A.C.I.T.,CIRCLE-49(1), KOLKATA vs. M/S VISWAKARMA RESIDENCY, KOLKATA

Appeal is dismissed

Bench: Shri Sanjay Garg & Dr. M.L.Meenaआयकर अपील सं.य/ Assessment Years:2016-17 बनाम / Acit, Cir-49(1), Kolkata M/S. Viswakarma Residency Uttarpan Complex, Ds-Iv, V/S. 2Nd Fl., Manicktala Civick Centre, Block-2 & 3, 2Nd Fl., Kolkata-700 054. Pan: Aaifv3279Q अपीलाथ" /Appellant ""यथ" /Respondent .. Hearing Through Video Conferencing अपीलाथ" क" ओर से/By Appellant Shri Manish Kanojia, Cit, Dr ""यथ" क" ओर से/By Respondent Shri S.M Surana, Advocate, Ar सुनवाई क" तार"ख/Date Of Hearing 04-08-2021 घोषणा क" तार"ख/Date Of Pronouncement 26-10-2021

section 68. Similarly recently the jurisdictional Kolkata Bench of Hon’ble ITAT in the case of Income­tax Officer, Ward­10(1), A.Y 2016-17 ACIT, C-49(1), Kol Vs. M/s. Viswakarma Residency Page 15 Kolkata v. Axisline Investment Consultants (P) Ltd.[2019] 108

D.C.I.T.,CIRCLE-1(4), KOLKATA vs. EDMOND FINVEST PVT. LTD., KOLKATA

In the result, the appeal filed by the Revenue is dismissed

Bench: Sri Sanjay Garg & Dr. Manish Borad

Section 68 of the Income-tax Act, 1961 provides that any sum found credited in the year in respect of which the assessee fails to explain the nature and source shall be assessed as its undisclosed income. In the facts of the present case, both the nature & source of the loan received was fully explained by the appellant

SHANKAR TRADERS & DISTRIBUTORS PVT. LTD.,KOLKATA vs. ITO, WARD-5(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No. 199/Kol/2024 Assessment Year: 2012-13 Shankar Traders & Income Tax Officer, Ward-5(1), Distributors Pvt. Ltd. Vs Aaykar Bhawan, A-Block, 1St Floor, Mercantile P-7, Chowringhee Square, Building, 9, Lal Bazar Street, Kolkata-700, West Bengal Kolkata-700001, [Pan: Aadcs8907L] West Bengal अपीलार्थी/ (Appellant) प्रत्‍यर्थी/ (Respondent)

Section 68 of the Act.” 11. The Hon’ble Supreme Court, thus, has held that once the assessee has submitted the documents relating to identity, genuineness of the transaction, and credit-worthiness of the subscribers, then the AO is duty bound conduct to conduct an independent enquiry to verify the same. However, as noted above, the Assessing Officer

SUSHILA STEEL COMPLEX (P) LTD.,KOLKATA vs. THE ITO, WD-7 (3), KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri P.M. Jagtap

68 and added the amount of Rs.27,50,000/- to the total income of the assessee by treating the same as unexplained cash credits in the assessment completed under section 143(3)/147 vide an order dated 19.11.2007. 5. Against the order passed by the Assessing Officer under section 143(3)/147, an appeal was preferred

DCIT, CC-1(2), KOLKATA, KOLKATA vs. M/S. P & P HIGHRISE PVT. LTD., KOLKATA

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

section 68 is not sustainable. The assessee has drew the attention of the ld. CIT(Appeals) towards the material submitted by it. A paper book running into 202 pages containing the material filed before the authorities below has been filed before us. For making reference about the nature of material, we would deem it appropriate to take note

M/S. RBS CREDIT & FINANCIAL DEVELOPMENT PVT. LTD., ,KOLKATA vs. PR.CIT - 3, KOLKATA , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1156/Kol/2017 Assessment Year : 2012-13 M/S Rbs Credit & Financial Development Pvt. Ltd. -Vs- Pcit-3, Kolkata [Pan: Aabcr 3300 A] (Appellant) (Respondent)

section 68 of the Act to the extent of Rs 2.79 crores which was even higher than the amount of Rs 1.3665 crores received by the assessee during the year in the assessment completed u/s 143(3) of the Act. Hence it could be safely concluded that the addition made in the sum of Rs 2.79 crores towards share

