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

68. After 1 April 2021, the Income-tax Act has to be read along with the substituted provisions. The substituted provisions apply retrospectively for past assessment years as well. On 1 April 2021, TOLA was still in existence, and the Revenue could not have ignored the application of TOLA and its notifications. Therefore, for issuing a reassessment notice under section

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

68. After 1 April 2021, the Income-tax Act has to be read along with the substituted provisions. The substituted provisions apply retrospectively for past assessment years as well. On 1 April 2021, TOLA was still in existence, and the Revenue could not have ignored the application of TOLA and its notifications. Therefore, for issuing a reassessment notice under section

ARISTOCRAT RESIDENCES LLP ,KOLKATA vs. INCOME TAX OFFICER WARD 34 (1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Sonjoy Sarma, Jm Income Tax Officer, Ward Aristocrat Residences Llp 34(1) 2 Oswal Chambers Church Lane Aaykar Bhavan, Bbd Bagh, Kolkata-700001 Vs. Kolkata-700107 West Bengal West Bengal (Appellant) (Respondent) Pan No. Aavfa9997R Assessee By : Dr. Kapil Goel, Ar Revenue By : H. Robindro Singh, Dr Date Of Hearing: 06.02.2025 Date Of Pronouncement : 01.04.2025

1) of the Act along with questionnaire on various occasions and on few occasions, there was no compliance, however the assessee filed the details/ evidences as called for by the ld. Assessing Officer. The ld. AO noted that the assessee has received unsecured loans from Funidea Promoters Limited of ₹1.00 Cr during the year. Finally, the ld. AO treated

SATISH KUMAR BIRDIKA,KOLKATA vs. I.T.O., WARD - 49(1), KOLKATA, KOLKATA

In the result, the appeal filed by the Assessee is hereby allowed

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

1), Kolkata (PAN: ADZPB 8593 M) ( अपीलाथ" ) Respondent / ""यथ" Appellant / Date of Hearing / सुनवाई 07.04.2025 क" "त"थ Date of Pronouncement/ 30.06.2025 आदेश उ"घोषणा क" "त"थ For the assessee / Shri S. M. Surana, Advocate "नधा"रती क" ओर से For the revenue / राज"व Shri S. B. Chakraborthy, Addl. CIT Sr. D.R क" ओर से ORDER / आदेश

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 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.A. FINANCIAL SERVICES PVT. LTD.,,KOLKATA vs. ITO, WARD 4(1),, KOLKATA

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

Bench: Shri Pradip Kumar Choubey & Shri Sanjay Awasthiassessment Year: 2015-16 M. A Financial Services Pvt. Ltd.……………………….……….……….……Appellant 2, Lal Bazaar Street, 1St Floor, Kol-700001.. [Pan: Aaccm0481E] Vs. Ito, Ward-4(1), Kolkata…….…………………………….....……...…..…..Respondent Appearances By: Shri Manoj Kataruka, Ar, Appeared On Behalf Of The Appellant. Shri Praveen Kishore, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 09, 2025 Date Of Pronouncing The Order : October 17, 2025 Order Per Pradip Kumar Choubey: This Appeal Filed By The Assessee Is Directed Against The Order Dated 16.05.2025 Of The National Faceless Appeal Centre [‘Cit(A)’] Passed Under Section 250 Of The Income-Tax Act, 1961 (Hereinafter Referred To As “The Act”) For The Assessment Year 2015–16. 2. Brief Facts Of The Case Of The Assessee Are That The Assessee Filed Its Return Of Income For The A.Y 2015-16 U/S 139 Of The Act On 20.07.2015 Declaring Total Income Of Rs.9,647/-. The Said Return Was Processed U/S 143(1) Of The Act. Later On, Based On Information Received Through Itba Software Under The Head High Risk Transaction Case Notice U/S 148A(B) Of The Act Was Issued & Finally Notice U/S 148 Of The Act Was Issued On 13.07.2022. In Response, The Assessee Filed Return On 02.11.2021 Declaring Total Income Of Rs.9,647. Assessment Was Made Under Sec. 147 M. A Financial Services Pvt. Ltd Read With Section 144B Of The Act On 24.05.2023 Determining Total Income Of Rs.6,55,31,471/- Inter-Alia Making Following Addition:

68. After 1 April 2021, the Income-tax Act has to be read along with the substituted provisions. The substituted provisions apply retrospectively for past assessment years as well. On 1 April 2021, TOLA was still in existence, and the Revenue could not have ignored the application of TOLA and its notifications. Therefore, for issuing a reassessment notice under section

