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’).

1 SCC 193, wherein an issue arose whether a decree can be challenged at the stage of execution and whether a decree which remained uncontested operates as res-judicata qua the parties affected by it. Hon'ble apex court, taking support from aforesaid judgment, observed as under: "In the light of this position in law the question for determination

M/S.G.S. ATWAL & CO.(ENGG)(P)LTD,KOLKATA vs. DCIT, CIR-11(1), KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

145: 1953 SCR 1057 (SC) it was held that the expression "borrowed money" means real borrowing or real lending. It must be construed in its natural and ordinary meaning and implies a real borrowing and real lending. It requires the existence of a borrower and a lender and accordingly there must be a real borrowing. 9. Unlike section

M/S.G.S. ATWAL & CO.(ENGG) (P)LTD.,KOLKATA vs. DCIT, CIR-11(1), KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

145: 1953 SCR 1057 (SC) it was held that the expression "borrowed money" means real borrowing or real lending. It must be construed in its natural and ordinary meaning and implies a real borrowing and real lending. It requires the existence of a borrower and a lender and accordingly there must be a real borrowing. 9. Unlike section

GOAL ORIENTED TRADE LINK PVT. LTD.,,KOLKATA vs. ITO, WARD 2(1),, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: SHRI RAJESH KUMAR, ACCOUNTANT MEMBER SHRI PRADIP KUMAR CHOUBEY (Judicial Member)

145 shall, so far as may be, apply." An analysis of this sub section indicates that, after the return 4 Goal Oriented Trade Link Pvt. Ltd. is filed, this clause enables the assessing officer to complete the assessment by following the procedure like issue of notice under Sections 143(2)/142 and complete the assessment under Section 143(3). This

M/S. PHILIPS INDIA LIMITED,KOLKATA vs. ACIT, CIRCLE - 12(2), , KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawali.T.A. No.2308/Kol/2019 Assessment Year: 2004-05 M/S Philips India Limited.….............……….........…..........….…… Appellant 3Rd Floor, Tower A, Dlf Park, 08 Block Af, Major Arterial Road, New Town (Rajarhat), Kolkata-700156. [Pan: Aabcp9487A] Vs. Acit, Circle-12(2), Kolkata.......….....……........…...…...…..…..... Respondent Appearances By: Shri Ketan K Ved, Ca, Appeared On Behalf Of The Appellant. Shri Amal Kamat, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : November 17, 2022 Date Of Pronouncing The Order : February 06, 2023 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 31.07.2019 Of The Assessing Officer (In Short The ‘A.O’) Passed U/S 92Ca(3) & 144C Read With Section 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) In Pursuance Of The Directions Of The Dispute Resolution Panel (Drp) Dated 14.05.2019. 2. At The Outset, The Ld. Counsel For The Assessee Has Submitted That The Impugned Assessment Order Framed By The Assessing Officer Is Null & Void Being Framed Without Passing Of Draft Assessment Order. That The Assessing Officer Without Passing Of Draft Assessment Order & Without Giving Opportunity To The Assessee To File Objections Against The Said Draft Assessment Order As Per Provisions To Section 144C Of The

145 shall, so far as may be apply. This indicates that this clause enables the Assessing Officer, after the return is filed, to complete the assessment under Section 143 (2) by following the procedure like issue of notice under Section 143 (2)/142. This does not provide accepting the return as provided under Section 143 (1) (a). The Officer

MANAKSIA LIMITED,KOLKATA vs. DCIT, CIRCLE 4(1), , KOLKATA

145 shall. so far as may be, apply.\" An analysis of this\nsub section indicates that, after the return is filed, this clause enables the assessing\nofficer to complete the assessment by following the procedure like issue of notice\nunder Sections 143(2)/142 and complete the assessment under Section 143(3). This\nSection does not provide for accepting

ANIL KUMAR PAIK ,KOLKATA vs. ACIT, CIR-8(1), KOL, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 492/Kol/2023 Assessment Year: 2017-18 Anil Kumar Paik Acit, Circle-8(1), Kolkata C/O S.N. Ghosh & Associates, Advocates Vs 2, Garstin Place, 2Nd Floor Suite No. 203 Off Hare Street Kolkata - 700001 [Pan : Aflpp6567R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri B.K. Singh, Jcit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 01/12/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/02/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi (Hereinafter The “Ld. Cit(A)”) Dt. 15/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. For That The Ld. Commissioner, Of Income Tax (Appeals)- N.F.A.C. Acted Unlawfully In Impliedly Sustaining; The Purported Addition Of Rs. 1,67.44,907/- Made The Ld. Assistant Commissioner, Of Income Tax, Circle 8(1) Kolkata By Invoking The Mischief U/S. 43Ca Of The Income Tax Act, 1961 Without Satisfying The Parameters Thereof & The Adverse Conclusion Reached On That Behalf In Violation Of The Statutory Prescription Is Completely Unfounded, Unjustified & Untenable In Law. 2. For That The Specious Approach Of The Ld. Commissioner Of Income Tax (Appeals)-N.F.A,C. Of Misreading Evidence, Considering Improper Facts

145(3) of the Act and the estimation is merely based on surmises and conjectures. iii) Similar contentions have been made with regard to the estimation of net profit in liquor business where also, without rejecting the book results, the ld. Assessing Officer erred in estimating the profits. 6 I.T.A. No. 492/Kol/2023 Assessment Year: 2017-18 Anil Kumar Paik

SEN FERRO ALLOYS (P) LTD.,KOLKATA vs. A.C.I.T., CC - 4(3), KOLKATA, KOLKATA

In the result, both appeals of the assessee are allowed

145 taxxman.com 27(Gujarat),\nthe assessee is being not a beneficiary of the loans anymore, the addition\nis not liable to be made in the hands of the assessee.\n7. In reply, the Ld.Sr.DR vehemently supported the order of the AO and\nCIT(A).\n8. We have considered the rival submissions. A perusal of the facts in\nthe present case