SUNDIP KUMAR GUPTA. ,KOLKATA vs. DCIT,CIR-47, KOLKATA. , KOLKATA

Appeals of the assessee stand allowed

Bench: Shri Sanjay Garg & Shri Rakesh Mishrai.T.A. Nos.1170 To1173/Kol/2023 Assessment Years: 2010-11, 2012-13, 2014-15 & 2015-16 Sundip Kumar Gupta..…………………....................…...……………....Appellant Fort Oasis Complex, Flat No.040903, Block-436B, Panditya Road, Kolkata – 700029. [Pan: Aebpg7187B] Vs. Dcit, Circle-47, Kolkata…….……………............................…..…..... Respondent Appearances By: Shri Abhishek Bansal, Ar, Appeared On Behalf Of The Assessee. Shri B. K. Singh, Jcit-Sr. Dr, Appeared On Behalf Of The Revenue. Date Of Concluding The Hearing : April 23, 2024 Date Of Pronouncing The Order : July 02, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Captioned Are Bunch Of Four Appeals Preferred By The Assessee Against The Separate Orders Dated 06.09.2023, 06.09.2023, 15.09.2023 & 06.09.2023, Respectively, 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’). Since The Facts & Issues Involved In All The Appeals Are Identical, Hence, These Appeals Have Been Heard Together & Are Being Disposed Of By This Common Order. At The Request Of Ld. Representatives Of The Parties, Ita No.1170/Kol/2023 Is Taken As The Lead Case For The Purpose Of Narration Of Facts.

Section 68 of the Act. We, thus, set aside the finding of ld. CIT(A) and delete the addition of Rs.25,00,000/- made u/s 68 of the Act.” 8. The aforesaid decisions referred to by the Tribunal is squarely applicable to the facts and issues involved in this case. In view of our discussion made above

SUNDIP KUMAR GUPTA. ,KOLKATA vs. DCIT,CIR-47, KOLKATA. , KOLKATA

Appeals of the assessee stand allowed

Bench: Shri Sanjay Garg & Shri Rakesh Mishrai.T.A. Nos.1170 To1173/Kol/2023 Assessment Years: 2010-11, 2012-13, 2014-15 & 2015-16 Sundip Kumar Gupta..…………………....................…...……………....Appellant Fort Oasis Complex, Flat No.040903, Block-436B, Panditya Road, Kolkata – 700029. [Pan: Aebpg7187B] Vs. Dcit, Circle-47, Kolkata…….……………............................…..…..... Respondent Appearances By: Shri Abhishek Bansal, Ar, Appeared On Behalf Of The Assessee. Shri B. K. Singh, Jcit-Sr. Dr, Appeared On Behalf Of The Revenue. Date Of Concluding The Hearing : April 23, 2024 Date Of Pronouncing The Order : July 02, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Captioned Are Bunch Of Four Appeals Preferred By The Assessee Against The Separate Orders Dated 06.09.2023, 06.09.2023, 15.09.2023 & 06.09.2023, Respectively, 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’). Since The Facts & Issues Involved In All The Appeals Are Identical, Hence, These Appeals Have Been Heard Together & Are Being Disposed Of By This Common Order. At The Request Of Ld. Representatives Of The Parties, Ita No.1170/Kol/2023 Is Taken As The Lead Case For The Purpose Of Narration Of Facts.

