BIMLA DEVI AGRAWAL,KOLKATA vs. A.C.I.T./D.C.I.T., CIRCLE - 34, KOLKATA, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

reassessment under this Act, where an estimate of the value of any investment referred to in section 69 or section 69B or the value of any bullion, jewellers or other valuable article referred to in section 69A or section 69B or fair market value of any property referred to in sub-section (2) of section 56 is required

INCOME TAX OFFICER, KOLKATA vs. SHIVRASHI VANIJYA PRIVATE LIMITED, KOLKATA

In the result, the appeal is hereby treated as allowed

reassessment proceedings has been quashed.\n5. Being aggrieved and dissatisfied the revenue preferred an appeal before us.\nThe Ld. Sr. DR challenges the very impugned order thereby taking following grounds in the appeal:\n1. Whether on facts and circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of Rs.8

AMIT KHEMKA,KOLKATA vs. ITO, WARD - 43(1), KOLKATA

In the result, the appeal is partly allowed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

56,294/- as against the returned income of Rs.6,58,970/- and the addition on account of unexplained cash credit u/s 68 of the Act was made. Aggrieved with the assessment order, the assessee filed an appeal before the Ld. CIT(A)-13, Kolkata. The Ld. CIT(A) observed that the sum of actual cash and other deposits

AMIT KHEMKA,KOLKATA vs. ITO, WARD - 43(1), KOLKATA

In the result, the appeal is partly allowed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

56,294/- as against the returned income of Rs.6,58,970/- and the addition on account of unexplained cash credit u/s 68 of the Act was made. Aggrieved with the assessment order, the assessee filed an appeal before the Ld. CIT(A)-13, Kolkata. The Ld. CIT(A) observed that the sum of actual cash and other deposits

BHARGAB ENGINEERING WORKS,HOWRAH vs. PCIT, CENTRAL KOLKATA 2, , KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri George Mathan & Shri Rakesh Mishra

reassessment order under section 143(3) r.w.s. 147 dated 30.03.2023, and the expenditure claimed was required to be disallowed. Therefore, a sum of ₹ 17,03,551/- to be disallowed under section 36(1)(va) of the Act and another sum of ₹ 45,236/-, which was required to be disallowed as per Explanation 1 to sub-section (1) of section

M/S VINAYAK FINANCIAL CONSULTANTS PRIVATE LIMITED,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE-4(1), KOLKATA

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

section 147 of the\n\nPage | 21\n\n24\nITA No.2695/KOL/2024\n\nPage\nIncome Tax Act, 1961. The A.O. has to apply his mind to the information, if any,\ncollected and must from a belief thereon. In the circumstances, there is no merit in the\ncivil appeal. The department was not entitled to reopen the assessment.\nIn this regard, reference

ACIT, CIRCLLE-34, KOLKATA vs. SUBHAS KUMAR KEDIA, KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyआयकर अपील सं/Ita No.1677/Kol/2024 (नििाारण वर्ा / Assessment Year : 2016-2017) Acit, Circle-34, Kolkata Vs Subhas Kumar Kedia, 41, N.S.Road, Kolkata Pan No. :Afnpk 9669 M (अपीलार्थी /Appellant) (प्रत्यर्थी / Respondent) .. नििााररती की ओर से /Assessee By : Ms. Shreya Loyalka, Ar राजस्व की ओर से /Revenue By : Shri P.N.Barnwal, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 21/01/2025 घोषणा की तारीख/Date Of Pronouncement : 17/04/2025 आदेश / O R D E R Per Rajesh Kumar, Am : This Is An Appeal Filed By The Revenue Against The Order Dated 05.06.2024, Passed By The Ld. Cit(A), National Faceless Appeal Centre (Nfac), Delhi, For The Assessment Year 2016-2017, On The Following Grounds Of Appeal :- I) That On The Facts & In The Circumstances Of The Case, The Ld. Cit(Appeals), Nfac, Delhi, Erred In Quashing The Order U/S.148A(D) & All Subsequent Proceedings. Ii) That On The Facts & Circumstances Of The Case, The Ld. Cit(Appeals), Nfac, Delhi, Failed To Acknowledge The Fact That The Assesse Had Not Expressed Any Grievance Against The Validity Of Order U/S 148A(D) By Moving Any Writ Petition Which Should Have Been Done In Case Of Any Grievance After Getting The Sald Order U/S.148A(D). Iii) That On The Facts & Circumstances Of The Case, The Ld. Cit(Appeals), Nfac, Delhi, Erred In Quashing The Order When The Ld. Cit(A) Has No Jurisdiction To Deal With The Question Whether The 148A(D) Order Was Passed Validly Or Properly As An Order U/S.148A(D) Is Not An Appealable Order Before Ld. Cit(A) As Per Section 246A.

