ZYDUS HEALTHCARE LTD,GANGTOK vs. ACIT, CIR. 3(2), GANGTOK

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 139/Kol/2021 Assessment Year: 2014-2015 Zydus Healhcare Limited,……..................Appellant (Successor To Zydus Healthcare Sikkim), 4Th Floor, ‘D’ Wing, Zudus Corporate Park, Scheme No. 63, Survey No. 536, Khoraj (Gandhinagar), Nr. Vaishnodevi Circle, Ahmedabad, Gandhinagar, Gujrat-382481 [Pan: Aaacg1895Q] -Vs.- Assistant Commissioner Of Income Tax,....Respondent Circle-3(2), Gangtok, Sikkim-737101 Appearances By: Shri Ajit Kumar Jain, Ca & Sonal Pandey, A.R., Appeared On Behalf Of The Assessee Shri G. Hukugha Sema, Cit, Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : January 18, 2023 Date Of Pronouncing The Order : February 20, 2023 O R D E R

271(1)(c) be not imposed upon the assessee. This notice is also dated 30.12.2019, i.e. the day when a notice in Form No. 7 under section 156 by raising the demand was issued. Thus according to the ld. Counsel, the Assessing Officer failed to adhere the procedure contemplated in section 144C of the Income Tax Act and the subsequent

DEY TRADING CO.,KOLKATA vs. I.T.O., WARD - 49(3), KOLKATA

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

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

69 of the Act, Rs.17,79,415/- difference in cash balance treated as unexplained money for Rs. 1,04,403/-, concealed sales of ‘note pads’ for Rs. 1,00,000/-, outstanding liability appearing in the balance sheet for Rs. 8,99,080/- and on payment to parties without making TDS for Rs. 8,34,119/-. Thereafter penalty proceedings u/s 271

DIPIKA DE,KOLKATA vs. ITO, WARD 24(1), , KOLKATA

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

Bench: The Ld.Ao.

69 of the I.T. Act, 1961 by the assessee in the F.Y. 2013-14 and concealed income by the assessee. So Rs. 23,10,010/- is added with her return of income for A.Y. 2014-15.” (b) The Ld. AO in the penalty order dated 29.02.2024 has mentioned that: “The reply of the assessee has been examined. However, the same

MAA CHINTPOORNI TIE-UP PVT. LTD. ,KOLKATA vs. ITO, WD-1(2), KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

69,52,644/-. The assessee was required to file the Balance Sheet of M/s. TIPL for the year ended 31.03.2015 along with the valuation report prepared by a Chartered Accountant for the Fair Market Value (in short “FMV”) of shares of M/s. TIPL in accordance with the Income Tax Rules, 1962 (in short “Rules”). The Balance Sheet and valuation report

MAA CHINTPOORNI TIE-UP PRIVATE LIMITED,KOLKATA vs. I.T.O, WARD-1(2), KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

69,52,644/-. The assessee was required to file the Balance Sheet of M/s. TIPL for the year ended 31.03.2015 along with the valuation report prepared by a Chartered Accountant for the Fair Market Value (in short “FMV”) of shares of M/s. TIPL in accordance with the Income Tax Rules, 1962 (in short “Rules”). The Balance Sheet and valuation report

JITENDRA KUMAR JAIN(HUF),KOLKATA vs. ITO, WARD-43(3), KOLKATA

In the result, appeal of the assessee is allowed

Bench: the start of the appellate proceedings or in course of appellate proceedings.”

69,530/- thereon. Accordingly, assessment was completed under Section 143(3) read with Section 147 of the Act by adding Rs. 12,30,896/- to the return income as undisclosed income. In addition to the above a separate penalty proceedings was also initiated under Section 271(1)(c) of the Act whereby the Ld. AO imposed penalty

SWETA CHIRIMAR,KOLKATA vs. DCIT, CIRCLE - 29(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Sanjay Garg, Jm &Shri Rajesh Kumar, Am]

69,900/- as against the returned income of Rs.1,99,770/- and finally the assessment was completed u/s. 143(3) r.w.s. 147 of the Act on 17.12.2019 assessing the total income at Rs.9,24,410/-. The assessee has claimed the Long Term Capital Gain (LTCG) on sale of shares of Rs.6,70,139/- as exempt u/s

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

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

SANJEEV PODDAR,KOLKATA vs. A.C.I.T-CIRCLE-34, KOLKATA

In the result, the appeal of the assessee is allowed

u/s 143(2)\nof the Act prior to completion of assessment constituted a fatal error, for which the\nassessment order suffered patent illegality and deserved to be quashed. Accordingly,\nthe ground raised by the assessee is allowed. Consequently, other grounds of appeal are\nnot adjudicated upon.\"\n07. Keeping in view the above facts, the order levying penalty are hereby\ncancelled

