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

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.

b) of section 43B. According to it, if any sum towards employer's contribution to any provident fund or superannuation fund or gratuity fund contribution to any provident fund or superannuation fund or gratuity fund contribution to any provident fund or superannuation fund or gratuity fund or any other fund for the welfare of the employees is actually paid

EXIMCORP INDIA (P) LTD. ,KOLKATA vs. ACIT,CIR-5(2),KOLKATA. , KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

68,246/-debited in the P/L account of the appellant, by wrongfully invoking Section 40(a)(i) of the Income Tax Act, 1961 ("the Act"). 2. FOR THAT, the CIT(A) failed to appreciate that there is no obligation upon the appellant to deduct tax at source (TDS) under Section 195(1) of the Act against the amount

EXIMCORP INDIA PRIVATE LIMITED. ,KOLKATA vs. ACIT,CIR-5(2),KOLKATA. , KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

68,246/-debited in the P/L account of the appellant, by wrongfully invoking Section 40(a)(i) of the Income Tax Act, 1961 ("the Act"). 2. FOR THAT, the CIT(A) failed to appreciate that there is no obligation upon the appellant to deduct tax at source (TDS) under Section 195(1) of the Act against the amount

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

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

Section 68 of the Income Tax Act and consequently deleted the disallowance of Rs. 3,10,478/-, which was made with respect to interest and when the same has been confirmed by the ITAT, it cannot be said that ITAT has committed any error and/or illegality, which calls for the interference of this Court. In paragraph 11, ITAT

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]

68 of the Act. The Ld. AR submitted that thus the assessment so was framed was invalid and non est for the want of jurisdiction. In defense of his arguments, the Ld. AR relied on the following decisions : (i) PCIT Vs. M/s. Shree Shoppers Ltd. in ITAT 39/2023 in IA No.GA/1/2023 dt. 15.03.2023; (ii) M/s. Shree Shoppers

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]

68 of the Act. The Ld. AR submitted that thus the assessment so was framed was invalid and non est for the want of jurisdiction. In defense of his arguments, the Ld. AR relied on the following decisions : (i) PCIT Vs. M/s. Shree Shoppers Ltd. in ITAT 39/2023 in IA No.GA/1/2023 dt. 15.03.2023; (ii) M/s. Shree Shoppers

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

13 Taxmann.com 163 (Mum). I. Section 41(1) of the Income-tax Act, 1961 - Remission or cessation of trading liability – Assessment year 2005-06 - During assessment proceedings, Assessing Officer observed that there was a liability of Rs. 10,85,531 pending for more than 5 years on assessee and same had not been claimed by creditors; therefore, he added

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

section 148A(b) of the Act. In response to the notice u/s 148 of Income-tax Act dated 30.07.2022, issued on the basis of the information received, the assessee submitted on 31.08.2022 that the return of income filed on 21.07.2021 may be treated as the return of income filed in response to the notice

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

section 148A(b) of the Act. In response to the notice u/s 148 of Income-tax Act dated 30.07.2022, issued on the basis of the information received, the assessee submitted on 31.08.2022 that the return of income filed on 21.07.2021 may be treated as the return of income filed in response to the notice

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

b), Section 2(24) – which defines various kinds of "income" – inserted clause (x). This is a significant amendment, because Parliament intended that amounts not earned by the assessee, but received by it, - whether in the form of deductions, or otherwise, as receipts, were to be treated as income. The inclusion of a class of receipt, i.e., amounts received

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

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

Bench: Shri Mahavir Singh & Shri Waseem Ahmed

13(3) of the Act without considering that the mutwallis were authorized under the mandatory rule framed by the Hon'ble High Court at Calcutta in respect of the assessee Wakf which was created much prior to the commencement of this Act, to enjoy rent free accommodation and as such no addition on account of deemed income should have been

