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

TRUE-MAN CONSULTANTS PVT. LTD. ,KOLKATA vs. ITO,WARD-7(2),KOLKATA. , KOLKATA

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

Bench: Sri Rajpal Yadav & Dr. Manish Borad

Section 68 of the Act to explain the nature and source, in other words, unable to prove the identity and creditworthiness of the share applicants and genuineness of the transaction. 8. Before us, ld. Counsel for the assessee referring to the paperbook and details has submitted that all the share applicant companies are duly registered with the Ministry

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

section 68 in the context of the facts of the case. The assessing officer issued notices u/s 133(6) 14 share subscribers, calling for certain evidences, among which were: (i)copy of share application Form and also copy of share allotment letter. (ii)details of shares that have been allotted with distinctive nos. of shares. (iii)name address

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. SDR MEGHNATH INVESTMENTS PRIVATE LIMITED, KOLKATA

Bench: Sri Rajesh Kumar & Pradip Kumar Choubey

section 68 was introduced from 1.4.2013, it was not applicable for the period relevant for the instant appeal. These were also produced before the AO as stated in the statement recorded u/s 131 on 13.03.2015 before the AO in response to Question No. 13 13. Dharmik Commosales Pvt. Ltd. Sl. Name Share letter before AO Balance Bank Statement

ACIT, CIRCLE-1, BURDWAN, BURDWAN vs. M/S. BARDHAMAN DHARMARAJ PAPER MILL PVT. LTD., BURDWAN

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year : 2015-16

section 68 to the credits not involving any receipt or inflow of cash in the relevant year . ITA No.910 & 1187/Kol/2019 A.Y. 2015-16 ACIT Cir-1/2 Bwn Vs. M/s Bardhaman Dharmaraj Paper Mill Pvt. Ltd. Page 12 Moreover, the view taken by the Tribunal in the said case is contrary to the decision of Hon'ble Calcutta High

M/S. BARDHAMAN DHARMARAJ PAPER MILL PVT. LTD.,BURDWAN vs. ACIT, CIRCLE-2, BURDWAN

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year : 2015-16

section 68 to the credits not involving any receipt or inflow of cash in the relevant year . ITA No.910 & 1187/Kol/2019 A.Y. 2015-16 ACIT Cir-1/2 Bwn Vs. M/s Bardhaman Dharmaraj Paper Mill Pvt. Ltd. Page 12 Moreover, the view taken by the Tribunal in the said case is contrary to the decision of Hon'ble Calcutta High

DCIT, CIR-7(1), KOLKATA, KOLKATA vs. M/S. GANESH REALTY & MALL DEVELOPMENT PVT. LTD., KOLKATA

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.581/Kol/2017 ("नधा"रणवष" / Assessment Year: 2012-13)

68 of the I.T. Act. 5. Assessment order has been passed by Addl. CIT, Range-7. Assessee filed appeal against the assessment order and thereafter filed a writ petition in the Calcutta High Court for early hearing of appeal. Hon’ble Calcutta High Court passed the order dated 17.09.2015 directing the department for disposal of appeal in a given time

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED, PATNA

The appeal of the Revenue is dismissed

section 68 of the Act is not applicable\nto a case where unsecured loan has been repaid. Therefore, our\ndecision in ground no.1 in ITA No. 1699Kol/2025 A.Y. 2015-16 would\nmutatis mutandis apply to these ground nos.6 to 8 of this appeal as\nwell. The ground nos.6 to 8 of the appeal of the revenue are\ndismissed

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED , PATNA

The appeal of the Revenue is dismissed

section 68 of the Act is not applicable\nto a case where unsecured loan has been repaid. Therefore, our\ndecision in ground no.1 in ITA No. 1699Kol/2025 A.Y. 2015-16 would\nmutatis mutandis apply to these ground nos.6 to 8 of this appeal as\nwell. The ground nos.6 to 8 of the appeal of the revenue are\ndismissed

M/S EVERSAFE SECURITIES PVT. LTD.,KOLKATA vs. I.T.O., WARD-5(3), KOLKATA

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey)