SUMITA ROY CHOWDHURY,KOLKATA vs. I.T.O., WARD - 48(1),, KOLKATA

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

Bench: Shri Pradip Kumar Choubey & Shri Sanjay Awasthiassessment Year: 2015-16 M. A Financial Services Pvt. Ltd.……………………….……….……….……Appellant 2, Lal Bazaar Street, 1St Floor, Kol-700001.. [Pan: Aaccm0481E] Vs. Ito, Ward-4(1), Kolkata…….…………………………….....……...…..…..Respondent Appearances By: Shri Manoj Kataruka, Ar, Appeared On Behalf Of The Appellant. Shri Praveen Kishore, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 09, 2025 Date Of Pronouncing The Order : October 17, 2025 Order Per Pradip Kumar Choubey: This Appeal Filed By The Assessee Is Directed Against The Order Dated 16.05.2025 Of The National Faceless Appeal Centre [‘Cit(A)’] Passed Under Section 250 Of The Income-Tax Act, 1961 (Hereinafter Referred To As “The Act”) For The Assessment Year 2015–16. 2. Brief Facts Of The Case Of The Assessee Are That The Assessee Filed Its Return Of Income For The A.Y 2015-16 U/S 139 Of The Act On 20.07.2015 Declaring Total Income Of Rs.9,647/-. The Said Return Was Processed U/S 143(1) Of The Act. Later On, Based On Information Received Through Itba Software Under The Head High Risk Transaction Case Notice U/S 148A(B) Of The Act Was Issued & Finally Notice U/S 148 Of The Act Was Issued On 13.07.2022. In Response, The Assessee Filed Return On 02.11.2021 Declaring Total Income Of Rs.9,647. Assessment Was Made Under Sec. 147 M. A Financial Services Pvt. Ltd Read With Section 144B Of The Act On 24.05.2023 Determining Total Income Of Rs.6,55,31,471/- Inter-Alia Making Following Addition:

68. After 1 April 2021, the Income-tax Act has to be read along with the substituted provisions. The substituted provisions apply retrospectively for past assessment years as well. On 1 April 2021, TOLA was still in existence, and the Revenue could not have ignored the application of TOLA and its notifications. Therefore, for issuing a reassessment notice under section

ANUPAMA VINTRADE PRIVATE LIMITED,KOLKATA vs. ITO, WARD 10(2), KOLKATA

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

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyassessment Year: 2015-16 Anupama Vintrade Pvt. Ltd..….……………………….……….……….……Appellant 77, 4Th Floor, Room 422, Elliot Road, Kol-700016.. [Pan: Aahca5675R] Vs. Ito, Ward-10(2), Kolkata….……………………………….....……...…..…..Respondent Appearances By: Shri Somnath Ghosh, Advocate, Appeared On Behalf Of The Appellant. Shri Manas Mondal, Addl. Cit-Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 16, 2025 Date Of Pronouncing The Order : October 27, 2025 Order Per Pradip Kumar Choubey: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 08.03.2025 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Appeal Has Been Filed By The Assessee With A Delay Of 14 Days. 2. The Assessee Has Filed An Affidavit For Condonation Of The Delay. After Considering The Reasons Cited In The Affidavit For Condonation Of Delay, We Find That The Reasons Are Valid & Consequently, The Delay In Filing The Appeal Is Hereby Condoned & We Proceed To Dispose Of The Appeal On Merits.

68. After 1 April 2021, the Income-tax Act has to be read along with the substituted provisions. The substituted provisions apply retrospectively for past assessment years as well. On 1 April 2021, TOLA was still in existence, and the Revenue could not have ignored the application of TOLA and its notifications. Therefore, for issuing a reassessment notice under section

URVASHI SAREES PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 11(1), , KOLKATA

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

Bench: ITAT, Kolkata were collected and prepared | | 18.01.2025 | 2nd Appeal was filed |

68. After 1 April 2021, the Income-tax Act has to be read along with I T A N o . 2 2 2 / K o l / 2 0 2 5 I T A N o . 1

PRAMOD LAKRA DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. URVASHI SAREES PVT. LTD, KOLKATA

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

Bench: ITAT, Kolkata were collected and prepared | | 18.01.2025 | 2nd Appeal was filed |

