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)

155 ITR 166 (SC). In this 5 Goal Oriented Trade Link Pvt. Ltd. case, the Court has observed that Section 37(2) provides that "the provisions of the Code relating to searches, shall so far as may be, apply to searches directed under Section 37(2). Reading the two sections together it merely means that the methodology prescribed for carrying

ITO, KOLKATA vs. AJIT KUMAR MINDA, KOLKATA

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

section 80-IA, are contrary to the declaration of law by the Supreme\nCourt in Pandian Chemicals Ltd. v. CIT,[2003] 262 ITR 278 (SC) and Liberty\nIndia v. CIT,[2009] 317 ITR 218 (SC)......\n4. It is evident from a plain reading of the reasons furnished by the Revenue\nthat there is no allusion to tangible material

M/S. SHAKAMBHARI ISPAT & POWER LTD.,KOLKATA vs. DCIT, CC - 3(3),, KOLKATA

section 69C of the Act.\nI have taken into consideration the submissions of the appellant,\nalready extracted above and the findings of the AO as well as the\nmaterial placed on record, It is noted that the impugned addition\nemanated from the information available with the Department,\nwhich was gathered during the course of search and seizure\noperation conducted under

M/S. SHAKAMBHARI ISPAT & POWER LTD., ,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), , KOLKATA

section 69C of the Act.\nI have taken into consideration the submissions of the appellant,\nalready extracted above and the findings of the AO as well as the\nmaterial placed on record, It is noted that the impugned addition\nemanated from the information available with the Department,\nwhich was gathered during the course of search and seizure\noperation conducted under

SHREEKANT RAY ,KOLKATA vs. ITO, WARD-61(3), KOLKATA

In the result, the appeal of the assessee is partly allowed

Bench: Shri Sonjoy Sharma & Shri Rakesh Mishraassessment Year: 2018-19

reassessment order under Section 147 read with Section 144B of the Act was passed by the AO at the total income of Rs. 1,05,46,917/- by making an addition of Rs. 94,14,477/- on account of deemed dividend under Section 2(22)(e) of the Act. The Ld. CIT(A) examined the finding

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

155 ITR 166 (SC). In\nthis case, the Court has observed that Section 37(2) provides that \"the provisions of\nthe Code relating to searches, shall so far as may be, apply to searches directed under\nSection 37(2). Reading the two sections together it merely means that the\nmethodology prescribed for carrying out the search provided in Section

GARUD CREDIT & HOLDING PVT LTD,KOLKATA vs. I.T.O WD - 9(2),KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No. 1270/Kol/2013 Assessment Year: 2009-2010 Garud Credit & Holding Pvt. Limited,.........Appellant D.J. Shah & Co., 2, Elgin Road, Kolkata-700020 [Pan: Aaacg9791P] -Vs.- Income Tax Officer,.................................Respondent Ward-9(2), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri Veekaas S. Sharma, Ca, Appeared On Behalf Of The Assessee Shri P.P. Barman, Addl. Cit, Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : February 06, 2023 Date Of Pronouncing The Order : May 01, 2023 O R D E R

reassessment proceedings on the issue which has been referred to by the ld. CIT in the impugned order and since the ld. Assessing Officer has taken a permissible view in law, therefore, ld. CIT erred in assuming jurisdiction under section 263 of the Act. The assesese placed reliance on plethora of judgments and the same are referred below:- S.No. Title

SANDEEP KR. SAHA, [LEGAL HEIR OF ASSESSEE VIZ.PUJA SHAH,(SINCE DECEASED)],KOLKATA vs. ITO,WD-50(4),KOLKATA., KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 735/Kol/2023 Assessment Year: 2010-11 Sandeep Kumar Shah Income Tax Officer, Ward – {Legal Heir Of Assessee Viz. Puja Shah (Since Deceased)} Vs 50(4), Kolkata P-281, Cit Road Scheme-Vi(M), Kankurgachi Kolkata - 700054 [Pan : Aqeps5462N] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tibrewal, Fca/Amit Agrawal, Advocate Revenue By : Shri Ankur Goyal, Addl. Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 18/10/2023 घोषणा क" तारीख /Date Of Pronouncement: 30/11/2023 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 Learned Commissioner Of Income Tax (Appeals) – 15, Kolkata, (Hereinafter The “Ld. Cit(A)”) Dt. 27/11/2019, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2010-11. 2. The Registry Has Pointed Out That There Is A Delay Of 1269 Days In Filing Of The Appeal By The Assessee. An Affidavit Along With An Application For Condonation Of Delay Has Been Filed & Perusal Of The Same Indicates That The Assessee, Namely, Puja Shah Expired On 04/01/2015 & The Said Information Was Passed On To The Assessing Officer During The Course Of Assessment Proceedings. The Assessment Order Was Framed On 22/12/2017. Thereafter Appeal Of The Assessee

