D.C.I.T., CC-1(3), KOLKATA, KOLKATA vs. M/S. NAVIN CONSTRUCTION & CREDIT PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed and cross- objection of the assessee is allowed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Ble

153) (2012) (Mum) has enumerated certain legal principles regarding taxation of cash credits under section 68 as under :- "(i) Section

DCIT, CC-3(3), KOLKATA, KOLKATA vs. AMICUS REAL ESTATE PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

Bench: SHRI SANJAY GARG, HON’BLE (Judicial Member), DR. MANISH BORAD, HON’BLE (Accountant Member)

68 towards bogus share capital to the tune of Rs.1,81,50,000/- and unsecured loans to the tune of Rs.1,92,00,000/- therefore cannot be sustained and are deleted. The grounds raised by the appellant are allowed.” 7 I.T.A. No. 803/Kol/2023 Assessment Year: 2010-11 Amicus Real Estate Pvt. Ltd. 6. Now, going through the above finding

M/S SWIFT VINTRADE PVT. LTD.,KOLKATA vs. CIT, KOLKATA-1I, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Year: 2009-10

section 68 can be no different in respect of issue of share capital by closely held companies vis-a-vis loans or 9 Swift Vintrade Pvt. ltd., AY: 2009-10 gifts. The High Court in CIT v. Maithan International [2015] 375 ITR 123/231 Taxman 381156 taxmann.com ?83 (Cal.)J CIT v. Active Traders

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. SDR MEGHNATH INVESTMENTS PRIVATE LIMITED, KOLKATA

Bench: Sri Rajesh Kumar & Pradip Kumar Choubey

153 Page 156 on 15.07.2011 10,00,000/- On Page 157 01.11.2011 The appellant during appeal, has furnished the Balance Sheet, Bank Statement and ITR of the source of source, even though, since the amendment to section 68

DCIT, CENTRAL CIRCLE - 1(1), KOLKATA , KOLKATA vs. M/S. ALEMBIC MERCHANTS PVT. LTD., , KOLKATA

In the result, the appeal of revenue fails

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2009-10 Dcit, Central Cir-1(1), Kolkata Vs. M/S. Alembic Merchants Pvt. Ltd Pan: Aacca 0918Q Appellant Respondent

153(2) which provide that, no assessment or reassessment shall be made after mine months from the end of the financial year in which notice under section 148 is served. And in this case, notice under section 148 was served in financial year 2016- 17, hence, the assessment could have been made upto 31.12.2017. 3) For that

ITO, WARD-7(1), KOLKATA vs. M/S ANVIL ELECTRICALS PVT. LIMITED(FORMERLY KNOWN AS DAMIYA VANIJYA PVT. LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

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

section 68 by AO in absence of any enquiry, simply on surmises, -The AO noted that the assessee was' a sick company during the relevant assessment year but had nevertheless garnered Substantial amounts to the extent, of Rs. 12 crores invested by two share applicants. After taking into account the material placed before him, the AO concluded that

INCOME TAX OFFICER, WARD-9(1), KOLKATA, KOLKATA vs. LITTLESTAR SECURITIES PRIVATE LIMITED, KOLKATA

In the result, the appeal of the Revenue is dismissed

153 days. At the time of hearing the counsel of the\nassessee explained the reasons for delay in filing the appeal. The Ld.\nD.R did not raise any objection in condoning the delay. After hearing\nthe rival contentions and perusing the materials available on record,\nwe find that the delay is for bonafide and genuine reasons and\nhence, we condone

ROHIT JALAN,KOLKATA vs. ITO, WARD - 36(1), KOLKATA

In the result, the appeal of assessee is partly allowed

Bench: Shri A. T. Varkey, Jm] I.T.A. No. 2205/Kol/2018 Assessment Year: 2013-14

Section 153(A). In the case before us, the AO has made a disallowance of the expenditure, which was held disclosed, for one reason or the other, but such disallowances made by the AO were upheld by the LD.CIT(A) but the Ld. Tribunal deleted these disallowance. We find no infirmity in the aforesaid Act of the Ld. Tribunal

