DCIT, CIR-8(1), KOLKATA, KOLKATA vs. M/S EIH LTD., KOLKATA

In the result, the appeal of the assessee is partly allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 153/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-8(1), Kolkata -Vs- M/S Eih Limited [Pan: Aaace 6898 B] (Appellant) (Respondent) I.T.A No. 110/Kol/2016 Assessment Year : 2011-12 M/S Eih Limited -Vs- Dcit, Circle-8(1), Kolkata [Pan: Aaace 6898 B] (Appellant) (Respondent) For The Appellant : Shri Kanchun Kaushal,Ar For The Department : Shri G.Mallikarjuna, Cit Dr Date Of Hearing : 26.10.2017 Date Of Pronouncement : 12.01.2018 Order Per Bench:

68,20,321/- being 10% of the total expenditure of Rs. 6,82,03,213/- ignoring the decision of Hon’ble Kolkata Tribunal in assessee’s own case in EIH Limited vs. DCIT (2015) I.T.A. No. 316/Kol/2006 for A.y. 2002-03. 4.1. We have heard the rival submissions and perused the materials available on record including the paper book

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

2,57,310 Brok &Comm Strenuous Exim Citygreen Agro Pvt Pvt Ltd 3765 3765000 Ltd 0 - Jhuma Dey 1100 1100000 Dovar Tie up Pvt Ltd 1,94,280 Trading Hemraj Financial Pvt Bhola Jaiswal 2000 2000000 Ltd 1,87,570 Brok &Comm Hemraj Financial Pvt Chaitali Basak 2000 2000000 1,92,220 JobWork Ltd The issue of share capital

ACIT, CC-3(2), KOLKATA , KOLKATA vs. M/S. SNOWTEX INVESTMENT LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri A. T. Varkey, J.M. & Dr.A.L.Saini, A.M.) Asstt. Year : 2012-13 A.C.I.T, Cc-3(2), Kolkata Vs M/S. Snowtex Investment Ltd. Pan: Aaecs 0334C (Assessee/Department) (Respondent/Assessee)

2) Shri Amit Kumar - Rs.8,32,343/- 3) Shri Rajiv Kumar- Rs. 4,16,137/- However, the above notices were returned unserved by the postal authority and accordingly AO made addition. We note that for marketing and selling the insurance products, the company has to perform various activities which include Lead Generation Activities, Direct Mailers Distributions, Road Shows and Customer

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)

section 133(6) to the lenders where duly acknowledged and all the lenders confirmed the loan transactions by filing the documents which were placed before the tribunal in the form of a paper book. These materials were available on the file of the Assessing Officer and there is no discussion on this aspect. Thus, the tribunal rightly dismissed

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’).

145 ITR 2551 (All.) Trustees of H.E.H. Nizam’s Supplemental Family Trust v. CIT [2000] 242 ITR 3812 (SC) and CIT v. M.K.K.R. Muthu Karuppan Chettiar [1970] 78 ITR 69 (SC), etc. 14. In the present case the petitioner filed a Supplementary Affidavit stating that against the order of the CIT (Appeals) an appeal was filed before the Income

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

2). the genuineness of the transaction, namely whether it has been transmitted through banking or other indisputable channels;\n(3). the creditworthiness or financial strength of the creditor/subscriber;\n(4). if relevant details of the address or PAN identity of the creditor/subscriber are furnished to the Department along with copies of the shareholders register, share application forms, share transfer register

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 (Mad). Similar ratio has been

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 credits of previous year. The section provides for a deeming fiction of treating the sum found credited in the books of an assessee maintained for any previous year, being charged to income-tax as the income

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

2), Kol, wherein the investments of the lender were before the AO and no adverse inferences were made regarding such investments to the tune of Rs.14.26 Crores. M/s V K Mercantiles Pvt Ltd has also been assessed for the A.Y: 2017-18, where also no adverse inferences were made. As per the audited accounts of the lender concern

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

2), Kol, wherein the investments of the lender were before the AO and no adverse inferences were made regarding such investments to the tune of Rs.14.26 Crores. M/s V K Mercantiles Pvt Ltd has also been assessed for the A.Y: 2017-18, where also no adverse inferences were made. As per the audited accounts of the lender concern

SARASWATI GUPTA,HOWRAH vs. I.T.O.,WARD-47(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am]

68 of the Act. However sustained NP at 8% amounting to Rs. 21,88,372/ ing to Rs. 21,88,372/-. Thus giving partial relief to the assessee relief to the assessee. Still not satisfied with the action of the Ld. CIT(A) with the action of the Ld. CIT(A), the assessee is before us. 5. We have heard

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. I M C LTD, KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

2 “valuation of inventories” issued by the ICAI closing stock should be valued either at a cost or market value as on the date of balance sheet i.e. 31.03.2005. The assessee cannot take the future sale price of the product to determine the value of closing stock as on the balance sheet. The AO further observed that as per Accounting

M/S. IMC LTD.,KOLKATA vs. DCIT, CIRCLE - 11, KOLKATA, KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

2 “valuation of inventories” issued by the ICAI closing stock should be valued either at a cost or market value as on the date of balance sheet i.e. 31.03.2005. The assessee cannot take the future sale price of the product to determine the value of closing stock as on the balance sheet. The AO further observed that as per Accounting

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. IMC LTD., KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

2 “valuation of inventories” issued by the ICAI closing stock should be valued either at a cost or market value as on the date of balance sheet i.e. 31.03.2005. The assessee cannot take the future sale price of the product to determine the value of closing stock as on the balance sheet. The AO further observed that as per Accounting

ZAFAR IQBAL,SILIGURI vs. DCIT, CIRCLE - 1, SILIGURI, SILIGURI

In the result, the appeal filed by the assessee is partly allowed for\nstatistical purposes

2, 3, 4 and 5 of the appeal are allowed.\nGround Nos. 6 and 7 relate to the Ld. CIT(A) erring in not\nappreciating the fact that the expenses of ₹55,71,982/- incurred by the\nassessee to settle the disputes in connection with his sold land with\nthird parties before its sale for paving way for easy transfer

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

ACIT, CIRCLE-33, KOLKATA, KOLKATA vs. M/S. G. D. CONSTRUCTION & CO., KOLKATA

In the result, Revenue’s appeal stands dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmedassessment Year :2010-11

145. (1) ----------------- (2)--------------- (3) Where the Assessing Officer is not satisfied about the correctness or completeness of the accounts of the assessee, or where the method of accounting provided in sub-section (1) or accounting standards as notified under sub-section (2), have not been regularly followed by the assessee, the Assessing Officer may make an assessment