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.

56,000/-had escaped assessment. A consequential notice of even date i.e., 29-7-2022 was also issued to the petitioner under section 148 of the Act. 3.5 A perusal of the order under section 148A (d) and the notice under section 148 would show that they have been passed/issued after obtaining the prior approval of the Principal Commissioner

AMRITRASHI INFRA(P) LTD.,KOLKATA vs. PR.C.I.T.-4, KOLKATA

Bench: Shri P.M. Jagtap(Kz) &Shri A. T. Varkey, Jm] Assessment Year: 2012-13 Amritrashi Infra Private Ltd. Vs. Principal Commissioner Of Income-Tax- (Pan: Aakca2544E) 4, Kolkata.

reassessment order vide para 4(v) of his order. The specific directions of First Ld Pr CIT to AO are as under: (i) To carry out proper examination of the books of accounts and bank account of the assessee; ii) To carry out proper examination of the books of accounts and bank account of the investors; iii) AO to examine

M/S GOODPOINT STOCKIST PVT LTD,KOLKATA vs. PCIT-4, KOLKATA

Bench: Shri A. T. Varkey, Jm &Shrigirishagrawal, Am]

viii) Bank account details. The second AO has acknowledged in his reassessment order that he has examined the details furnished before him. And that he has verified the identity, creditworthiness &genuinety of share subscribers as well as the source of fund. And he has recorded in his re-assessment/second assessment order that ShriVinay Kumar Singh, A.R of the assessee

ACIT, CIR-35, KOLKATA, KOLKATA vs. SHRI MANOJ MURARKA, KOLKATA

In the result, the appeal of revenue is dismissed

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी वसीम अहमद, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri Waseem Ahmed, Am]

56,924/-. So, for reassessment purpose, it was regarded by the AO as the accumulated profit of M/s. Batlivala & Karani Financial Consultants Pvt. Ltd. in which assessee was holding shares 41.84%, so according to AO, provision of Section 2 (22)(e) of the Act applies in assessee’s case. 4. Before the AO, the assessee submitted that the accumulated profit

M/S. ARMAN ADVISORY PVT. LTD.,KOLKATA vs. PR. CIT-4, KOLKATA

Bench: Shri A. T. Varkey, Jm & Shri Girish Agrawal, Am]

reassessment order vide para 4(v) of his order. The specific directions of First Ld Pr CIT to AO are as under: (i) To carry out proper examination of the books of accounts and bank account of the assessee; ii) To carry out proper examination of the books of accounts and bank account of the investors; iii) AO to examine

M/S. IMC LTD.,KOLKATA vs. DCIT, CIRCLE - 11, KOLKATA, KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

viii) of the Explanation are to be reduced. The figure arrived at after the above exercise is the book profit of the assessee for the relevant previous years. The explanation 1 clause (f) to Section 115JB(2) of the Act stipulate that amount of expenditure relatable to any exempt income, other than Section 10(38) of the Act, is liable

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. IMC LTD., KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

viii) of the Explanation are to be reduced. The figure arrived at after the above exercise is the book profit of the assessee for the relevant previous years. The explanation 1 clause (f) to Section 115JB(2) of the Act stipulate that amount of expenditure relatable to any exempt income, other than Section 10(38) of the Act, is liable

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. I M C LTD, KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

viii) of the Explanation are to be reduced. The figure arrived at after the above exercise is the book profit of the assessee for the relevant previous years. The explanation 1 clause (f) to Section 115JB(2) of the Act stipulate that amount of expenditure relatable to any exempt income, other than Section 10(38) of the Act, is liable

GIFFORD & PARTNERS LTD.(SINCE MERGED WITH GIFFORD LLP),KOLKATA vs. DDIT, INTERNATIONAL TAXATION - 1(1), KOLKATA, KOLKATA

In the result ITA No.1489/Kol/11 is partly allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2007-08

Section 198 & 199 of the Act. In view of this legal position, the difference amount of Rs. 37,33,151 was correctly added by the AO to the total income of the assessee.” 42. The AO passed the fair order of assessment dated 21.9.2010 giving effect to the directions of the DRP. Aggrieved by the order of the AO dated

GIFFORD & PARTNERS LTD.(SINCE MERGED WITH GIFFORD LLP),KOLKATA vs. ADIT (INTERNATIONAL TAXATION) - 1(1), KOLKATA, KOLKATA

In the result ITA No.1489/Kol/11 is partly allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2007-08

Section 198 & 199 of the Act. In view of this legal position, the difference amount of Rs. 37,33,151 was correctly added by the AO to the total income of the assessee.” 42. The AO passed the fair order of assessment dated 21.9.2010 giving effect to the directions of the DRP. Aggrieved by the order of the AO dated

