EDUCO VENTURES PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 1(4), KOLKATA

Appeal is dismissed

Bench: the AO.

section 68 of the Act are not applicable to the money received in the earlier assessment year as there is no credit in the books of accounts of the assessee. Accordingly, we uphold the appellate order on this issue by dismissing the Ground No. 1 raised by the revenue. 06. The issue in Ground No. 2 is against the order

DCIT, CENTRAL CIRCLE-1(4), KOLKATA, KOLKATA vs. EDUCO VENTURES PVT LTD., KOLKATA

Appeal is dismissed

Bench: the AO.

section 68 of the Act are not applicable to the money received in the earlier assessment year as there is no credit in the books of accounts of the assessee. Accordingly, we uphold the appellate order on this issue by dismissing the Ground No. 1 raised by the revenue. 06. The issue in Ground No. 2 is against the order

DCIT CENTRAL CIRCLE 1(4), KOLKATA, KOLKATA vs. EDUCO VENTURES PVT LTD, KOLKATA

Appeal is dismissed

Bench: the AO.

section 68 of the Act are not applicable to the money received in the earlier assessment year as there is no credit in the books of accounts of the assessee. Accordingly, we uphold the appellate order on this issue by dismissing the Ground No. 1 raised by the revenue. 06. The issue in Ground No. 2 is against the order

EDUCO VENTURES PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 1(4), KOLKATA

Appeal is dismissed

Bench: the AO.

section 68 of the Act are not applicable to the money received in the earlier assessment year as there is no credit in the books of accounts of the assessee. Accordingly, we uphold the appellate order on this issue by dismissing the Ground No. 1 raised by the revenue. 06. The issue in Ground No. 2 is against the order

JASPAL SINGH BINDRA,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CPC, BANGALORE

The appeal are allowed and the Ld

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2022-23

35(SC) ii. Brinda Ramakrishna us. IPO 193 ITD 840 (Bang) iii. 42 Hertz Software India Pvt. Ltd vs Asst. CIT. Ita No. 29. Hang/2001 iv. Duraiswamy Kumaraswamy vs. PCIT, W.P No.5834 of 2022 Jaspal Singh Bindra; A.Y. 2022-23 11. Hon'ble Supreme Court, in the case of Mangalore Chemicals & Fertilizers Ltd. v. Deputy Commissioner, [1992 Supp (1) Supreme

SAMRAT FINVESTORS PRIVATE LIMITED,KOLKATA vs. DCIT, CENT. CIR. 4(2), , KOLKATA

In the result, the appeals of the assessee are partly allowed

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

IA No. GA/1/2023] has held ‘that non-appearance of the director cannot be made a ground for addition in the hands of the assessee under Section 68 of the Act ITA No.1035 to 1038/KOL/2025 Samrat Finvestors Private Limited AYs: 2012-13, 2014-15 to 2016-17 when other evidence relating to the raising of share capital qua the share subscriber

SAMRAT FINVESTORS PRIVATE LIMITED,KOLKATA vs. ITO, WARD 5(2) (NOW DCIT, CENT.CIR. 4(2)), KOLKATA

In the result, the appeals of the assessee are partly allowed

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

IA No. GA/1/2023] has held ‘that non-appearance of the director cannot be made a ground for addition in the hands of the assessee under Section 68 of the Act ITA No.1035 to 1038/KOL/2025 Samrat Finvestors Private Limited AYs: 2012-13, 2014-15 to 2016-17 when other evidence relating to the raising of share capital qua the share subscriber

SAMRAT FINVESTORS PRIVATE LIMITED,KOLKATA vs. DCIT, CENT. CIR. 4(2), , KOLKATA

In the result, the appeals of the assessee are partly allowed

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

IA No. GA/1/2023] has held ‘that non-appearance of the director cannot be made a ground for addition in the hands of the assessee under Section 68 of the Act ITA No.1035 to 1038/KOL/2025 Samrat Finvestors Private Limited AYs: 2012-13, 2014-15 to 2016-17 when other evidence relating to the raising of share capital qua the share subscriber

SAMRAT FINVESTORS PRIVATE LIMITED,KOLKATA vs. DCIT, CENT. CIR. 4(2), , KOLKATA

In the result, the appeals of the assessee are partly allowed

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

IA No. GA/1/2023] has held ‘that non-appearance of the director cannot be made a ground for addition in the hands of the assessee under Section 68 of the Act ITA No.1035 to 1038/KOL/2025 Samrat Finvestors Private Limited AYs: 2012-13, 2014-15 to 2016-17 when other evidence relating to the raising of share capital qua the share subscriber

MCNALLY SAYAJI ENGINEERING LIMITED,KOLKATA vs. DCIT, CIRCLE - 1(1), KOLKATA, KOLKATA

In the result, both the appeals are dismissed

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2009-10 & Assessment Year: 2013-14 Mcnally Sayaji Engineering Deputy Commissioner Of Limited, Income Tax, Circle 1(1), Ecospace, Campus 2B, 11F/12 Aayakar Bhavan, P-7, (Old Plot No. Aa Ii/Blk 3), Chowringhee Square, Vs New Town, Rajarhat, Kolkata - 700069 North 24 Paragans, Kolkata - 7000156 (Pan: Aaccs5491A) (Appellant) (Respondent) Present For: Appellant By : Shri Abhishek Sureka, Ar Respondent By : Shri Rakesh Kumar Das, Cit, Dr Shri Vineet Kumar, Addl. Cit, Sr. Dr Date Of Hearing : 08.07.2024 Date Of Pronouncement : 03.10.2024 O R D E R Per Rakesh Mishra: These Two Appeals Filed By The Assessee Are Against The Two Separate Orders Of The Ld. Commissioner Of Income Tax, Kolkata-I, Kolkata (Hereinafter Referred To As “The Ld. Cit”) Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”) For Ays 2009-10 & 2013- 14, Dated 28.02.2018 & 13.03.2018 Respectively. Both The Appeals Were Heard Together & Are Being Disposed Of Vide This Common Order For The Sake Of Brevity & Convenience. Mcnally Sayaji Engineering Limited.: Ays: 2009-10 & 2013-14 2. The Grounds Of Appeal Raised By The Assessee Are Reproduced As Under:

