BALAKA VINIMAY PVT. LTD.,KOLKATA vs. ITO, WARD-2(1), KOLKATA

In the result, appeals of the assessee in ITA No

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 160 & 161/Kol/2024 Assessment Year: 2008-09 Balaka Vinimay Pvt. Ltd. Income Tax Officer, Ward – 2(1), 9/12, Lal Bazar Street Vs Kolkata Kolkata - 700001 [Pan : Aadcb2610B] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tibrewal, A/R & Saurav Gupta, A/R Revenue By : Shri Abhijit Kundu, Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 09/04/2024 घोषणा क" तारीख /Date Of Pronouncement: 21/06/2024 आदेश/O R D E R Per Dr. Manish Borad: The Instant Appeals Are Directed At The Instance Of The Assessee Against The Separate Orders Of The National Faceless Appeal Centre, Delhi, (Hereinafter The “Ld. Cit(A)”). Ita No. 160/Kol/2024 Is Against The Order Of The Ld. Cit(A) Dt. 29/11/2023, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter ‘The Act’) Arising Out Of The Penalty Order Passed By The Ld. Assessing Officer U/S 271(1)(C) Of The Act & Ita No. 161/Kol/2023, Is Against The Order Of The Ld. Cit(A) Dt. 28/11/2023, Arising Out Of The Order Of The Ld. Assessing Officer Passed U/S 143(3) R.W.S. 254 Of The Act, For Assessment Year 2008-09. 2. Though The Assessee Has Raised Various Grounds In Both These Appeals, But The Effective Issue Raised In Ita No. 161/Kol/2024 Is Against The Addition Made U/S 68 Of The Act For Unexplained Share Capital Confirmed By The Ld. Cit(A) & In Ita No. 160/Kol/2024 Is Against The Levy Of Penalty U/S 271(1)(C) Of The Act On The Addition Made

Section 68 of the Act and explain the nature and source of the alleged sum to his satisfaction. The assessee furnished list of shareholders, copies of confirmation, copy of the ITR, audited financial statements of the shareholders. The ld. Assessing Officer also issued notice u/s 133(6) of the Act to which many of the shareholders have replied. However

ARISTOCRAT RESIDENCES LLP ,KOLKATA vs. INCOME TAX OFFICER WARD 34 (1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Sonjoy Sarma, Jm Income Tax Officer, Ward Aristocrat Residences Llp 34(1) 2 Oswal Chambers Church Lane Aaykar Bhavan, Bbd Bagh, Kolkata-700001 Vs. Kolkata-700107 West Bengal West Bengal (Appellant) (Respondent) Pan No. Aavfa9997R Assessee By : Dr. Kapil Goel, Ar Revenue By : H. Robindro Singh, Dr Date Of Hearing: 06.02.2025 Date Of Pronouncement : 01.04.2025

68 of the Act and added the same to the income of the assessee. 05. In the appellate proceedings, the appeal was dismissed on legal issue by the ld. CIT (A) by holding that the d AO has received information that assessee has received an unsecured loan of ₹1.00 Cr from the Aristocrat Residences LLP; A.Y. 2013-14 shell company

D.C.I.T., CC-1(3), KOLKATA, KOLKATA vs. M/S. NAVIN CONSTRUCTION & CREDIT PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed and cross- objection of the assessee is allowed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Ble

68 of the Act. The appellant has furnished name, address and PAN of loan creditors, loan confirmations duly signed, ledger accounts, copies of audited financial statements of lenders, relevant bank statements, etc. The loan transactions are duly reflected in the books of accounts and bank statements of the loan creditor companies. The appellant company is a registered NBFC

DCIT, C.C.-3(4), KOLKATA vs. M/S TANISHQUE TRADE LINK PVT. LTD, HOWRAH

In the result, appeal of the revenue is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 17/Kol/2021 Assessment Year: 2008-09 Deputy Commissioner Of Income Tanishque Tradelink Pvt. Ltd. Tax, Central Circle-3(4), Kolkata Vs Bhabatarini Apartment G.T. Road, Room No. 602 Howrah - 711201 [Pan : Aacct7512R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tibrewal, Fca Revenue By : Shri Biswanath Das, Cit D/R सुनवाई क" तारीख/Date Of Hearing : 18/01/2023 घोषणा क" तारीख /Date Of Pronouncement: 16/03/2023 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-6, Kolkata (Hereinafter The “Ld. Cit(A)”) Dated 24/09/2020, Passed U/S 250 Of The Income Tax Act, 1961 (‘The Act’), For Assessment Year 2008-09. 2. The Revenue Has Raised The Following Grounds Of Appeal:- “1. That On Facts & In The Circumstances Of The Case, The Ld. Cit(A) Has Erred In Law As Well As In Facts In Allowing The Bogus Share Capital Raised In The Books Of The Assessee Without Appreciating The Fact That The Assessee Failed To Discharge Its Primary Onus To Prove & Establish The Identity & Creditworthiness Of The Investor Companies & Genuineness Of The Transaction. 2. That On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Has Erred In Law As Well As In Facts In Ignoring That The Identity & Creditworthiness Of The Shareholders & Even The Genuineness Of The Transactions Remained Unexplained. 3. That On Facts & In The Circumstances Of The Case, The Ld. Cit(A) Has Erred In Not Invoking His Powers U/S. 250(4) Of The I.T. Act, 1961 In Directing The Assessing Officer To Make Further Enquiry & Report The Results Of The

68 of the I.T. Act, 1961.  The AO also made disallowances u/s. 14A of the I.T. Act, 1961 even though no income was earned which could have been claimed as exempt. The AO did so by way of referring to Board Circular No. 5/2014 dated 11.12.2014. DECISION : In this case, the assessment was completed u/s. 147 read with section

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. SURESH KUMAR BANTHIA, KOLKATA

In the result, the appeal of the Revenue is dismissed and the Cross\nObjection of the assessee is partly allowed

section 148, for reassessment of income after prior approval from the competent\nauthority. The reassessment order was passed wherein additions were made under\nsection 68

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), KOLKATA, KOLKATA vs. SOMANI SERVICES PRIVATE LIMITED, KOLKATA

Bench: the Hon'ble ITAT, Kolkata.

