ITO, WARD-12(3), KOLKATA, KOLKATA vs. M/S SPLENDOUR VILLA MAKERS PVT. LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1768/Kol/2016 Assessment Year : 2012-13 Ito, Ward-12(3), Kolkata -Vs- M/S Splendour Villa Makers Pvt. Ltd. [Pan: Aahcs 9726 M] (Appellant) (Respondent)

section 68 of the Act, the duty cast on the assessee is to explain the nature and source of credit found in his books. In the instant case, the credit is in the form of receipt of share application money from five share applicants. The nature of receipt towards share application money is well established from the entries passed

ITO, WD-1(1), SILIGURI, SILIGURI vs. M/S CACHAR KING PLANTATIONS PVT. LTD., SILIGURI

In the result, appeal of the revenue is dismissed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2012-13 Income Tax Officer, Ward-1(1), Siliguri..………......……….........…………..………….…................Appellant Vs. M/S. Cachar King Plantations Pvt. Ltd..……...........…………..……………….…...……..…….......Respondent Situvita Tea Factory Bidhan Nagar Siliguri [Pan : Aabcc 0744 P] Appearances By: Shri Subash Agarwal, Advocate, Appeared On Behalf Of The Assessee. Shri Robin Choudhury, Sr. D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : December 12Th, 2018 Date Of Pronouncing The Order : January 16Th , 2019 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Revenue Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)- Siliguri, (Hereinafter The ‘Ld. Cit(A)’), Dt. 27/05/2015, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The ‘Act’), Relating To Assessment Year 2012-13. 2. The Assessee Is A Company & Is In The Business Of Investment In Shares & Securities. For The Assessment Year 2012-13, It E-Filed Its Original Return Of Income On 22/09/2012, Disclosing Total Business Income At Rs.3,71,534/-. The Assessment Order Was Passed U/S 143(3) Of The Act, On 30/03/2015, Making An Addition Of Unexplained Cash Credit To The Tune Of Rs.1,30,00,000/-, U/S 68 Of The Act. This Was Set Off Against Carried Forward Losses & Gross Total Balance Was Determined At –Nil- Aggrieved The Assessee Carried The Matter In Appeal. The Ld. First Appellate Authority Deleted The Addition For The Reasons Given In His Order.

section 68 of the Act, the duty cast on the assessee is to explain the nature and source of credit found in his books. In the instant case, the credit is in the form of receipt of share application money from five share applicants. The nature of receipt towards share application money is well established from the entries passed

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

In the result, appeal of the revenue is dismissed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi) Assessment Year: 2008-09 Income Tax Officer, Ward-6(1), Kolkata.………......……….........…………..………….…................Appellant Vs. M/S. Tritium Commodities………..........….……...........…………..……………….…...……..…….......Respondent 7, Babulal Lane Kolkata – 700 007 [Pan : Aacct 8286 G] Appearances By: Shri S.M. Surana, Advocate, Appeared On Behalf Of The Assessee. Shri Sankar Halder, Addl. Cit Sr. D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 6Th, 2018 Date Of Pronouncing The Order : November 28Th , 2018 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Revenue Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-2, Kolkata, (Hereinafter The ‘Ld. Cit(A)’), Dt. 15/10/2015, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The ‘Act’), Relating To Assessment Year 2008-09. 2. The Assessee Is A Company & Is In The Business Of Investment In Shares & Securities. For The Assessment Year 2012-13, It Filed Its Return Of Income On 27/09/2017, Disclosing Nil Income. It Filed Its Original Return Of Income For The Assessment Year 2008-09, On 22/10/2008, Declaring Total Loss Or Rs.14,726/-. The Assessment Order Was Passed U/S 147/143(3) Of The Act, On 24/06/2010. Thereafter The Ld. Cit(A), Passed An Order U/S 263 Of The Act, Setting Aside The Assessment Order Dt. 24/06/2010. The Assessing Officer Passed The Impugned Fresh Order In Pursuance To The Order U/S 263 Of The Act, Dt. 31/03/2014, Making An Addition Of The Share Application Money Of Rs.2.07 Crores U/S 68 Of The Act. Aggrieved The Assessee Carried The Matter In Appeal. The Ld. First Appellate Authority Deleted The Addition For The Reasons Given In His Order.

section 68 of the Act, the duty cast on the 15 Assessment Year: 2008-09 M/s. Tritium Commodities assessee is to explain the nature and source of credit found in his books. In the instant case, the credit is in the form of receipt of share application money from five share applicants. The nature of receipt towards share application money

M/S. MATARANI VINTRADE PVT. LTD., ,KOLKATA vs. ITO, WARD - 15(1), KOLKATA , KOLKATA

Bench: Hon’Ble Shri P.M. Jagtap, V.P (Kz) & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2012-13

penalty or reduce the amount of refund unless the appellant has had a reasonable opportunity of showing cause against such enhancement or reduction.(emphasis given by us) 8. We note that as per provisions of section 251(2) of the Act, unless the assessee has been offered a reasonable opportunity of showing cause of such enhancement