IA(IB) No. 1214/KB/2022 in CP(IB) No. 131/KB/2020 in the matter of ICICI Bank Limited (Financial Creditor) Versus McNally Sayaji Engineering Limited (Corporate Debtor) and in the matter of Jitendra Lohia, Resolution Professional of McNally Sayaji Engineering Limited (Applicant) whereby the resolution plan presented before the NCLT was approved by it as the Adjudicating Authority. On page 4 para

MCNALLY SAYAJI ENGINEERING LIMITED,KOLKATA vs. DCIT, CIRCLE - 1(1), KOLKATA, KOLKATA

In the result, both the appeals are dismissed

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2009-10 & Assessment Year: 2013-14 Mcnally Sayaji Engineering Deputy Commissioner Of Limited, Income Tax, Circle 1(1), Ecospace, Campus 2B, 11F/12 Aayakar Bhavan, P-7, (Old Plot No. Aa Ii/Blk 3), Chowringhee Square, Vs New Town, Rajarhat, Kolkata - 700069 North 24 Paragans, Kolkata - 7000156 (Pan: Aaccs5491A) (Appellant) (Respondent) Present For: Appellant By : Shri Abhishek Sureka, Ar Respondent By : Shri Rakesh Kumar Das, Cit, Dr Shri Vineet Kumar, Addl. Cit, Sr. Dr Date Of Hearing : 08.07.2024 Date Of Pronouncement : 03.10.2024 O R D E R Per Rakesh Mishra: These Two Appeals Filed By The Assessee Are Against The Two Separate Orders Of The Ld. Commissioner Of Income Tax, Kolkata-I, Kolkata (Hereinafter Referred To As “The Ld. Cit”) Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”) For Ays 2009-10 & 2013- 14, Dated 28.02.2018 & 13.03.2018 Respectively. Both The Appeals Were Heard Together & Are Being Disposed Of Vide This Common Order For The Sake Of Brevity & Convenience. Mcnally Sayaji Engineering Limited.: Ays: 2009-10 & 2013-14 2. The Grounds Of Appeal Raised By The Assessee Are Reproduced As Under:

IA(IB) No. 1214/KB/2022 in CP(IB) No. 131/KB/2020 in the matter of ICICI Bank Limited (Financial Creditor) Versus McNally Sayaji Engineering Limited (Corporate Debtor) and in the matter of Jitendra Lohia, Resolution Professional of McNally Sayaji Engineering Limited (Applicant) whereby the resolution plan presented before the NCLT was approved by it as the Adjudicating Authority. On page 4 para

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

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

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

reassessment proceedings issued notice u/s 143(2) and 142(1) of the Act along with ITA Nos. 2178, 2179, 2187, 2245, 2196/KOL/2024 Murlidhar Ratanlal Exports Limited; AYs: 2013-14 to 2016-17, 2018-19 questionnaire which were duly replied by the assessee by filing the necessary evidences in respect of loans raised during the year by the assessee

DCIT CENTRAL CIRCLE 1 4 KOLKATA, KOLKATA vs. MURLIDHAR RATANLAL EXPORTS LIMITED, KOLKATA

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

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

reassessment proceedings issued notice u/s 143(2) and 142(1) of the Act along with ITA Nos. 2178, 2179, 2187, 2245, 2196/KOL/2024 Murlidhar Ratanlal Exports Limited; AYs: 2013-14 to 2016-17, 2018-19 questionnaire which were duly replied by the assessee by filing the necessary evidences in respect of loans raised during the year by the assessee

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

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

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

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

reassessment proceedings issued notice u/s 143(2) and 142(1) of the Act along with ITA Nos. 2178, 2179, 2187, 2245, 2196/KOL/2024 Murlidhar Ratanlal Exports Limited; AYs: 2013-14 to 2016-17, 2018-19 questionnaire which were duly replied by the assessee by filing the necessary evidences in respect of loans raised during the year by the assessee

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

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

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

reassessment proceedings issued notice u/s 143(2) and 142(1) of the Act along with ITA Nos. 2178, 2179, 2187, 2245, 2196/KOL/2024 Murlidhar Ratanlal Exports Limited; AYs: 2013-14 to 2016-17, 2018-19 questionnaire which were duly replied by the assessee by filing the necessary evidences in respect of loans raised during the year by the assessee

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the revenue is dismissed

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

reassessment proceedings, the assessee Balmukund Lease Fin Private Limited; A.Y. 15-16 to 18-19, 23-24 Balmukund Cement & Roofings Private Limited AYs 15-16 to 21-22, 23-24 Balmukund Sponge and Iron Private Limited; A.Y. 23-24 submitted confirmation of accounts, purchase bills and the payments details being made by the banking channel in respect of the purchases

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the revenue is dismissed

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

reassessment proceedings, the assessee Balmukund Lease Fin Private Limited; A.Y. 15-16 to 18-19, 23-24 Balmukund Cement & Roofings Private Limited AYs 15-16 to 21-22, 23-24 Balmukund Sponge and Iron Private Limited; A.Y. 23-24 submitted confirmation of accounts, purchase bills and the payments details being made by the banking channel in respect of the purchases