DHARMIK CEMENT MERCHANTS PVT. LTD.,KOLKATA vs. ITO, WARD-3(3), KOLKATA

Bench: Sri Sanjay Garg & Dr. Manish Borad

section 68 of the Act has rightly been invoked by ld. AO treating the alleged sum as the unaccounted income of assessee, which seems to be routed in the books through bogus/accommodation entry

M/S ARIHANT TIMBERS PRIVATE LTD.,KOLKATA vs. I.T.O.,WARD-3(2), KOLKATA

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Sri Sanjay Garg & Dr. Manish Borad

Section 68 of the Act cannot be invoked. Our attention was also drawn towards the valuation certificates of various companies showing the fair market value of unquoted equity shares to justify the premium charged on the issue of shares. Financial statements of the share applicants were also submitted and prayer was made to delete the addition made u/s 68

SHRI ADITYA CHINDALIA ,KOLKATA vs. ITO, WARD - 34(2), KOLKATA

In the result, the appeal is allowed

Bench: Hon’Ble Shri S.S. Godara, Jm] I.T.A No. 2241/Kol/2018 Assessment Year : 2010-11 Smt. Laxmi Devi Chindalia Vs. I.T.O, Ward 34(2) Pan: Acopc8728P Kolkata (Appellant) (Respondent) I.T.A No. 2242/Kol/2018 Assessment Year : 2010-11 Shri Aditya Chindalia Vs. I.T.O, Ward 34(2) Pan: Afkpc6363F Kolkata (Appellant) (Respondent)

entries through fraudulent bills for the purpose of suppression of true and real income chargeable to tax and the said benami concern was a name lender only in respect of the bogus transaction recorded in the accounts of the assessee. 3. Having carefully examined the rival contentions, I find that the following factual points emerge for consideration and adjudication

SMT. LAXMI DEVI CHINDALIA ,KOLKATA vs. ITO, WARD - 35(3), KOLKATA

In the result, the appeal is allowed

Bench: Hon’Ble Shri S.S. Godara, Jm] I.T.A No. 2241/Kol/2018 Assessment Year : 2010-11 Smt. Laxmi Devi Chindalia Vs. I.T.O, Ward 34(2) Pan: Acopc8728P Kolkata (Appellant) (Respondent) I.T.A No. 2242/Kol/2018 Assessment Year : 2010-11 Shri Aditya Chindalia Vs. I.T.O, Ward 34(2) Pan: Afkpc6363F Kolkata (Appellant) (Respondent)

entries through fraudulent bills for the purpose of suppression of true and real income chargeable to tax and the said benami concern was a name lender only in respect of the bogus transaction recorded in the accounts of the assessee. 3. Having carefully examined the rival contentions, I find that the following factual points emerge for consideration and adjudication

M/S. MEGAPIX ENCLAVE PVT. LTD., ,KOLKATA vs. ITO, WARD - 14(3), KOLKATA , KOLKATA

In the result, the appeal of the assessee is dismissed

section 68 of the Act have rightly been invoked by ld. AO and alleged sum is the unaccounted income of assessee, which has been routed in the books through bogus/accommodation entry

SUBHLABH REALCON PVT. LTD.,KOLKATA vs. I.T.O.,WARD-5(1), KOLKATA

In the result, the appeal of the assessee is dismissed

section 68 of the Act have rightly been invoked by ld. AO treating the alleged sum as the unaccounted income of assessee, which seems to be routed in the books through bogus/accommodation entry

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

In the result, the appeal of the assessee is dismissed

section 68 of the Act have rightly been invoked by ld. AO and alleged sum is rightly treated as the unaccounted income of assessee, which has been routed in the books through bogus/accommodation entry

SARANSH FURNITURE MARKETING (P) LTD., ,KOLKATA vs. ITO, WARD - 7(3), , KOLKATA

In the result, the appeal of assessee is dismissed

section 68 of the Act are squarely applicable on the alleged transaction and it can be safely concluded that the assessee had unaccounted income, which has been routed in the books through bogus/accommodation entry