SARASWATI GUPTA,HOWRAH vs. I.T.O., WARD - 47(1), KOLKATA, KOLKATA

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

Bench: Dr. Manish Borad & Shri Sonjoy Sarmai.T.A. Nos. 86 & 87/Kol/2023 Assessment Year: 2011-2012 & I.T.A. Nos. 88 & 89/Kol/2023 Assessment Year: 2012-2013 Saraswati Gupta,..................................Appellant Radha Kunj, 4D, 181, Dharamtalla Road, Salkia, Howrah-711106 [Pan: Adapg1993M] -Vs.- Income Tax Officer,...............................Respondent Ward-47(1), Kolkata, 3, Government Place (West), Kolkata-700001 Appearances By: Shri Chirag Desai, Office Staff On Behalf Of Shri Miraj D. Shah,A.R., Appeared On Behalf Of The Assessee Shri Prabhakar Prakash Ranjan, Jcit, Sr. D.R.,Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : June 22, 2023 Date Of Pronouncing The Order : August 04, 2023 O R D E R

penalty should be levied for not getting the books of account audited. If such plea is considered, then in case of a person, who is required to maintain the books of account but does not maintain the books of account and even not filed the return of income and thereafter when the ld. Assessing Officer wants to examine credit entries

SARASWATI GUPTA,HOWRAH vs. I.T.O., WARD - 47(1), KOLKATA, KOLKATA

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

Bench: Dr. Manish Borad & Shri Sonjoy Sarmai.T.A. Nos. 86 & 87/Kol/2023 Assessment Year: 2011-2012 & I.T.A. Nos. 88 & 89/Kol/2023 Assessment Year: 2012-2013 Saraswati Gupta,..................................Appellant Radha Kunj, 4D, 181, Dharamtalla Road, Salkia, Howrah-711106 [Pan: Adapg1993M] -Vs.- Income Tax Officer,...............................Respondent Ward-47(1), Kolkata, 3, Government Place (West), Kolkata-700001 Appearances By: Shri Chirag Desai, Office Staff On Behalf Of Shri Miraj D. Shah,A.R., Appeared On Behalf Of The Assessee Shri Prabhakar Prakash Ranjan, Jcit, Sr. D.R.,Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : June 22, 2023 Date Of Pronouncing The Order : August 04, 2023 O R D E R

penalty should be levied for not getting the books of account audited. If such plea is considered, then in case of a person, who is required to maintain the books of account but does not maintain the books of account and even not filed the return of income and thereafter when the ld. Assessing Officer wants to examine credit entries

SARASWATI GUPTA,HOWRAH vs. I.T.O., WARD - 47(1), KOLKATA, KOLKATA

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

Bench: Dr. Manish Borad & Shri Sonjoy Sarmai.T.A. Nos. 86 & 87/Kol/2023 Assessment Year: 2011-2012 & I.T.A. Nos. 88 & 89/Kol/2023 Assessment Year: 2012-2013 Saraswati Gupta,..................................Appellant Radha Kunj, 4D, 181, Dharamtalla Road, Salkia, Howrah-711106 [Pan: Adapg1993M] -Vs.- Income Tax Officer,...............................Respondent Ward-47(1), Kolkata, 3, Government Place (West), Kolkata-700001 Appearances By: Shri Chirag Desai, Office Staff On Behalf Of Shri Miraj D. Shah,A.R., Appeared On Behalf Of The Assessee Shri Prabhakar Prakash Ranjan, Jcit, Sr. D.R.,Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : June 22, 2023 Date Of Pronouncing The Order : August 04, 2023 O R D E R

penalty should be levied for not getting the books of account audited. If such plea is considered, then in case of a person, who is required to maintain the books of account but does not maintain the books of account and even not filed the return of income and thereafter when the ld. Assessing Officer wants to examine credit entries

SARASWATI GUPTA,HOWRAH vs. I.T.O., WARD - 47(1), KOLKATA, KOLKATA

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

Bench: Dr. Manish Borad & Shri Sonjoy Sarmai.T.A. Nos. 86 & 87/Kol/2023 Assessment Year: 2011-2012 & I.T.A. Nos. 88 & 89/Kol/2023 Assessment Year: 2012-2013 Saraswati Gupta,..................................Appellant Radha Kunj, 4D, 181, Dharamtalla Road, Salkia, Howrah-711106 [Pan: Adapg1993M] -Vs.- Income Tax Officer,...............................Respondent Ward-47(1), Kolkata, 3, Government Place (West), Kolkata-700001 Appearances By: Shri Chirag Desai, Office Staff On Behalf Of Shri Miraj D. Shah,A.R., Appeared On Behalf Of The Assessee Shri Prabhakar Prakash Ranjan, Jcit, Sr. D.R.,Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : June 22, 2023 Date Of Pronouncing The Order : August 04, 2023 O R D E R

penalty should be levied for not getting the books of account audited. If such plea is considered, then in case of a person, who is required to maintain the books of account but does not maintain the books of account and even not filed the return of income and thereafter when the ld. Assessing Officer wants to examine credit entries