NEHA DIWAN,HINDMOTOR vs. ITO WARD - 23(1), HOOGHLY

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

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

penalty proceeding under section 271(1)(c) of the Income Tax Act 1961. 17. That the appellant craves leave to adduce additional grounds and/or amend or withdraw any of the aforesaid grounds before or at the time of hearing of appeal.” 3. Brief facts of the case are that as per the information available with the Income Tax Department

SILKINA COMMODEAL PVT. LTD.,KOLKATA vs. ITO, WARD-3(3), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as the “Act”), dated 15.12.2017, 24.12.2019 for AY 2010-11 and 2012-13 and dated 26.06.2018 for AY 2010-11. Silkina Commodeal Pvt. Ltd. AYs 2010 -11 & 2012-13 2. In the two appeals on the quantum there are common issues relating to challenging the validity of reopening

SILKINA COMMODEAL PVT. LTD.,KOLKATA vs. ITO, WARD-3(3), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as the “Act”), dated 15.12.2017, 24.12.2019 for AY 2010-11 and 2012-13 and dated 26.06.2018 for AY 2010-11. Silkina Commodeal Pvt. Ltd. AYs 2010 -11 & 2012-13 2. In the two appeals on the quantum there are common issues relating to challenging the validity of reopening

SILKINA COMMODEAL PVT. LTD.,KOLKATA vs. ITO, WARD 3(3), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as the “Act”), dated 15.12.2017, 24.12.2019 for AY 2010-11 and 2012-13 and dated 26.06.2018 for AY 2010-11. Silkina Commodeal Pvt. Ltd. AYs 2010 -11 & 2012-13 2. In the two appeals on the quantum there are common issues relating to challenging the validity of reopening

ANITA BASAK,KOLKATA vs. ACIT, CC 1(1),, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Anita Basak Acit, Central Circle 1(1), C/O. S.N. Ghosh & Associates, Kolkata, Advocates, Aaykar Bhawan Poorva, 2, Garstin Place, 2 Nd Floor, Suite 110 Shanti Pally, 5 Th Floor, Vs. No.203, Off Hare Street, Kolkata, Eastern Metropolitian By Pass, West Bengal-700001, Kolkata-700107, West Bengal (Appellant) (Respondent) Pan No. Ahhpb5785B Assessee By : Shri Somnath Ghosh, Ar Revenue By : Shri Ruchika Sharma, Dr Date Of Hearing: 04.12.2025 Date Of Pronouncement: 19.12.2025

u/s 44AB of the Act nonetheless, there may Anita Basak; A.Y. 2018-19 be being shortcomings in the books of account. The case of the assessee find support from the decision of Third Member decision in case of ACIT Vs. Aggarwal Construction Co. (2007) 106 ITD 129 (Chandigarh) dated 29.01.2007, wherein it has been held as under:- “15. I have

M/S TATA GLOBAL BEVERAGES LIMITED,KOLKATA vs. THE DCIT, CIRCLE-4(2), KOLKATA, KOLKATA

In the result, the appeals filed by the assessee for AY 2012-

Bench: Dr. Manish Borad & Sonjoy Sarma

penalty under section 271(1)(c) of the Act mechanically and without recording any satisfaction for its initiation. The above grounds are without prejudice to each other. The Appellant craves leave to alter, amend or withdraw all or any of the grounds herein or add any further grounds as may be considered necessary either before or during the hearing.” Additional

M/S TATA GLOBAL BEVERAGES LIMITED,KOLKATA vs. THE DCIT, CIRCLE-4(2), KOLKATA, KOLKATA

In the result, the appeals filed by the assessee for AY 2012-

Bench: Dr. Manish Borad & Sonjoy Sarma

penalty under section 271(1)(c) of the Act mechanically and without recording any satisfaction for its initiation. The above grounds are without prejudice to each other. The Appellant craves leave to alter, amend or withdraw all or any of the grounds herein or add any further grounds as may be considered necessary either before or during the hearing.” Additional

HILTON COMMODITIES PVT. LTD.,KOLKATA vs. ITO, WARD-5(3), KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Hilton Commodities Pvt. Ltd. Ito, Ward 5(3) 9/12, Lal Bazar Street, Aaykar Bhavan, P-7, Mercantile Building, Block-B, Chowringhee Square, Vs. 3Rd Floor, No.10, Kolkata-700069, West Bengal Kolkata-700001, West Bengal (Appellant) (Respondent) Pan No. Aacch1011P Assessee By : Shri Soumitra Choudhury, Ar Revenue By : Shri S Datta, Cit Dr Date Of Hearing: 08.01.2025 Date Of Pronouncement : 24.02.2025

69 has held that in creating the legal fiction the phraseology employs the word ‘may’ and not ‘shall’. Thus the unsatisfactoriness of the explanation does not and need not automatically result in deeming the amount credited in the books as the income of the assessee as held by the Supreme Court in the case of CIT vs. Smt. P.K. Noorjahan