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

149, section 151 and section 153, where the AO is satisfied that-(a) any money, bullion, jewellery or other valuable article or thing, seized or requisitioned, belongs to or (b) any books of account or documents, seized or requisitioned, pertains or pertain to, or any information contained therein relates to, a person other than the person referred to in section

D.C.I.T., CENTAL CIRCLE - 3(3) KOLKATA, KOLKATA vs. SHRI BISWANATH GARODIA, KOLKATA

In the result, all the appeals of the revenue are dismissed and cross objections of assessee are also dismissed being academic in nature

Bench: Shri A. T. Varkey, Jm & Dr. (Shri) Arjunlalsaini, Am]

reassessment proceedings had become time barred on or before 31.03.2012 and therefore initiation of proceedings u/s. 147 on 16.02.2016 was hit by the law of limitation”. Thereafter, he reproduced Section 149(1) of the Income-tax Act, 1961 as under:- " (1) No notice under section 148 shall be issued for the relevant assessment year,­ (a) if four years have elapsed

M/S VENKATESWAR MEDICARE PVT. LTD.,KOLKATA vs. ITO, WARD 2(1), KOLKATA

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

Bench: Shri Rajesh Kumar, Am& Shri Sonjoy Sarma, Jm]

c. Even if the defense available to the assessee under the substantive provisions of Section 149(1)(b) and first proviso of the new Act thereto shall not be available, thereby rendering the said provision otiose and a dead letter of the law (from 01.04.2021 to 30.06.2021), and the operation of the amended provisions would have to be deferred/postponed

M/S VENKATESWAR MEDICARE PVT. LTD.,ITO, WARD-2(1) vs. ITO, WARD-2(1), KOLKATA

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

Bench: Shri Rajesh Kumar, Am& Shri Sonjoy Sarma, Jm]

c. Even if the defense available to the assessee under the substantive provisions of Section 149(1)(b) and first proviso of the new Act thereto shall not be available, thereby rendering the said provision otiose and a dead letter of the law (from 01.04.2021 to 30.06.2021), and the operation of the amended provisions would have to be deferred/postponed

DCIT, CENTRAL CIRCLE - 1(1), KOLKATA , KOLKATA vs. M/S. ALEMBIC MERCHANTS PVT. LTD., , KOLKATA

In the result, the appeal of revenue fails

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2009-10 Dcit, Central Cir-1(1), Kolkata Vs. M/S. Alembic Merchants Pvt. Ltd Pan: Aacca 0918Q Appellant Respondent

c ) …… The section 153 relates to time limit for completion of assessment, reassessment and re- computation says as under:- 153(1)…. (2) No order of assessment, reassessment or re-computation shall be made under section 147 after the expiry of nine months from the end of the financial year in which the notice under section 148 was served; From

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

In the result, the appeal is hereby treated as allowed

C) 6849/2023 is concerned, would thus necessarily fail. We additionally note that although we had required all the writ petitioners to submit disclosures in the aforesaid format, not all have been able to comply with the same. It is this facet which has weighed upon us to consider disposing of these writ petitions in terms indicated hereinafter. 26. Having identified

M/S PCM STRESCON OVERSEAS VENTURE LTD.,SILIGURI vs. PCIT-1, , KOLKATA

In the result, both appeal preferred by the revenue (ITA No

Bench: Shri P. M. Jagtap & Shri A. T. Varkey]

C” BENCH: KOLKATA [Before Shri P. M. Jagtap, Vice President & Shri A. T. Varkey, Judicial Member] I.T.A. No. 112/Kol/2021 Assessment Year: 2012-13 PCM Stresscon Overseas Ventures Vs Principal Commissioner of Income- Ltd. (PAN: AAECP2571Q)) . tax, - 1, Kolkata. Appellant Respondent & I.T.A. No. 2652/Kol/2019 Assessment Year: 2012-13 Income-tax Officer, Wd-1(1), Kolkata Vs PCM Stresscon Overseas Ventures

I.T.O.,WARD-1(1), KOLKATA vs. M/S PCM STRESCON OVERSEAS VENTURE LTD., KOLKATA

In the result, both appeal preferred by the revenue (ITA No

Bench: Shri P. M. Jagtap & Shri A. T. Varkey]

C” BENCH: KOLKATA [Before Shri P. M. Jagtap, Vice President & Shri A. T. Varkey, Judicial Member] I.T.A. No. 112/Kol/2021 Assessment Year: 2012-13 PCM Stresscon Overseas Ventures Vs Principal Commissioner of Income- Ltd. (PAN: AAECP2571Q)) . tax, - 1, Kolkata. Appellant Respondent & I.T.A. No. 2652/Kol/2019 Assessment Year: 2012-13 Income-tax Officer, Wd-1(1), Kolkata Vs PCM Stresscon Overseas Ventures

