DCIT, CIR-11(2), KOLKATA, KOLKATA vs. M/S P C CHANDRA (JEWELLERS) PVT. LTD., KOLKATA

In the result, Revenue’s appeal stands dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2011-12 Dct, Crcle-11(2), V/S. M/S P.C. Chandra P-7, Chowringhee (Jewellers), Pvt. Ltd., Square, Kolkta-69 49C, Gaiahat Road, Kolkata-19 [Pan No.Aabcp 8654 M] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Sallong Yaden, Addl. Cit-Sr-Dr अपीलाथ" क" ओर से/By Appellant Shri Ravi Tulsiyan, Fca ""यथ" क" ओर से/By Respondent 11-01-2018 सुनवाई क" तार"ख/Date Of Hearing 02-02-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Revenue Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-4, Kolkata Dated 06.07.2015. Assessment Was Framed By Dcit, Circle-11, Kolkata U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 28.08.2013 For Assessment Year 2011-12. Revenue Has Raised Following Ground:- “1. That On The Facts & In The Circumstances Of The Assessee Ld. Cit Has Erred In Deleting The Penalty Of Rs.23,68,786/- Imposed U/S. 271(1)(C) Of The It Act. 1961. 2. That The Appellant Craves For Leave To Add, Delete Or Modify Any Of The Grounds Of Appeal Before Or All The Time Of Hearing.”

68,786/- being 100% of the tax sought to be evaded by assessee u/s. 271(1)(c) of the Act. 5. Aggrieved, assessee preferred an appeal before Ld. CIT(A). The assessee before Ld. CIT(A) submitted that it had claimed depreciation on the land inadvertently and same mistake was rectified by the auditor in writing by filing a letter

BMW INDUSTRIES LIMITED ,KOLKATA vs. DCIT, CENTRAL CIRCLE 4(1),, KOLKATA

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

c) of the Act consequent to\ndisallowance of Rs.28,30,401/- being PF and ESI contributions paid beyond the\nstipulated period when such a disallowance does not lead to any concealment of income\nor furnishing of inaccurate particulars of income to warrant any penalty.\"\n10.1.\nAfter hearing the rival contentions and perusing the material\non record, we find that

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

In the result, the appeal is partly allowed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

68 of the Act was made. Aggrieved with the assessment order, the assessee filed an appeal before the Ld. CIT(A)-13, Kolkata. The Ld. CIT(A) observed that the sum of actual cash and other deposits in the bank account no. 911010025080997 in Axis Bank was Rs.2,32,34,819/- and not Rs.2,25,97,324/- as considered

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

In the result, the appeal is partly allowed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

68 of the Act was made. Aggrieved with the assessment order, the assessee filed an appeal before the Ld. CIT(A)-13, Kolkata. The Ld. CIT(A) observed that the sum of actual cash and other deposits in the bank account no. 911010025080997 in Axis Bank was Rs.2,32,34,819/- and not Rs.2,25,97,324/- as considered

ZYDUS HEALTHCARE LTD,GANGTOK vs. ACIT, CIR. 3(2), GANGTOK

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 139/Kol/2021 Assessment Year: 2014-2015 Zydus Healhcare Limited,……..................Appellant (Successor To Zydus Healthcare Sikkim), 4Th Floor, ‘D’ Wing, Zudus Corporate Park, Scheme No. 63, Survey No. 536, Khoraj (Gandhinagar), Nr. Vaishnodevi Circle, Ahmedabad, Gandhinagar, Gujrat-382481 [Pan: Aaacg1895Q] -Vs.- Assistant Commissioner Of Income Tax,....Respondent Circle-3(2), Gangtok, Sikkim-737101 Appearances By: Shri Ajit Kumar Jain, Ca & Sonal Pandey, A.R., Appeared On Behalf Of The Assessee Shri G. Hukugha Sema, Cit, Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : January 18, 2023 Date Of Pronouncing The Order : February 20, 2023 O R D E R

