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

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’).

3) could have been issued up to March 31, 2000. Therefore, a valid return of income was pending as on March 15, 2000. The Assessing Officer issued notice under section 148 on March 15, 2000 when a valid return under section 139(4) was pending. In this case, the return was filed and the same is pending, which means that

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

M/S PREMIER IRRIGATION ADRITEC (P) LTD.,KOLKATA vs. ACIT, CIR-11(1), KOLKATA , KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawal

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

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

CHANDRA BROS.,KOLKATA vs. I.T.O., WARD - 37(1), KOLKATA, KOLKATA

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

Bench: Sri Pradip Kumar Choubey & Sri Rakesh Mishra

3 of 18 I.T.A. No.: 1572/KOL/2024 Assessment Year: 2022-23 Chandra Bros. 01/04/2021. This figure had, in view of current transactions, culminated in the year end difference of Rs.11467009/-. As a result, the differential amount of Rs.5096384/- only (after exclusion of the opening balance) for being attributable to the current year's transaction and accordingly, of current origin, would deserve

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

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

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

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

3 CD\nAccounting Ratios with Calculations\nPrevious Year\nPreeceding\nPrevious\nYear\n1 Turnover\n17,37,79,504.00\n5,83,59,910.00\n2 Gross Profit / Turnover\nGross Profit\nΝ. Α.\n60,76,938.13\nTotal Sales\nΝ. Α.\n5,83,59,910.00\nGross Profit/ Turnover Ratio\nΝ. Α.\n10.41%\n3 Net Profit / Turnover\nProfit before Tax\nΝ. Α.\n23,08,843.51\nTotal

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

3) could have been issued upto 31.03.2000. Therefore, a valid Return of income was pending as on 15.03.2000. The Assessing Officer issued notice under Section 148 on 15.03.2000 when a valid Return under Section 139(4) was pending. In this case the Return was filed and the same is pending, which means that the proceeding is still pending. In such

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

145(3) to reject the books of assessee and estimate gross profit @5.06% onthe out of books purchases of coal which comes to Rs.1,07,65,688/- (Rs.21,27,60,640/-@5.06% = Rs.1,07,65,688/-). Hence, the addition of Rs.1,07,65,688/- is confirmed and theremaining addition of Rs.20,19,94,952/- is deleted. Therefore, these grounds

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

145(3) to reject the books of assessee and estimate gross profit @5.06% onthe out of books purchases of coal which comes to Rs.1,07,65,688/- (Rs.21,27,60,640/-@5.06% = Rs.1,07,65,688/-). Hence, the addition of Rs.1,07,65,688/- is confirmed and theremaining addition of Rs.20,19,94,952/- is deleted. Therefore, these grounds

M/S. DILIP KUMAR DAS & SONS,KOLKATA vs. DCIT, CIR-I(1), JALPAIGURI, JALPAIGURI

In the result, appeal of the assessee for Assessment Year 2013-14

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Ble

145 days in filing of I.T.A. No. 2514/Kol/2019 and I.T.A. No. 2515/Kol/2019 by the assessee. Petition for condonation of delay is placed on record by the assessee explaining the reasons for late filing of appeal. On perusing the same, we are convinced that the assessee was prevented by sufficient cause from filing these appeals in time. Accordingly, we condone

A.C.I.T.,CIRCLE-1(2), JALPAIGURI vs. M/S. DILIP KUMAR DAS & SONS, KOLKATA

In the result, appeal of the assessee for Assessment Year 2013-14

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Ble

145 days in filing of I.T.A. No. 2514/Kol/2019 and I.T.A. No. 2515/Kol/2019 by the assessee. Petition for condonation of delay is placed on record by the assessee explaining the reasons for late filing of appeal. On perusing the same, we are convinced that the assessee was prevented by sufficient cause from filing these appeals in time. Accordingly, we condone

M/S. DILIP KUMAR DAS & SONS,KOLKATA vs. DCIT, CIR-I(1), JALPAIGURI, JALPAIGURI

In the result, appeal of the assessee for Assessment Year 2013-14

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Ble

145 days in filing of I.T.A. No. 2514/Kol/2019 and I.T.A. No. 2515/Kol/2019 by the assessee. Petition for condonation of delay is placed on record by the assessee explaining the reasons for late filing of appeal. On perusing the same, we are convinced that the assessee was prevented by sufficient cause from filing these appeals in time. Accordingly, we condone

M/S. MIDNAPUR TIMBER TRADERS,WEST MIDNAPUR vs. ITO, NFAC, , DELHI

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri George Mathan & Shri Rakesh Mishra

145(3) and had computed the profit by applying percentage on the turnover of the appellant and as such no separate addition u/s 68 could have been made and in view of the facts and in the circumstances it may be held accordingly. 6. For that your petitioner craves the right to put additional grounds and/or to alter/ amend/modify