ITO, WARD-8(1), KOLKATA vs. M/S MERRIT FINTRADE PVT LTD, KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 68 of the Act cannot be invoked. The case of the assessee also find support from the decision of Hon’ble Madras High Court 7 I.T.A. No. 80/Kol/2021 Assessment Year: 2012-13 M/s Merrit Fintrade Pvt. Ltd. in the case of V. R. Global Energy Pvt. Ltd. vs. ITO in 407 ITR 145

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

145 (Guj-HC) : (2008) 217 CTR (Guj) 401, it was held that as per section 68, there should be cash

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. GOLDEN GOENKA CREDIT 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 of the Act. Similarly, the case of assessee is squarely covered by the decision of the Hon’ble Gujarat High Court in the case of Ambe Tradecorp (P.) Ltd., reported in [2022] 145 taxmann.com 27 (Gujarat), wherein it has been held as under :- "3. The issue in this case arose in respect of the assessment year

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. DOLLAR HOLDING PVT. LTD., KOLKATA

In the result, both the appeals of the Revenue are dismissed

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

68 of the Act. Fortunately, for the assessee, CIT(A) has done an elaborate factual exercise, took into consideration, the creditworthiness of the 13 companies the details of which were furnished by the assessee. More importantly, the CIT noted that all these companies responded to the notices issued under section 133 (6) of the Act which fact

DEPUTY COMMISSOENR OF INCOME TAX, KOLKATA vs. DOLLAR HOLDING PVT. LTD., KOLKATA

In the result, both the appeals of the Revenue are dismissed

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

68 of the Act. Fortunately, for the assessee, CIT(A) has done an elaborate factual exercise, took into consideration, the creditworthiness of the 13 companies the details of which were furnished by the assessee. More importantly, the CIT noted that all these companies responded to the notices issued under section 133 (6) of the Act which fact

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\nBefore the Commissioner (Appeals) it as submitted by the assessee that raw hides\nwere purchased from the four parties under consideration on the understanding that\nafter the hides were processed and the finished leather was produced the same would\nPage 17\nbe resold to same parties in substance therefore the transaction was more

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\nBefore the Commissioner (Appeals) it as submitted by the assessee that raw hides\nwere purchased from the four parties under consideration on the understanding that\nafter the hides were processed and the finished leather was produced the same would\nPage 17\nBalmukund Lease Fin Private Limited

M/S. TEDIUM COMMERCIAL PVT. LTD.,KOLKATA vs. I.T.O., WARD - 4(1), KOLKATA, KOLKATA

The appeal is dismissed and the substantial questions of law are answered in favour of the revenue

Bench: the AO. Finally the AO added the amount as unexplained cash credit to the income of the assessee.

section 68 not only includes cash credit but also include a credit representing the value of shares on credit? After we have elaborately heard the learned Advocate for the appellant we find learned Tribunal was right in allowing the assessee's appeal to the extent indicated by taking note of the various decisions of the High Court

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\nBefore the Commissioner (Appeals) it as submitted by the assessee that raw hides\nwere purchased from the four parties under consideration on the understanding that\nafter the hides were processed and the finished leather was produced the same would\nbe resold to same parties in substance therefore the transaction was more in the\nnature

ITO, WARD-46(1), KOLKATA, KOLKATA vs. ANUPAM NANDI, HOWRAH

In the result, the appeal of the revenue is dismissed

Bench: Hon’Ble Sri Aby T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No.774/Kol/2012 Assessment Year : 2007-08 I.T.O., Ward-46(1) -Vs.- Shri Anupam Nandi Kolkata Kolkata [Pan : Abipn 4303 N] (Appellant) (Respondent) For The Appellant : Md.Ghayas Uddin, Jcit,Sr.Dr For The Respondent : Shri Miraj D.Shah, Ar

