SARDA MINES PVT. LIMITED,KOLKATA vs. DCIT, CIRCLE-05(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 867/Kol/2017 Assessment Year: 2007-08 Sarda Mines Pvt. Ltd...............................………………………………………………Appellant 6Th Floor, Circular Court, 8, Ajc Bose Road, Kolkata – 700017. [Pan : Aahcs 2419 R] D.C.I.T., Cir 5(2) Kolkata………………………………………………......................Respondent Aayakar Bhawan, P-7, Chowringhee Square, Kolkata - 69 Appearances By: Shri A.K. Gupta, Fca Appearing On Behalf Of The Assessee. Md. Usman, Cit Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 21, 2017 Date Of Pronouncing The Order : December 14, 2017 Order Per P.M. Jagtap, Am This Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Principal Cit – 2, Kolkata Dated 28.03.2017 Passed Under Section 263 Of The Income Tax Act, 1961 & The Grounds Raised By The Assessee Therein Read As Under: “1. For That The Order Passed Under Section 263 Of The Income Tax Act, 1961 (In Short ‘The Act’) By The Principal Commissioner Of Income Tax -2, Kolkata (In Short ‘Cit’) Dated 28.03.2017 Is Without Jurisdiction & Illegal As None Of The Condition Precedent For Exercise Of The Power Under Section 263 Of The Act Exists And/Or Has Been Satisfied & As Such The Said Order Is Erroneous & Without Jurisdiction & Liable To Be Cancelled. 2. For That The Order Passed By The Assessing Officer Was Not In Any Way Erroneous Or Prejudicial To The Interest Of Revenue & As Such The Cit Would Not Exercise Any Power Under Section 263 Of The Act. The Cit Erred In Holding That The Order Of Assessment Is Erroneous & Prejudicial To The Interest Of Revenue.

68,762/-. 4. The records of the assessment in the case of the assessee for the year under consideration was examined by the Principal CIT and on such examination, he found the following errors in the order of the A.O. passed under section 147/144/143(3) which according to him, were prejudicial to the interest of the revenue: “The total

K.A.WIRES LTD.,KOLKATA vs. I.T.O.,WARD-8(3), KOLKATA

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2012-13 K.A. Wires Ltd...………………………………………………………..................................……………..….......Appellant Chatterjee Intl Centre 11Th Floor Room No. 11 33A, Chowringhee Road Kolkata – 700 071 [Pan : Aadck 7401 M] Vs. Income Tax Officer, Ward – 8(3), Kolkata…..…................................................….…….....…..Respondent Appearances By: Shri S.M. Surana, Adovate & Shri N.P. Jain, Advocate, Appeared On Behalf Of The Assessee. Shri A.K. Nayak, Cit D/R & Shri Dhrubajyoti Ray, Jcit D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : December 4Th, 2019 Date Of Pronouncing The Order : January 22Nd, 2020 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals) – 3, Kolkata, (Hereinafter The “Ld.Cit(A)”), Passed U/S. 250 Of The Income Tax Act, 1961 (The ‘Act’), Dt. 23/04/2019, For The Assessment Year 2012-13. 2. The Assessee Is A Company & Is Engaged In The Business Of Zinc Manufacturing. It Filed Its Return Of Income Electronically For The Assessment Year 2012-13 On 07/09/2012 Declaring A Loss Of Rs.(-)Rs.37,99,257/-. The Assessing Officer Completed The Assessment U/S 143(3) Of The Act On 30/03/2015 Determining The Total Income Of The Assessee At Rs.1,02,00,743/- Interalia Making An Addition U/S 68 Of The Act Being Share Capital & Share Premium Received By The Company From Three (3) Associate Companies. Out Of This Rs,1,40,00,000/- Addition, The Assessing Officer States That A Protective Addition Of Rs.40,00,000/- Is Made In The Hands Of The Intermediary Companies. Aggrieved The Assessee Carried The Matter In Appeal Without Success. The Ld. First Appellate Authority, Upheld The Order Of The Assessing Officer. 3. Further Aggrieved, The Assessee Is Before Us.

