M/S PRICEWATERHOUSE COOPERS PVT. LTD.,KOLKATA vs. ACIT, CIRCLE-2(2), KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed in part

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2011-12 M/S. Pricewaterhouse Coopers Private Limited……...............................……………………......Appellant Block-Ep, Plot –Y14 Salt Lake City Sector-V Kolkata – 700 091 [Pan : Aabcp 9181 H] Vs. Deputy Commissioner Of Income Tax (It), Circle-2(1), Kolkata……..........................…....Appellant Appearances By: Shri Kanchun Kaushal, A/R & Shri Bikash Kr. Jain, Ca, Appeared On Behalf Of The Assessee. Shri Vijay Shankar, Cit, D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : February 25Th, 2020 Date Of Pronouncing The Order : May 29Th, 2020 Order Per J. Sudhakar Reddy, Am :-

149 countries across the globe and share their thinking, experience and solutio globe and share their thinking, experience and solutions to develop fresh perspectives ns to develop fresh perspectives and practical advice. 1.2.3. PricewaterhouseCoopers Development Associates Ltd. 1.2.3. PricewaterhouseCoopers Development Associates Ltd. PricewaterhouseCoopers Development Associates Ltd., UK (,PwC DA') is an associated PricewaterhouseCoopers Development Associates

ACITCC-3(2), KOLKATA vs. SMT. SAVITRI DEVI AGARWAL, BILASPUR

In the result, both the appeals of the Revenue are dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

271 AAB IS LEVIABLE EVEN IF INCOME IS ADMITTED U/S 132(4) AND SUCH PENALTY IS TO BE LEVIED ON THE AMOUNT OF UNDISCLOSED INCOME ADMITTED U/S 132(4).THEREFORE, PENALTY UNDER NEWLY SUBSTITUTED SECTION 271AAB SHOULD BE QUA ADMISSION OF INCOME U/S 132(4) AND NOT QUA THE ASSESSEE WHOSE PREMISES WAS SEARCHED U/S 132(1). 7. Relevant extracts

ACIT CC-3(2),, KOLKATA vs. SRI ARJUN LAL AGARWAL , KOLKATA

In the result, both the appeals of the Revenue are dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawal

271 AAB IS LEVIABLE EVEN IF INCOME IS ADMITTED U/S 132(4) AND SUCH PENALTY IS TO BE LEVIED ON THE AMOUNT OF UNDISCLOSED INCOME ADMITTED U/S 132(4).THEREFORE, PENALTY UNDER NEWLY SUBSTITUTED SECTION 271AAB SHOULD BE QUA ADMISSION OF INCOME U/S 132(4) AND NOT QUA THE ASSESSEE WHOSE PREMISES WAS SEARCHED U/S 132(1). 7. Relevant extracts

ACIT CC-3(2) , KOLKATA vs. SMT. KALAWATI DEVI AGARWAL, BILASPUR

In the result, both the appeals of the Revenue are dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawal

271 AAB IS LEVIABLE EVEN IF INCOME IS ADMITTED U/S 132(4) AND SUCH PENALTY IS TO BE LEVIED ON THE AMOUNT OF UNDISCLOSED INCOME ADMITTED U/S 132(4).THEREFORE, PENALTY UNDER NEWLY SUBSTITUTED SECTION 271AAB SHOULD BE QUA ADMISSION OF INCOME U/S 132(4) AND NOT QUA THE ASSESSEE WHOSE PREMISES WAS SEARCHED U/S 132(1). 7. Relevant extracts

D.C.I.T CC - V,KOLKATA, KOLKATA vs. KRISHNA TRADE & COMMERCE PVT LTD, KOLKATA

In the result, the appeal of the Revenue is dismissed

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

149 TTJ (Ctk)(UO) 36, the Hon'ble ITAT Cuttak Bench has held that levy of penalty U/S 271AAA was not justified on the ground that the assessee failed to specify the manner in which the undisclosed income admitted u/s 132(4) was derived. In the case of DCIT vs Sulochanadevi A Agarwal ITA No I.T.A. No. 1083/KOL./2013 Assessment

