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

Property & Investment Private Limited is in the nature of loan which was taken for business on various dates and the same have been made through proper banking channels. Further, it is also stated by the appellant that the said loan was taken for very short duration and hence the same was also repaid in the next financial year

VEERPRABHU AUTO PVT. LTD.,KOLKATA vs. A.C.I.T., CC - 2(4), KOL, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

149 taxmann.com 399 (SC) does not apply to the facts of the case as the same relates to unabated/completed assessments; the relevant extract is as under: “In view of the above and for the reasons stated above, it is concluded as under: (i) in case of search under section 132 or requisition under section 132A, the Assessing Officer assumes

MAITHAN CERAMIC LTD.,,KOLKATA vs. ACIT, CIRCLE 7(1),, KOLKATA

In the result, appeal of the assessee is dismissed

Properties Pvt Ltd\n10,675,616\n21.06.2011\n675,616\nChq\nYes\n10,675,616\n1.R.N.Mkukherjee, 5th Floor\n31.03.2012\n900,000\nChq\n1,000,000\n100,000\nKolkata-700 001\nPA No. AACCA 2514J\nHarvard Trading Pvt Ltd\n4,279,123\n21.06.2011\n279,123\nChq\nNo\n4,279,123\n1,R.N.Mkukherjee, 5th Floor\n31.03.2012\n360,000\nChq\n400

A.C.I.T.,CENTRAL CIRCLE-1(2), KOLKATA vs. M/S ESTIN TIE UP PVT. LTD., KOLKATA

In the result, the two cross appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

Bench: Shri Duvvuru Rl Reddy & Shri Rakesh Mishra

house no. 32, Jagat Banerjee Ghat Road, Howrah and filed petition before the Hon'ble High Court. Accordingly, vide Hon'ble Calcutta High Court's order dated 18.1.2007 there was demerger of BMF Industries Ltd. (Please see paper book page 130-145). The shareholders of BFM-Industries Ltd. thus became the shareholders of Estin ITA Nos.: 32 & 141/KOL/2020 Assessment Year

M/S ESTIN TIE UP PVT. LTD.,KOLKATA vs. A.C.I.T., CENTRAL CIRCLE-1(2), KOLKATA

In the result, the two cross appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

Bench: Shri Duvvuru Rl Reddy & Shri Rakesh Mishra

house no. 32, Jagat Banerjee Ghat Road, Howrah and filed petition before the Hon'ble High Court. Accordingly, vide Hon'ble Calcutta High Court's order dated 18.1.2007 there was demerger of BMF Industries Ltd. (Please see paper book page 130-145). The shareholders of BFM-Industries Ltd. thus became the shareholders of Estin ITA Nos.: 32 & 141/KOL/2020 Assessment Year

M/S COAL INDIA LTD.,KOLKATA vs. DCIT, CIR-5(1), , KOLKATA

149 taxmann.com 181 (Calcutta)\nf. Maruti Udyog Ltd. v. DCIT (2005) 92 ITD 119 (Del) (A. Y. 1999-\n2000)\ng. Jindal Saw Pipes Ltd. [2008] 118 TTJ 228 (Delhi)\nh. ACIT v. Eicher Ltd. [(2006) 101 TTJ 369 (Del)]\ni. Impulse (India) (P) Ltd v. ACIT[(2008) 22 SOT 368 (Del)]\n7.7 It is also submitted that no disallowance

DCIT, CIR-5(1), , KOLKATA vs. M/S COAL INDIA LTD., KOLKATA

149 taxmann.com 181 (Calcutta)\nf. Maruti Udyog Ltd. v. DCIT (2005) 92 ITD 119 (Del) (A. Y. 1999-\n2000)\ng. Jindal Saw Pipes Ltd. [2008] 118 TTJ 228 (Delhi)\nh. ACIT v. Eicher Ltd. [(2006) 101 TTJ 369 (Del)]\ni. Impulse (India) (P) Ltd v. ACIT[(2008) 22 SOT 368 (Del)]\nPage 35\nITA Nos.: 466, 622, 467, 623/KOL/2018 &\n1406

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.

property. Nil income declared in the return for Assessment Year 2012-13 furnished on 30/09/2012. Case selected for scrutiny through CASS followed by issuance of notice u/s 143(2) and 142(1) of the Act. During the year under consideration, the assessee received share application money of Rs.5,86,00,000/-. The assessee was asked to furnish various details

