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.

12, 2017. On the very same day, the commissioner passed an order under section 263 setting aside the order of the A.O. on the ground of lack of enquiry. In these facts and circumstances involved in the case of Infinity Infotech Park Ltd. (supra), the Coordinate Bench of this Tribunal held that the Ld. CIT before exercising jurisdiction 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)

section 153A and in case of unabated/completed as- sessment and in case no incriminating material is found during the search, the power of the Revenue to have the reassessment under Sec- tions 147/148 of the Act has to be saved, otherwise the Revenue would be left without remedy. 12

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)

12 I.T.A. No. 803/Kol/2023 Assessment Year: 2010-11 Amicus Real Estate Pvt. Ltd. be prescribed and the provisions of this Act shall, so far as may be, apply accordingly as if such return were a return required to be furnished under section 139; b) assess or reassess

DCIT, CIRCLE-12(1), KOLKATA, KOLKATA vs. M/S DOTEX MERCHANDISE PVT. LTD., KOLKATA

In the result, appeal of the Revenue is dismissed and the cross objections are also dismissed as infructuous

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

12. The situation can be viewed from another angle as well. The Assessing Officer initiated reassessment proceedings and made addition of Rs. 22.57 lakh. When the ld. CIT (A) held that the addition of Rs. 22.57 lakh was not sustainable, it meant that the jurisdiction of the Assessing Officer was lacking in initiating the reassessment proceedings. As a consequence

DIPTI MEHTA ,KOLKATA vs. ITO, WARD - 43(2), , KOLKATA

In the result, the appeal of the assessee is allowed

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

section 147 with effect from 1-4-1989 clearly stipulated that the Assessing Officer has to assess or reassess the income which he had reason to believe had escaped assessment and also any other income chargeable to tax which came to his notice during the proceedings. In the absence of the assessment or reassessment of the former, he cannot independently

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)

reassessment proceedings shall not be sustainable in the eyes of law. 12. We note thatthe reasons for reopening of assessment was not provided to the assessee. How the assessee can defend his case if the reasons for reopening of assessment is not provided to him? Apart from this the AO has reopened the assessment completed under section

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

12. The Hon'ble Commissioner of Income Tax (Appeals) erred both in law and on facts by failing to adjudicate the ground that the Learned Assessing Officer treated the amount of ₹75,00,000 received from M/s Mangal Chand Property & Investment Pvt. Ltd. as a loan, and erroneously classified it as an unexplained cash credit under Section

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

12. The Hon'ble Commissioner of Income Tax (Appeals) erred both in law and on facts by failing to adjudicate the ground that the Learned Assessing Officer treated the amount of ₹75,00,000 received from M/s Mangal Chand Property & Investment Pvt. Ltd. as a loan, and erroneously classified it as an unexplained cash credit under Section

THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 3(2), GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED , GANGTOK SIKKIM

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

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

section 143 or total income assessed, reassessed or recomputed in a preceding order. (11) No addition or disallowance of an amount shall form the basis for imposition of penalty, if such addition or disallowance has formed the basis of imposition of penalty in the case of the person for the same or any other assessment year. (12

K.Y.S. SPONGE IRON PVT. LTD.,KOLKATA vs. I.T.O., WARD - 3(1),, KOLKATA

Appeal of the assessee is allowed

Bench: Any Other Issue.

12,87,500/- (u/s 68 of the Act). Aggrieved with this, the assessee has approached the Ld. CIT(A) were also he could not succeed on either of the issues. 2 K.Y.S. Sponge Iron Pvt. Ltd. 1.1 Thereafter, the assessee is seen to have approached the ITAT with several grounds but the Ld. AR pointed out that the main challenge

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

12 on account of not having complied with the requirements of section 12A(1)(b). Since this was the sole basis for upholding the validity of the reassessment

COSMAT TRADERS (P) LTD,KOLKATA vs. ITO, WARD-6(2), , KOLKATA

In the result, appeal of the assessee is allowed

section shall apply where the assessee had raised such objection before the completion of such assessment or reassessment." raised such objection before the completion of such assessment or reassessment." raised such objection before the completion of such assessment or reassessment." 12

M/S. WEEDO VENTURES PVT. LTD. (EARLIER KNOWN AS M/S. EQUAL PROJECTS PVT. LTD.),KOLKATA vs. CIT(A)-3, KOLKATA

In the result, appeal of the assessee

Bench: Sri J. Sudhakar Reddy, Hon’Ble & Sri Aby T. Varkey, Hon’Ble) Assessment Year: 2012-13 M/S. Weedo Ventures Pvt. Ltd......……………………..................................……………..…….............Appellant [Earlier Known As M/S. Equal Projects Pvt. Ltd.] Property No. 11 Block-A, Maharana Pratap Enclave Pitampura Delhi - 110034 [Pan : Aacce 4580 C]

section shall apply where the assessee had raised such objection before the completion of such assessment or reassessment." raised such objection before the completion of such assessment or reassessment." raised such objection before the completion of such assessment or reassessment." 12

