ITO,WARD-56(4), KOLKATA, KOLKATA vs. M/S. NOPANY & SONS, KOLKATA

In the result, the appeal of the Revenue is dismissed, while the Cross Objection of the assessee is allowed

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

143(3) read with section 147 was completed by the Assessing Officer vide an order dated 08.12.2008 computing the total income of the assessee at Rs.22.07 Crores after making additions of Rs.3.61 crores and Rs.18.45 Crores on account of sale proceeds of shares of M/s. Shruti Spinners Ltd. treating the same as unexplained cash credits under section 68

COSMAT TRADERS (P) LTD,KOLKATA vs. ITO, WARD-6(2), , KOLKATA

In the result, appeal of the assessee is allowed

68 of the Act on the basis of arbitrary and perverse conclusions drawn by him on the facts of the cases relying on several arbitrary and perverse conclusions drawn by him on the facts of the cases relying on several arbitrary and perverse conclusions drawn by him on the facts of the cases relying on several judgments

MSTC LTD,KOLKATA vs. JURISDICTIONAL ASSESSING OFFICER, CIR-1(1), KOLKATA. , KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Year: 2021-22

Section 234C of the Income Tax Act, 1961 on disputed additions and levying interest of Rs. 1,90,68,525/-, Rs. 13,34,79,675/- and Rs. 3,04,32,052/-respectively on the assessee by the AO whereas the assessee had filed a return of loss for Rs. 3,62,82,050/- well within the extended time

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

DCIT, CENTRAL CIRCLE - 2(1), KOLKATA, KOLKATA vs. M/S. M D GARMENTS PVT. LTD., , KOLKATA

In the result, the appeal of the revenue as well as cross- objection of the assessee are dismissed

Bench: Shri P.M. Jagtap, Am] I.T.A. No. 2146/Kol/2017 Assessment Year: 2009-10 D.C.I.T, Central Cir – 2(1) Kolkata.........................................................................Appellant 3Rd Floor,Aayakar Bhawan Poorva, E.M. By Pass, 110, Shantipally, Kolkata – 700107 M/S. M.D. Garments Pvt. Ltd. …………………………………………………………………Respondent 156, M.G. Road, 1St Floor, Kolkata – 700 007 [Pan : Aadcm 5555 C] C.O. No. 38/Kol/2018 (Arising Out Of Ita No. 2146/Kol/2017) Assessment Year: 2009-10 M/S. M.D. Garments Pvt. Ltd. ……………………………………………………………Cross-Objector 156, M.G. Road, 1St Floor, Kolkata – 700 007 [Pan : Aadcm 5555 C] D.C.I.T, Central Cir – 2(1) Kolkata....................................................................Respondent 3Rd Floor,Aayakar Bhawan Poorva, E.M. By Pass, 110, Shantipally, Kolkata – 700107 Appearances By: Shri Robin Choudhury, Addl. Cit Appearing On Behalf Of The Revenue Shri R.P. Agarwal, Sr. Counsel & Shri Nirav Sheth, Aca Appearing On Behalf Of The Assessee Date Of Concluding The Hearing : May 25, 2018 Date Of Pronouncing The Order : June 20, 2018 Order Per P.M. Jagtap, Am This Appeal Is Preferred By The Revenue Against The Order Of Ld. Cit (A) – 20, Kolkata Dated 18.07.2017 & The Same Is Being Disposed Of Along With The Cross-Objection Filed By The Assessee Being C.O. No. 38/Kol/2018. 2 I.T.A. No. 2146/Kol/2017 & C.O. No. 38/Kol/2018 Assessment Year 2009-10 M/S. M.D. Garments Pvt. Ltd.

3)/147, an appeal was preferred by the assessee before the Ld. CIT(A) challenging the validity of the said assessment on various grounds and also disputing additions made by the AO therein under section 68 and 69C. In support of its case on the preliminary issue relating to validity of assessment under section 143