reassessment notice for the A.Y.2016-17 was to be dealt as under :- Fresh notice u/s. 148 can be issued with approval of the specified authority under clause (a) of sub-section (1) of New Section 149 since AY 2016-17 is within the period of three years from the end of relevant assessment year. Specified authority u/s.151

BAGARIA LEASING PVT. LTD.,KOLKATA vs. ITO, WARD-1(1), KOLKATA

In the result, both the appeals filed by the assessee are allowed for statistical purposes

Bench: Sonjoy Sarma & Sri Rakesh Mishra

56,701/- and penalty proceedings u/s 271(1)(c) of the Act were also initiated. Subsequent to the passing of the assessment order, penalty u/s 271(1)(c) of the Act was imposed at Rs. 2,84,15,638/- vide order dated 14.02.2019. The assessee filed an appeal before the Ld. CIT(A) who issued several notices from

BAGARIA LEASING PVT. LTD.,KOLKATA vs. ITO, WARD-1(1), KOLKATA

In the result, both the appeals filed by the assessee are allowed for statistical purposes

Bench: Sonjoy Sarma & Sri Rakesh Mishra

56,701/- and penalty proceedings u/s 271(1)(c) of the Act were also initiated. Subsequent to the passing of the assessment order, penalty u/s 271(1)(c) of the Act was imposed at Rs. 2,84,15,638/- vide order dated 14.02.2019. The assessee filed an appeal before the Ld. CIT(A) who issued several notices from

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

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

reassessment under Section 147/148 of the Act also becomes academic once the conclusion is arrived at that the deduction under Section 80P(2) of the Act was not available to the assessee for these Assessment Years. 26. The substantial questions of law framed above are thus answered in favour of the Revenue and against the assessee and it is held

THE DCIT, CIR-3(2) GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED , GANGTOK SIKKIM

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

reassessment under Section 147/148 of the Act also becomes academic once the conclusion is arrived at that the deduction under Section 80P(2) of the Act was not available to the assessee for these Assessment Years. 26. The substantial questions of law framed above are thus answered in favour of the Revenue and against the assessee and it is held

VEERPRABHU AUTO PVT. LTD.,KOLKATA vs. A.C.I.T., CC - 2(4), KOL, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

56 taxmann.com 456 (SC) has held that where in terms of memorandum of association, main object of assessee-company was to acquire properties and earn income by letting out same, said income was to be brought to tax as business income and not as income from house property In this case, the main object of the company is with relation

MOHAMMED GYASUDDIN,KOLKATA vs. ACIT, CIR.-30, KOLKATA

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

Bench: Sri Sanjay Garg & Sri Sanjay Awasthi

56,50,000/-. The assessing officer is further directed to pass an order as per law after giving reasonable hearing opportunity.” 3.2. With this finding he set aside to the AO for detailed verification of cash transaction to the tune of Rs. 5,21,17,075/-. 3.3. It needs to be mentioned that the present proceedings are second round proceedings