68,350/-. The ld. Assessing Officer has accepted the returned income by way of an assessment order under section 143(3) of the Income Tax Act passed on 18.08.2016. The ld. Principal Commissioner, Siliguri took cognizance of revisionary powers under section 263 of the Income Tax Act and set aside the assessment order vide his order dated

K.A.WIRES LTD.,KOLKATA vs. I.T.O.,WARD-8(3), KOLKATA

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2012-13 K.A. Wires Ltd...………………………………………………………..................................……………..….......Appellant Chatterjee Intl Centre 11Th Floor Room No. 11 33A, Chowringhee Road Kolkata – 700 071 [Pan : Aadck 7401 M] Vs. Income Tax Officer, Ward – 8(3), Kolkata…..…................................................….…….....…..Respondent Appearances By: Shri S.M. Surana, Adovate & Shri N.P. Jain, Advocate, Appeared On Behalf Of The Assessee. Shri A.K. Nayak, Cit D/R & Shri Dhrubajyoti Ray, Jcit D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : December 4Th, 2019 Date Of Pronouncing The Order : January 22Nd, 2020 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals) – 3, Kolkata, (Hereinafter The “Ld.Cit(A)”), Passed U/S. 250 Of The Income Tax Act, 1961 (The ‘Act’), Dt. 23/04/2019, For The Assessment Year 2012-13. 2. The Assessee Is A Company & Is Engaged In The Business Of Zinc Manufacturing. It Filed Its Return Of Income Electronically For The Assessment Year 2012-13 On 07/09/2012 Declaring A Loss Of Rs.(-)Rs.37,99,257/-. The Assessing Officer Completed The Assessment U/S 143(3) Of The Act On 30/03/2015 Determining The Total Income Of The Assessee At Rs.1,02,00,743/- Interalia Making An Addition U/S 68 Of The Act Being Share Capital & Share Premium Received By The Company From Three (3) Associate Companies. Out Of This Rs,1,40,00,000/- Addition, The Assessing Officer States That A Protective Addition Of Rs.40,00,000/- Is Made In The Hands Of The Intermediary Companies. Aggrieved The Assessee Carried The Matter In Appeal Without Success. The Ld. First Appellate Authority, Upheld The Order Of The Assessing Officer. 3. Further Aggrieved, The Assessee Is Before Us.

68 of the Act, the Bench has been consistently remanding , the Bench has been consistently remanding such matters back to the file of the Assessing Officer for fresh adjudication, in accordance back to the file of the Assessing Officer for fresh adjudication, in accordance back to the file of the Assessing Officer for fresh adjudication, in accordance with

ACIT, CIRCLE - 35, , KOLKATA vs. M/S. MACHINERY AGENCIES INDIA , KOLKATA

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

12] On a careful reading of section 106 of the Indian On a careful reading of section 106 of the Indian Evidence Act, it is noticed that what is Evidence Act, it is noticed that what is the source from where an assessee has obtained the loan can be safely held to be a fact the source from

BENI PRASAD LAHOTI,HOWRAH vs. DCIT, CC-2(2), KOLKATA

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

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

68,765/- section 139 Returned income under Rs. 8,76,720/- section 153A Income disclosed under Rs. 7,50,000/- section 132(4) Addition under section Rs. 1,37,648/- 14A Assessed income Rs.10,14,368/- Penalty proceedings were initiated in respect of the additional income disclosed under section 132(4) of Rs.7

BENI PRASAD LAHOTI,HOWRAH vs. DCIT, CC-2(2), KOLKATA

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

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

68,765/- section 139 Returned income under Rs. 8,76,720/- section 153A Income disclosed under Rs. 7,50,000/- section 132(4) Addition under section Rs. 1,37,648/- 14A Assessed income Rs.10,14,368/- Penalty proceedings were initiated in respect of the additional income disclosed under section 132(4) of Rs.7

