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

JCIT(OSD),CIR.-12(1) , KOLKATA vs. M/S WEARIT GLOBAL LTD., KOLKATA

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

section 133(6) I.T.A No. 55/Kol/2020,I.T.A. No.20/Kol/2019, I.T.A. No.2191/Kol/2018 & I.T.A. No.115/Kol/2020 M/s Wearit Global Ltd. Assessment years: 2014-15,2015-16 & 2016-17 notice, pursuant to which, when the A.O had issued summons u/s 131of the Act, instead of notices u/s 133(6) as directed by him, the Ld. CIT(A) found fault with the action

DCIT, CIRCLE - 12(1), KOLKATA vs. M/S. WEARIT GLOBAL LTD., , KOLKATA

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

section 133(6) I.T.A No. 55/Kol/2020,I.T.A. No.20/Kol/2019, I.T.A. No.2191/Kol/2018 & I.T.A. No.115/Kol/2020 M/s Wearit Global Ltd. Assessment years: 2014-15,2015-16 & 2016-17 notice, pursuant to which, when the A.O had issued summons u/s 131of the Act, instead of notices u/s 133(6) as directed by him, the Ld. CIT(A) found fault with the action

WEARIT GLOBAL LTD., ,KOLKATA vs. DCIT, CIRCLE - 12(1), KOLKATA

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

section 133(6) I.T.A No. 55/Kol/2020,I.T.A. No.20/Kol/2019, I.T.A. No.2191/Kol/2018 & I.T.A. No.115/Kol/2020 M/s Wearit Global Ltd. Assessment years: 2014-15,2015-16 & 2016-17 notice, pursuant to which, when the A.O had issued summons u/s 131of the Act, instead of notices u/s 133(6) as directed by him, the Ld. CIT(A) found fault with the action

J.C.I.T.(OSD),CIRCLE-12(1), KOLKATA vs. M/S WERIT GLOBAL LTD., KOLKATA

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

section 133(6) I.T.A No. 55/Kol/2020,I.T.A. No.20/Kol/2019, I.T.A. No.2191/Kol/2018 & I.T.A. No.115/Kol/2020 M/s Wearit Global Ltd. Assessment years: 2014-15,2015-16 & 2016-17 notice, pursuant to which, when the A.O had issued summons u/s 131of the Act, instead of notices u/s 133(6) as directed by him, the Ld. CIT(A) found fault with the action

DCIT, CENTRAL CIRCLE - 2(4), KOLKATA , KOLKATA vs. M/S. MAA ANNAPURNA TRANSPORT AGENCY LTD., , KOLKATA

In the result, the appeal of revenue is dismissed

Bench: Shri A.T. Varkery, Jm & Dr. Arjun Lal Saini, Am ]

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. 25. Ground no. 2 of revenue is against the action of the ld. CIT(A) in deleting the addition of Rs.12,75,987/- on account of interest payment

BIMAL KUMAR DROLIA,HOWRAH vs. ITO, WARD-43(2), KOLKATA

In the result, the appeal filed by the assessee is dismissed

Bench: Sri Pradip Kumar Choubey & Sri Rakesh Mishra

section 68. [Para 37] ■ The respondent-assessee cannot contend that they will not give details of beneficiaries, but at the same

BALHANUMAN COMMODEAL PVT. LTD.,KOLKATA vs. ITO, WARD-5(4), KOLKATA

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2012-13

Section 68 by Finance Bill, 2012 which has taken note of various decision of the court where the courts have drawn a distinction and emphasised that in case of private placement of shares the legal regime should be different from that which is followed in the case of a company seeking share capital from the public at large

SATYANARAYAN HOLDINGS PVT. LTD.,KOLKATA vs. ITO, WARD-5(2), KOLKATA

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No.444/Kol/2024 Assessment Year: 2012-13

Section 68 of the Act has held that where the Revenue urges that the amount of share application money has been received from bogus shareholders then it is for the Income Tax Officer to proceed by reopening the assessment of such shareholders and assessing them to tax in accordance with law. It does not entitle the Revenue

