DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(3), KOLKATA, KOLKATA vs. AVIMA EXPORTS PRIVATE LIMITED, KOLKATA

In the result, the appeal of the Revenue is dismissed

138′, held that “In view of what has been stated hereinabove we are of the view that this explanation seems to be more convincing, has not been considered by the authorities below and additions were made and/or confirmed merely on the basis of statement recorded under Section 132(4) of the Act. Despite the fact that the said statement

JAGDAMBA COMMOTRADE LLP (EARSTWHILE JAGDAMBA COMMOTRADE PRIVATE LIMITED),KOLKATA vs. ITO, WARD - 32(1)(ERSTWHILE ITO - 5(4), KOLKATA

In the result, the appeal filed by the assessee is allowed, A/O is directed to decide the issue of disallowance u/s14A after hearing and verifying the same as above

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

138/-. The return was processed u/s 143(1) of the Act. The case was taken up for scrutiny. Notice u/s 143(2) was issued, in compliance to the notices, assessee filed various details required documents which was duly verified. The AO going over the balance sheet of the assessee found that the assessee had issued 4550 equity shares @ 10/- each

ITO,WARD-8(2),KOL, KOLKATA vs. M/S. INDUS REALTY PVT. LTD. , KOLKATA.

In the result, the appeal of the Revenue is dismissed

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

section 68 of the Income-tax Act. Even after making elaborate exercise of examining the documents, the Ld. CIT(A) could not point out any rebuttal to the above evidences furnished by the assessee to prove the identity, creditworthiness of the share subscribers and genuineness of the transaction. The hon'ble Jurisdictional Calcutta High Court, in the case

SAMRAT FINVESTORS PRIVATE LIMITED,KOLKATA vs. DCIT, CENT. CIR. 4(2), , KOLKATA

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

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

Section 133(6) of the Act. 020. Further the assessee has duly furnished all the evidences necessary to substantiate creditworthiness and genuineness of transactions, i.e., for discharge of onus cast upon it u/s 68 of the Act as is evident from Page-2 in the assessment order, which is extracted as under:- ‘Shri Mukesh Gupta, FCA and AR appeared

SAMRAT FINVESTORS PRIVATE LIMITED,KOLKATA vs. DCIT, CENT. CIR. 4(2), , KOLKATA

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

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

Section 133(6) of the Act. 020. Further the assessee has duly furnished all the evidences necessary to substantiate creditworthiness and genuineness of transactions, i.e., for discharge of onus cast upon it u/s 68 of the Act as is evident from Page-2 in the assessment order, which is extracted as under:- ‘Shri Mukesh Gupta, FCA and AR appeared

SAMRAT FINVESTORS PRIVATE LIMITED,KOLKATA vs. ITO, WARD 5(2) (NOW DCIT, CENT.CIR. 4(2)), KOLKATA

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

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

Section 133(6) of the Act. 020. Further the assessee has duly furnished all the evidences necessary to substantiate creditworthiness and genuineness of transactions, i.e., for discharge of onus cast upon it u/s 68 of the Act as is evident from Page-2 in the assessment order, which is extracted as under:- ‘Shri Mukesh Gupta, FCA and AR appeared

SAMRAT FINVESTORS PRIVATE LIMITED,KOLKATA vs. DCIT, CENT. CIR. 4(2), , KOLKATA

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

Bench: Shri Rajesh Kumar, Am & Shrigeorge Mathan, Jm

Section 133(6) of the Act. 020. Further the assessee has duly furnished all the evidences necessary to substantiate creditworthiness and genuineness of transactions, i.e., for discharge of onus cast upon it u/s 68 of the Act as is evident from Page-2 in the assessment order, which is extracted as under:- ‘Shri Mukesh Gupta, FCA and AR appeared

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

M/S TOPLINK COMMERCE LIMITED,KOLKATA vs. ITO, WARD 10(2), KOLKATA

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2012-13

section 68 is effective from A.Υ. 2013-2014 and it does not have retrospective effect. iv. CIT Vs Gangeshwari Metal (P) Ltd (ITA No. 597 of 2012) dated 21.01.2012 (Delhi). 17 Toplink Commerce Ltd. AY: 2012-13 v. Principal Commissioner of Income-tax vs. Anmol Stainless (P.) Ltd. [2022] 138