SINGHANIA & SONS (P) LTD,KOLKATA vs. ACIT, CIR. 10(2), KOLKATA

In the result, appeal of the assessee is treated as partly allowed

Bench: Shri P.M. Jagtap, Hon’Ble Vice-, Kz) Assessment Year: 2017-18 Singhania & Sons Pvt. Ltd…………...............................................................………………….............Appellant 3D, Duckback House 41, Shakespeare Sarani Kolkata – 700 017 [Pan : Aadcs 6078 A] Vs. Commissioner Of Income Tax (Appeals)- Nfac...............................................………..…......Respondent Appearances By: Shri Manoj Katarua, Advocate, Appeared On Behalf Of The Assessee. Shri Biswanath Das, Addl. Cit, D/R, Appearing On Behalf Of The Revenue.

c ) No. 20017/2017] wherein the Hon’ble Supreme Court has explained the test to be applied to find out whether the intent of the legislature/Parliament the test to be applied to find out whether the intent of the legislature/Parliament the test to be applied to find out whether the intent of the legislature/Parliament is to give retrospective operation

M/S GREEN STAR CORPORATION,KOLKATA vs. ACIT, CIRCLE - 45, KOLKATA, KOLKATA

In the result, the appeal of assessee is allowed in part

Bench: Hon’Ble Shri J. Sudhakar Reddy, Am & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2011-12

68 - Held, yes Section 41(1) of the Income- tax Act, 1961 -Remission or cessation of trading liability - Assessment year 2002-03 - Whether in view of facts stated under heading 'cash credits', since amounts-in-question were brought forward balances, they could not be added to income of assessee for year under consideration, as question of genuineness thereof could

INDUSTRIAL INVESTMENT BANK OF INDIA LTD.,KOLKATA vs. DCIT, CIR-6, KOLKATA, KOLKATA

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

Bench: Shri N.V.Vasudevan Jm & Dr. A.L.Saini, Am आयकर अपील सं./Ita No.1416/Kol/2014 ("नधा"रण वष" / Assessment Year :2004-2005) Industrial Investment Bank Vs. Dcit, Circle-6, Kolkata, Of India Limited, Aayakar Bhawan, P-7, 19, Netaji Subhas Road, Chowringhee Square, Kolkata-700001 Kolkata-700001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabci 0324 D .. (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से /Revenue By : Shri Sanjay Bhattacharya,Fca "नधा"रती क" ओर से /Assessee By : Shri R.K.Kureel, Jcit सुनवाई क" तार"ख / Date Of Hearing : 28/02/2017 घोषणा क" तार"ख/Date Of Pronouncement 05/04/2017 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: ` The Captioned Appeal Filed By The Assessee, Pertaining To Assessment Year 2004-2005, Is Directed Against The Order Passed By The Ld. Commissioner Of Income Tax (Appeals)-Vi, Kolkata, In Appeal No.343/08-09/Cit(A)-Vi/Cir-6/Kol, Dated 29.04.2014, Which In Turn Arises Out Of An Order Passed By The Ao U/S.143(3) Of The Income Tax Act 1961, (Hereinafter Referred To As The ‘Act’), Dated 17.11.2006. 2. Brief Facts Of The Case Qua The Assessee Are That The Assessee Is A Public Sector Undertaking Bank & Its Operations Are Solely In The Segment Of Non-Banking Financial Intermediation Services. The Assessee Being A Financial Institution, Its Activities Are Subject To Guidelines Issued By The Reserve Bank Of India For Banking Companies. During The Financial Year Under Consideration, The Assessee Company Written Off A Sum Of Rs.1,42,48,266/- On Account Of Debts As Irrecoverable. The Assessee Is An Organization To Which The Provisions Of Section 36(1)(Viia) Is Applicable.