Section 68 of the Act. We, thus, set aside the finding of ld. CIT(A) and delete the addition of Rs.25,00,000/- made u/s 68 of the Act.” 8. The aforesaid decisions referred to by the Tribunal is squarely applicable to the facts and issues involved in this case. In view of our discussion made above

SUNDIP KUMAR GUPTA. ,KOLKATA vs. DCIT, CIR-47,KOLKATA. , KOLKATA

Appeals of the assessee stand allowed

Bench: Shri Sanjay Garg & Shri Rakesh Mishrai.T.A. Nos.1170 To1173/Kol/2023 Assessment Years: 2010-11, 2012-13, 2014-15 & 2015-16 Sundip Kumar Gupta..…………………....................…...……………....Appellant Fort Oasis Complex, Flat No.040903, Block-436B, Panditya Road, Kolkata – 700029. [Pan: Aebpg7187B] Vs. Dcit, Circle-47, Kolkata…….……………............................…..…..... Respondent Appearances By: Shri Abhishek Bansal, Ar, Appeared On Behalf Of The Assessee. Shri B. K. Singh, Jcit-Sr. Dr, Appeared On Behalf Of The Revenue. Date Of Concluding The Hearing : April 23, 2024 Date Of Pronouncing The Order : July 02, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Captioned Are Bunch Of Four Appeals Preferred By The Assessee Against The Separate Orders Dated 06.09.2023, 06.09.2023, 15.09.2023 & 06.09.2023, Respectively, 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’). Since The Facts & Issues Involved In All The Appeals Are Identical, Hence, These Appeals Have Been Heard Together & Are Being Disposed Of By This Common Order. At The Request Of Ld. Representatives Of The Parties, Ita No.1170/Kol/2023 Is Taken As The Lead Case For The Purpose Of Narration Of Facts.

Section 68 of the Act. We, thus, set aside the finding of ld. CIT(A) and delete the addition of Rs.25,00,000/- made u/s 68 of the Act.” 8. The aforesaid decisions referred to by the Tribunal is squarely applicable to the facts and issues involved in this case. In view of our discussion made above

SUNDIP KUMAR GUPTA. ,KOLKATA vs. DCIT, CIR-47, KOLKATA. , KOLKATA

Appeals of the assessee stand allowed

Bench: Shri Sanjay Garg & Shri Rakesh Mishrai.T.A. Nos.1170 To1173/Kol/2023 Assessment Years: 2010-11, 2012-13, 2014-15 & 2015-16 Sundip Kumar Gupta..…………………....................…...……………....Appellant Fort Oasis Complex, Flat No.040903, Block-436B, Panditya Road, Kolkata – 700029. [Pan: Aebpg7187B] Vs. Dcit, Circle-47, Kolkata…….……………............................…..…..... Respondent Appearances By: Shri Abhishek Bansal, Ar, Appeared On Behalf Of The Assessee. Shri B. K. Singh, Jcit-Sr. Dr, Appeared On Behalf Of The Revenue. Date Of Concluding The Hearing : April 23, 2024 Date Of Pronouncing The Order : July 02, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Captioned Are Bunch Of Four Appeals Preferred By The Assessee Against The Separate Orders Dated 06.09.2023, 06.09.2023, 15.09.2023 & 06.09.2023, Respectively, 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’). Since The Facts & Issues Involved In All The Appeals Are Identical, Hence, These Appeals Have Been Heard Together & Are Being Disposed Of By This Common Order. At The Request Of Ld. Representatives Of The Parties, Ita No.1170/Kol/2023 Is Taken As The Lead Case For The Purpose Of Narration Of Facts.

Section 68 of the Act. We, thus, set aside the finding of ld. CIT(A) and delete the addition of Rs.25,00,000/- made u/s 68 of the Act.” 8. The aforesaid decisions referred to by the Tribunal is squarely applicable to the facts and issues involved in this case. In view of our discussion made above

SEEMA SUREKA,KOLKATA vs. DCIT, CENTRAL CIRCLE - 3(3), KOLKATA

Appeal of the assessee is partly allowed

108 ITR 345 (SC) and Keshavji Ravji&\nCo. v. CIT [1990] 49 Taxman 87/183 ITR 1 (SC), the Hon'ble bench has observed that\nprinciples of literal interpretation in respect of the relevant context vis-à-vis the\nlegislation intention have to be applied here as there is no ambiguity in definition\nof a \"relative\" in respect to an individual

M/S BIHARI LAL MALPANI,KOLKATA vs. ITO, WARD 43(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Aby. T. Varkey & Shri M. Balaganeshi.T.A. No.527/Kol/2017 (Assessment Year 2013-14) M/S Bihari Lal Malpani Ito, Ward-43(1), Kolkata. -Vs- [Pan :Adupm 6438 R]