SARDA MINES PVT. LIMITED,KOLKATA vs. DCIT, CIRCLE-05(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 867/Kol/2017 Assessment Year: 2007-08 Sarda Mines Pvt. Ltd...............................………………………………………………Appellant 6Th Floor, Circular Court, 8, Ajc Bose Road, Kolkata – 700017. [Pan : Aahcs 2419 R] D.C.I.T., Cir 5(2) Kolkata………………………………………………......................Respondent Aayakar Bhawan, P-7, Chowringhee Square, Kolkata - 69 Appearances By: Shri A.K. Gupta, Fca Appearing On Behalf Of The Assessee. Md. Usman, Cit Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 21, 2017 Date Of Pronouncing The Order : December 14, 2017 Order Per P.M. Jagtap, Am This Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Principal Cit – 2, Kolkata Dated 28.03.2017 Passed Under Section 263 Of The Income Tax Act, 1961 & The Grounds Raised By The Assessee Therein Read As Under: “1. For That The Order Passed Under Section 263 Of The Income Tax Act, 1961 (In Short ‘The Act’) By The Principal Commissioner Of Income Tax -2, Kolkata (In Short ‘Cit’) Dated 28.03.2017 Is Without Jurisdiction & Illegal As None Of The Condition Precedent For Exercise Of The Power Under Section 263 Of The Act Exists And/Or Has Been Satisfied & As Such The Said Order Is Erroneous & Without Jurisdiction & Liable To Be Cancelled. 2. For That The Order Passed By The Assessing Officer Was Not In Any Way Erroneous Or Prejudicial To The Interest Of Revenue & As Such The Cit Would Not Exercise Any Power Under Section 263 Of The Act. The Cit Erred In Holding That The Order Of Assessment Is Erroneous & Prejudicial To The Interest Of Revenue.

143(3) vide an order dated 24.12.2009, the total income as declared by the assessee company in its return of income was accepted by the A.O. Subsequently, the assessment was reopened by the A.O. on the basis of information received from ACIT (TDS) – II, Bhubaneshwar and a notice under section 148 was issued by him to the assessee

ITO, WD.9(1), KOLKATA vs. M/S MAHARAJ VINCOM PVT. LTD., KOLKATA

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.35/Kol/2021 Assessment Year: 2009-10 Ito, Ward-9(1), Kolkata……………….......................…...……………....Appellant Vs. M/S Maharaj Vincom Pvt. Ltd……............…..........................…..…..... Respondent 69, Jamunalal Bajaj Street, Kolkata- 700007. [Pan: Aafcm6496E] C.O. No.6/Kol/2023 (A/O I.T.A. No.35/Kol/2021) Assessment Year: 2009-10 M/S Maharaj Vincom Pvt. Ltd……............…..........................…....... Cross-Objector 69, Jamunalal Bajaj Street, Kolkata- 700007. [Pan: Aafcm6496E] Vs Ito, Ward-9(1), Kolkata …………..….......................…...……………....Respondent Appearances By: Shri Miraj D. Shah, Ar, Appeared On Behalf Of The Assessee. Shri Abhijit Kundu, Cit-Dr, Appeared On Behalf Of The Department. Date Of Concluding The Hearing : March 07, 2024 Date Of Pronouncing The Order : May 15, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: This Appeal By The Revenue & Corresponding Cross-Objection By The Assessee Have Been Preferred Against The Order Dated 08.09.2020 Of The Commissioner Of Income Tax (Appeals)-7, Kolkata (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’).

143(3) r.w.s. 263 of the Act is also not legally sustainable. 8. Now coming to the appeal of Revenue on merits. I.T.A. No.35/Kol/2021 & C.O. No.6/Kol/2023 Assessment Year: 2009-10 M/s Maharaj Vincom Pvt. Ltd. ITA No.35/Kol/2021 - 8.1. Coming to the merits of the case, the Assessing Officer has made the impugned additions observing that the assessee had failed

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

143(3) of the Act and thus, proved the three ingredients of Section 68 of the Act. The ld. AR therefore

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

143(3) of the Act and thus, proved the three ingredients of Section 68 of the Act. The ld. AR therefore

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

143(3) of the Act and thus, proved the three ingredients of Section 68 of the Act. The ld. AR therefore

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

143(3) of the Act and thus, proved the three ingredients of Section 68 of the Act. The ld. AR therefore

DIPAK KUMAR DASBHOWMIK,PASCHIM MIDNAPORE vs. I.T.O., WARD - 38(1), MIDNAPORE , PASCHIM MIDNAPORE

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap

143(3) can be reopened by the Assessing Officer after the expiry of four years from the end of the relevant assessment year only where the income chargeable to tax has escaped assessment as a result of the failure of the assessee to file his return of income or furnish fully and truly all material facts, which are necessary

M/S KHUSHI COMMOTRADE PVT. LTD.,KOLKATA vs. PCIT-2, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

68 of the Income Tax Act, 1961 should be deleted or set aside?” 4. The High Court, disagreeing with the Tribunal, held, that the provisions of Section 142 and sub-sections (2) and (3) of Section 143

M/S. INDIAN ROADWAYS CORPORATION LTD., ,KOLKATA vs. PRINCIPAL CIT, CENTRAL - 1, KOLKATA , KOLKATA

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

Bench: Shri A.T.Varkey, Jm & Dr. A.L. Saini, Am Vs. Principal Commissioner Of M/S Indian Roadways Corporation Ltd. Income Tax, Central-I, Irc House, 1, Sunyat Sen Street, Kolkata, Aayakar Bhawan Kolkata-700012. Poorva, 110, Shantipally, Kolkata-700107. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaci 7333 K (अपीलाथ" /Appellant) (""यथ" / Respondent) ..