DCIT, CC-3(3), KOLKATA, KOLKATA vs. TULSYAN AND SONS PVT. LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma]

Section 153 (A) of the Act, pursuant to search carried out by the Revenue Authorities. Further, the conclusions of the Court were based on facts of that case. Lastly, this Court in case Shodiman Investments (P.) Ltd. (supra) was examining the revenue's income tax appeal against the judgment of the Tribunal holding that the re-opening of assessment

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

MAITHAN CERAMIC LTD.,,KOLKATA vs. ACIT, CIRCLE 7(1),, KOLKATA

In the result, appeal of the assessee is dismissed

153. Even\nafter making the provision of section 147 subject to sections 148 to\n153 a proviso has been added by which an exception has been\ncarved out. The principal section cannot be read without the\nproviso, which qualifies the principal section. The qualification is\nexpressed in mandatory form. It has used the expression \"no action

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

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

section 68 was to be confirmed. Similarly, in the case of CIT Vs. Nipun Builders & Developers Pvt. Ltd. reported in [2013] 30 taxmann.com 292 (Delhi) the Hon’ble High Court of Delhi has taken the view that where the assessee has failed to prove the identity and capacity of the subscriber companies to pay share application money, the amount

M/S. CLIFF TREXIM PVT. LTD., ,KOLKATA vs. DCIT, CENTRAL CIRCLE - 3(2), KOLKATA , KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri A. T Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं/.Ita No.2519/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Garg Brothers Pvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaacg 9775 F (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2520/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Cliff Treximpvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aabcc 0961 E (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2521/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Span Foundation Pvt. Vs. Dcit, Central Circle- Ltd. 3(2), Kolkata Aayakar Bhawan Poorva, 110, 57, Burtolla Street, Shantipally, Kolkata – 700 107. Kolkata – 700 007. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaecs 4605 C (Assessee) .. (Revenue)

Section 45 M/s. Garg Brothers Pvt. Ltd. M/s. Cliff TreximPvt. Ltd. M/s. Span Foundation Pvt. Ltd. Assessment Year: 2009-10 153 A is relatable to abated proceedings (i.e. those pending on the date of search) and the word `reassess’ to completed assessment proceedings. 61.So from the aforesaid dictum of law laid by the Hon’ble High Courtin the absence

M/S. GARG BROTHERS PVT. LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE - 3(2), KOLKATA , KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri A. T Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं/.Ita No.2519/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Garg Brothers Pvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaacg 9775 F (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2520/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Cliff Treximpvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aabcc 0961 E (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2521/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Span Foundation Pvt. Vs. Dcit, Central Circle- Ltd. 3(2), Kolkata Aayakar Bhawan Poorva, 110, 57, Burtolla Street, Shantipally, Kolkata – 700 107. Kolkata – 700 007. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaecs 4605 C (Assessee) .. (Revenue)

Section 45 M/s. Garg Brothers Pvt. Ltd. M/s. Cliff TreximPvt. Ltd. M/s. Span Foundation Pvt. Ltd. Assessment Year: 2009-10 153 A is relatable to abated proceedings (i.e. those pending on the date of search) and the word `reassess’ to completed assessment proceedings. 61.So from the aforesaid dictum of law laid by the Hon’ble High Courtin the absence

M/S. SPAN FOUNDATION PVT. LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE - 3(2), KOLKATA , KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri A. T Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं/.Ita No.2519/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Garg Brothers Pvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaacg 9775 F (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2520/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Cliff Treximpvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aabcc 0961 E (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2521/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Span Foundation Pvt. Vs. Dcit, Central Circle- Ltd. 3(2), Kolkata Aayakar Bhawan Poorva, 110, 57, Burtolla Street, Shantipally, Kolkata – 700 107. Kolkata – 700 007. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaecs 4605 C (Assessee) .. (Revenue)