TRADELINK SECURITIES LTD.,KOLKATA vs. THE ITO, WD-4(1), KOLKATA, KOLKATA

In the result the appeals of the assessee are allowed

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 914&915/Kol/2015 Assessment Years : 2004-05 & 2005-06 Tradelink Securities Ltd. -Vs- Ito, Ward-4(1), Kolkata [Pan: Aaact 9210 G] (Appellant) (Respondent)

b. For that on the facts and in the circumstances of the case and in law, ld. CIT(A) erred in ignoring appellant’s contention of applicability of clause(c ) of Explanation-4 to section 271(1) of the Income Tax Act, 1961 in the instant case for computation of the quantum of tax allegedly sought to be evaded

TRADELINK SECURITIES LTD.,KOLKATA vs. THE ITO, WD-4(1), KOLKATA, KOLKATA

In the result the appeals of the assessee are allowed

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 914&915/Kol/2015 Assessment Years : 2004-05 & 2005-06 Tradelink Securities Ltd. -Vs- Ito, Ward-4(1), Kolkata [Pan: Aaact 9210 G] (Appellant) (Respondent)

b. For that on the facts and in the circumstances of the case and in law, ld. CIT(A) erred in ignoring appellant’s contention of applicability of clause(c ) of Explanation-4 to section 271(1) of the Income Tax Act, 1961 in the instant case for computation of the quantum of tax allegedly sought to be evaded

M/S. RUPASI BANGLA ARGO INDUSTRIES PVT. LTD. ,MIDNAPUR vs. ITO, WARD- 38(1), MIDNAPUR, MIDNAPUR

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

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.630/Kol/2023 Assessment Years: 2014-15 Vs. M/S. Rupasi Bangla Argo Income Tax Officer, Ward-38(1), Industries Pvt. Ltd. Midnapur Duki, Village & P.O. Duki, Dist. Paschim Midnapore- 721253. (Pan: Aaecr8402L) (Appellant) (Respondent)

B” BENCH, KOLKATA Before Shri Sanjay Garg, Judicial Member & Dr. Manish Borad, Accountant Member I.T.A. No.630/KOL/2023 Assessment Years: 2014-15 Vs. M/s. Rupasi Bangla Argo Income Tax Officer, Ward-38(1), Industries Pvt. Ltd. Midnapur Duki, Village & P.O. duki, Dist. Paschim Midnapore- 721253. (PAN: AAECR8402L) (Appellant) (Respondent) Appearances by: Shri Sunil Surana, AR appeared for Appellant. Shri P. P. Barman

MANOJ KUMAR CHOWDHURY ,HOOGHLY vs. ITO, WARD - 61(4) , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri S.S.Godara, Jm & Dr. A.L.Saini, Am Manoj Kumar Chowdhury Vs. Ito, Ward-61(4), Kolkata

B .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Appellant by : None Revenue by : Smt. Ranu Biswas, Addl. CIT सुनवाई क" तार"ख / Date of Hearing : 11/11/2019 घोषणा क" तार"ख/Date of Pronouncement: 24/12/2019 आदेश / O R D E R Per A. L. Saini, AM: The captioned appeal filed by the Assessee, pertaining to assessment year 2009-10, is directed against the orders

M/S. SNOWTEX INVESTMENT LTD.,KOLKATA vs. INCOME TAX OFFICER, KOLKATA

In the result the appeal of the assessee, is allowed

Bench: Hon’Ble Sri N.V. Vasudevan, Jm & Dr. Arjun Lal Saini, Am] I.T.A No.1347/Kol/2016 Assessment Year : 2008-09 M/S. Snowtex Investment Ltd. -Vs.- Ito, Wd-12(3), Kolkata Kolkata [Pan : Aaecs 0334 C ] (Appellant) (Respondent) : Shri S. K. Tulsiyan, Advocate For The Appellant For The Respondent : Shri S. Dasgupta, Addl.Cit Date Of Hearing : 04.12.2017. Date Of Pronouncement : 17/01/2018 Order Per Dr. A.L. Saini, Am This Is An Appeal By The Assessee Against The Order Dated 19.04.2016 Of Cit(A)-4, Kolkata Relating To A.Y.2008-09. 2. In This Appeal, The Assessee Has Challenged The Order Of Cit(A) Whereby The Cit(A) Confirmed The Order Of Ao Imposing Penalty On The Assessee U/S 271(1)(C) Of The Income Tax Act, 1961 (Act). 3. The Facts & Circumstances Under Which Penalty U/S 271(1)(C) Of The Act Was Imposed On The Assessee Was That During The Assessment Year 2008-09, The Assessee Has Advanced Interest Free Loans To The Extent Of Rs.9,58,95,000/- & As There Had Been No Significant Repayment, The Closing Balance As On 31.03.2008 Was At Rs. 9,62,95,000/-. It Was Also Seen From The Details For A.Y. 2009-10, That There Had Been No Business Transactions Apart From Interest Free Loan Transactions. The Unsecured Loans On Which Interest Was Paid, Was Rs. 5,92,05,572/-, Which Was Much Below The Amount, Which Was Advanced By The Assessee Free Of Any Interest. Therefore, There Had Been No Justification Of Unsecured Loan Taken During The Year. Therefore, Whole Sum Of Interest Paid Of Rs. 62,84,112/- Was Disallowed. The Cit(A) Restricted The M/S. Snowtex Investment Ltd.