68,447) should also be disallowed as being the balances not used in computation of assessee`s income. Therefore, the income assessed in assessment order passed u/s.153A read with section 143(3

INCOME TAX OFFICER-WARD-12(1), KOLKATA, KOLKATA vs. M/S STANDARD LEATHER PVT. LTD., KOLKATA

In the result, Revenue’s appeal stands dismissed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Years:2010-11

143(3) of the Act for the assessments years 2012-13 and 2013-14 without making any disallowance under section 40A(3) of the Act. From this fact we find that the parties from whom the raw hide and skin purchased were accepted as producers. No such issue was raised by the AO in the assessment. 8. In view

M/S SHREENATH HOLDINGS PVT. LTD.,HOWRAH vs. I.T.O.,WARD-5(1), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri J. Sudhakar Reddy, Hon’Ble] I.T.A. No. 2390/Kol/2019 Assessment Year: 2012-13 M/S. Shreenath Holding Pvt. Ltd…………...……………....……..…………..………………....……Appellant 33/34, Ramlal Mukherjee Lane 2Nd Floor Room No. 2D Howrah - 711106 [Pan: Aadcs 5887 P] Vs. Income Tax Officer, Ward-5(1), Kolkata…………………………..............….....….…......Respondent Appearances By: Shri Sunil Surana, A/R, Appeared On Behalf Of The Assessee. Shri Jayanta Khanra, Jcit, Sr. D/R, Appearing On Behalf Of The Revenue Date Of Concluding The Hearing : February 24Th, 2020 Date Of Pronouncing The Order : February 26Th, 2020 O R D E R Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals) – 2, Kolkata, (Hereinafter The “Ld.Cit(A)”), Passed U/S. 250 Of The Income Tax Act, 1961 (The ‘Act’), Dt. 17/10/2019, For The Assessment Year 2012-13. 2. The Assessee Is A Company & Is Engaged In The Business Of Trading & Distribution Of Goods. It Filed Its Return Of Income On 16/08/2012 Declaring Total Income Of Rs.15,500/-. During The Year, The Assessee Raised Share Capital Including Premium Amounting To Rs.1,13,55,000/-. The Assessing Officer Conducted Enquiries & The Assessee Presented The Share Holders Including The Directors Of The Share Holding Companies Before The Assessing Officer. After Due Enquiry, The Assessing Officer Accepted The Explanations Of The Assessee That The Cash Credits In The Form Of Share Capital Were Genuine, Except In The Case Of M/S. Seacom Merchants, Which Had Applied For Shares. An Amount Of Rs. 20,00,000/- Pertaining To M/S. Seacom Merchants, Was Added.

143(3) of the Act. Their Assessing Officer(s) made u/s 68 Assessing Officer(s) made u/s 68 unexplained cash credits additions of share premium amounting to unexplained cash credits additions of share premium amounting to unexplained cash credits additions of share premium amounting

DCIT,CC-1(2), KOLKATA, KOLKATA vs. M/S. CHAMAN METALICS LTD. , MAHARASHTRA

In the result, the appeal of the Revenue stands dismissed

Bench: Shri Sanjay Garganddr. Manish Borad

section 143(3) for assessment years 2005-06 to 2010- 11. This company had since merged with M/s. JagronVyaparPvt. Ltd. w.e.f. 01.04.2020. Under these facts, appellant submits that the share applicant companies were active companies making full compliance to both ROC and Income tax. Documents submitted during assessment proceedings had established the identity and creditworthiness of these companies. Appellant

EVEREADY INDUSTRIES INDIA LTD.,KOLKATA vs. DCIT, CIRCLE - 11(1), KOLKATA, KOLKATA

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

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri S.S. Viswanethra Ravi

143(3) read with section 144C(3) of the Act vide an order dated 15.03.2016, the total income of the assessee was determined by the Assessing Officer at a loss of Rs.6,27,68