reassessment proceedings initiated under section 147/148 of the Act suffers from various infirmities. 6. That, without prejudice to the above, the learned Commissioner of Income Tax (Appeals)-15, Kolkata failed to appreciate that the Assessing Officer had totally erred in law in making arbitrary addition of the genuine Long Term Capital Gain of Rs.41,86,459, derived by the Assessee

M/S. SHAKAMBHARI ISPAT & POWER LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), , KOLKATA

section 132(4) of the Act dated\n02.12.2018, wherein they had admitted that they were arranging\ncash loans in lieu of commission. It was observed that one\npromissory note on the letterhead of the assessee was also seized,\nwhich stated that, the appellant was in receipt of Rs.50,000/-from\none Mr. Amit Agarwal. According to the AO, there

D.C.I.T., CC - 3(1),, KOLKATA vs. SHAKAMBHARI ISPAT & POWER LIMITED, KOLKATA

section 132(4) of the Act dated\n02.12.2018, wherein they had admitted that they were arranging\ncash loans in lieu of commission. It was observed that one\npromissory note on the letterhead of the assessee was also seized,\nwhich stated that, the appellant was in receipt of Rs.50,000/-from\none Mr. Amit Agarwal. According to the AO, there

DEBABRATA BANERJEE,KOLKATA vs. DCIT,CIR-34,KOLKATA., KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am& Shri Pradip Kumar Choubey, Jm]

155 (Mad)] (ii) PCIT Vs. Emta Coal Limited, ITAT/226/2022 dated 01.02.2023; (iii) Savita Kapila Vs. ACIT [2020] 118 taxmann.com 46 (Del.); (iv) Sumit Balkrishna Gupta Vs. ACIT [2019] 103 taxmann.com 188 (Bom); (v) Dhirendra Bhupendra Sanghvi Vs. ACIT [2023] 151 taxmann.com 541 (Bom) and (vi) Devendra Vs. Addl. JCIT [2023] 153 taxmann.com520 (Bom) 7. The Ld. AR prayed that

MRS. NEELAM AGRAWAL ,KOLKATA vs. ITO, WARD-37(1), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Dr. Manish Borad & Shri Pradip Kumar Choubeyi.T.A. No.756/Kol/2024 Assessment Year: 2015-16 Mrs. Neelam Agarwal ………. Appellant (Pan: Adcpa3772G) Vs. Income Tax Officer, Ward-37(1), Kolkata. ………… Respondent Appearances By: Shri Sunil Surana, Ar Appeared For Appellant. Shri Abhijit Kundu, , Addl. Cit, Dr Appeared For Respondent. Date Of Concluding The Hearing : 03.07.2024 Date Of Pronouncing The Order : 22.07.2024 Order Per Manish Borad: This Appeal Filed By The Assessee Pertaining To The Assessment Year (In Short “Ay”) 2015-16 Is Directed Against The Revision Order Passed U/S 263 Of The Income Tax Act, 1961 In Short The “Act”) By Ld. Pr. Commissioner Of Income-Tax, Kolkat-13 [In Short Ld. “Pr. Cit”] Dated 15.03.2024 Arising Out Of The Assessment Order U/S 147 R.W.S. 144B Of The Act By Ao, Nfac, Delhi Dated 27.03.2022. 2. Grounds Of Appeal Raised By The Assessee Read As Under: “1. For That The Ld. Pcit Erred In Revising The Reassessment Order Which Was Itself Invalid & Bad In Law As Sanction For Reopening Of Assessment Proceedings Was Not Taken From Prescribed Authority As Per Section 151. I.T.A. No. 756/Kol/2024 Neelam Agarwal, Ay : 2015-16

reassessment proceeding on the ground that there has been no proper approval u/s. 151 of the Act. As per section 151 of the Act which deals with sanction for issue of notice and sub-section (1) says that no notice shall be issued u/s. 148 of the Act by an AO after the expiry of a period of four years