M/S JIBIKA RICE MILLS PVT. LTD.,BURDWAN vs. A.C.I.T.,CIRCLE-1, BURDWAN

In the result, the appeal of the assessee is dismissed

section 68 of the Act have rightly been 4. AY 2014-15 Jibika Rice Mills P.Ltd. invoked by ld. AO treating the alleged sum as the unaccounted income of assessee be routed in the books through bogus/accommodation entry

M/S. SEVEN HILL HARDWARE MERCHANTS (P) LTD., ,KOLKATA vs. ITO, WARD - 7(3), , KOLKATA

In the result, the appeal of the assessee is dismissed

section 68 of the Act has rightly been invoked by ld. AO on the alleged transaction and it can be safely concluded that the assessee had unaccounted income, which has been routed in the books of account through bogus/accommodation entry

M/S. PEARL TRACOM PVT. LTD.,KOLKATA vs. PCIT-4, KOLKATA, KOLKATA

Bench: Sri Rajpal Yadav & Dr. Manish Borad

68 of the Act accordingly vide order dated 30.12.2016 assessed the income at Rs. 1,17,342/-. 7. Again in the second round of revisionary proceedings u/s 263 of the Act were commenced by ld. Pr. CIT calling for the assessment records forming part of the assessment order dated 30.12.2016 and issued show cause notice dated 16.01.2019 raising the following

SANJU JALAN,KOLKATA vs. ITO, WARD 36(3), KOLKATA, KOLKATA

In the result, the appeal is allowed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am] I.T.A No. 634/Kol/2017 Assessment Year : 2012-13

section 147 of the I.T.Act,1961. 3. The assessee objected to the validity of initiation of re-assessment proceedings but the same was rejected by the revenue authorities. 4. It can be seen from the reasons recorded by the AO for initiating proceedings for reassessment that the AO wanted to examine the genuineness of purchase of Diamonds by the assessee

ASHIKA STOCK BROKING LIMITED,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 2(1), KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

68 (Gujarat), the Hon'ble High Court upheld the reopening proceedings where AO issued reopening notice on the ground that information was received from AIMS module that shares sold by assessee were of penny stocks. The Hon'ble High Court upheld the reopening since information was specific with regard to transactions of penny stocks entered into by assessee

ASHIKA STOCK BROKING LIMITED,KOLKATA vs. DCIT, CC-2(1), KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

68 (Gujarat), the Hon'ble High Court upheld the reopening proceedings where AO issued reopening notice on the ground that information was received from AIMS module that shares sold by assessee were of penny stocks. The Hon'ble High Court upheld the reopening since information was specific with regard to transactions of penny stocks entered into by assessee

ASHIKA STOCK BROKING LIMITED, KOLKATA,KOLKATA vs. D.C.I.T., CC-2(1), KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

68 (Gujarat), the Hon'ble High Court upheld the reopening proceedings where AO issued reopening notice on the ground that information was received from AIMS module that shares sold by assessee were of penny stocks. The Hon'ble High Court upheld the reopening since information was specific with regard to transactions of penny stocks entered into by assessee

ASHIKA STOCK BROKING LIMITED, KOLKATA,KOLKATA vs. DCIT, CC-2(1), KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

68 (Gujarat), the Hon'ble High Court upheld the reopening proceedings where AO issued reopening notice on the ground that information was received from AIMS module that shares sold by assessee were of penny stocks. The Hon'ble High Court upheld the reopening since information was specific with regard to transactions of penny stocks entered into by assessee

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

68 of the Act. Aggrieved, the assessee preferred an appeal before the Ld. CIT(A) by raising the grounds of appeal ( Ground no. 1 & 2 ) inter alia raising the legal issue of jurisdiction of AO. Ground nos. 1 & 2 raised before the Ld. CIT(A) read as under:- 1. That on the facts and in the circumstances of the case

KARAN POLYMERS PVT LTD,KOLKATA vs. PCIT-2, KOLKATA

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

Bench: Sri Aby T. Varkey & Sri Manish Borad)

entry of Rs.60,00,000/- taken from M/s. Pushkar Trading and Holding Pvt. Ltd. the assessee filed detailed submission on 02.08.2018 which is placed on record at page 28 & 29 of the paper book and again submission given on 10.09.2018 placed at page 30 to 34 and enclosing therein the copy of bank statement of M/s. Pushkar Trading and Holding