M/S K.M. KHADIM & CO.,KOLKATA vs. PCIT-1, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

145 ITR 255 (All.) The Ld. A.R. therefore argued that the exercise of jurisdiction by the Ld. PCIT in second round treating the assessment order passed pursuant to the direction by the Ld. PCIT in the first round in the order passed u/s 263 of the Act is contrary to the provisions of the Act. The ld AR contended that

ANIL KUMAR PAIK,KOLKATA vs. ACIT, KOLKATA

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

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 468/Kol/2023 Assessment Year: 2016-17 Anil Kumar Paik Acit, Circle-8(1), Kolkata C/O S.N. Ghosh & Associates, Advocates Vs 2, Garstin Place, 2Nd Floor Suite No. 203 Off Hare Street Kolkata - 700001 [Pan : Aflpp6567R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri P.P. Barman, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 21/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/11/2023 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi (Hereinafter The “Ld. Cit(A)”) Dt. 15/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2016-17. 2. The Assessee Has Raised The Following Grounds Of Appeal:-

145(3) of the Income Tax Act, 1961 and thereby estimating an income of Rs. 3,76,28,573/- in a summary manner without adducing on record the genesis thereof and such addition impliedly sustained without any authority of law is therefore ab initio void, ultra vires, and ex-facie null in law.” 3. Brief facts of the case

SEN FERRO ALLOYS (P) LTD.,KOLKATA vs. A.C.I.T., CC - 4(3), KOLKATA

In the result, both appeals of the assessee are allowed

145 taxxman.com 27(Gujarat),\nthe assessee is being not a beneficiary of the loans anymore, the addition\nis not liable to be made in the hands of the assessee.\nIn reply, the Ld.Sr.DR vehemently supported the order of the AO and\nCIT(A).\nWe have considered the rival submissions. A perusal of the facts in\nthe present case clearly shows

ADONIS MARKETING (P) LTD.,KOLKATA vs. I.T.O., WARD - 9(1), , KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Sri Sanjay Garg & Sri Sanjay Awasthi

reassessment proceedings is that proceedings on the return already filed should have been terminated." ".... A mere glance at this note would show that it could not be said that the Income-tax Officer gave finality to the refund since no refund is granted either in the hands of the trust or in the hands of the beneficiaries

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3(1), KOLKATA, KOLKATA vs. RAJSHRI IRON INDUSTRIES PRIVATE LIMITED, KOLKATA

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

Bench: Shri Rajesh Kumar, Am & Shrisonjoy Sarma, Jm

reassessment proceedings and after obtaining the reply/explanation of the assessee made an addition of Rs. 21,27,60,640/-(by typo error mentioned as ₹22,27,60,640/-) as unexplained expenditure u/s 69C of the Act in the assessment framed u/s 147 of the Act dated 27.03.2023. 06. In the appellate proceedings ld. CIT(A) partly deleted the addition after

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3(1), KOLKATA, KOLKATA vs. RAJSHRI IRON INDUSTRIES PRIVATE LIMITED, KOLKATA

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

Bench: Shri Rajesh Kumar, Am & Shrisonjoy Sarma, Jm

reassessment proceedings and after obtaining the reply/explanation of the assessee made an addition of Rs. 21,27,60,640/-(by typo error mentioned as ₹22,27,60,640/-) as unexplained expenditure u/s 69C of the Act in the assessment framed u/s 147 of the Act dated 27.03.2023. 06. In the appellate proceedings ld. CIT(A) partly deleted the addition after

ITO, KOLKATA vs. AJIT KUMAR MINDA, KOLKATA

In the result, the appeal of the Revenue and cross objections of the\nassessee are dismissed

1-4-1989. Assessing Officer has power to reopen,\nprovided there is \"tangible material” to come to the conclusion that there is\nescapement of income from assessment. Reasons must have a live link with\nthe formation of the belief.\"\n7.6. Furthermore, the Hon'ble High Court of Madras in the case of Mobis\nIndia Ltd v. DCIT [2022] 145 taxmann.com

RAINBOW VANIJYA PVT LTD.,NEW DELHI vs. ACIT, KOLKATA

In the result, the appeal of the assessee is allowed

section 145(3), furnishing seized materials to the assessee and (establishing any nexus between the assessee and the alleged unaccounted purchases. Accordingly, we hold that the said addition of Rs.61,49,041/- is unjustified and is hereby deleted.”\n011. In view of the underlying facts vis a vis the decisions as discussed above, we are not in agreement with

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(3), KOLKATA, KOLKATA vs. AVIMA EXPORTS PRIVATE LIMITED, KOLKATA

In the result, the appeal of the Revenue is dismissed

1). the identity of the creditor/subscriber;\n(2). the genuineness of the transaction, namely whether it has been transmitted through banking or other indisputable channels;\n(3). the creditworthiness or financial strength of the creditor/subscriber;\n(4). if relevant details of the address or PAN identity of the creditor/subscriber are furnished to the Department along with copies of the shareholders

DCIT, CENTRAL CIRCLE-1(4), KOLKATA, KOLKATA vs. MURLIDHAR RATANLAL EXPORTS LTD., KOLKATA

In the result, the appeals of the Revenue are dismissed and the\nCOs of the assessee are partly allowed

reassessment\nproceedings issued notice u/s 143(2) and 142(1) of the Act along with\nquestionnaire which were duly replied by the assessee by filing the\nnecessary evidences in respect of loans raised during the year by the\nassessee. The Id. AO thereafter in para no.6.1 up to 6.7 discussed the\nloans raised by the assessee from various parties