RANISATI HOSIERY (P) LTD. ,KOLKATA vs. PCIT-4, KOLKATA. , KOLKATA

In the result, appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawali.T.A. No.1278/Kol/2023 Assessment Year : 2012-13 Ranisati Hosiery (P) Ltd…….….…………............…...……………....Appellant Siddha Weston, Room No.126, 9, Weston Street, Kolkata – 700013. [Pan: Aafcr2959B] Vs. Pcit-4, Kolkata…………..….............................................…..…..... Respondent Appearances By: Shri Rajeeva Kumar & Giridhar Dhelia, Ar, Appeared On Behalf Of The Appellant. Shri Rakesh Kumar Das, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : January 31, 2024 Date Of Pronouncing The Order : March 18, 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 12.03.2019 Of The Principal Commissioner Of Income Tax-4, Kolkata [Hereinafter Referred To As ‘Pcit’] Passed U/S 263 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. As Per The Note Of The Registry, The Appeal Is Time Barred By 1722 Days. A Separate Application For Condonation Of Delay Has Been Filed Which Is Further Supported With The Affidavit Of Shri Bhupendra Bansal, Director Of The Assessee Company. It Has Been Explained That The Impugned Order Dated 12.03.2019. That The Copy Of The Order Was Not Served Upon The Assessee. That The Assessee Came To Know About The Passing Of The Impugned Order Only After The Receipt Of The Subsequent Assessment Order Passed U/S 144 R.W.S. 263 Of The Act. The Assessee

reassess the case. Notice u/s 142(1) was issued on 17.08.2016 and served on the assessee. The case was fixed for hearing. Shri Raghwendra Kumar, Advocate & A/R appeared on 19.08.2016 and produced copy of ITR, audited accounts, details of directors, share trading, registered office, details of increase of share capital, Form-2 & Form-5, shareholders list, bank a/c details

WEST BENGAL ELECTRONICS INDUSTRY DEVELOPMENT CORPORATION LIMITED,KOLKATA vs. DCIT/ACIT, CIRCLE - 2(1), KOLKATA, KOLKATA

Appeals of the assessee are allowed

1) of the Act from the electricity charges recovery, service\ncharges and permission fee etc and thus income has escaped assessment.\nThe reasons recorded are extracted below:\n\"Sir/Madam,\nSub: Forwarding of reason of reopening proceedings u/s 147 in your case for\nthe A.Y. 2012-13 matter regarding-\nRef: Your letter filed on 26.04.2019\nPlease refer to the above\nWith

JIYA EXIM PRIVATE LIMITED,KOLKATA vs. ITO, WARD 5(1),, KOLKATA

In the result, the appeal of the assessee is allowed

reassessment under Section 148 of the Act. The said\napproval cannot be granted in a mechanical manner as it acts as a linkage between\nthe facts considered and conclusion reached. In the instant case, merely appending\nthe phrase \"Yes\" does not appropriately align with the mandate of Section 151 of the\nAct as it fails to set out any degree

A.C.I.T.,CENTRAL CIRCLE-1(2), KOLKATA vs. M/S ESTIN TIE UP PVT. LTD., KOLKATA

In the result, the two cross appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

Bench: Shri Duvvuru Rl Reddy & Shri Rakesh Mishra

56. (1) Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to Income-tax under the head "Income from other sources", if It Is not chargeable to income-tax under any of the heads specified in section 14, Items A to E. Since the amounts received by the assesseee

M/S ESTIN TIE UP PVT. LTD.,KOLKATA vs. A.C.I.T., CENTRAL CIRCLE-1(2), KOLKATA

In the result, the two cross appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

Bench: Shri Duvvuru Rl Reddy & Shri Rakesh Mishra

56. (1) Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to Income-tax under the head "Income from other sources", if It Is not chargeable to income-tax under any of the heads specified in section 14, Items A to E. Since the amounts received by the assesseee

SUKDEV SEN,NAVI MUMBAI vs. ACIT, CIR. 61, KOLKATA

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

56,58, Navi Mumbai-400706. [PAN: BNDPS4119K] vs. ACIT, Circle-61, Kolkata.............…..….…..….........……........……...…..…..Respondent Appearances by: Shri S. S. Gupta, AR, appeared on behalf of the appellant. Shri P. P. Barman, Addl. CIT, Sr. DR, appeared on behalf of the Respondent. Date of concluding the hearing : March 26, 2024 Date of pronouncing the order : 24th April , 2024 ORDER Per Rajesh Kumar