LAL BABA SEAMLESS TUBES (P) LTD.,KOLKATA vs. DCIT, CIRCLE-3(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is treated as allowed for statistical purposes, while the appeal of the Revenue is treated as partly allowed for statistical purposes

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

section 68 for the following reasons given in his impugned order:- “On careful consideration of the contentions of the A/R of the appellant, it is Inferred therefrom that, firstly, an objection was raised regarding non-appearance of the directors of all the 13 companies before the A.O in response to summons issued u/s 131 of the I.T. Act that

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

68; (2) The ld. CIT(Appeals) has erred in entertaining the additional evidence in violation of Rule 46A of the Income Tax Rules; and (3) The ld. CIT(Appeals) has erred in deleting the addition of Rs.1,35,500/-, which was added by the ld. Assessing Officer with the aid of Section 14A read with Rule 8D. 4. First

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

Bench: Sri Rajesh Kumar & Pradip Kumar Choubey

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

M/S. DELTA DEALERS PVT. LTD.,KOLKATA vs. ITO, WARD-8(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Sonjoy Sarma & Shri Girish Agrawal]

156 ITAT-Mum., it is held by the Hon'ble Tribunal that as the primary onus cast on assessee under Section 68

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

In the result, the appeal of the Revenue is dismissed

68 of the\nAct and added to the income of the assessee in the assessment\nframed u/s 143(3) read with section 254 read with section 144B of\nthe Act dated 29.09.2021.\n5.\nIn the appellate proceedings, the Id. CIT (A) after taking into\nconsideration the submissions of the assessee along with the\nevidences filed by the assessee

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

section 14A of the Act on account of expenses incurred to earn exempt income to Rs. 86,368/- in contravention of CBDT's Circular No. 5/2014 dated 11/02/2014?” 010. The issue raised in ground no.1 of appeal is against the deletion of addition of ₹4,49,37,500 by the ld. CIT (A) as made

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

section 14A of the Act on account of expenses incurred to earn exempt income to Rs. 86,368/- in contravention of CBDT's Circular No. 5/2014 dated 11/02/2014?” 010. The issue raised in ground no.1 of appeal is against the deletion of addition of ₹4,49,37,500 by the ld. CIT (A) as made

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) of the Income Tax Act passed on 18.08.2016. The ld. Principal Commissioner, Siliguri took cognizance of revisionary powers under section 263 of the Income Tax Act and set aside the assessment order vide his order dated

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

CHITRAKOOT TRADELINE PRIVATE LIMITED,KOLKATA vs. NATIONAL FACELESS ASSESSMENT CENTRE, DELHI

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shripradip Kumar Choubey, Jm Chitrakoot Tradeline Private Limited National Faceless Assessment C/O Agarwal Vishwanath & Centre, Associates, 2Nd Floor, E-Ramp, Jawaharlal Vs. 133/1/1A, S.N. Banerjee Road, Nehtru Road, New Delhi-110003 Pushkal Bhawan, 3 Rd Floor, Kolkata-700103, West Bengal (Appellant) (Respondent) Pan No. Aabcc3130H Assessee By : S/Shri Deep Agarwal & Shubhankar Ghosh, Ars Revenue By : Shri Santanu Ghosh, Dr Date Of Hearing: 22.01.2026 Date Of Pronouncement: 26.02.2026

68 is confirmed, as the appellant has failed to discharge the burden of proof regarding the identity, creditworthiness, and genuineness of the share capital and share premium transactions. The initiation of penalty proceedings under section 271(1)(c) is valid and will be adjudicated separately. The appeal is dismissed. The assessment 5.7 stands confirmed.” 5. After hearing the rival

DCIT- CENTRAL CIRCLE-2(4), KOLKATA vs. VIKRMA IMPEX PRIVATE LIMITED, KOLKATA

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

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

section 68 and 69C of the Income Tax Act in the assessment order is justified. In rejoinder to remand report, the appellant has submitted as under: In the remand report the AO has justified the addition of loan of Rs.1.90 crore and interest of Rs.3,33,699. The summary of transactions are as follows: Description Loan Interest Total

DCIT, CC-2(4), KOLKATA, KOLKATA vs. VIKRMA IMPEX PRIVATE LIMITED, KOLKATA

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

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

section 68 and 69C of the Income Tax Act in the assessment order is justified. In rejoinder to remand report, the appellant has submitted as under: In the remand report the AO has justified the addition of loan of Rs.1.90 crore and interest of Rs.3,33,699. The summary of transactions are as follows: Description Loan Interest Total

M/S SANJAY ENTERPRISES,KOLKATA vs. ITO., WARD-44(2), KOLKATA

In the result, the appeal of the assessee is treated as partly allowed for statistical purposes

Bench: Shri P.M. Jagtap, Vice- & Shri A.T. Varkey

156/-. 3. The assessee in the present case is a partnership firm, which is engaged in the business of trading in Till Oil. The return of income for the year under consideration was filed by it on 31.10.2007 declaring total 1 Assessment Year: 2007-2008 M/s. Sanjay Enterprises income of Rs.1,91,200/-. During the course of assessment proceedings