BALAKA VINIMAY PVT. LTD.,KOLKATA vs. ITO, WARD-2(1), KOLKATA

In the result, appeals of the assessee in ITA No

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 160 & 161/Kol/2024 Assessment Year: 2008-09 Balaka Vinimay Pvt. Ltd. Income Tax Officer, Ward – 2(1), 9/12, Lal Bazar Street Vs Kolkata Kolkata - 700001 [Pan : Aadcb2610B] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tibrewal, A/R & Saurav Gupta, A/R Revenue By : Shri Abhijit Kundu, Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 09/04/2024 घोषणा क" तारीख /Date Of Pronouncement: 21/06/2024 आदेश/O R D E R Per Dr. Manish Borad: The Instant Appeals Are Directed At The Instance Of The Assessee Against The Separate Orders Of The National Faceless Appeal Centre, Delhi, (Hereinafter The “Ld. Cit(A)”). Ita No. 160/Kol/2024 Is Against The Order Of The Ld. Cit(A) Dt. 29/11/2023, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter ‘The Act’) Arising Out Of The Penalty Order Passed By The Ld. Assessing Officer U/S 271(1)(C) Of The Act & Ita No. 161/Kol/2023, Is Against The Order Of The Ld. Cit(A) Dt. 28/11/2023, Arising Out Of The Order Of The Ld. Assessing Officer Passed U/S 143(3) R.W.S. 254 Of The Act, For Assessment Year 2008-09. 2. Though The Assessee Has Raised Various Grounds In Both These Appeals, But The Effective Issue Raised In Ita No. 161/Kol/2024 Is Against The Addition Made U/S 68 Of The Act For Unexplained Share Capital Confirmed By The Ld. Cit(A) & In Ita No. 160/Kol/2024 Is Against The Levy Of Penalty U/S 271(1)(C) Of The Act On The Addition Made

Property Investments (P) Ltd -vs- ITO [2023] 152 taxmann.com 256 (Karnataka) (viii) PCIT -vs- Himachal Fibres Ltd. [2018] 98 taxmann.com 173 (SC) (ix) PCIT -vs- Himachal Fibres Ltd. [2018] 98 taxmann.com 172 (Delhi) CIT -vs- Dataware Private Limited ITAT No. 263 of 2011 : GA No. 2856 of 2011 (x) 7 I.T.A. No. 160 & 161/Kol/2024 Assessment Year: 2008-09 Balaka Vinimay

BALAKA VINIMAY PVT. LTD.,KOLKATA vs. ITO, WARD-2(1), KOLKATA

In the result, appeals of the assessee in ITA No

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 160 & 161/Kol/2024 Assessment Year: 2008-09 Balaka Vinimay Pvt. Ltd. Income Tax Officer, Ward – 2(1), 9/12, Lal Bazar Street Vs Kolkata Kolkata - 700001 [Pan : Aadcb2610B] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tibrewal, A/R & Saurav Gupta, A/R Revenue By : Shri Abhijit Kundu, Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 09/04/2024 घोषणा क" तारीख /Date Of Pronouncement: 21/06/2024 आदेश/O R D E R Per Dr. Manish Borad: The Instant Appeals Are Directed At The Instance Of The Assessee Against The Separate Orders Of The National Faceless Appeal Centre, Delhi, (Hereinafter The “Ld. Cit(A)”). Ita No. 160/Kol/2024 Is Against The Order Of The Ld. Cit(A) Dt. 29/11/2023, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter ‘The Act’) Arising Out Of The Penalty Order Passed By The Ld. Assessing Officer U/S 271(1)(C) Of The Act & Ita No. 161/Kol/2023, Is Against The Order Of The Ld. Cit(A) Dt. 28/11/2023, Arising Out Of The Order Of The Ld. Assessing Officer Passed U/S 143(3) R.W.S. 254 Of The Act, For Assessment Year 2008-09. 2. Though The Assessee Has Raised Various Grounds In Both These Appeals, But The Effective Issue Raised In Ita No. 161/Kol/2024 Is Against The Addition Made U/S 68 Of The Act For Unexplained Share Capital Confirmed By The Ld. Cit(A) & In Ita No. 160/Kol/2024 Is Against The Levy Of Penalty U/S 271(1)(C) Of The Act On The Addition Made

Property Investments (P) Ltd -vs- ITO [2023] 152 taxmann.com 256 (Karnataka) (viii) PCIT -vs- Himachal Fibres Ltd. [2018] 98 taxmann.com 173 (SC) (ix) PCIT -vs- Himachal Fibres Ltd. [2018] 98 taxmann.com 172 (Delhi) CIT -vs- Dataware Private Limited ITAT No. 263 of 2011 : GA No. 2856 of 2011 (x) 7 I.T.A. No. 160 & 161/Kol/2024 Assessment Year: 2008-09 Balaka Vinimay

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

Properties Private Limited (Page no. 428 of the Balance Sheet (428), Bank statement, AACCL1422A paper book) (439), Incorporation certificate (440), Income Tax Return Acknowledgement (441), Master data as appearing on MCA (442), details of directors as appearing on MCA (442),- Memotandum and Articles of Association (443),. Copy of PAN Card (465) copy of share application (466), Copy of confirmation