108 (Bombay) IT APPEAL NOS. 1568.TO 1571 OF 2012 DECEMBER 10, 2014 has held under:- . "Section 68 of the Income

ITO, WARD - 1(2), KOLKATA, KOLKATA vs. M/S. MOHAN JUTE MILLS LTD., KOLKATA

In the result, the appeal of revenue is dismissed

108/- and increase in liability under the had ‘trade payables for goods to the extent of Rs. 99,10,505/-,treated the same as income u/s. 68 of the Act. Ld. CITA) considered the submissions of the assessee including the tax audit report and other details/particulars, deleted the addition observing as follow:- (relevant extract) “3. I also find .merit

DCIT, CENTRAL CIRCLE-1(4), KOLKATA, KOLKATA vs. MURLIDHAR RATANLAL EXPORTS LIMITED, KOLKATA

In the result, the appeals of the Revenue are dismissed and the COs of the assessee are partly allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

section 147 of the Act and cannot be sustained. The case of the assessee find support from the decision of Hon’ble Apex Court in the case of ACIT vs. CEAT Ltd. in [2023] 146 taxmann.com 108(SC) wherein it has been decided by the Hon’ble Apex court that no re-opening can be made

DCIT, CENTRAL CIRCLE-1(4), KOLKATA, KOLKATA vs. MURLIDHAR RATANLAL EXPORTS LIMITED, KOLKATA

In the result, the appeals of the Revenue are dismissed and the COs of the assessee are partly allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

section 147 of the Act and cannot be sustained. The case of the assessee find support from the decision of Hon’ble Apex Court in the case of ACIT vs. CEAT Ltd. in [2023] 146 taxmann.com 108(SC) wherein it has been decided by the Hon’ble Apex court that no re-opening can be made

DCIT CENTRAL CIRCLE 1 4 KOLKATA, KOLKATA vs. MURLIDHAR RATANLAL EXPORTS LIMITED, KOLKATA

In the result, the appeals of the Revenue are dismissed and the COs of the assessee are partly allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

section 147 of the Act and cannot be sustained. The case of the assessee find support from the decision of Hon’ble Apex Court in the case of ACIT vs. CEAT Ltd. in [2023] 146 taxmann.com 108(SC) wherein it has been decided by the Hon’ble Apex court that no re-opening can be made

DCIT, CENTRAL CIRCLE-1(4), KOLKATA, KOLKATA vs. MURLIDHAR RATANLAL EXPORTS LIMITED, KOLKATA

In the result, the appeals of the Revenue are dismissed and the COs of the assessee are partly allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

section 147 of the Act and cannot be sustained. The case of the assessee find support from the decision of Hon’ble Apex Court in the case of ACIT vs. CEAT Ltd. in [2023] 146 taxmann.com 108(SC) wherein it has been decided by the Hon’ble Apex court that no re-opening can be made

SATABDI DEVELOPERS PVT. LTD.,KOLKATA vs. I.T.O., WARD - 10(2),, KOLKATA

Bench: Shri Duvvuru Rl Reddy, Vp & Shri Rajesh Kumar, Am Shri Satabdi Developers Pvt. Ltd. Ito, Ward 10(2) Ruby House, 8, India Exchange Aaykar Bhawan Poorva, Place, 2Nd Floor, Kolkata-700001, 110, Shanti Pally, Vs. West Bengal Kolkata-700107, West Bengal (Respondent) (Appellant) Pan No. Aakcs8130L Assessee By : Shri S.K. Tulsiyan& Ms. Lata Goyal, Ars Revenue By : Shri S.B. Chakraborthy, Dr Date Of Hearing: 16.10.2025 Date Of Pronouncement: 11.11.2025

68 of the Act and as such no fault can be found with the order of the Tribunal which has endorsed the decision of the CIT(A)." 010. So far as the allotment of shares out of money received during the year is concerned, we observe that the assessee received share application from the following parties:- “i. Raghu Management