SRI UDIT KUMAR DUGAR ,KOLKATA vs. ITO, WARD - 36(4), KOLKATA , KOLKATA

In the result, the appeal of assessee is allowed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

reassessment proceedings. 8. The first aspect which needs to be examined is as to whether the assessee is entitled to challenge the validity of initiation of proceedings u/s 147 of the Act in the present appeals in which he has challenged the validity of order passed u/s 263 of the Act. The ld. Counsel for the 11 Shri Udit Kumar

SHREE PRAKASH CHHAWACHHARIA (HUF),KOLKATA vs. I.T.O.,WARD-36(2), KOLKATA

In the result, appeal of the assessee is allowed

section 147, 6 Assessment Year: 2011-12 Shree Prakash Chhawchharia (HUF) Shree Prakash Chhawchharia (HUF) then it is not mere open to the AO to independently assess any other income, then it is not mere open to the AO to independently assess any other income, then it is not mere open to the AO to independently assess any other income

ACIT, CENTRAL CIRCLE - 4(3), KOLKATA vs. M/S. GRD COMMODITIES LTD., , KOLKATA

In the result, the appeals of the Revenue are dismissed and the cross objections of assessee are allowed

Bench: Shri P.M. Jagtap(Kz) &Shri A. T. Varkey, Jm] It(Ss)A Nos.120 To123/Kol/2018 Assessment Years: 2009-10 To 2012-13

Section 147 of the IT Act, 1961 and such escapement has occurred due to assessee’s failure to disclose all material fact truly and correctly in its return of income. In order to assess/re-assess the said income chargeable to tax which has escaped assessment as aforesaid and to assess/re-assess any other income chargeable to tax which has escaped assessment

M/S. DEVANSH EXPORTS,KOLKATA vs. ACIT, CIRCLE - 32, KOLKATA, KOLKATA

In the result, the appeal of assessee is allowed

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

reassessment proceedings. 11 Devansh Exports, AY 2010-11 8. The first aspect which needs to be examined is as to whether the assessee is entitled to challenge the validity of initiation of proceedings u/s 147 of the Act in the present appeals in which he has challenged the validity of order passed u/s 263 of the Act. The ld. Counsel

ITO, WD.9(1), KOLKATA vs. M/S MAHARAJ VINCOM PVT. LTD., KOLKATA

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.35/Kol/2021 Assessment Year: 2009-10 Ito, Ward-9(1), Kolkata……………….......................…...……………....Appellant Vs. M/S Maharaj Vincom Pvt. Ltd……............…..........................…..…..... Respondent 69, Jamunalal Bajaj Street, Kolkata- 700007. [Pan: Aafcm6496E] C.O. No.6/Kol/2023 (A/O I.T.A. No.35/Kol/2021) Assessment Year: 2009-10 M/S Maharaj Vincom Pvt. Ltd……............…..........................…....... Cross-Objector 69, Jamunalal Bajaj Street, Kolkata- 700007. [Pan: Aafcm6496E] Vs Ito, Ward-9(1), Kolkata …………..….......................…...……………....Respondent Appearances By: Shri Miraj D. Shah, Ar, Appeared On Behalf Of The Assessee. Shri Abhijit Kundu, Cit-Dr, Appeared On Behalf Of The Department. Date Of Concluding The Hearing : March 07, 2024 Date Of Pronouncing The Order : May 15, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: This Appeal By The Revenue & Corresponding Cross-Objection By The Assessee Have Been Preferred Against The Order Dated 08.09.2020 Of The Commissioner Of Income Tax (Appeals)-7, Kolkata (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’).

section 147 in the vain attempt to enlarge the time available for framing the assessment. This is not permissible in law.” 3. In view of the above settled law and the facts of the case the notice u/s 148 of the Act and the assessment order should be quashed. 7.1. The ld. DR has not pointed out any contrary case

DCIT, CIRCLE - 6(1), KOLKATA , KOLKATA vs. M/S. GAURAV ROSE REAL ESTATE PVT. LTD., , KOLKATA

In the result, the appeals of the revenue are dismissed and the cross objection of the different assessees are also dismissed

Bench: Shri Sanjay Garg & Shri Rajesh Kumar] "ी संजय गग" "या"यक सद"य एवं "ी राजेश कुमार, लेखा सद"य के सम"

section 147 of the Act. It is evident from the above discussion that in this case the issues under consideration were never examined by the AO during the course of regular assessment/re-assessment. It is important to highlight here that material facts relevant for the assessment on the issue(s) under consideration were not filed during the course of assessment proceeding