ITO, WARD-5(1), KOLKATA vs. M/S BPO FINANCE AND INVESTMENTS PVT LTD, KOLKATA

In the result, the appeal of the revenue stands dismissed

Bench: Shri Sanjay Garg & Rajesh Kumari.T.A No.99/Kol/2022 Assessment Year: 2008-09 Ito, Ward-5(1), Kolkata……..........................................................……Appellant Vs. M/S Bpo Finance & Investments Pvt. Ltd. .……........……..…..…..Respondent R No.54,5/1, Clive Row (2Nd Floor), Kolkata-1. [Pan: Aaccb5328F] Appearances By: Shri Manish Tiwari, Ar Appeared On Behalf Of The Appellant. Shri Vijay Kumar, Addl. Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : May 15, 2023 Date Of Pronouncing The Order : July 04, 2023 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Revenue Against The Order Dated 10.09.2020 Of The Commissioner Of Income Tax (Appeals)-13, Kolkata (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Revenue Originally Has Taken The Following Grounds Of Appeal: “1. Whether On The Facts & In The Circumstances Of The Case, Ld, Cit(A) Was Justified In The Quashing The Addition Of Rs. 1,85,000,00/- Made By The Assessing Officer On Account Of Share Capital & Premium In The Course Assessment In Absence Of Identity Of The Creditors, Genuineness & Creditworthiness Of The Entire Transactions. 2. Whether On The Facts & In The Circumstances Of The Case, Ld, Cit(A) Was Justified In The Quashing The Addition Of Rs. 1,85,00,000/-Made By The Assessing Officer Where No Personal Attendance Was Made By Any Director Of The Share Allottee Companies During The Course Of Assessment Proceedings & As Such Identity & Creditworthiness Of The Creditors & Genuineness Of Transactions Could Not Be Verified.

56,097/- u/s. 14A of the Act, denying the findings of the Assessing Officer. 5. That on the facts and circumstances of the case, Ld. CIT(Appeals) failed to appreciate the facts in proper prospective while concluding in favour of the assessee. 6. That the appellant craves for leave to add, delete or modify any of the grounds of appeal

ICI INDIA LTD.,KOLKATA vs. DCIT, CIR-10, KOLKATA, KOLKATA

In the result, Revenue’s appeal is dismissed

Bench: Shri Mahavir Singh & Shri Waseem Ahmed

reassessment issued under sections 147 and 148 of the Income-tax Act has the effect of superseding the assessment already made on the assessee and thereby removing the finality to the assessment already made, whether or not it is the subject-matter of further proceedings in appeal, revision etc. and therefore intimation does not survive after the issue of notices

DCIT, CIR-10, KOLKATA, KOLKATA vs. M/S ICI INDIA LTD., KOLKATA

In the result, Revenue’s appeal is dismissed

Bench: Shri Mahavir Singh & Shri Waseem Ahmed

reassessment issued under sections 147 and 148 of the Income-tax Act has the effect of superseding the assessment already made on the assessee and thereby removing the finality to the assessment already made, whether or not it is the subject-matter of further proceedings in appeal, revision etc. and therefore intimation does not survive after the issue of notices

ACIT, CIR-10, KOLKATA, KOLKATA vs. M/S ICI INDIA LTD., KOLKATA

In the result, Revenue’s appeal is dismissed

Bench: Shri Mahavir Singh & Shri Waseem Ahmed

reassessment issued under sections 147 and 148 of the Income-tax Act has the effect of superseding the assessment already made on the assessee and thereby removing the finality to the assessment already made, whether or not it is the subject-matter of further proceedings in appeal, revision etc. and therefore intimation does not survive after the issue of notices

M/S METAL CRAFT INDUSTRIES PVT. LTD.,KOLKATA vs. I.T.O.,WARD-12(3), KOLKATA

In the result, appeal of the assessee is allowed

viii) Form 5, (ix) bank statements evidencing payment through banking transaction, which fact the AO has acknowledged in the reassessment nsaction, which fact the AO has acknowledged in the reassessment nsaction, which fact the AO has acknowledged in the reassessment order. [And here we should keep in mind that the First Ld. Pr. CIT’s finding of fact after order

NEXTGEN VYAPAAR ,KOLKATA vs. PR.CIT-2, KOLKATA

In the result, appeal of the assessee is allowed

viii) Form 5, (ix) bank statements evidencing payment through banking transaction, which through banking transaction, which fact the AO has acknowledged in the reassessment fact the AO has acknowledged in the reassessment order. [And here we should keep in mind that the First Ld. Pr. CIT’s finding of fact after order. [And here we should keep in mind that

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

reassessment sought to be revised itself is bad in law 2. For that the Ld. CIT erred in invoking the provisions of sec. 263 without appreciating the facts on record and the submission made by the assessee. 3. For that on the facts and in the circumstances of the case the Ld. CIT erred in setting aside the assessment when

M/S BHAGWATI VINTRADE PRIVATE LIMITED ,KOLKATA vs. I.T.O.,WARD-10(4), KOLKATA

In the result appeal of the assessee is allowed

viii) Form 5, (ix) bank statements evidencing payment through banking transaction, which fact the AO statements evidencing payment through banking transaction, which fact the AO statements evidencing payment through banking transaction, which fact the AO has acknowledged in the reas has acknowledged in the reassessment order. [And here we should keep in mind that sessment order. [And here we should