68,736 Less: Disallowance as discussed:- a. On account of bad debts written off Rs. 1,42,48,266 b. On account of provision on bad debts written back Rs.124,69,89,000 c. U/s.14A – as discussed Rs. 34,33,000 d. On account of depreciation Rs. 8,300 Rs. 46,74,09,830 Less: Provision allowed u/s.36(1)(viia

M/S PREMIER IRRIGATION ADRITEC (P) LTD.,KOLKATA vs. ACIT, CIR-11(1), KOLKATA , KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawal

C”BENCH KOLKATA "ी संजय गग", "या"यक सद"य एवं "ी "गर"श अ"वाल, लेखा सद"य के सम" Before Shri Sanjay Garg, Judicial Member and Shri Girish Agrawal, Accountant Member I.T.A. No.387/Kol/2021 Assessment Year: 2014-15 M/s Premier Irrigation Adritec (P) Ltd.….........…..................….……Appellant 17/1C, Alipore Road, Niharika, Kolkata-700027. [PAN: AAFCM4800Q] vs. ACIT, Circle-11(1), Kolkata...…..……....……........…...…...…..…..... Respondent Appearances

M/S ABHIJEET ENTERPRISE LTD.,KOLKATA vs. ITO, WARD 2(2), KOLKATA, KOLKATA

In the result the appeal of the assessee is allowed for statistical purpose

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

12 Abhijeet Enterprise Ltd. , AY 2013-14 aspect while making additions of sundry creditors under Section 68 of the Income Tax Act. As there was no case for disallowance for corresponding purchase, no addition could be made under Section 68 inasmuch as it is not in dispute that the creditors outstanding related to purchases and the trading results

HILTON COMMODITIES PVT. LTD.,KOLKATA vs. ITO, WARD-5(3), KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Hilton Commodities Pvt. Ltd. Ito, Ward 5(3) 9/12, Lal Bazar Street, Aaykar Bhavan, P-7, Mercantile Building, Block-B, Chowringhee Square, Vs. 3Rd Floor, No.10, Kolkata-700069, West Bengal Kolkata-700001, West Bengal (Appellant) (Respondent) Pan No. Aacch1011P Assessee By : Shri Soumitra Choudhury, Ar Revenue By : Shri S Datta, Cit Dr Date Of Hearing: 08.01.2025 Date Of Pronouncement : 24.02.2025

1 each and share premium of Rs 249 per share. The total share capital and share premium received during the financial year 2011-12 was Rs 6,00,00,000/-. We find that all the shareholders had duly confirmed the transactions with the assessee company. The evidences which were filed before the ld AO with regard to this issue

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 proceedings, initial burden of proof lies on assessee, yet once he proves identity of creditors/share applicants by either furnishing their PAN numbers or income-tax A.Y 2016-17 ACIT, C-49(1), Kol Vs. M/s. Viswakarma Residency Page 12

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)

12(3), Kolkata [ in short the ld AO] under section 143(3) of the Income Tax Act, 1961 (in short “the Act”) dated 27.03.2015 for the Assessment Year 2012-13. 2. The first issue to be decided in this appeal is as to whether the ld CITA was justified in deleting the addition made towards share capital

BIDIT FINANCIAL MANAGEMENT PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-7(1), KOLKATA, KOLKATA

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.579/Kol/2017 ("नधा"रणवष" / Assessment Year:2012-13)

1(2), Kolkata and was having PAN: AACCA2350C. This company was having a paid up capital with free reserves and surplus of Rs.69,14,38,512/- as on 31/03/2012 and Rs.2,11,32,689/- as on 31/03/2011 respectively. The copy of the bank statement of the Company is duly available in the paper book. On examination of the bank statement

JCIT(OSD),CIR.-12(1) , KOLKATA vs. M/S WEARIT GLOBAL LTD., KOLKATA

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

section 133(6) I.T.A No. 55/Kol/2020,I.T.A. No.20/Kol/2019, I.T.A. No.2191/Kol/2018 & I.T.A. No.115/Kol/2020 M/s Wearit Global Ltd. Assessment years: 2014-15,2015-16 & 2016-17 notice, pursuant to which, when the A.O had issued summons u/s 131of the Act, instead of notices u/s 133(6) as directed by him, the Ld. CIT(A) found fault with the action