Section 45 M/s. Garg Brothers Pvt. Ltd. M/s. Cliff TreximPvt. Ltd. M/s. Span Foundation Pvt. Ltd. Assessment Year: 2009-10 153 A is relatable to abated proceedings (i.e. those pending on the date of search) and the word `reassess’ to completed assessment proceedings. 61.So from the aforesaid dictum of law laid by the Hon’ble High Courtin the absence

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), KOLKATA, KOLKATA vs. SIDDHESHWARI VYAPAAR PRIVATE LIMITED, KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyआयकर अपील सं/Ita No.2280/Kol/2025 (निर्धारणवर्ा/Assessment Years :2012-2013) Dcit, Central Circle-1(2), Vs Siddheshwarivyapaar Pvt Ltd Kolkata 2Nd Floor, 159, Ravindra Sarani Kolkata-700007 Pan No. :Aancs 2337 J (अपीलधर्थी /Appellant) .. (प्रत्यर्थी / Respondent) रधजस्वकीओरसे /Revenue By : Shri Sanat Kumar Raha, Cit-Dr निर्धाररतीकीओरसे /Assessee By : Shrisoumitra Choudhury & Rainak Jain, Advocates सुनवाई की तारीख / Date Of Hearing : 09/12/2025 घोषणा की तारीख/Date Of Pronouncement : 23.12.2025 आदेश / O R D E R Per Rajesh Kumar, Am: This Is An Appeal Filed By The Revenueagainst The Order Passed By The Ld. Cit(A), Kolkata-20, Dated 06.05.2025For The Assessment Year2012-2013. 2. The Appeal Of The Revenue Is Barred By 69 Days. Considering The Submissions Of The Ld. Cit-Dr & Looking To The Facts Of The Case, We Condone The Delay Of 69 Days In Filing The Present Appeal By The Revenue & The Appeal Is Admitted For Hearing. 3. The Only Issue Raised In This Appeal Is Against The Order Of The Ld. Cit(A) In Deleting The Addition Of Rs.6,82,00,000/- Made U/S.68 Of The Act On Account Of Unexplained Cash Credits Received From Shell Entities In The Guise Of Share Capital.

153 (Bombay) M/s Geetatax vs. DCIT (Special Civil Application No. 20977 of 2016-Rajasthan High Court) CIT vs. Atul Jain [2008] 299 ITR 383 (Del) Signature Hotels (P.) Ltd. vs. ITO [2012] 20 taxmann.com 797 (Delhi) NCOME TAX DEPARTMEN Delhi) 5.2 The assessee further argues that mere reliance on third-party statements and unverified reports, without providing an opportunity

ACITCC-3(2), KOLKATA vs. SMT. SAVITRI DEVI AGARWAL, BILASPUR

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

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

68] NOTE-1: UNDER SECTION 271AAA NO PENALTY WAS TO BE IMPOSED ON INCOME ADMITTED U/S 132(4). HOWEVER, PENALTY U/S 271 AAB IS LEVIABLE EVEN IF INCOME IS ADMITTED U/S 132(4) AND SUCH PENALTY IS TO BE LEVIED ON THE AMOUNT OF UNDISCLOSED INCOME ADMITTED U/S 132(4).THEREFORE, PENALTY UNDER NEWLY SUBSTITUTED SECTION 271AAB SHOULD

ACIT CC-3(2),, KOLKATA vs. SRI ARJUN LAL AGARWAL , KOLKATA

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

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawal

68] NOTE-1: UNDER SECTION 271AAA NO PENALTY WAS TO BE IMPOSED ON INCOME ADMITTED U/S 132(4). HOWEVER, PENALTY U/S 271 AAB IS LEVIABLE EVEN IF INCOME IS ADMITTED U/S 132(4) AND SUCH PENALTY IS TO BE LEVIED ON THE AMOUNT OF UNDISCLOSED INCOME ADMITTED U/S 132(4).THEREFORE, PENALTY UNDER NEWLY SUBSTITUTED SECTION 271AAB SHOULD