68 of the Act, the Bench has been consistently remanding , the Bench has been consistently remanding such matters back to the file of the Assessing Officer for fresh adjudication, in accordance back to the file of the Assessing Officer for fresh adjudication, in accordance back to the file of the Assessing Officer for fresh adjudication, in accordance with

SARDA MINES PVT. LIMITED,KOLKATA vs. DCIT, CIRCLE-05(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 868/Kol/2017 Assessment Year: 2012-13 Sarda Mines Pvt. Ltd...............................………………………………………………Appellant 6Th Floor, Circular Court, 8, Ajc Bose Road, Kolkata – 700017. [Pan : Aahcs 2419 R] D.C.I.T., Cir 5(2) Kolkata………………………………………………......................Respondent Aayakar Bhawan, P-7, Chowringhee Square, Kolkata - 69 Appearances By: Shri A.K. Gupta, Fca Appearing On Behalf Of The Assessee. Md. Usman, Cit Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 21, 2017 Date Of Pronouncing The Order : December 14, 2017 Order Per P.M. Jagtap, Am This Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Principal Cit – 2, Kolkata Dated 28.03.2017 Passed Under Section 263 Of The Income Tax Act, 1961 & The Grounds Raised By The Assessee Therein Read As Under: “1. For That The Order Passed Under Section 263 Of The Income Tax Act, 1961 (In Short ‘The Act’) By The Principal Commissioner Of Income Tax -2, Kolkata (In Short ‘Cit’) Dated 28.03.2017 Is Without Jurisdiction & Illegal As None Of The Condition Precedent For Exercise Of The Power Under Section 263 Of The Act Exists And/Or Has Been Satisfied & As Such The Said Order Is Erroneous & Without Jurisdiction & Liable To Be Cancelled. 2. For That The Order Passed By The Assessing Officer Was Not In Any Way Erroneous Or Prejudicial To The Interest Of Revenue & As Such The Cit Would Not Exercise Any Power Under Section 263 Of The Act. The Cit Erred

1. For that the order passed under section 263 of the Income Tax Act, 1961 (in short ‘the Act’) by the Principal Commissioner of Income Tax -2, Kolkata (in short ‘CIT’) dated 28.03.2017 is without jurisdiction and illegal as none of the condition precedent for exercise of the power under section 263 of the Act exists and/or

ACIT, CIRCLE - 35, , KOLKATA vs. M/S. MACHINERY AGENCIES INDIA , KOLKATA

Bench: Shri P. M. Jagtap(Kz) & Shri A. T. Varkey]

Section 68 of the Income Tax Act and consequently deleted the disallowance of Rs. 3,10,478/-, which was made with respect to interest and when the same has been confirmed by the ITAT, it cannot be said that ITAT has committed any error and/or illegality, which calls for the interference of this Court. In paragraph 11, ITAT

BRITANNIA INDUSTRIES LTD,KOLKATA vs. DCIT, CIR-7(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

1)(i) of the Act; (iii)Disallowance of claim u/s 43B in relation to reversal or write back of provision for liabilities; (iv) Disallowance of deduction claimed u/s 80JJAA; (v) Disallowance of prior period expenses. 4. The assessee replied to the show-cause notice vide written submissions dated 13.01.2023, 13.02.2023 & 13.03.2023, the copies of whichare filed at pages

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)

1(2), Kolkata and was having PAN: AACCA2350C. This company was having a paid up capital with free reserves and surplus of Rs.69,14,38,512/- as on 31/03/2012 and Rs.2,11,32,689/- as on 31/03/2011 respectively. The copy of the bank statement of the Company is duly available in the paper book. On examination of the bank statement

HILTON COMMODITIES PVT. LTD.,KOLKATA vs. ITO, WARD-5(3), KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Hilton Commodities Pvt. Ltd. Ito, Ward 5(3) 9/12, Lal Bazar Street, Aaykar Bhavan, P-7, Mercantile Building, Block-B, Chowringhee Square, Vs. 3Rd Floor, No.10, Kolkata-700069, West Bengal Kolkata-700001, West Bengal (Appellant) (Respondent) Pan No. Aacch1011P Assessee By : Shri Soumitra Choudhury, Ar Revenue By : Shri S Datta, Cit Dr Date Of Hearing: 08.01.2025 Date Of Pronouncement : 24.02.2025

68 of the Act. 04. The facts in brief are that the assessee filed the original return of income on 26.09.2009, showing total loss of ₹3,642/- which was processed u/s 143(1) of the Act. The case of the assessee was reopened u/s 147 read with section 148 of the Act and accordingly, the assessment was framed

DOLPHIN GOODS PVT. LTD.,KOLKATA vs. I.T.O.,WARD-6(1), KOLKATA

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

1)], made the addition hurriedly, the assessee again had filed the documents before the Ld. CIT(A), who called for remand report from AO was of the opinion that assessee had not proved the identity, creditworthiness and genuineness of the share subscribers and confirmed the addition made u/s. 68 of the Act. So, while examining