DCIT, CIRCLE-3(1), KOLKATA, KOLKATA vs. M/S. LAL BABA SEAMLESS TUBES PVT. LIMITED , 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 of the I.T. Act in the hand of the assessee. Addition:- Rs. 37,09,712/- 06. M/s Imperial

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 of the I.T. Act in the hand of the assessee. Addition:- Rs. 37,09,712/- 06. M/s Imperial

M/S. BHIKSHU POLYMERS PVT. LTD. (EARLIER KNOWN AS M/S. JEEVAN COMMOTRADE PVT. LTD.),KOLKATA vs. I.T.O., WARD - 6(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: SHRI SANJAY GARG, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

section 68 of the Act was not exigible in the present case. Finally, reliance has been placed on the case of M/s Hirak Vyapaar Pvt. Ltd. Vs. Principal Commissioner of Income Tax-1, Kolkata, ITAT/242/2023, IA No. GA/1/2023 passed by the Hon'ble’ Calcutta High Court, dated 03.05.2024. 2.2. The Ld. Departmental Representative, on the other hand took

L B SAREE EMPORIUM,KOLKATA vs. ACIT, CIR. 43, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Dr. Manish Borad (Accountant Member), Shri Pradip Kumar Choubey (Judicial Member)

section 68 of the Act in the case of this cash creditor is set aside.. 9(c). Murari Lal Bharatiya- Rs.10,00,000/- From the record, we find that details are placed at pages 37

ITO, WARD-10(4), KOLKATA, KOLKATA vs. MS SAVERA TOWERS PVT. LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 2275/Kol/2016 Assessment Year : 2012-13 Ito, Ward-10(4), Kolkata -Vs- M/S Savera Towers Pvt. Ltd. [Pan: Aaocs 9744 C ] (Appellant) (Respondent)

section 143(3) of the Income Tax Act, 1961 (in short “the Act”) dated 12.03.2015 for the Assessment Year 2012-13. 2. The only effective issue to be decided in this appeal is as to whether the ld. CIT(A) was justified in deleting the addition made towards share premium

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

68 of the Act of Rs.10,07,00,000/-. Apart from this, the ld. Assessing Officer also disallowed the claim of deduction u/s 35(1)(ii) of the Act made towards expenditure for scientific research. The ld. Assessing Officer also made disallowance u/s 14A of the Act at Rs. 30,37,525/-. Along with other minor disallowances, income assessed

A.C.I.T., CIRCLE-26(1), KOLKATA vs. SHRI DEBASHIS ROY, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Rajesh Kumar, Hon’Blei.T.A. No. 226/Kol/2019 Assessment Year: 2015-16 Asstt. Commissioner Of Income, Shri Debashis Roy Circle – 26(1), Kolkata Vill – Vijayganj Bazar Vs P.O. Bhangar 24, Paraganas (South) P.S. Kashipur Pin - 743502 Pan : Aoppr3859H अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S.K. Tulsiyan, Advocate & Ms. Puja Somani, A/R Revenue By : Shri Ranu Biswas, Addl. Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 07/09/2022 घोषणा क" तारीख /Date Of Pronouncement: 09/11/2022 आदेश/O R D E R Per Shri Rajesh Kumar: The Present Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals) – 7, Kolkata (Hereinafter The “Ld. Cit(A)”) Dt. 19/11/2018, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act’), For Assessment Year 2015-16. 2. The Issue Raised In Ground Nos. 1 & 2 Is Against The Deletion Of An Addition Of Rs. 4,19,07,168/- By The Ld. Cit(A) Which Was Added By The Assessing Officer U/S 68 Of The Act To The Income Of The Assesse On Account Of Unexplained Cash Credit Received During The Year.

37,510/-which was processed u/s 143(1) of the Act and thereafter the case was selected for scrutiny and statutory notice were issued and duly served upon the assessee. The Assessing Officer during the course of assessment proceedings observed that the assessee I.T.A. No. 226/Kol/2019 Assessment Year: 2015-16 Shri Debashis Roy 2 has shown huge sundry creditors

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

37,500/- under section 68 of the Act on account of bogus unsecured loans despite the assessee failing to establish

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

37,500/- under section 68 of the Act on account of bogus unsecured loans despite the assessee failing to establish