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

penalty u/s 271(1)(c) of the Act depends on the outcome of the appeal on quantum addition in ITA No. 161/Kol/2024, we first taken up ITA No. 161/Kol/2024 for adjudication. 3. Facts in brief are that the assessee is a private limited company engaged in business and declared income of Rs.318/- in the original return of income furnished

JERMEL'S ACCADEMY,SILIGURI vs. I.T.O., WARD - 1(4), , SILIGURI

In the result, the appeal filed by the assessee is allowed as per the directions mentioned above

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Penalty proceedings u/s 271(1)(c) of the I.T Act are also initiated for furnishing inaccurate particulars of income in the return.” Page 3 of 13 I.T.A. No.: 1652/KOL/2024 Assessment Year: 2016-17 Jermel's Accademy. 4. The total income was accordingly assessed u/s 143(3)/147 of the Act at Rs. 3,98,75,551/-. Aggrieved with the assessment

M/S. GYANCHAND PODDAR HUF,KOLKATA vs. ITO, WARD 43(1), , KOLKATA

Appeal of the assessee is allowed

section 271(1)(c) were applicable. 6 For that the penalty imposed is otherwise bad in law since all details and evidences to prove the capital gain were filed, the transaction was bonafide and no material as brought on record that the explanation of the assesee was not acceptable.” 2.1 Before us, the Ld. AR argued on the legal ground

RAGHUVIR RETAILERS PVT. LTD.,KOLKATA vs. PCIT-2, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Pcit-2 Raghuvir Retailers Pvt. Ltd. Aaykar Bhavan P-7, Mandawa Shikhar, 151, Sarat Chowringhee Square, Kolkata- Bose Road, Kolkata-700026, Vs. 700069, West Bengal West Bengal (Respondent) (Appellant) Pan No. Aaecr8231M Assessee By : Shri S.M. Surana, Ar Revenue By : Shri Subhendu Datta, Dr Date Of Hearing: 19.12.2024 Date Of Pronouncement : 11.02.2024

penalty levied under section 271(1)(a) of the Act was not valid. Thus, ouranswers to all the three questions referred to this court are in the negative and in favour of the assessee. Raghuvir Retailers Pvt. Ltd.; A.Y. 2013-14 17. Anand And Co. (supra) cited by the Revenue, proceeds on the basis that the notice issued u/s.148

NAVANSH VINIMAY PVT. LTD.,KOLKATA vs. I.T.O., WARD - 8(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri George Mathan & Shri Rakesh Mishra

penalty under section 271(1)(c) is also initiated. As discussed in the foregoing paragraphs, the assessee had arranged pre- arranged accommodation entries to the tune of Rs. 63,76,486/- through the entry operators who facilitates such accommodation entry on receipt of commission only. As reported by the Investigation Directorate, the entry operators charge a commission

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

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

Penalty proceedings u/s 271(1)(c) of the I. T. Act, 1961 has been initiated against the assessee on this point for concealing the particulars of income and furnishing Inaccurate particulars of income. 5. It is found that the assessee has shown Rs. 14,00,000/- as current investments in equity as on 31.03.2012. No such is found

TRIBHUVAN DEAL TRADE PVT. LTD.,KOLKATA vs. I.T.O.,WARD-9(1), KOLKATA

Bench: Sri Sanjay Garg & Dr. Manish Borad

section 68 of the Income Tax Act, 1961. 4. That the appellant craves leave to add, alter or delete all or any of the grounds of appeal.” 3. Brief facts of the case as culled out from the records are that assessee is a private limited company engaged in the business of investment in shares. Income

M/S. VISHAL VICTORY OILTECH PVT. LTD.,KOLKATA vs. A.C.I.T., CIRCLE - 7(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice- & Shri Rajesh Kumar

section 147. According to the assessee, the addition of this amount was not made, therefore, no other addition could be made. He put reliance upon a large number of judgments on this point of law, namely, Hon’ble Bombay High Court in the case of CIT –vs.- Jet Airways reported in 331 ITR 236, Hon’ble Delhi High Court