68. After 1 April 2021, the Income-tax Act has to be read along with I T A N o . 2 2 2 / K o l / 2 0 2 5 I T A N o . 1

GUINESS FINANCE & LEASING PVT. LTD.,,KOLKATA vs. ITO, WARD 6(2),, KOLKATA

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

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyassessment Year: 2015-16 Guiness Finance & Leasing Pvt. Ltd..….……………….……….……….……Appellant 3Rd Floor, Baid Property, 10, Canning Street, Burra Bazar, Kol-1.. [Pan: Aabck1388B] Vs. Ito, Ward-6(2), Kolkata….……………………………….....……...…..…..Respondent Appearances By: Shri Miraj D Shah, Ar, Appeared On Behalf Of The Appellant. Shri Sandeep Lakra, Addl. Cit-Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 30, 2025 Date Of Pronouncing The Order : November 13, 2025 Order Per Pradip Kumar Choubey: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 16.05.2025 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). Brief Facts Of The Case Of The Assessee Are That The Assessee 2. Company Filed Its Return Of Income For The A.Y 2015-16 On 30.09.2015 Declaring Total Income Of Rs.Nil. The Said Return Was Selected For Scrutiny On The Reason That The Assessee Is The Beneficiary Of Credit Of Rs.1,28,38,232/- From Penny Stock Company M/S Steel Exchange Ltd. Notices U/S 143(2) & 142(1) Of The Act Were Issued & Thereafter, The Case Of The Assessee Reopened By Issuing Notice U/S 148 Of The Act On 14.07.2022. The Assessing Officer Passed An Ex Parte Order U/S 147 Guiness Finance & Leasing Pvt. Ltd R.W.S. 144B Of The Act On 29.05.2023 Adding Rs.1,28,38,391/- To The Total Income Of The Assessee.

68. After 1 April 2021, the Income-tax Act has to be read along with the substituted provisions. The substituted provisions apply retrospectively for past assessment years as well. On 1 April 2021, TOLA was still in existence, and the Revenue could not have ignored the application of TOLA and its notifications. Therefore, for issuing a reassessment notice under section

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.

Section 151(ii) of the Act. The direction is issued with the caveat that the revenue will have liberty to take steps, if deemed necessary, albeit as per law. 14. Needless to add, the rights and contentions of both the sides will remain open, in the event the revenue triggers reassessment proceedings. 15. The above-captioned writ petitions

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)

section 68 is prospective and applicable only from assessment year 2013-14. With this background, now we shall proceed to examine in the assessee`s case under consideration, whether assessee has discharged his onus toprove, prima facie, the identity, creditworthiness and genuineness of the share capital and share premium received by it from share subscribers companies. 9. We note

K.Y.S. SPONGE IRON PVT. LTD.,KOLKATA vs. I.T.O., WARD - 3(1),, KOLKATA

Appeal of the assessee is allowed

Bench: Any Other Issue.

68. After 1 April 2021, the Income-tax Act has to be read along with the substituted provisions. The substituted provisions apply retrospectively for past assessment years as well. On 1 April 2021, TOLA was still in existence, and the Revenue could not have ignored the application of TOLA and its notifications. Therefore, for issuing a reassessment notice under section

R A REALTORS PVT. LTD.,HOWRAH vs. I.T.O., WARD - 13(1),, KOLKATA

In the result, the appeal of the assessee is allowed

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

68 of the Act. 5. Aggrieved by the said order, the assessee preferred appeal before the ld. CIT(A) but the appeal of the assessee was dismissed without considering the additional ground being legal ground taken by the assessee. 6. Being aggrieved and dissatisfied, the assessee preferred appeal by taking the above legal ground that the concerned Assessing Officer passing

SHRI RAGHVENDRA MOHTA,KOLKATA vs. ACIT, CIRCLE - 36, KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2014-15

68 of the Income-tax Act, 1961. 3. That on the facts and in the circumstances of the case, the ld. Commissioner of Income Tax {Appeals}-10, Kolkata, erred in confirming the Addition of Rs.148657/- made on account of Bogus Commission. 4. That the ld. ClT{A}-10, Kolkata, erred in confirming to the extent of Rs.1626558/- made

I.T.O.,WARD-9(3), KOLKATA vs. M/S REWARD HIRISE PVT. LTD., KOLKATA

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

1), Kolkata in [2020] 113 taxmann.com 520 (Kolkata - Trib.) wherein the Hon’ble Tribunal has held as under: “7. We have heard both the parties and perused the records. We note that assessee company was incorporated on 20-01-1986. The company had a paid up capital represented by 8,60,880 shares of Rs. 10/- each totalling

I.T.O.,WARD-9(3), KOLKATA vs. M/S REWARD HIRISE PVT. LTD., KOLKATA

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

1), Kolkata in [2020] 113 taxmann.com 520 (Kolkata - Trib.) wherein the Hon’ble Tribunal has held as under: “7. We have heard both the parties and perused the records. We note that assessee company was incorporated on 20-01-1986. The company had a paid up capital represented by 8,60,880 shares of Rs. 10/- each totalling