ITO, WARD-5(1), KOLKATA vs. M/S VISHNU DISTRIBUTORS PVT LTD, KOLKATA

In the result, the appeal of the Revenue is devoid of any merit, hence dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumari.T.A. No. 50/Kol/2022 Assessment Year: 2012-2013

20, 2024 O R D E R Per Rajpal Yadav, Vice-President (KZ):- The Revenue is in appeal before the Tribunal against the order of ld. Commissioner of Income Tax (Appeals)-7, Kolkata dated 19th February, 2020 passed for A.Y. 2012-13. 1 Vishnu Distributors Pvt. Limited 2. This appeal has been presented before the Tribunal on 24.01.2022. The Registry

NAVANSH VINIMAY PVT. LTD.,KOLKATA vs. I.T.O., WARD - 8(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri George Mathan & Shri Rakesh Mishra

68 of the Income-tax Act, 1961 involving proceeding under section 143(3) of the Income-tax Act, 1961 and suspicious transaction in shares cannot be exempted under section 10(38) of the Act? ( Whether the Learned Tribunal has committed substantial error in law in b deleting the addition of undisclosed income ignoring the larger scam of ) organized

UNIWORTH LIMITED ,KOLKATA vs. DCIT, CIRCLE - 11, KOLKATA , KOLKATA

In the result, appeals filed by the assessee in ITA No

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

68,37,447/-. Later on, the assessing officer noticed that there was reason to believe that income chargeable to tax had escaped assessment. As per assessing officer there were two reasons for reopening the assessment u/s 147 of the Act. These two reasons for reopening are as follows: (i).Non-accounting of interest income on loan amounting to Rs.228.38 lakhs

UNIWORTH LIMITED ,KOLKATA vs. ACIT, CIRCLE - 11, KOLKATA , KOLKATA

In the result, appeals filed by the assessee in ITA No

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

68,37,447/-. Later on, the assessing officer noticed that there was reason to believe that income chargeable to tax had escaped assessment. As per assessing officer there were two reasons for reopening the assessment u/s 147 of the Act. These two reasons for reopening are as follows: (i).Non-accounting of interest income on loan amounting to Rs.228.38 lakhs

UNIWORTH LIMITED ,KOLKATA vs. DCIT, CIRCLE - 11, KOLKATA , KOLKATA

In the result, appeals filed by the assessee in ITA No

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

68,37,447/-. Later on, the assessing officer noticed that there was reason to believe that income chargeable to tax had escaped assessment. As per assessing officer there were two reasons for reopening the assessment u/s 147 of the Act. These two reasons for reopening are as follows: (i).Non-accounting of interest income on loan amounting to Rs.228.38 lakhs

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]

119 of the Act that in case of non-corporate assessee where the income is declared up to Rs. 15 Lacs, the assessment would be framed by ITO and above Rs. 15 Lacs AC/DCs whereas the said limit was set at Rs. 20 Lacs and above Rs. 20 Lacs ITO/ and AC/DCs respectively. The Ld. A.R. submitted that since

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]

119 of the Act that in case of non-corporate assessee where the income is declared up to Rs. 15 Lacs, the assessment would be framed by ITO and above Rs. 15 Lacs AC/DCs whereas the said limit was set at Rs. 20 Lacs and above Rs. 20 Lacs ITO/ and AC/DCs respectively. The Ld. A.R. submitted that since

D.C.I.T., CENTRAL CIRCLE - 1(4), KOLKATA, KOLKATA vs. M/S. WISE INVESTMENT PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 163/Kol/2023 Assessment Year: 2012-13 D.C.I.T. Central Circle – 1(4), Kolkata M/S. Wise Investment Pvt. Ltd. Vs 3Rd Floor 5, Govind Chand Dhar Lane Kolkata - 700001 [Pan: Aaacw3141R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Manish Tiwari, Fca Revenue By : Shri Abhijit Kundu, Cit D/R सुनवाई क" तारीख/Date Of Hearing : 26/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 09/11/2023 आदेश/O R D E R Per Dr. Manish Borad: The Above Captioned Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax, Appeals -21, Kolkata, (Hereinafter The “Ld. Cit(A)”) Dt. 26/12/2022, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2012-13. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. Whether On The Facts & Circumstances Of The Case Ld. Cit (A) Is Justified In Deleting Addition Made U/S. 68 Of Rs.32,50,00,000/- Ignoring The Remand Report Dated 20.07.2022 Wherein The Report Categorically Stated That The Share Applicant Company Has No Creditworthiness To Invest In The Assesses Company. 2. Whether On The Facts & Circumstances Of The Case Ld. Cit (A) Was Erroneous As It Had Not Taken Cognizance Of The Fact That The 2