145 of his paper book which is the pledged stock register of late Shri Khagendra Nath Nandi for the year 1996-97, 1997-98 which shows the continuity ITA No.774/Kol/2012 Shri Anupam Nandi A.Y.2007-08 9 of pledged items and subsequent redemption/release of some of the items back to the borrowers. The ld. AR took our attention to the statement showing

DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL CIRCLE)- 3(1), KOLKATA, KOLKATA vs. AUXINITE SUPPLIERS PRIVATE LIMITED, KOLKATA

In the result, the appeal of the Revenue is dismissed and CO of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Dy. Commissioner Of Income Auxinite Suppliers Private Tax (Cc)-3(1) Limited 4Th Floor, Aaykar Bhawan 44/2A Jain Tower, Hazra Road, Vs. Poorva, 110 Shantipally, Kolkata- Kolkata-700019, West Bengal 700017, West Bengal (Appellant) (Respondent) Pan No. Aaecb3974H Co No. 11/Kol/2025 (Arising In Ita No. 139/Kol/2025 For A.Y. 2019-20) Dy. Commissioner Of Income Auxinite Suppliers Private Tax (Cc)-3(1) Limited 4Th Floor, Aaykar Bhawan 44/2A Jain Tower, Hazra Road, Vs. Poorva, 110 Shantipally, Kolkata- Kolkata-700019, West Bengal 700017, West Bengal (Appellant) (Respondent) Assessee By : S/Shri Rajeeva Kumar & Giridhar Dhelia, Ars Revenue By : Shri V. Vidhyadhar, Dr Date Of Hearing: 11.02.2026 Date Of Pronouncement: 02.04.2026

section 68 therefore, is not sustainable and stands deleted. However, following the decision of the Hon. Jurisdictional Kolkata Tribunal in the case of M/s SwarnaKalash Commercial Pvt. Ltd. vs ACIT, Central Circle-2(2), Kolkata for AY: 2019-20 in I.T.(SS)A. No.53/Kol/2022 when the assessee had held these shares for past several years and subsequently sold them

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 Before the Commissioner (Appeals) it as submitted by the assessee that raw hides were purchased from the four parties under consideration on the understanding that after the hides were processed and the finished leather was produced the same would Balmukund Lease Fin Private Limited; A.Y. 15-16 to 18-19, 23-24 Balmukund Cement

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 Before the Commissioner (Appeals) it as submitted by the assessee that raw hides were purchased from the four parties under consideration on the understanding that after the hides were processed and the finished leather was produced the same would Balmukund Lease Fin Private Limited; A.Y. 15-16 to 18-19, 23-24 Balmukund Cement

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 Before the Commissioner (Appeals) it as submitted by the assessee that raw hides were purchased from the four parties under consideration on the understanding that after the hides were processed and the finished leather was produced the same would Balmukund Lease Fin Private Limited; A.Y. 15-16 to 18-19, 23-24 Balmukund Cement

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 Before the Commissioner (Appeals) it as submitted by the assessee that raw hides were purchased from the four parties under consideration on the understanding that after the hides were processed and the finished leather was produced the same would Balmukund Lease Fin Private Limited; A.Y. 15-16 to 18-19, 23-24 Balmukund Cement

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 Before the Commissioner (Appeals) it as submitted by the assessee that raw hides were purchased from the four parties under consideration on the understanding that after the hides were processed and the finished leather was produced the same would Balmukund Lease Fin Private Limited; A.Y. 15-16 to 18-19, 23-24 Balmukund Cement

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\nBefore the Commissioner (Appeals) it as submitted by the assessee that raw hides\nwere purchased from the four parties under consideration on the understanding that\nafter the hides were processed and the finished leather was produced the same would\nPage 17\nbe resold to same parties in substance therefore the transaction was more

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\nBefore the Commissioner (Appeals) it as submitted by the assessee that raw hides\nwere purchased from the four parties under consideration on the understanding that\nafter the hides were processed and the finished leather was produced the same would\nPage 17\nBalmukund Lease Fin Private Limited