ENKAY TRAFFIN (P) LTD.,KOLKATA vs. PR.CIT-4, KOLKATA

In the result, appeal of the assessee is allowed

68 of the Act. Therefore, according to the First Ld. Pr. CIT, the first original assessment order framed u/s. 143(3) of the Act order framed u/s. 143(3) of the Act dated 26-03-2015 was against the principle of 2015 was against the principle of 9 Assessment Year: 2012-13 Enkay Traffin (P) Ltd. natural justice and, therefore

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. AVIMA EXPORTS PRIVATE LIMITED , KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar (Accountant Member), Shri Pradip Kumar Choubey (Judicial Member)

68 accepting the genuineness of loans which were received and repaid by assessee by account payee cheques, assessee having established the identity of the creditors by giving their complete addresses, GIR numbers/PAN as well as confirmations along with the copies of their assessment orders wherever readily available, no substantial question of law arises; appeal under s. 260A dismissed

DCIT, CENTRAL CIRCLE - 4(4), KOLKATA, KOLKATA vs. M/S. EVERNEWCOMMODEAL PVT. LTD. , KOLKATA

In the result, ITA No.1535/Kol/2025 of the revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyita Nos.1535 & 1536/Kol/2025 Assessment Years: 2018-19 & 2019-20 Dcit, Central Circle-4(4), Kolkata.…………………………….…….……Appellant Vs. M/S Evernewcommodeal Pvt. Ltd..……………….………...……...…..…..Respondent 11, Pollock Street, Kol- 1. [Pan: Aabce9293P] Appearances By: Shri Altaf Hossain, Addl. Cit-Dr, Appeared On Behalf Of The Appellant. Shri Manish Tiwari, Fca, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : September 17, 2025 Date Of Pronouncing The Order : October 10, 2025 Order Per Pradip Kumar Choubey: Both The Captioned Appeals Have Been Preferred By The Assessee For The Assessment Years 2018-19 & 2019-20 Against Separate Orders Both Dated 25.04.2025 Of The Commissioner Of Income Tax (Appeals)-27, Kolkata [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’) Respectively. Since, The Issues Involved In Both The Appeals Are Common & Relate To The Same Assessee, Therefore, These Appeals Have Been Heard Together & Are Being Disposed Of By This Consolidated Order. Ita No.1535/Kol/2025 Is Taken As Lead Case For Narration Of Facts. Ita No.1535/Kol/2025 - Brief Facts Of The Case Are That U/S 2. 139(1) Of The Act On 10-10-2019 Declaring A Total Income At Rs. 10,02,960/-. The Same Was Processed U/S 143(1) Of The Act. Later, A Search & Seizure Operation U/S 132 Of The Act Was Conducted At "Ladhuram Toshniwal Group" On 08-03-2022 As A Part Of "Jain Group" Of Concerns/ Persons At Various Places & Simultaneously, Business

68 accepting the genuineness of loans which were received and repaid by assessee by account payee cheques, assessee having established the identity of the creditors by giving their complete addresses, GIR numbers/PAN as well as confirmations along with the copies of their assessment orders wherever readily available, no substantial question of law arises; appeal under s. 260A dismissed

