M/S. IMC LTD.,KOLKATA vs. DCIT, CIRCLE - 11, KOLKATA, KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001.]" Perusal of Section 14A of the Act provides that it mandates disallowance of expenditure 'in relation

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. I M C LTD, KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001.]" Perusal of Section 14A of the Act provides that it mandates disallowance of expenditure 'in relation

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. IMC LTD., KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001.]" Perusal of Section 14A of the Act provides that it mandates disallowance of expenditure 'in relation

SARDA MINES PVT. LIMITED,KOLKATA vs. DCIT, CIRCLE-05(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 867/Kol/2017 Assessment Year: 2007-08 Sarda Mines Pvt. Ltd...............................………………………………………………Appellant 6Th Floor, Circular Court, 8, Ajc Bose Road, Kolkata – 700017. [Pan : Aahcs 2419 R] D.C.I.T., Cir 5(2) Kolkata………………………………………………......................Respondent Aayakar Bhawan, P-7, Chowringhee Square, Kolkata - 69 Appearances By: Shri A.K. Gupta, Fca Appearing On Behalf Of The Assessee. Md. Usman, Cit Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 21, 2017 Date Of Pronouncing The Order : December 14, 2017 Order Per P.M. Jagtap, Am This Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Principal Cit – 2, Kolkata Dated 28.03.2017 Passed Under Section 263 Of The Income Tax Act, 1961 & The Grounds Raised By The Assessee Therein Read As Under: “1. For That The Order Passed Under Section 263 Of The Income Tax Act, 1961 (In Short ‘The Act’) By The Principal Commissioner Of Income Tax -2, Kolkata (In Short ‘Cit’) Dated 28.03.2017 Is Without Jurisdiction & Illegal As None Of The Condition Precedent For Exercise Of The Power Under Section 263 Of The Act Exists And/Or Has Been Satisfied & As Such The Said Order Is Erroneous & Without Jurisdiction & Liable To Be Cancelled. 2. For That The Order Passed By The Assessing Officer Was Not In Any Way Erroneous Or Prejudicial To The Interest Of Revenue & As Such The Cit Would Not Exercise Any Power Under Section 263 Of The Act. The Cit Erred In Holding That The Order Of Assessment Is Erroneous & Prejudicial To The Interest Of Revenue.

10. The learned counsel for the assessee also raised one more preliminary issue while challenging the jurisdiction of the Ld. Principal CIT to exercise his revisionary powers under section 263 in the facts of the assessee’s case. He submitted that the assessment revised by the Ld. Principal CIT was passed by the A.O. under section

SURESH KUMAR PODDAR,KOLKATA vs. I.T.O., WARD - 63(4), KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed

Bench: SHRI RAJESH KUMAR (Accountant Member)

38. On a conspectus of Section 153A(1) of the Act, read with the provi- sos thereto, and in the light of the law explained in the aforementioned decisions, the legal position that emerges is as under. i. Once a search takes place under Section 132 of the Act, notice under Section 153A(1) will have to be mandatorily issued

DCIT, CC-3(3), KOLKATA, KOLKATA vs. AMICUS REAL ESTATE PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

Bench: SHRI SANJAY GARG, HON’BLE (Judicial Member), DR. MANISH BORAD, HON’BLE (Accountant Member)

38. On a conspectus of section 153A(1) of the Act, read with the provisos thereto, and in the light of the law explained in the aforementioned decisions, the legal position that emerges is as under: i. Once a search takes place under section 132 of the Act, notice under section 153A(1) will have to be mandatorily issued

SRI KAILASH PRASAD AGARWAL,KOLKATA vs. I.T.O.,WARD-22(2), KOLKATA

In the result, both the appeals of the captioned assessee(s) are dismissed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma

reassessment proceeding was carried out. During the course of assessment proceedings, ld. Assessing Officer found that the assessee has shown exempt income under section 10(38

RAJPAT PANDYA,KOLKATA vs. ITO, WARD-36(1), KOLKATA

In the result, both the appeals of the captioned assessee(s) are dismissed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma

reassessment proceeding was carried out. During the course of assessment proceedings, ld. Assessing Officer found that the assessee has shown exempt income under section 10(38

SATISH KUMAR LAKHMANI,KOLKATA vs. PR.CIT-10, KOLKATA, 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]

38) of the Act has been correctly allowed. It was also claimed that there is no specific evidence or adverse material against the assessee which would implicate the assessee and that the allegations were general in nature. It was also argued that powers u/s 263 of the Act cannot be invoked under these facts and circumstances