M/S. WEEDO VENTURES PVT. LTD. (EARLIER KNOWN AS M/S. EQUAL PROJECTS PVT. LTD.),KOLKATA vs. I.T. O., WARD, 9(2), KOLKATA

In the result, appeal of the assessee

Bench: Sri J. Sudhakar Reddy, Hon’Ble & Sri Aby T. Varkey, Hon’Ble) Assessment Year: 2012-13 M/S. Weedo Ventures Pvt. Ltd......……………………..................................……………..…….............Appellant [Earlier Known As M/S. Equal Projects Pvt. Ltd.] Property No. 11 Block-A, Maharana Pratap Enclave Pitampura Delhi - 110034 [Pan : Aacce 4580 C]

section shall apply where the assessee had raised such objection before the completion of such assessment or reassessment." raised such objection before the completion of such assessment or reassessment." raised such objection before the completion of such assessment or reassessment." 12

M/S PCM STRESCON OVERSEAS VENTURE LTD.,SILIGURI vs. PCIT-1, , KOLKATA

In the result, both appeal preferred by the revenue (ITA No

Bench: Shri P. M. Jagtap & Shri A. T. Varkey]

reassessment or computation were substituted. The time limits prescribed there-under are as follows: ITA No.2652/Kol/2019 & CO No. 15/Kol/2020 PCM Strescon Overseas Ventures Ltd., AY 2012-13 − Clause (1) of Section 153 provides that the time limit for completion of assessment under Section 143(3)/144 of the Act is twenty-one months from the end of the relevant assessment

I.T.O.,WARD-1(1), KOLKATA vs. M/S PCM STRESCON OVERSEAS VENTURE LTD., KOLKATA

In the result, both appeal preferred by the revenue (ITA No

Bench: Shri P. M. Jagtap & Shri A. T. Varkey]

reassessment or computation were substituted. The time limits prescribed there-under are as follows: ITA No.2652/Kol/2019 & CO No. 15/Kol/2020 PCM Strescon Overseas Ventures Ltd., AY 2012-13 − Clause (1) of Section 153 provides that the time limit for completion of assessment under Section 143(3)/144 of the Act is twenty-one months from the end of the relevant assessment

TARAKESWAR VIVEKANANDA PALLY SEVA KENDRA,HOOGHLY vs. ITO, WARD-24(3), HOOGHLY, KOLKATA

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

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am] Assessment Year : 2010-11

Section 12(2)." In Yet another judgment in the case of Sukhdeo Charity Estate v. ITO, 192 ITR 615, Honourable Rajasthan High Court held as follows (as per head note):- "The intention of the donor-trust as well as the donee-trust was to treat the money as capital to be spent for the Ladnu Water Supply Scheme

DCIT, CENTRAL CIRCLE - 1(1), KOLKATA , KOLKATA vs. M/S. ALEMBIC MERCHANTS PVT. LTD., , KOLKATA

In the result, the appeal of revenue fails

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2009-10 Dcit, Central Cir-1(1), Kolkata Vs. M/S. Alembic Merchants Pvt. Ltd Pan: Aacca 0918Q Appellant Respondent

reassessed to confer jurisdiction under section 147(a) two conditions were required to be satisfied: firstly the Assessing Officer must have reason to believe that income, profits or gains chargeable to, income tax have escaped assessment, and secondly he must also have reason to believe that such escapement has occurred by reason of either omission or failure on the part

ITO, WD.9(1), KOLKATA vs. M/S MAHARAJ VINCOM PVT. LTD., KOLKATA

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.35/Kol/2021 Assessment Year: 2009-10 Ito, Ward-9(1), Kolkata……………….......................…...……………....Appellant Vs. M/S Maharaj Vincom Pvt. Ltd……............…..........................…..…..... Respondent 69, Jamunalal Bajaj Street, Kolkata- 700007. [Pan: Aafcm6496E] C.O. No.6/Kol/2023 (A/O I.T.A. No.35/Kol/2021) Assessment Year: 2009-10 M/S Maharaj Vincom Pvt. Ltd……............…..........................…....... Cross-Objector 69, Jamunalal Bajaj Street, Kolkata- 700007. [Pan: Aafcm6496E] Vs Ito, Ward-9(1), Kolkata …………..….......................…...……………....Respondent Appearances By: Shri Miraj D. Shah, Ar, Appeared On Behalf Of The Assessee. Shri Abhijit Kundu, Cit-Dr, Appeared On Behalf Of The Department. Date Of Concluding The Hearing : March 07, 2024 Date Of Pronouncing The Order : May 15, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: This Appeal By The Revenue & Corresponding Cross-Objection By The Assessee Have Been Preferred Against The Order Dated 08.09.2020 Of The Commissioner Of Income Tax (Appeals)-7, Kolkata (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’).

12. The Full Bench of this Court in CIT v. Kelvinator of India Ltd. [2002] 256 ITR 1 had opined that the amendments introduced into section 147 with effect from 1-4-1989 have not altered the position that a mere change of opinion of the Assessing Officer was not sufficient ground for embarking on a reassessment