BALHANUMAN COMMODEAL PVT. LTD.,KOLKATA vs. ITO, WARD-5(4), KOLKATA

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2012-13

section 68 of the I. T. Act provides for charging to income tax on any sum credited in the books of the assessee maintained for any previous year if the assessee offers no explanation about the nature and source thereof or the explanation offered is not, in the opinion of the Assessing Officer, satisfactory. It places no duty upon

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.” 14. We, therefore, respectfully following the ratio laid down in the above case laws and consistent with the view taken in the above referred decision of this Tribunal and also observing the fact that since the assessee has successfully proved the three necessary ingredients i.e., identity and creditworthiness of the share applicants and genuineness of the transactions

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.” 14. We, therefore, respectfully following the ratio laid down in the above case laws and consistent with the view taken in the above referred decision of this Tribunal and also observing the fact that since the assessee has successfully proved the three necessary ingredients i.e., identity and creditworthiness of the share applicants and genuineness of the transactions

SATYANARAYAN HOLDINGS PVT. LTD.,KOLKATA vs. ITO, WARD-5(2), KOLKATA

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.444/Kol/2024 Assessment Year: 2012-13

Section 68 on account of share application was deleted. 30. We would like to reproduce the Hon'ble High Court order in CIT vs. Gangeshwari Metal P.Ltd. in ITA no. 597/2012 judgement dated 21.1.2013, the Hon'ble High Court after Page 12 of 21 I.T.A. No. 444/Kol/2024 A Y: 2012-13, Satyanarayan Holdings Pvt. Ltd. considering the decisions

AMIT KHEMKA,KOLKATA vs. ITO, WARD - 43(1), KOLKATA

In the result, the appeal is partly allowed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

penalty imposed on the assessee may be deleted in full. 17. Having heard the rival submissions and the arguments, it is essential to understand the legal position on the facts of the case. In the case of National Textiles v. CIT [2001] 249 ITR 125 (Guj.), it has been held that the provisions of section 68

AMIT KHEMKA,KOLKATA vs. ITO, WARD - 43(1), KOLKATA

In the result, the appeal is partly allowed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

penalty imposed on the assessee may be deleted in full. 17. Having heard the rival submissions and the arguments, it is essential to understand the legal position on the facts of the case. In the case of National Textiles v. CIT [2001] 249 ITR 125 (Guj.), it has been held that the provisions of section 68

SRIDHARPUR CO-OPERATIVE BANK,BARDHAMAN vs. ITO, WARD-3(2), BURDWAN

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

Bench: Shri George Mathan & Shri Rakesh Mishra

68, section 69, section 69A, section 69B, section 69C or section 69D for any previous year, the assessee shall pay by way of penalty

ACIT CC-3(2) , KOLKATA vs. SMT. KALAWATI DEVI AGARWAL, BILASPUR

In the result, both the appeals of the Revenue are dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawal

penalty under the proposed new section 271 AAA. This amendment will take effect from 1st April, 2007 and will accordingly apply in relation to assessment year 2007- 2008 and subsequent years in cases where search under section 132 is initiated on or after 1st June. 2007. [Clauses 62, 67 and 68

ACIT CC-3(2),, KOLKATA vs. SRI ARJUN LAL AGARWAL , KOLKATA

In the result, both the appeals of the Revenue are dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawal

penalty under the proposed new section 271 AAA. This amendment will take effect from 1st April, 2007 and will accordingly apply in relation to assessment year 2007- 2008 and subsequent years in cases where search under section 132 is initiated on or after 1st June. 2007. [Clauses 62, 67 and 68

ACITCC-3(2), KOLKATA vs. SMT. SAVITRI DEVI AGARWAL, BILASPUR

In the result, both the appeals of the Revenue are dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

penalty under the proposed new section 271 AAA. This amendment will take effect from 1st April, 2007 and will accordingly apply in relation to assessment year 2007- 2008 and subsequent years in cases where search under section 132 is initiated on or after 1st June. 2007. [Clauses 62, 67 and 68

TERAI FRUITS COMPANY,SILIGURI vs. INCOME TAX OFFICER, WARD-1(1), SILIGURI, SILIGURI

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

Bench: Sri Pradip Kumar Choubey & Sri Rakesh Mishra

penalty under section 270A and from initiation of proceedings under section 276C or section 276CC shall be made in Form No. 68