D.C.I.T.,CIRCLE-6(1), KOLKATA vs. M/S G.K.ISPAT PRIVATE LIMITED , KOLKATA

In the result, the appeals of the revenue are dismissed and the cross objection of the different assessees are also dismissed

Bench: Shri Sanjay Garg & Shri Rajesh Kumar] "ी संजय गग" "या"यक सद"य एवं "ी राजेश कुमार, लेखा सद"य के सम"

section 147 of the Act. It is evident from the above discussion that in this case the issues under consideration were never examined by the AO during the course of regular assessment/re-assessment. It is important to highlight here that material facts relevant for the assessment on the issue(s) under consideration were not filed during the course of assessment proceeding

MAITHAN CERAMIC LTD.,,KOLKATA vs. ACIT, CIRCLE 7(1),, KOLKATA

In the result, appeal of the assessee is dismissed

147 of the\nIT Act, by way of issuance of notice u/s 148 of the IT Act.\n(3) Submission: Invalid Reopening Based on Suspicious, Arbitrary\nand Vague Reasoning-A.Y. 2011-12\nThe notice under Section 148 dated 23.03.2018 for A.Y. 2011-12\nwas issued solely on the basis of a Suspicious Transaction Report\n(STR) generated

ITO, WARD-6(1), KOLKATA vs. M/S DANIEL COMMODITIES PVT. LTD., KOLKATA

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.645/Kol/2020 Assessment Year: 2009-10 Ito, Ward-6(1), Kolkata………..…….......................…...……………....Appellant Vs. M/S Daniel Commodities Pvt. Ltd…..........…..........................…..…..... Respondent 6, Lyons Range, Kolkata – 1. [Pan: Aaccd9344F] C.O. 4/Kol/2023 (A/O I.T.A. No.645/Kol/2020) Assessment Year: 2009-10 M/S Daniel Commodities Pvt. Ltd…………….....................…..…..... Cross-Objector 6, Lyons Range, Kolkata – 1. [Pan: Aaccd9344F] Vs Ito, Ward-6(1), Kolkata …………….......................…...……………....Respondent Appearances By: Shri Abhijit Kundu, Cit-Dr, Advocate, Appeared On Behalf Of The Department. Shri Miraj D. Shah, Ar, Appeared On Behalf Of The Assessee. Date Of Concluding The Hearing : February 23, 2024 Date Of Pronouncing The Order : May 07, 2024

147 of the Act. He has further contended that the revision order passed u/s 263 was, otherwise, time-barred. He in this respect has placed reliance on the decision of the Hon’ble Supreme Court in the case of ‘CIT vs. Alagendran Finance Ltd. [2007] 293 ITR 1(SC)’, wherein, the Hon’ble Supreme Court has categorically held that where

DCIT, CIRCLE - 3(1), , KOLKATA vs. M/S. THE PEERLESS GENERAL FINANCE & INVESTMENT CO. LTD.,, KOLKATA

In the result, the appeal of Revenue is dismissed

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

reassessment order u/s 147/143(3) of the Act, therefore we find no merit in the contention of the revenue. 9. The revenue has cited the decision of Hon’ble Madras High Court in Areva T & D India Ltd. Vs. ACIT (2007) 165 Taxman 123 (Mad) to support their ground on this legal issue. However, in the light

M/S CLASSIC FLOUR AND FOOD PROCESSING PVT LTD.,KOLKATA vs. ITO, WD-11(4), KOLKATA, KOLKATA

In the result, ITA No. 765 & 766/Kol/2014 are allowed while ITA

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ]

reassessment proceedings. 8. The first aspect which needs to be examined is as to whether the assessee is entitled to challenge the validity of initiation of proceedings u/s 147 of the Act in the present appeals in which he has challenged the validity of order passed u/s 263 of the Act. The ld. Counsel for the assessee submitted before

M/S GOLDEN VINCOM PVT LTD,KOLKATA vs. PCIT-1, KOLKATA

In the result, the appeal of the assessee is allowed as per the terms indicated above

Bench: Sri Sanjay Garg & Sri Manish Borad)

section 147 in pursuance of such invalid initiation is liable to be cancelled. I order accordingly.” 16. In the present case also the re-assessment proceedings have been initiated only for the purpose of verification and examination which is not the scope of reassessment proceedings. It would be the case of rather reasons to suspect rather than reasons to belief