DEEPAK SWITCH GEARS PVT. LTD. ,KOLKATA vs. PCIT, ASANSOL, ASANSOL

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.809/Kol/2023 Assessment Year: 2012-13 Deepak Switch Gears Pvt. Ltd….…......................…...……………....Appellant 48/6, Suman Villa, 2Nd Floor, 155, Jessore Road, Kolkata-700055. [Pan: Aabcd1131H] Vs. Pcit, Asansol….....….........................................................…..…..... Respondent Appearances By: Shri A. K. Tibrewal, Ar, Appeared On Behalf Of The Appellant. Shri Abhijit Kundu, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : April 08, 2024 Date Of Pronouncing The Order : May 07, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Revision Order Dated 30.12.2022 Of The Principal Commissioner Of Income Tax, Kolkata [Hereinafter Referred To As ‘Pr. Cit’] Passed U/S 263 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Assessee In This Appeal Has Agitated Against The Action Of The Pr. Cit In Exercising His Revision Jurisdiction U/S 263 Of The Act & Thereby Directing The Assessing Officer To Frame The Assessment Afresh. 2. The Registry Has Pointed Out That The Appeal Is Time-Barred By 158 Days. A Separate Application Of Condonation Of Delay Has Been Filed, Wherein, It Has Been Pleaded That After Receipt Of The Impugned Order Of The Pr. Cit, The Assessee, Through Its Director, Shri Deep Kishan Saraf, Immediately Approached One Shri Pawan Kumar Agarwal, Chartered

155, Jessore Road, Kolkata-700055. [PAN: AABCD1131H] vs. PCIT, Asansol….....….........................................................…..…..... Respondent Appearances by: Shri A. K. Tibrewal, AR, appeared on behalf of the appellant. Shri Abhijit Kundu, CIT-DR, appeared on behalf of the Respondent. Date of concluding the hearing : April 08, 2024 Date of pronouncing the order : May 07, 2024 आदेश / ORDER संजय गग", "या"यक सद"य "वारा

M/S. SHAKAMBHARI ISPAT & POWER LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), , KOLKATA

section 132(4) of the Act dated\n02.12.2018, wherein they had admitted that they were arranging\ncash loans in lieu of commission. It was observed that one\npromissory note on the letterhead of the assessee was also seized,\nwhich stated that, the appellant was in receipt of Rs.50,000/-from\none Mr. Amit Agarwal. According to the AO, there

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. SHAKAMBHARI ISPAT & POWER LIMITED, KOLKATA

section 132(4) of the Act dated\n02.12.2018, wherein they had admitted that they were arranging\ncash loans in lieu of commission. It was observed that one\npromissory note on the letterhead of the assessee was also seized,\nwhich stated that, the appellant was in receipt of Rs.50,000/-from\none Mr. Amit Agarwal. According to the AO, there

M/S. SHAKAMBHARI ISPAT & POWER LTD., ,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), , KOLKATA

section 132(4) of the Act dated\n02.12.2018, wherein they had admitted that they were arranging\ncash loans in lieu of commission. It was observed that one\npromissory note on the letterhead of the assessee was also seized,\nwhich stated that, the appellant was in receipt of Rs.50,000/-from\none Mr. Amit Agarwal. According to the AO, there

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 3.1, KOLKATA vs. SHAKAMBHARI ISPAT & POWER LIMITED, KOLKATA

section 132(4) of the Act dated\n02.12.2018, wherein they had admitted that they were arranging\ncash loans in lieu of commission. It was observed that one\npromissory note on the letterhead of the assessee was also seized,\nwhich stated that, the appellant was in receipt of Rs.50,000/-from\none Mr. Amit Agarwal. According to the AO, there

M/S. SHAKAMBHARI ISPAT & POWER LTD., ,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), KOLKATA

Appeals of the assessee are partly allowed and\nappeals of the revenue are dismissed

section 69C of the Act.\nI have taken into consideration the submissions of the appellant,\nalready extracted above and the findings of the AO as well as the\nmaterial placed on record, It is noted that the impugned addition\nemanated from the information available with the Department,\nwhich was gathered during the course of search and seizure\noperation conducted under