68 of the Act. The assessee carried the matter in appeal. The first appellate authority passed an ex-parte order and confirmed the order of the AO. 3. Aggrieved, the assessee is in appeal before us. 2 I.T.A. No. 604/Kol/2020 Assessment Year: 2012-13 M/s. Eversafe Securities Pvt. Ltd. 4. The ld. Counsel for the assessee submitted that

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the Revenue is dismissed

section 68 of the Act is not applicable\nto a case where unsecured loan has been repaid. Therefore, our\ndecision in ground no.1 in ITA No. 1699Kol/2025 A.Y. 2015-16 would\nmutatis mutandis apply to these ground nos.6 to 8 of this appeal as\nwell. The ground nos.6 to 8 of the appeal of the revenue are\ndismissed

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the revenue is dismissed

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

section 68 of the Act is not applicable to a case where unsecured loan has been repaid. Therefore, our decision in ground no.1 in ITA No. 1699Kol/2025 A.Y. 2015-16 would mutatis mutandis apply to these ground nos. 6 to 8 of this appeal as well. The ground nos. 6 to 8 of the appeal of the revenue

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the revenue is dismissed

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

section 68 of the Act is not applicable to a case where unsecured loan has been repaid. Therefore, our decision in ground no.1 in ITA No. 1699Kol/2025 A.Y. 2015-16 would mutatis mutandis apply to these ground nos. 6 to 8 of this appeal as well. The ground nos. 6 to 8 of the appeal of the revenue

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the revenue is dismissed

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

section 68 of the Act is not applicable to a case where unsecured loan has been repaid. Therefore, our decision in ground no.1 in ITA No. 1699Kol/2025 A.Y. 2015-16 would mutatis mutandis apply to these ground nos. 6 to 8 of this appeal as well. The ground nos. 6 to 8 of the appeal of the revenue

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED, PATNA

The appeal of the revenue is dismissed

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

section 68 of the Act is not applicable to a case where unsecured loan has been repaid. Therefore, our decision in ground no.1 in ITA No. 1699Kol/2025 A.Y. 2015-16 would mutatis mutandis apply to these ground nos. 6 to 8 of this appeal as well. The ground nos. 6 to 8 of the appeal of the revenue

GOPAL & SONS HUF,KOLKATA vs. I.T.O., WARD - 32(1), KOLKATA, KOLKATA

The appeal of the revenue is dismissed

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

section 68 of the Act is not applicable to a case where unsecured loan has been repaid. Therefore, our decision in ground no.1 in ITA No. 1699Kol/2025 A.Y. 2015-16 would mutatis mutandis apply to these ground nos. 6 to 8 of this appeal as well. The ground nos. 6 to 8 of the appeal of the revenue

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED, PATNA

The appeal of the Revenue is dismissed

section 68 of the Act is not applicable\nto a case where unsecured loan has been repaid. Therefore, our\ndecision in ground no.1 in ITA No. 1699Kol/2025 A.Y. 2015-16 would\nmutatis mutandis apply to these ground nos.6 to 8 of this appeal as\nwell. The ground nos.6 to 8 of the appeal of the revenue are\ndismissed

BALMUKUND SPONGE & IRON PVT. LTD.,,PATNA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

The appeal of the Revenue is dismissed

section 68 of the Act is not applicable\nto a case where unsecured loan has been repaid. Therefore, our\ndecision in ground no.1 in ITA No. 1699Kol/2025 A.Y. 2015-16 would\nmutatis mutandis apply to these ground nos.6 to 8 of this appeal as\nwell. The ground nos.6 to 8 of the appeal of the revenue are\ndismissed

BALMUKUND CEMENT & ROOFINGS PVT. LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

The appeal of the Revenue is dismissed

section 68 of the Act is not applicable\nto a case where unsecured loan has been repaid. Therefore, our\ndecision in ground no.1 in ITA No. 1699Kol/2025 A.Y. 2015-16 would\nmutatis mutandis apply to these ground nos.6 to 8 of this appeal as\nwell. The ground nos.6 to 8 of the appeal of the revenue are\ndismissed