'ble Tribunal held that the word 'evidence' as used in sec. 143(3) covered circumstantial evidence also. The word 'evidence' as used in sec.143 (3) obviously could not be confined to direct evidence. The word 'evidence' was comprehensive enough to cover the circumstantial evidence

SMT. LAXMI DEVI CHINDALIA ,KOLKATA vs. ITO, WARD - 35(3), KOLKATA

In the result, the appeal is allowed

Bench: Hon’Ble Shri S.S. Godara, Jm] I.T.A No. 2241/Kol/2018 Assessment Year : 2010-11 Smt. Laxmi Devi Chindalia Vs. I.T.O, Ward 34(2) Pan: Acopc8728P Kolkata (Appellant) (Respondent) I.T.A No. 2242/Kol/2018 Assessment Year : 2010-11 Shri Aditya Chindalia Vs. I.T.O, Ward 34(2) Pan: Afkpc6363F Kolkata (Appellant) (Respondent)

Properties and Industries Pvt. Ltd., which was upheld by the Hon'ble Supreme Court. The Hon'ble Tribunal held that the word 'evidence' as used in sec. 143(3) covered circumstantial evidence also. The word 'evidence' as used in sec.143 (3) obviously could not be confined to direct evidence. The word 'evidence' was comprehensive enough to cover the circumstantial evidence

M/S G. D. ENTERPRISE,KOLKATA vs. ACIT, CIR-40, KOLKATA, KOLKATA

In the result, we dismiss both the appeal of the assessee as well of Revenue

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2012-13 M/S G.D. Enterprise V/S. Acit, Circle-40 1/H/1, Raja Janmenjoy 3, Government Place Road, Kolkata-700010 (West), Kolkat- [Pan No.Aacfg 4533 A] 700001 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri J.M. Thard, Advocate अपीलाथ" क" ओर से/By Appellant Shri Sourav Kumar, Addl. Cit-Sr-Dr ""यथ" क" ओर से/By Respondent 14-01-2019 सुनवाई क" तार"ख/Date Of Hearing 15-03-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee’S Appeal For Assessment Year 2012-13 Arises Against The Commissioner Of Income Tax (Appeals)-13, Kolkata’S Order Dated 31.12.2015, Passed In Case No.1046/Cit(A)-13/Kol/Cir-45/2014-15, Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties Case File Perused. 2. The Assessee’S Sole Substantive Ground Seeks To Reverse Both The Lower Authorities’ Action Treating Its Purchases Amounting To ₹3,39,04,027/- As Bogus In Assessment As Affirmed In Lower Appellate Proceedings. The Cit(A)’S Detailed Discussion To This Effect Reads As Under:- “5. Decision 5.1 Appellant'S Submission & Facts Available On Record Is Carefully Considered. The Assessee Has Argued That It Had Made All Payments Through Account Payee Cheque & From Your Petitioner Site There Is No Mistake As Per Law & Income Tax Act. So The Disallowance Of Purchase Against Payment Through Account Payee Cheque Would Not Be False & It May Be Accepted

bogus purchases even after giving several opportunities on 29-8-2014, 05-09-2014, 09-09-2014 & 16-09-2014. 3. The AO conducted Inquiry and found that the purchase are not genuine party wise observation is given in the forth coming para . 3.1 on enquires made by the office on 09-10-2014 MI5 M.D Leather 15F Paymental Garden

ITO, WARD - 36(1), KOLKATA, KOLKATA vs. SHRI RAKESH AGARWAL, KOLKATA

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

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.2008/Kol/2017 ("नधा"रणवष" / Assessment Year: 2013-14)

bogus. In the remand, the Ld. AO has mentioned that the assessee produced the copy of Profit & Loss accounts as well as the Balance sheet of the parties namely M/s Sri Sai Durga Steel Enterprises and M/s Kailash Steel Enterprises. The Ld. AO has observed in the remand report that the appellant had not submitted any annexures which were

NALINI KEJRIWAL ,KOLKATA vs. ITO, WARD-35(2), KOLKATA., KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawali.T.A. No.672/Kol/2023 Assessment Year : 2015-16 Nalini Kejriwal……..……….….…………............…...……………....Appellant 7, Lyons Range, Dalhousie, Kolkata – 1. [Pan: Ajopk0890K] Vs. Ito, Ward-35(2), Kolkata…….............................................…..…..... Respondent Appearances By: Shri Ravi Tulsiyan, Ar, Appeared On Behalf Of The Appellant. Shri Umakanta Dhrupati, Addl. Cit-Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : March 14, 2024 Date Of Pronouncing The Order : May 20, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 11.05.2023 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Assessee In This Appeal Has Taken The Following Grounds Of Appeal: “1A) That, On The Facts & In The Circumstances Of The Case, The Ld. C.I.T.(A) Erred In Confirming The Addition Of Rs. 1,01,98,784/- Being Profit Earned From Sale Of Shares Of M/S. Gcm Securities Ltd. As Unexplained Cash Credit U/S. 68 Of The Act Without Considering The Explanation With Supporting Evidences Filed By The Appellant In A Proper Perspective. B) That, The Ld. C.I.T.(A) Further Erred In Not Considering That Despite Details Provided & The Fact That No Long Term Capital Gain Was Claimed In Respect Of The Impugned Transaction Of Sale Of Shares Of M/S.

bogus LTCG and therefore, the assessee might have paid some commission, which has been estimated by the Assessing Officer at Rs.2,47,898/-. In view of the peculiar facts of this case, since we have not gone into the question as to whether the shares of M/s GCM Securities Ltd. were penny stock and therefore, the addition made

SRI BABLU SUR,KOLKATA vs. ITO, WD-44(1), KOLKATA, KOLKATA

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

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

housing loan was also claimed by the assessee and allowed by the ld AO. In these circumstances, it would be just and fair to allow the benefit of cost of improvement as a deduction at 1/3rd of the total cost incurred thereon while computing capital gains in accordance with the provisions of the Act. Hence the ld AO is hereby