DCIT, CENTRAL CIRCLE - 4(4), KOLKATA, KOLKATA vs. M/S. EVERNEWCOMMODEAL PVT. LTD. , KOLKATA

In the result, ITA No.1535/Kol/2025 of the revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyita Nos.1535 & 1536/Kol/2025 Assessment Years: 2018-19 & 2019-20 Dcit, Central Circle-4(4), Kolkata.…………………………….…….……Appellant Vs. M/S Evernewcommodeal Pvt. Ltd..……………….………...……...…..…..Respondent 11, Pollock Street, Kol- 1. [Pan: Aabce9293P] Appearances By: Shri Altaf Hossain, Addl. Cit-Dr, Appeared On Behalf Of The Appellant. Shri Manish Tiwari, Fca, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : September 17, 2025 Date Of Pronouncing The Order : October 10, 2025 Order Per Pradip Kumar Choubey: Both The Captioned Appeals Have Been Preferred By The Assessee For The Assessment Years 2018-19 & 2019-20 Against Separate Orders Both Dated 25.04.2025 Of The Commissioner Of Income Tax (Appeals)-27, Kolkata [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’) Respectively. Since, The Issues Involved In Both The Appeals Are Common & Relate To The Same Assessee, Therefore, These Appeals Have Been Heard Together & Are Being Disposed Of By This Consolidated Order. Ita No.1535/Kol/2025 Is Taken As Lead Case For Narration Of Facts. Ita No.1535/Kol/2025 - Brief Facts Of The Case Are That U/S 2. 139(1) Of The Act On 10-10-2019 Declaring A Total Income At Rs. 10,02,960/-. The Same Was Processed U/S 143(1) Of The Act. Later, A Search & Seizure Operation U/S 132 Of The Act Was Conducted At "Ladhuram Toshniwal Group" On 08-03-2022 As A Part Of "Jain Group" Of Concerns/ Persons At Various Places & Simultaneously, Business

68 accepting the genuineness of loans which were received and repaid by assessee by account payee cheques, assessee having established the identity of the creditors by giving their complete addresses, GIR numbers/PAN as well as confirmations along with the copies of their assessment orders wherever readily available, no substantial question of law arises; appeal under s. 260A dismissed

M/S ABHMAN DISTRIBUTOR PVT. LTD.,KOLKATA vs. NFAC, DELHI

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Shri Duvvuru Rl Reddy(Kz) & Shri Rakesh Mishra

68 of the Act. Aggrieved with the order of the Ld. CIT(A), the assessee has filed the appeal before the Tribunal. 5. Rival submissions were heard and the record and the paper book filed and the submissions made have been examined. It was submitted before us that the assessee had challenged the legality as well as had sought relief

NEXTGEN VYAPAAR ,KOLKATA vs. PR.CIT-2, KOLKATA

In the result, appeal of the assessee is allowed

section 133(6) of the Act. section 133(6) of the Act. (v) We note from a perusal of the paper book (v) We note from a perusal of the paper book-2, pages 138 to 159 the 2, pages 138 to 159 the details of share applicant details of share applicant M/s. Shivarshi Construction

GARUD CREDIT & HOLDING PVT LTD,KOLKATA vs. I.T.O WD - 9(2),KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No. 1270/Kol/2013 Assessment Year: 2009-2010 Garud Credit & Holding Pvt. Limited,.........Appellant D.J. Shah & Co., 2, Elgin Road, Kolkata-700020 [Pan: Aaacg9791P] -Vs.- Income Tax Officer,.................................Respondent Ward-9(2), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri Veekaas S. Sharma, Ca, Appeared On Behalf Of The Assessee Shri P.P. Barman, Addl. Cit, Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : February 06, 2023 Date Of Pronouncing The Order : May 01, 2023 O R D E R

68 of the Act. 11. We have heard the rival contentions and perused the relevant material placed before us and carefully gone through the decisions relied by the ld. Counsel for the assessee. Revisionary proceedings under section 263 of the Act are challenged before us by the assessee claiming that the ld. CIT erred in assuming jurisdiction and further

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

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

Section 68 of the Act. We note\nthat the Id. AO issued notice u/s 133(6) of the Act to the lenders,\nhowever, same was not responded. In our opinion, the same cannot\nbe a valid ground for addition as has been held in the case of CIT vs.\nOrissa Corpn, (P.) Ltd. [1986] 25 Taxman

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

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

Section 68 of the Act. We note\nthat the Id. AO issued notice u/s 133(6) of the Act to the lenders,\nhowever, same was not responded. In our opinion, the same cannot\nbe a valid ground for addition as has been held in the case of CIT vs.\nOrissa Corpn, (P.) Ltd. [1986] 25 Taxman