DY. CIT CENTRAL CIRCLE-1(4), KOLKATA, KOLKATA vs. FEMINA STOCK MANAGEMENT COMPANY LTD, KOLKATA

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 850/Kol/2023 Assessment Year: 2011-12 Dy. Cit Central Circle – 1(4), Kolkata Femina Stock Management Company Vs Ltd. 5Th Floor, Room No. 2 P23/24, Radha Bazar Street Tea Board Kolkata - 700001 [Pan: Aaacf3689H] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Manish Tiwari, Fca Revenue By : Shri Abhijit Kundu, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 10/10/2023 घोषणा क" तारीख /Date Of Pronouncement: 14/12/2023 आदेश/O R D E R Per Dr. Manish Borad: The Above Captioned Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Commissioner Of Income Tax (Appeals), Kolkata – 21, (Hereinafter The “Ld. Cit(A)”) Dt. 12/05/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2011-12. 2. The Registry Has Pointed Out That There Is A Delay Of 36 Days In Filing The Present Appeal By The Revenue. Petition For Condonation Of Delay Is Placed On Record Explaining The Reasons. On Perusing The Same, We Are Convinced That The Revenue Was Prevented By Sufficient Cause From Filing This Appeal In Time. Accordingly, We Condone The Delay & Proceed To Admit The Appeal For Hearing. 3. The Revenue Has Raised The Following Grounds Of Appeal:-

section 68 of the Act, for the impugned transactions in relation to the particular company present on those premises. These documents have already been elaborately listed earlier in this order, and included the PAN Card, IT acknowledgement, audited balance sheets and so on. It was also pointed out in the 1st remand report that the inspector did not find

NALANDA BUILDERS PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 2(1), KOLKATA, KOLKATA

In the result the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 763/Kol/2022 Assessment Year: 2013-14 Nalanda Builders Pvt. Ltd. Dcit, Central Circle-2(1), Kolkata 5, Sree Charan Sarani Vs Bally Howrah – 711201 (West Bengal) [Pan : Aabcn7736Q] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Soumitra Choudhury, A/R Revenue By : Shri P.P. Barman, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 30/11/2023 घोषणा क" तारीख /Date Of Pronouncement: 11/01/2024 आदेश/O R D E R Per Shri Rajesh Kumar: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi, [Hereinafter The “Ld. Cit(A)”] Dt. 23/11/2022, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2013-14. 2. The Issues Raised In Ground Nos. 2 To 4 Is Against The Confirmation Of Addition As Made By The Assessing Officer On Account Of Difference Between The Value Taken By The Assessee & The Fair Market Value (Fmv) U/S 50C Of The Act. 3. The Facts In Brief Are That During The Year, The Assessee Sold Two Flats For An Aggregate Consideration Of Rs.3,00,00,000/- & Accordingly Addition Of Rs.3,26,37,314/- Was Made To The Income Of The Assessee. In 2

156 taxmann.com 605 (Bombay) 3) PCIT vs. Dipansu Mahapatra [2023] 149 taxmann.com 99 (Orissa) 4) ITO Vs. Smt. Bimla Debvi Singhania ITA Nos. 212 & 213/CKT/2019 7 I.T.A. No. 763/Kol/2022 Assessment Year: 2013-14 Nalanda Builders Pvt. Ltd. 9.1. The ld. A/R submitted that in all these judicial precedents, transactions were done by the assessees on recognised stock exchange platforms

SAMRAT FINVESTORS PRIVATE LIMITED. ,KOLKATA vs. ITO, WARD- 10(2),KOLKATA. , KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 840/Kol/2023 Assessment Year: 2014-15 Samrat Finvestors Private Limited Income Tax Officer, Ward – 10(2), 20/1, Maharshi Debendra Vs Kolkata 2Nd Floor, Room No. 13A Kolkata - 700007 [Pan : Aadcs4698G] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Soumitra Choudhury, A/R Revenue By : Shri B.K. Singh, Jcit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 14/12/2023 घोषणा क" तारीख /Date Of Pronouncement: 11/01/2024 आदेश/O R D E R Per Shri Rajesh Kumar: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi, [Hereinafter The “Ld. Cit(A)”] Dt. 27/06/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2014-15. 2. The Assessee In The Instant Appeal Has Raised Two Effective Issues In The Various Grounds Before Us Which Are Summed Up As Under:- (I) That The Ld. Cit(A) Has Erred On Facts & In Law In Confirming The Disallowance Of Rs.3,98,50,208/- As Made By The Assessing Officer On Account Alleged Bogus Loss In Share Trading & In F&O Segment. (Ii) The Ld. Cit(A) Has Erred On Facts & In Law In Upholding The Addition Of Rs.11,58,944/- As Made By The Assessing

156 taxmann.com 605 (Bombay) 3) PCIT vs. Dipansu Mahapatra [2023] 149 taxmann.com 99 (Orissa) 4) ITO Vs. Smt. Bimla Debvi Singhania ITA Nos. 212 & 213/CKT/2019 7.1. The ld. A/R submitted that in all these judicial precedents, transactions were done by the assessees on recognised stock exchange platforms and earnings profits//sustaining losses were accepted by the above judicial forums

M/S. ARUP KUMAR CHAKRABORTY,HOWRAH vs. ITO, WARD - 22(2),KOLKATA, KOLKATA

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

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

section 68 of the Act due to non production of the supporting documents. We find from the written submission that the assessee is a dealer in shares and doing his business in the name of M/s Manglam Investment. The business was being done through under broker MTSD, Prop. Manick Chand Pugalia. The said MTSD was working under the main

ITO, WARD - 22(2), KOLKATA, KOLKATA vs. SHRI ARUP KUMAR CHAKRABORTY, HOWRAH

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

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

section 68 of the Act due to non production of the supporting documents. We find from the written submission that the assessee is a dealer in shares and doing his business in the name of M/s Manglam Investment. The business was being done through under broker MTSD, Prop. Manick Chand Pugalia. The said MTSD was working under the main