B” BENCH : KOLKATA [Before Hon’ble Sri N.V. Vasudevan, JM & Dr. Arjun Lal Saini, AM] I.T.A No.1347/Kol/2016 Assessment Year : 2008-09 M/s. Snowtex Investment Ltd. -vs.- ITO, Wd-12(3), Kolkata Kolkata [PAN : AAECS 0334 C ] (Appellant) (Respondent) : Shri S. K. Tulsiyan, Advocate For the Appellant For the Respondent : Shri S. Dasgupta, Addl.CIT Date of Hearing : 04.12.2017. Date of Pronouncement

VARUN FINANCE PVT. LTD.,KOLKATA vs. I.T.O.,WARD-5(4), KOLKATA

In the result, the appeal of assessee is allowed

Bench: "ी जे. सुधाकर रे"ी, लेखा सद"य एवं/And "ी ऐ. टी. वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

b) submitted written submissions and judgments relied on through e-Proceedings In my account on departmental website and also by way of emails on official email id of Ld. CIT(A), (c) Ld. CIT(A) has himself considered the appeal through e- proceedings and had uploaded order on portal and did not serve hard copy of order

ACIT, CENTRAL CIRCLE-1(1), KOLKATA, KOLKATA vs. M/S AHMEDNAGAR FORGING LTD.,

In the result, both the appeals of revenue are dismissed

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

149 ITR 751 (Patna) wherein it was held that under section 274 of the Income-tax Act, 1961, all that is required is that the assessee should be given an opportunity to show cause. No statutory notice has been prescribed in this behalf. Hence, it is sufficient if the assessee was aware of the charges he had to meet

ACIT, CENTRAL CIRCLE-1(1), KOLKATA, KOLKATA vs. M/S AHMEDNAGAR FORGING LTD.,

In the result, both the appeals of revenue are dismissed

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

149 ITR 751 (Patna) wherein it was held that under section 274 of the Income-tax Act, 1961, all that is required is that the assessee should be given an opportunity to show cause. No statutory notice has been prescribed in this behalf. Hence, it is sufficient if the assessee was aware of the charges he had to meet

ABHIJIT GHOSH DASTIDAR,KOLKATA vs. THE ITO, WD-13(1), KOLKATA, KOLKATA

In the result, all the appeals of the assessee for the A

149 ITR 751 (Patna) wherein it was held that under section 274 of the Income-tax Act, 1961, all that is required is that the assessee should be given an opportunity to show cause. No statutory notice has been prescribed in this behalf. Hence, it is sufficient if the assessee was aware of the charges he had to meet

SRI CHANDAN DAS,KOLKATA vs. ITO, WD-24(3), KOLKATA, KOLKATA

In the result the appeal of the assessee is allowed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Hon’Ble Sri M.Balaganesh, Am] I.T.A No.1500/Kol/2014 Assessment Year : 2009-10

b) Addition towards unexplained cash credit based on Peak Credit balance - Rs 12,61,367/- In respect of the aforesaid additions made in the course of assessment proceedings, the ld AO initiated penalty proceedings u/s 271(1)(c) of the Act. The initiation of penalty proceedings was not made with reference to any specific item of addition. In the order

SRI SUPRATIK BANERJEE,BIRBHUM vs. ACIT, CIRCLE - 3, SURI, BIRBHUM , BIRBHUM

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

Bench: The Cit-A The Notice Dt. 29-12-2009 Issued By The Ao [Acit, Cir-3, Suri] U/Sec 274 R.W.S 271(1) ( C) Of The Act Is Defective For Not Mentioning The Specific Charge & Placed Reliance On The Decision Of The Hon’Ble Supreme Court In The Case Of Ssa’S Emerald Meadows. The Cit-A Without Considering The Same Confirmed The Penalty Imposed By The Ao U/S. 271(1) ( C ) Of The Act By Placing Reliance On The Decisions Of The Hon’Ble Supreme Court In The Cases Of Mak Data (Special Leave Petition (Civil) No.18389 Of 2013) & Dharmendra Textiles Reported In (2008) 306 Itr 277(Sc).