JASHOJIT MUKHERJEE,KOLKATA vs. ACIT, CIR-50, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ] I.T.A No. 403/Kol/2017 Assessment Year : 2012-13 Jashojit Mukherjee -Vs- Acit, Circle-50, Kolkata [Pan: Afapm 7208 R] (Appellant) (Respondent)

68 are satisfied. 12. As far as applicability of section 41(1) of the Act is concerned, the question before us is limited to the applicability of Section 41(1) of the Act. The section insofar as it is relevant for our purpose is as below: "Profits chargeable to tax. 41. (1) Where an allowance or deduction

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

M/S. BENGAL TEA & FABRICS LTD.,KOLKATA vs. DCIT, CIRCLE-4, KOLKATA, KOLKATA

In the result, assessee’s appeal stands allowed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmedassessment Year :2012-13

13,96,245 2. Koreteks Co.Ltd 1,46,448 15,42,693 During the course of assessment proceedings, AO observed that there was no DTAA with Hong Kong and therefore commission in the hands of foreign parties were taxable in India in pursuance to provision of Section 5(2)(b) r.w.s 9(1)(i) of the Act. Accordingly, assessee

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

1) The Assessing Officer, Deputy Commissioner (Appeals), Joint Commissioner, Commissioner (Appeals), Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner and the Dispute Resolution Panel referred to in clause (a) of sub-section (15) of section 144C shall, for the purposes of this Act, have the same powers as are vested in a court under

ACIT, CIRCLLE-34, KOLKATA vs. SUBHAS KUMAR KEDIA, KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyआयकर अपील सं/Ita No.1677/Kol/2024 (नििाारण वर्ा / Assessment Year : 2016-2017) Acit, Circle-34, Kolkata Vs Subhas Kumar Kedia, 41, N.S.Road, Kolkata Pan No. :Afnpk 9669 M (अपीलार्थी /Appellant) (प्रत्यर्थी / Respondent) .. नििााररती की ओर से /Assessee By : Ms. Shreya Loyalka, Ar राजस्व की ओर से /Revenue By : Shri P.N.Barnwal, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 21/01/2025 घोषणा की तारीख/Date Of Pronouncement : 17/04/2025 आदेश / O R D E R Per Rajesh Kumar, Am : This Is An Appeal Filed By The Revenue Against The Order Dated 05.06.2024, Passed By The Ld. Cit(A), National Faceless Appeal Centre (Nfac), Delhi, For The Assessment Year 2016-2017, On The Following Grounds Of Appeal :- I) That On The Facts & In The Circumstances Of The Case, The Ld. Cit(Appeals), Nfac, Delhi, Erred In Quashing The Order U/S.148A(D) & All Subsequent Proceedings. Ii) That On The Facts & Circumstances Of The Case, The Ld. Cit(Appeals), Nfac, Delhi, Failed To Acknowledge The Fact That The Assesse Had Not Expressed Any Grievance Against The Validity Of Order U/S 148A(D) By Moving Any Writ Petition Which Should Have Been Done In Case Of Any Grievance After Getting The Sald Order U/S.148A(D). Iii) That On The Facts & Circumstances Of The Case, The Ld. Cit(Appeals), Nfac, Delhi, Erred In Quashing The Order When The Ld. Cit(A) Has No Jurisdiction To Deal With The Question Whether The 148A(D) Order Was Passed Validly Or Properly As An Order U/S.148A(D) Is Not An Appealable Order Before Ld. Cit(A) As Per Section 246A.

b), it did not waive the requirement for Section 148A(d) and Section 148. Therefore, the assessing officer was required to obtain prior approval of the specified authority according to Section 151 of the new regime before passing an order under section 148A(d) or issuing a notice under section 148, These notices ought

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)

1. 6 7 M/s Splendour Villa Makers Pvt. Ltd. A.Yr. 2012-13 This company was having a paid up capital with free reserves and surplus of Rs.3,51,89,013/- as on 31/03/2012 and Rs.1,00,958/- as on 31/03/2011 respectively. The copy of the bank statement of the Company is duly available in the paper book. On examination