B” BENCH, KOLKATA BEFORE SHRI SANJAY GARG, HON’BLE JUDICIAL MEMBER & DR. MANISH BORAD, HON’BLE ACCOUNTANT MEMBER I.T.A. No. 163/Kol/2023 Assessment Year: 2012-13 D.C.I.T. Central Circle – 1(4), Kolkata M/s. Wise Investment Pvt. Ltd. Vs 3rd Floor 5, Govind Chand Dhar Lane Kolkata - 700001 [PAN: AAACW3141R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Manish Tiwari, FCA Revenue

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)

20,000 9,80,000 10,00,000 Ltd. Roy Road, PAN AAHCMR128P Kolkata-7000001 10. Devkripa Agency Pvt. 3, Amartolla Street, 3,000 30,000 14,70,000 15,00,000 Ltd. 1st Floor, PAN: AAECD0988P Kolkata-700 001 11. Navtech Agency Pvt. 3, Amartolla Street, 3,000 30,000 14,70,000 15,00,000 Ltd. 1st Floor

M/S MODERN MALLEABLES LIMITED,KOLKATA vs. D.C.I.T CIR - 8(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap(Kz) &Shri A. T. Varkey, Jm] Assessment Year: 2013-14

20 M/s. Modern Malleables Limited, AY: 2013-14 the assessee. We note that AO had relied upon the statement recorded by him of Shri Sushil Kumar Bhatter on 16-03-2016, wherein he (Shri Bhatter) has made certain statements, which goes on to show that he was not aware of the JV agreement or about amount of transaction

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

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

20,00,000/- of premium is being added as unexplained credit in the books of the assessee company and added to the total income u/s 65 of the Income Tax Act, 1961. In view of the above the total income of the assessee is computed as below. Returned income Rs. 4,60,071/- Add.: As discussed above u/s 68

PANCHI BIBI WAKF ESTATE,KOLKATA vs. DDIT (E)-II, KOLKATA, KOLKATA

Bench: Shri Mahavir Singh & Shri Waseem Ahmed

section 11(4A) of the Act has to be considered in the context of difference between property held in favour of assessee-trust and profit arisen to assessee-trust out of business. This Sec. 11(4A) of the Act is not applicable in the instant case as the property is held in assessee-trust. The GA was always

ACIT, CIRCLE - 7, KOLKATA vs. VODAFONE ESSAR EAST LTD., KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

68[such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of seven and one-half per cent]. (2)------------ Explanation.—For the purposes of this section, “book profit” means the net profit as shown

M/S. VODAFONE ESSAR EAST LTD.,KOLKATA vs. JCIT, RANGE - 7, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

68[such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of seven and one-half per cent]. (2)------------ Explanation.—For the purposes of this section, “book profit” means the net profit as shown

M/S. VODAFONE ESSAR EAST LIMITED,KOLKATA vs. ACIT, CIRCLE - 7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

68[such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of seven and one-half per cent]. (2)------------ Explanation.—For the purposes of this section, “book profit” means the net profit as shown

M/S. VODAFONE ESSAR EAST LIMITED,KOLKATA vs. ACIT, CIRCLE - 7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

68[such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of seven and one-half per cent]. (2)------------ Explanation.—For the purposes of this section, “book profit” means the net profit as shown

ACIT, CIRCLE - 7, KOLKATA vs. HUTCHISON TELECOM EAST LIMITED, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

68[such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of seven and one-half per cent]. (2)------------ Explanation.—For the purposes of this section, “book profit” means the net profit as shown

M/S. VODAFONE ESSAR EAST LTD.,KOLKATA vs. ADDL. CIT, RANGE - 7, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

68[such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of seven and one-half per cent]. (2)------------ Explanation.—For the purposes of this section, “book profit” means the net profit as shown