B” BENCH: KOLKATA Before: Shri J.Sudhakar Reddy, Accountant Member and Shri S.S. Viswanethra Ravi, Judicial Member I.T.A No. 650/Kol/2018 A.Y: 2007-08 Supratik Banerjee Vs. A.C.I.T, Cir-3, Kolkata PAN: ADCPB 2184K [Appellant] [Respondent] For the Appellant : Shri Siddharth Agarwal, Advocate, ld.AR For the Respondent : Shri S. Dasgupta, Addl.CIT, ld.Sr.DR Date of hearing : 12-06-2018 Date of pronouncement

AMS FASHIONS PRIVATE LIMITED,KOLKATA vs. CIT, KOLKATA 4, KOLKATA

In the result the appeal of the assessee is accordingly allowed

Bench: Hon’Ble Sri.N.V.Vasudevan, Jm & Sri.Waseem Ahmed Am]

B” BENCH : KOLKATA [Before Hon’ble Sri.N.V.Vasudevan, JM & Sri.Waseem Ahmed AM] I.T.A.No.1542/Kol/2016 Assessment Years : 2011-12 AMS Fashions Private Limited -vs.- C.I.T., Kolkata -4, [PAN : AACCA 1440 P] (Respondent) (Appellant) For the Appellant : Shri Rajeeva Kumar, Advocate For the Respondent :Ms. Usman, CIT(DR) Date of Hearing : 14.02.2018. Date of Pronouncement : 01.03.2018. ORDER Per N.V.VASUDEVAN, JM This

M/S. DANISH MUSIC CORNER,KOLKATA vs. ITO - 31(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Sh. P.M.Jagtap & Sh.S.Viswanethra Ravi[Assessment Year: 2012-13] Vs M/S. Danish Music Corner, Ito, 7 Lenin Sarani, Ward-31(1), 10 B, Kolkata-700013. Middle Ton Row, 4Th Pan-Aadfd1476C Floor, Room No.-4, 5, Kolkata-700071. (Appellant) (Respondent) Appellant By Sh. B.K.Singh, Adv. Respondent By Sh. Sankar Halder, Sr.Dr Date Of Hearing 12.12.2018 Date Of Pronouncement 12.12.2018 Order Per S.S. Viswanethra Ravithis Appeal By The Assessee Against The Order Dated 28.08.2017 Passed By Cit(A)-9, Kolkata For Ay 2012-13 Wherein He Confirmed The Penalty Imposed By The Ao U/S 271(1)(C) Of The Income Tax Act, 1961 (In Short “Act”). 2. The Ld.Ar Submits That The Issue Raised In The Appeal Is Covered By The Decision Of The Hon’Ble Supreme Court In The Case Of Ssa’S Emerald Meadows. He Also Submits That The Ao Imposed Penalty On Defective Notice Issued U/S. 274 R.W.S 271(1)(C) Of The Act On 23-03-2015, Copy Of The Same Is On Record At Page No.1 Of Paper Book & In View Of The Decision Of The Hon’Ble Supreme Court Supra The Imposition Of Penalty On Defective Is Not Maintainable. 3. The Ld.Ar, Further Submits That The Statutory Notice Dt. 23-03- 2015 Issued By The Ito, Ward-31(1), Kolkata U/S. 274 R.W.S 271 Of The [Assessment Year: 2012-13]

B, Kolkata-700013. Middle Ton Row, 4th PAN-AADFD1476C Floor, Room No.-4, 5, Kolkata-700071. (Appellant) (Respondent) Appellant by Sh. B.K.Singh, Adv. Respondent by Sh. Sankar Halder, Sr.DR Date of Hearing 12.12.2018 Date of Pronouncement 12.12.2018 ORDER PER S.S. VISWANETHRA RAVI, JUDICIAL MEMBER This appeal by the assessee against the order dated 28.08.2017 passed by CIT(A)-9, Kolkata