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

C’ BENCH, KOLKATA Before SHRI GEORGE MATHAN, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER ITA Nos.: 179 & 180/KOL/2025 Assessment Years: 2011-12 & 2015-16 Nezone Tubes Limited DCIT, Circle-1(1), Kolkata Vs. (Appellant) (Respondent) PAN: AABCN2550L Appearances: Assessee represented by : Miraj D. Shah, AR. Department represented by : Manoj Kumar Pati, Addl. CIT. Date of concluding the hearing : 16-October

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

C’ BENCH, KOLKATA Before SHRI GEORGE MATHAN, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER ITA Nos.: 179 & 180/KOL/2025 Assessment Years: 2011-12 & 2015-16 Nezone Tubes Limited DCIT, Circle-1(1), Kolkata Vs. (Appellant) (Respondent) PAN: AABCN2550L Appearances: Assessee represented by : Miraj D. Shah, AR. Department represented by : Manoj Kumar Pati, Addl. CIT. Date of concluding the hearing : 16-October

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

149 of the Act] the AO’s action of recording reason without having in his possession ‘information in the form of Appraisal Report’ is per se bad in law. Therefore, Shri Akkal contended that since the AO had issued the notice u/s 148 on 31-03-2016 without there being any material available to him on the basis of which

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"

149(1)(b) of the Act, it is imperative that the Assessing Officer, in his reasons should also state that the escaped income is likely to be Rs. 1 lac or more, which is an essential ingredient for seeking the approved and satisfaction that is to be recorded by the Competent Authority under the Act. Consequently, before taking any action

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"

149(1)(b) of the Act, it is imperative that the Assessing Officer, in his reasons should also state that the escaped income is likely to be Rs. 1 lac or more, which is an essential ingredient for seeking the approved and satisfaction that is to be recorded by the Competent Authority under the Act. Consequently, before taking any action

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

In the result, appeal of the assessee is dismissed

reassessment proceedings\nunder Section 147 vide order dated 31.12.2017. The relevant\nportion of the said order is reproduced below:\n\"...the account in question, through which suspicious transaction\nwas reported, was opened only on 01.11.2010. Therefore, the\nassessee's submission of not having any transaction with Vista\nDealcom Pvt. Ltd. during FY 2009-10 is found correct. Hence, no\nadverse

PRAMOD LAKRA DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. URVASHI SAREES PVT. LTD, KOLKATA

In the result, the appeal filed by the assessee is allowed and the appeal of Revenue is dismissed

Bench: ITAT, Kolkata were collected and prepared | | 18.01.2025 | 2nd Appeal was filed |

u/s 148A(b) of the Act, having been initiated after six years from the assessment year, the assessment year in question was not covered by TOLA as admitted by the Ld. ASG in the case of Rajeev Bansal (supra) and so held in the said judgement. 3.2. At this juncture we need to consider the judgement

URVASHI SAREES PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 11(1), , KOLKATA

In the result, the appeal filed by the assessee is allowed and the appeal of Revenue is dismissed

Bench: ITAT, Kolkata were collected and prepared | | 18.01.2025 | 2nd Appeal was filed |

u/s 148A(b) of the Act, having been initiated after six years from the assessment year, the assessment year in question was not covered by TOLA as admitted by the Ld. ASG in the case of Rajeev Bansal (supra) and so held in the said judgement. 3.2. At this juncture we need to consider the judgement

M.A. FINANCIAL SERVICES PVT. LTD.,,KOLKATA vs. ITO, WARD 4(1),, KOLKATA

In the result, the appeal filed by the assessee is allowed and the appeal of Revenue is dismissed

Bench: Shri Pradip Kumar Choubey & Shri Sanjay Awasthiassessment Year: 2015-16 M. A Financial Services Pvt. Ltd.……………………….……….……….……Appellant 2, Lal Bazaar Street, 1St Floor, Kol-700001.. [Pan: Aaccm0481E] Vs. Ito, Ward-4(1), Kolkata…….…………………………….....……...…..…..Respondent Appearances By: Shri Manoj Kataruka, Ar, Appeared On Behalf Of The Appellant. Shri Praveen Kishore, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 09, 2025 Date Of Pronouncing The Order : October 17, 2025 Order Per Pradip Kumar Choubey: This Appeal Filed By The Assessee Is Directed Against The Order Dated 16.05.2025 Of The National Faceless Appeal Centre [‘Cit(A)’] Passed Under Section 250 Of The Income-Tax Act, 1961 (Hereinafter Referred To As “The Act”) For The Assessment Year 2015–16. 2. Brief Facts Of The Case Of The Assessee Are That The Assessee Filed Its Return Of Income For The A.Y 2015-16 U/S 139 Of The Act On 20.07.2015 Declaring Total Income Of Rs.9,647/-. The Said Return Was Processed U/S 143(1) Of The Act. Later On, Based On Information Received Through Itba Software Under The Head High Risk Transaction Case Notice U/S 148A(B) Of The Act Was Issued & Finally Notice U/S 148 Of The Act Was Issued On 13.07.2022. In Response, The Assessee Filed Return On 02.11.2021 Declaring Total Income Of Rs.9,647. Assessment Was Made Under Sec. 147 M. A Financial Services Pvt. Ltd Read With Section 144B Of The Act On 24.05.2023 Determining Total Income Of Rs.6,55,31,471/- Inter-Alia Making Following Addition:

C” BENCH KOLKATA Before Shri Pradip Kumar Choubey, Judicial Member and Shri Sanjay Awasthi, Accountant Member Assessment Year: 2015-16 M. A Financial Services Pvt. Ltd.……………………….……….……….……Appellant 2, Lal Bazaar Street, 1st Floor, Kol-700001.. [PAN: AACCM0481E] vs. ITO, Ward-4(1), Kolkata…….…………………………….....……...…..…..Respondent Appearances by: Shri Manoj Kataruka, AR, appeared on behalf of the appellant. Shri Praveen Kishore

SUMITA ROY CHOWDHURY,KOLKATA vs. I.T.O., WARD - 48(1),, KOLKATA

In the result, the appeal filed by the assessee is allowed and the appeal of Revenue is dismissed

Bench: Shri Pradip Kumar Choubey & Shri Sanjay Awasthiassessment Year: 2015-16 M. A Financial Services Pvt. Ltd.……………………….……….……….……Appellant 2, Lal Bazaar Street, 1St Floor, Kol-700001.. [Pan: Aaccm0481E] Vs. Ito, Ward-4(1), Kolkata…….…………………………….....……...…..…..Respondent Appearances By: Shri Manoj Kataruka, Ar, Appeared On Behalf Of The Appellant. Shri Praveen Kishore, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 09, 2025 Date Of Pronouncing The Order : October 17, 2025 Order Per Pradip Kumar Choubey: This Appeal Filed By The Assessee Is Directed Against The Order Dated 16.05.2025 Of The National Faceless Appeal Centre [‘Cit(A)’] Passed Under Section 250 Of The Income-Tax Act, 1961 (Hereinafter Referred To As “The Act”) For The Assessment Year 2015–16. 2. Brief Facts Of The Case Of The Assessee Are That The Assessee Filed Its Return Of Income For The A.Y 2015-16 U/S 139 Of The Act On 20.07.2015 Declaring Total Income Of Rs.9,647/-. The Said Return Was Processed U/S 143(1) Of The Act. Later On, Based On Information Received Through Itba Software Under The Head High Risk Transaction Case Notice U/S 148A(B) Of The Act Was Issued & Finally Notice U/S 148 Of The Act Was Issued On 13.07.2022. In Response, The Assessee Filed Return On 02.11.2021 Declaring Total Income Of Rs.9,647. Assessment Was Made Under Sec. 147 M. A Financial Services Pvt. Ltd Read With Section 144B Of The Act On 24.05.2023 Determining Total Income Of Rs.6,55,31,471/- Inter-Alia Making Following Addition:

C” BENCH KOLKATA Before Shri Pradip Kumar Choubey, Judicial Member and Shri Sanjay Awasthi, Accountant Member Assessment Year: 2015-16 M. A Financial Services Pvt. Ltd.……………………….……….……….……Appellant 2, Lal Bazaar Street, 1st Floor, Kol-700001.. [PAN: AACCM0481E] vs. ITO, Ward-4(1), Kolkata…….…………………………….....……...…..…..Respondent Appearances by: Shri Manoj Kataruka, AR, appeared on behalf of the appellant. Shri Praveen Kishore

ANUPAMA VINTRADE PRIVATE LIMITED,KOLKATA vs. ITO, WARD 10(2), KOLKATA

In the result, the appeal filed by the assessee is allowed and the appeal of Revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyassessment Year: 2015-16 Anupama Vintrade Pvt. Ltd..….……………………….……….……….……Appellant 77, 4Th Floor, Room 422, Elliot Road, Kol-700016.. [Pan: Aahca5675R] Vs. Ito, Ward-10(2), Kolkata….……………………………….....……...…..…..Respondent Appearances By: Shri Somnath Ghosh, Advocate, Appeared On Behalf Of The Appellant. Shri Manas Mondal, Addl. Cit-Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 16, 2025 Date Of Pronouncing The Order : October 27, 2025 Order Per Pradip Kumar Choubey: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 08.03.2025 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Appeal Has Been Filed By The Assessee With A Delay Of 14 Days. 2. The Assessee Has Filed An Affidavit For Condonation Of The Delay. After Considering The Reasons Cited In The Affidavit For Condonation Of Delay, We Find That The Reasons Are Valid & Consequently, The Delay In Filing The Appeal Is Hereby Condoned & We Proceed To Dispose Of The Appeal On Merits.

u/s 148 on 28.07.2022 for the assessment year 2015-16. We have gone through the decision of the Coordinate Bench of the Tribunal in the case of DCIT vs. Urvashi Sarees Pvt. Ltd. in ITA No.222&1946/Kol/2025 passed on 24.07.2025, the relevant portion of the order of the Tribunal is as follows: “3.2. At this juncture we need to consider