ITO, WARD-12(3), KOLKATA, KOLKATA vs. M/S SPLENDOUR VILLA MAKERS PVT. LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1768/Kol/2016 Assessment Year : 2012-13 Ito, Ward-12(3), Kolkata -Vs- M/S Splendour Villa Makers Pvt. Ltd. [Pan: Aahcs 9726 M] (Appellant) (Respondent)

Section 68 of the Act. Therefore, we do not want to interfere in the impugned order of Ld. CIT(A) which is confirmed and consequently the appeal of Revenue is dismissed. 5.14. We find that the Hon’ble Supreme Court in the case of M/s Earthmetal Electricals P Ltd vs CIT & Anr. reported

DEEPAK SWITCH GEARS PVT. LTD. ,KOLKATA vs. PCIT, ASANSOL, ASANSOL

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.809/Kol/2023 Assessment Year: 2012-13 Deepak Switch Gears Pvt. Ltd….…......................…...……………....Appellant 48/6, Suman Villa, 2Nd Floor, 155, Jessore Road, Kolkata-700055. [Pan: Aabcd1131H] Vs. Pcit, Asansol….....….........................................................…..…..... Respondent Appearances By: Shri A. K. Tibrewal, Ar, Appeared On Behalf Of The Appellant. Shri Abhijit Kundu, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : April 08, 2024 Date Of Pronouncing The Order : May 07, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Revision Order Dated 30.12.2022 Of The Principal Commissioner Of Income Tax, Kolkata [Hereinafter Referred To As ‘Pr. Cit’] Passed U/S 263 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Assessee In This Appeal Has Agitated Against The Action Of The Pr. Cit In Exercising His Revision Jurisdiction U/S 263 Of The Act & Thereby Directing The Assessing Officer To Frame The Assessment Afresh. 2. The Registry Has Pointed Out That The Appeal Is Time-Barred By 158 Days. A Separate Application Of Condonation Of Delay Has Been Filed, Wherein, It Has Been Pleaded That After Receipt Of The Impugned Order Of The Pr. Cit, The Assessee, Through Its Director, Shri Deep Kishan Saraf, Immediately Approached One Shri Pawan Kumar Agarwal, Chartered

68 of the Income Tax Act. In view of the above the assessment order passed u/s. 147/ 143(3) is erroneous insofar as it is prejudicial to the interest of revenue. 5. Now, explanation (2) to section 263(1

ITO, WD-1(1), SILIGURI, SILIGURI vs. M/S CACHAR KING PLANTATIONS PVT. LTD., SILIGURI

In the result, appeal of the revenue is dismissed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2012-13 Income Tax Officer, Ward-1(1), Siliguri..………......……….........…………..………….…................Appellant Vs. M/S. Cachar King Plantations Pvt. Ltd..……...........…………..……………….…...……..…….......Respondent Situvita Tea Factory Bidhan Nagar Siliguri [Pan : Aabcc 0744 P] Appearances By: Shri Subash Agarwal, Advocate, Appeared On Behalf Of The Assessee. Shri Robin Choudhury, Sr. D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : December 12Th, 2018 Date Of Pronouncing The Order : January 16Th , 2019 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Revenue Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)- Siliguri, (Hereinafter The ‘Ld. Cit(A)’), Dt. 27/05/2015, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The ‘Act’), Relating To Assessment Year 2012-13. 2. The Assessee Is A Company & Is In The Business Of Investment In Shares & Securities. For The Assessment Year 2012-13, It E-Filed Its Original Return Of Income On 22/09/2012, Disclosing Total Business Income At Rs.3,71,534/-. The Assessment Order Was Passed U/S 143(3) Of The Act, On 30/03/2015, Making An Addition Of Unexplained Cash Credit To The Tune Of Rs.1,30,00,000/-, U/S 68 Of The Act. This Was Set Off Against Carried Forward Losses & Gross Total Balance Was Determined At –Nil- Aggrieved The Assessee Carried The Matter In Appeal. The Ld. First Appellate Authority Deleted The Addition For The Reasons Given In His Order.

68 of the Act. This was set off against carried forward losses and gross total balance was determined at –Nil- Aggrieved the assessee carried the matter in appeal. The ld. First Appellate Authority deleted the addition for the reasons given in his order. 3. Aggrieved, the revenue is in appeal before us. 2 Assessment Year: 2012-13 M/s. Cachar King

ITO, WARD - 6(1), KOLKATA , KOLKATA vs. M/S. DELIGHT GRIH NIRMAN PVT. LTD., , KOLKATA

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1755/Kol/2017 ("नधा"रणवष" / Assessment Year: 2012-13)