68, read with sections 10(38) and 147, of the Income-tax Act, 1961 - Cash credits (Reassessment) - Assessment year 2015-16 - Assessing

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), KOLKATA, KOLKATA vs. SOMANI SERVICES PRIVATE LIMITED, KOLKATA

Bench: the Hon'ble ITAT, Kolkata.

68, read with sections 10(38) and 147, of the Income-tax Act, 1961 - Cash credits (Reassessment) - Assessment year 2015-16 - Assessing

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

Section 149 68. After 1 April 2021, the Income-tax Act has to be read along with the substituted provisions. The substituted provisions apply retrospectively for past assessment years as well. On 1 April 2021, TOLA was still in existence, and the Revenue could not have ignored the application of TOLA and its notifications. Therefore, for issuing a reassessment

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

Section 149 68. After 1 April 2021, the Income-tax Act has to be read along with the substituted provisions. The substituted provisions apply retrospectively for past assessment years as well. On 1 April 2021, TOLA was still in existence, and the Revenue could not have ignored the application of TOLA and its notifications. Therefore, for issuing a reassessment

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(3), KOLKATA, KOLKATA vs. AVIMA EXPORTS PRIVATE LIMITED, KOLKATA

In the result, the appeal of the Revenue is dismissed

section 68 of the Act i.e., identity, of the loan creditors effectively. Moreover, these two lending entities had filed their Income Tax returns regularly and they also were assessed to income Tax. The net-worths of the said entities are more than adequate to extend huge loans to anyone. The AO had not considered the positive financial parameters

NAVANSH VINIMAY PVT. LTD.,KOLKATA vs. I.T.O., WARD - 8(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri George Mathan & Shri Rakesh Mishra

reassessment proceedings were disposed of vide letter dated 06/12/2019 by the Ld. AO but in response to the notice under section 142(1) of the Act, the documents requisitioned were not filed by the assessee. The assessee e-filed a single page letter on 14/12/2019 but the contents of the same were not related to the information received nor related

DCIT, CC-3(3), KOLKATA, KOLKATA vs. AMICUS REAL ESTATE PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

Bench: SHRI SANJAY GARG, HON’BLE (Judicial Member), DR. MANISH BORAD, HON’BLE (Accountant Member)

68 towards bogus share capital to the tune of Rs.1,81,50,000/- and unsecured loans to the tune of Rs.1,92,00,000/- therefore cannot be sustained and are deleted. The grounds raised by the appellant are allowed.” 7 I.T.A. No. 803/Kol/2023 Assessment Year: 2010-11 Amicus Real Estate Pvt. Ltd. 6. Now, going through the above finding

SILKINA COMMODEAL PVT. LTD. ,KOLKATA vs. ITO,WARD-3(3), KOLKATA. , KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sonjoy Sarma & Shri Girish Agrawalassessment Years: 2011-12 Silkina Commodeal Pvt. Ltd. Income Tax Officer, Ward- 6, Waterloo Street, Kolkata- Vs. 3(3), Kolkata. 700069. (Pan: Aaecs5627C) (Appellant) (Respondent)

68 of Income-tax Act, should be read along with section 106 of Evidence Act. 9 Silkina Commodeal Pvt. Ltd. AY 2011 -12 5. After considering the submissions made by the assessee, Ld. CIT(A) observed, “the conclusion of Ld. AO that share subscriber company was a shell company having no business and creditworthiness for purchasing the share

SILKINA COMMODEAL PVT. LTD.,KOLKATA vs. ITO, WARD-3(3), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

68 of Income-tax Act, should be read along with section 106 of Evidence Act. 9. After considering the submissions made by the assessee, Ld. CIT(A) observed, “the conclusion of Ld. AO that share subscriber company was a shell company having no business and creditworthiness for purchasing the share of the assessee is justified.” Similar observation and conclusion

SILKINA COMMODEAL PVT. LTD.,KOLKATA vs. ITO, WARD-3(3), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

68 of Income-tax Act, should be read along with section 106 of Evidence Act. 9. After considering the submissions made by the assessee, Ld. CIT(A) observed, “the conclusion of Ld. AO that share subscriber company was a shell company having no business and creditworthiness for purchasing the share of the assessee is justified.” Similar observation and conclusion

SILKINA COMMODEAL PVT. LTD.,KOLKATA vs. ITO, WARD 3(3), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

68 of Income-tax Act, should be read along with section 106 of Evidence Act. 9. After considering the submissions made by the assessee, Ld. CIT(A) observed, “the conclusion of Ld. AO that share subscriber company was a shell company having no business and creditworthiness for purchasing the share of the assessee is justified.” Similar observation and conclusion

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED, PATNA

The appeal of the Revenue is dismissed

reassessment proceedings, the assessee\nPage 15\nsubmitted confirmation of accounts, purchase bills and the payments details being\nmade by the banking channel in respect of the purchases made from the said bogus\nbillers. The assessing officer after taking cognisance of all the details filed by the\nassessee made disallowance of 3% of the bogus purchases on the ground that these

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED , PATNA

The appeal of the Revenue is dismissed

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