ANCHITA PROPERTIES PVT. LTD. ,KOLKATA vs. ITO, WARD-12(1), KOLKATA. , KOLKATA

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

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Boradi.T.A. No. 637/Kol/2024 Assessment Year: 2013-2014 Anchita Properties Pvt. Limited,………………Appellant 29, Collotola Street, Kolkata-700029 [Pan:Aahca9115E] -Vs.- Income Tax Officer,………………………….……Respondent Ward-12(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 & I.T.A. No. 1067/Kol/2024 Assessment Year: 2013-2014 Anchita Properties Pvt. Limited,………………Appellant 29, Collotola Street, Kolkata-700029 [Pan:Aahca9115E] -Vs.- Principal Commissioner Of Income Tax,…Respondent Pcit, Kolkata-2, Office Of The Income Tax Officer, Ward-12(1), Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069

u/s 263 can be sustainable once the order, sought to be revised, has been declared invalid by a Higher Appellate Authority. 28. Apart from the above, it is pertinent to observe that the ld. Assessing Officer has collected information under section 133(6) vide notices dated 20.02.2020 and 02.03.2020. Both these show- cause notices issued under section 133(6) were

ANCHITA PROPERTIES PVT. LTD.,KOLKATA vs. P.C.I.T., KOLKATA - 2, KOLKATA

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

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Boradi.T.A. No. 637/Kol/2024 Assessment Year: 2013-2014 Anchita Properties Pvt. Limited,………………Appellant 29, Collotola Street, Kolkata-700029 [Pan:Aahca9115E] -Vs.- Income Tax Officer,………………………….……Respondent Ward-12(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 & I.T.A. No. 1067/Kol/2024 Assessment Year: 2013-2014 Anchita Properties Pvt. Limited,………………Appellant 29, Collotola Street, Kolkata-700029 [Pan:Aahca9115E] -Vs.- Principal Commissioner Of Income Tax,…Respondent Pcit, Kolkata-2, Office Of The Income Tax Officer, Ward-12(1), Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069

u/s 263 can be sustainable once the order, sought to be revised, has been declared invalid by a Higher Appellate Authority. 28. Apart from the above, it is pertinent to observe that the ld. Assessing Officer has collected information under section 133(6) vide notices dated 20.02.2020 and 02.03.2020. Both these show- cause notices issued under section 133(6) were

M/S. SATYAM INVESTMENT ADVISORY PVT. LTD., ,KOLKATA vs. DCIT, CENTRAL CIRCLE - 3(3), KOLKATA , KOLKATA

In the result appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi] I.T.A. No. 116/Kol/2018 Assessment Year: 2008-09 M/S. Satyam Investment Advisory Pvt. Ltd……………....……………....…………………….....Appellant 51, Panchanna Gram Kolkata – 700 039 [Pan : Aalcs 2500 H] Deputy Commissioner Of Income Tax, Circle-3(3), Kolkata......……….....................Respondent

133(6) of the Act for furnishing information. Copies of the notices were filed by the assessee. After considering these notices, the Assessing Officer had completed the assessment. Thereafter notice u/s 148 of the Act was issued on 26/03/2015 reopening the assessment once again u/s 147 of the Act for the Assessment Year 2008-09. In response, the assessee stated

MADHUBAN DEALERS PVT. LTD. PRESENTLY KNOWN AS MADHUBAN DEALERS LLP,KOLKATA vs. PCIT-13, KOLKATA

In the result, the appeal of assessee allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

147 read with 144 of the Act, the Ld. AR stated that before forming reason to believe on the basis of such information there has to be application of mind in an objective manner by the AO and only thereafter, there should be formation of belief. In the last of his argument, the Ld. AR relied on the following

ACIT, CENTRAL CIRCLE - 1(1), KOLKATA, KOLKATA vs. M/S. ADHUNIK CEMENT LTD., (NOW DALMIA BHARAT CEMENT), GUWAHATI

In the result, appeal of the revenue is dismissed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi, Judicialmember)

133(6) of the Act to all the shareholders and subscriber companies and that replies were filed by each of these companies before the A.O.. He submitted that after being fully satisfied with the identity, creditworthiness and genuineness of these transactions, the Assessing Officer accepted the same and completed assessment u/s 143(3) of the Act r.w.s. 153A

GANAPATI DEVELOPERS ,HOWRAH vs. A.C.I.T.,CIRCLE-47, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy)

147 read with Section 143(3) of the Act on 28.12.2018 determining the 2 I.T.A. No. 139/Kol/2020 Assessment Year: 2013-14 Ganapati Developers. total income of ₹1,19,68,950/- inter alia making disallowance of purchases of ₹31,98,388/- and making an addition u/s 68 of the Act of ₹59 lakhs, being a loan taken from M/s. Hanuman Vintrade