1,10,00,000/- Commercial Pvt. Floor, Tollygunge, Kol- Ltd. 29. PAN:AADCS6468E Total 5,00,00,000/- From the paper book submitted by the ld counsel, where we note that the aforesaid shareholders had submitted the following relevant details as called for and had confirmed the transaction with the assessee company. The evidence which were filed before

ITO, WD-6(1), KOLKATA, KOLKATA vs. M/S TRITIUM COMMODITIES PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi) Assessment Year: 2008-09 Income Tax Officer, Ward-6(1), Kolkata.………......……….........…………..………….…................Appellant Vs. M/S. Tritium Commodities………..........….……...........…………..……………….…...……..…….......Respondent 7, Babulal Lane Kolkata – 700 007 [Pan : Aacct 8286 G] Appearances By: Shri S.M. Surana, Advocate, Appeared On Behalf Of The Assessee. Shri Sankar Halder, Addl. Cit Sr. D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 6Th, 2018 Date Of Pronouncing The Order : November 28Th , 2018 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Revenue Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-2, Kolkata, (Hereinafter The ‘Ld. Cit(A)’), Dt. 15/10/2015, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The ‘Act’), Relating To Assessment Year 2008-09. 2. The Assessee Is A Company & Is In The Business Of Investment In Shares & Securities. For The Assessment Year 2012-13, It Filed Its Return Of Income On 27/09/2017, Disclosing Nil Income. It Filed Its Original Return Of Income For The Assessment Year 2008-09, On 22/10/2008, Declaring Total Loss Or Rs.14,726/-. The Assessment Order Was Passed U/S 147/143(3) Of The Act, On 24/06/2010. Thereafter The Ld. Cit(A), Passed An Order U/S 263 Of The Act, Setting Aside The Assessment Order Dt. 24/06/2010. The Assessing Officer Passed The Impugned Fresh Order In Pursuance To The Order U/S 263 Of The Act, Dt. 31/03/2014, Making An Addition Of The Share Application Money Of Rs.2.07 Crores U/S 68 Of The Act. Aggrieved The Assessee Carried The Matter In Appeal. The Ld. First Appellate Authority Deleted The Addition For The Reasons Given In His Order.

1), Kolkata.………......……….........…………..………….…................Appellant Vs. M/s. Tritium Commodities………..........….……...........…………..……………….…...……..…….......Respondent 7, Babulal Lane Kolkata – 700 007 [PAN : AACCT 8286 G] Appearances by: Shri S.M. Surana, Advocate, appeared on behalf of the assessee. Shri Sankar Halder, Addl. CIT Sr. D/R. appearing on behalf of the Revenue. Date of concluding the hearing : November 6th, 2018 Date of pronouncing the order : November 28th , 2018 ORDER

M/S. MATARANI VINTRADE PVT. LTD., ,KOLKATA vs. ITO, WARD - 15(1), KOLKATA , KOLKATA

Bench: Hon’Ble Shri P.M. Jagtap, V.P (Kz) & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2012-13

1) The Assessing Officer, Deputy Commissioner (Appeals), Joint Commissioner, Commissioner (Appeals), Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner and the Dispute Resolution Panel referred to in clause (a) of sub-section (15) of section 144C shall, for the purposes of this Act, have the same powers as are vested in a court under

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

1) of Rs.413,26,99,626/-. Subsequently this return was revised by filing a revised return of income on 31.03.2015 showing adjusted total income under section 115JC(A) of the Income Tax Act at Rs.391,69,68,350/-. The ld. Assessing Officer has accepted the returned income by way of an assessment order under section

DCIT, CIR.-11(1), KOLKATA, KOLKATA vs. M/S JAGANNATH BANWARILAL TEXOFABS PVT. LTD., KOLKATA

Bench: Shri A. T. Varkey, Jm & Shri A.L.Saini, Am]

1 I.T.A No 1762/Kol/2016 M/s. Jagannath Banwarilal Texofabs Pvt.Ltd. audited accounts, IT Acknowledgment, bank statement, explanation regarding source of the source of funds, Board Resolution, Form 18 filed before the ROC etc. were furnished by the assessee and were available on his record. Before the AO the assessee also furnished a detailed justification regarding the premium charged on shares

KANCHAN PLYWOOD PRODUCTS PVT. LTD., ,JALPAIGURI vs. ITO, WARD - 1(2), JALPAIGURI, JALPAIGURI

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini Am]

263 ITR 623 (Calcutta) and also the decision of Tribunal M/s. Subhalaxmi Vanijya Pvt. Ltd. as well as the decision of the Tribunal in M/s. Bishakha Sales Pvt. Ltd. vs CIT. The Learned DR also relied on the judgement of the Hon’ble Calcutta High Court in the case of CIT vs Precision Finance

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