M/S. INTER SECURITIES PVT. LTD., ,KOLKATA vs. ITO, WARD - 7(3), KOLKATA , KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Dr. Manish Borad, Hon’Ble & Shri Sanjay Garg, Hon’Blei.T.A. No. 609/Kol/2018 Assessment Year: 2012-13 M/S. Inter Securities Pvt. Ltd. Income Tax Officer, Ward – 7(3), 8, Camac Street Vs Kolkata 8Th Floor Suite No. 807 Kolkata - 700017 [Pan : Aacci 3971M] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri V. N. Dubey, Advocate Revenue By : Shri Vijay Kumar, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 14/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 16/10/2023 आदेश/O R D E R Per Dr. Manish Borad: The Above Captioned Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Commissioner Of Income Tax (Appeals) - 3, (Hereinafter The “Ld. Cit(A)”) Dt. 15/02/2018, Passed U/S 250 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 Order Passed By The Ld. Cit(A) Is Bad In Law As Well As In Facts Of The Case. 2. That The Ld. Cit(A) Erred In Law As Well As In Facts Of The Case By Confirming The Addiitons Made By Ld. A.O. Who Treated The Share Application Money Including Premium Of Rs.3,59,00,000/- As Bogus & Added Back The Same To The Total Income Of The Appellant U/S 68 Of The Income Tax Act, 1961. 2

Properties Pvt. Ltd. vs. ITO; ITA No. 33/Kol/2020 order dt. 20/09/2022 3) DCIT, vs. Narsingh Ispat Limited; ITA No. 225/Kol/2023 order dt. 26/07/2023 4) ITO vs. M.D. Ornaments Pvt. Ltd.; ITA No. 646/Kol/2020 order dt. 19/04/2023 5) Technico Metals Pvt. Ltd. vs. DCIT; ITA No. 1348/Chd/2017 order dt. 15/02/2019 5.1. On the other hand, the ld. D/R, vehemently argued supporting

RECKITT BENCKISER (INDIA) PVT LTD.,KOLKATA vs. DCIT, CIRCLE-12(1), KOLKATA, KOLKATA

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

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

Section 92C may not only be legally impermissible but will lend itself to arbitrariness. What is then needed is a clear statutory scheme encapsulating the legislative policy and mandate which provides the necessary checks against arbitrariness while at the same time addressing the apprehension of tax avoidance. 76. As explained by the Supreme Court in CIT v. B.C. Srinivasa Setty

GOUTAM GHOSH,HOWRAH vs. P.C.I.T., KOLKATA - 13, KOLKATA

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

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

property being land or building or both.]” Therefore, the order of the Assessing Authority, being no erroneous, your Honor has no jurisdiction to revise the same under the grab of Section 263 of the Income Tax Act, 1961. Section 263 cannot be invoked for adding Stamp Value under JDA where taxation is triggered after completion

RECKITT BENCKISER (INDIA) PVT LTD.,KOLKATA vs. DCIT, CIRCLE-12(1), KOLKATA, KOLKATA

In the result, the appeals of the assessee are partly allowed for statistical purposes

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarmaita Nos.78/Kol/2018 Assessment Year: 2013-14 &

House, New Delhi in the assessee’s own case wherein valuation of imports made by the assessee from its AEs was referred to Special Valuation Branch under the Customs Valuation (Determination of Value of imported goods) Rules, 2007. While dealing with the valuation issue in respect of import of goods done by the assessee the Customs Authority held that royalty

RECKITT BENCKISER (INDIA) PVT. LTD.,GURGAON vs. D.C.I.T., CIRCLE - 11(1),, KOLKATA

In the result, the appeals of the assessee are partly allowed for statistical purposes

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarmaita Nos.78/Kol/2018 Assessment Year: 2013-14 &

House, New Delhi in the assessee’s own case wherein valuation of imports made by the assessee from its AEs was referred to Special Valuation Branch under the Customs Valuation (Determination of Value of imported goods) Rules, 2007. While dealing with the valuation issue in respect of import of goods done by the assessee the Customs Authority held that royalty

RECKITT BENCKISER (INDIA) PVT LTD.,KOLKATA vs. DCIT, CIRCLE-12(1), KOLKATA, KOLKATA

In the result, the appeals of the assessee are partly allowed for statistical purposes

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarmaita Nos.78/Kol/2018 Assessment Year: 2013-14 &

House, New Delhi in the assessee’s own case wherein valuation of imports made by the assessee from its AEs was referred to Special Valuation Branch under the Customs Valuation (Determination of Value of imported goods) Rules, 2007. While dealing with the valuation issue in respect of import of goods done by the assessee the Customs Authority held that royalty

SIMOCO SYSTEMS AND INFRASTRUCTURE SOLUTIONS LIMITED,KOLKATA vs. ITO WARD 2 (1), KOLKATA

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

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Year: 2018-19

properties was shown. It was argued that the allegation that the appellant had paid interest to the creditors is totally absurd, based on conjecture and is contrary to the facts on record since there was no finance cost in the profit and loss account as per Note 14 and there had been Nil finance cost in the preceding year