RITIN LAKHMANI,KOLKATA vs. PR.CIT - 10 , KOLKATA

In the result, all the appeals filed by the assessees are allowed

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

reassess because it was his duty to enquire properly within the time limit prescribed by the statute. Therefore, the very invocation of revisional jurisdiction on the proposal of the AO itself is bad in law and for coming 10 I.T.A. Nos. 41 to 47/Kol/2019 Assessment Year: 2014-15 Ritin Lakhmani & Others. to such a decision we rely on the decision

JAIKISHAN LAKHMANI ,KOLKATA vs. PR.CIT - 10 , KOLKATA

In the result, all the appeals filed by the assessees are allowed

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

reassess because it was his duty to enquire properly within the time limit prescribed by the statute. Therefore, the very invocation of revisional jurisdiction on the proposal of the AO itself is bad in law and for coming 10 I.T.A. Nos. 41 to 47/Kol/2019 Assessment Year: 2014-15 Ritin Lakhmani & Others. to such a decision we rely on the decision

RAVISH LAKHMANI ,KOLKATA vs. PR.CIT - 10 , KOLKATA

In the result, all the appeals filed by the assessees are allowed

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

reassess because it was his duty to enquire properly within the time limit prescribed by the statute. Therefore, the very invocation of revisional jurisdiction on the proposal of the AO itself is bad in law and for coming 10 I.T.A. Nos. 41 to 47/Kol/2019 Assessment Year: 2014-15 Ritin Lakhmani & Others. to such a decision we rely on the decision

GOPICHAND LAKHMANI ,KOLKATA vs. PR.CIT - 10, KOLKATA

In the result, all the appeals filed by the assessees are allowed

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

reassess because it was his duty to enquire properly within the time limit prescribed by the statute. Therefore, the very invocation of revisional jurisdiction on the proposal of the AO itself is bad in law and for coming 10 I.T.A. Nos. 41 to 47/Kol/2019 Assessment Year: 2014-15 Ritin Lakhmani & Others. to such a decision we rely on the decision

PRAVESH KUMAR LAKHMANI ,KOLKATA vs. PR.CIT - 10 , KOLKATA

In the result, all the appeals filed by the assessees are allowed

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

reassess because it was his duty to enquire properly within the time limit prescribed by the statute. Therefore, the very invocation of revisional jurisdiction on the proposal of the AO itself is bad in law and for coming 10 I.T.A. Nos. 41 to 47/Kol/2019 Assessment Year: 2014-15 Ritin Lakhmani & Others. to such a decision we rely on the decision

RACHIT LAKHMANI ,KOLKATA vs. PR.CIT - 10, KOLKATA

In the result, all the appeals filed by the assessees are allowed

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

reassess because it was his duty to enquire properly within the time limit prescribed by the statute. Therefore, the very invocation of revisional jurisdiction on the proposal of the AO itself is bad in law and for coming 10 I.T.A. Nos. 41 to 47/Kol/2019 Assessment Year: 2014-15 Ritin Lakhmani & Others. to such a decision we rely on the decision

REETA LAKHMANI,KOLKATA vs. PR.CIT - 10 , KOLKATA

In the result, all the appeals filed by the assessees are allowed

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

reassess because it was his duty to enquire properly within the time limit prescribed by the statute. Therefore, the very invocation of revisional jurisdiction on the proposal of the AO itself is bad in law and for coming 10 I.T.A. Nos. 41 to 47/Kol/2019 Assessment Year: 2014-15 Ritin Lakhmani & Others. to such a decision we rely on the decision

MACKINTOSH BURN LTD., ,KOLKATA vs. DCIT, CIRCLE - 11(2), KOLKATA , KOLKATA

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

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1736/Kol/2017 ("नधा"रणवष" / Assessment Year: 2007-08)

38 of the Act. However, the assessing officer rejected the contention of the assessee and made addition to the tune of Rs.15,51,000/- 6. Aggrieved by the stand so taken by the Assessing Officer, the assessee carried the matter in appeal before the ld. CIT(A).The Ld. Commissioner of Income Tax (Appeals)-2, vide order dated

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), KOLKATA, KOLKATA vs. SOMANI SERVICES PRIVATE LIMITED, KOLKATA

Bench: the Hon'ble ITAT, Kolkata.

sections 10(38) and 147, of the Income-tax Act, 1961 - Cash credits (Reassessment) - Assessment year 2015-16 - Assessing Officer