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

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, 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

ITO, WARD-6(3), KOLKATA, KOLKATA vs. M/S SAVITRI SHARE AND SECURITIES PVT LTD., KOLKATA

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

43 to 160 in respect of all the seven entities: Sl. Particular 4 Savitri Share & Securities Pvt. Ltd, AY 2012-13 6. Taking note of the aforesaid documents the Ld. CIT(A) was of the opinion that assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share subscribers and deleted the addition made u/s. 68

M/S LAKSHMI NARAYAN RICE & FOOD PRODUCTS PVT. LTD.,BURDWAN vs. I.TO.,WARD-2(1), BURDMAN

Bench: Shri J.Sudhakar Reddy & Shri S.S.Godaraassessment Year: 2010-11 M/S Lakshmi Narayan Rice Income Tax Officer, बनाम & Food Products Pvt. Ltd., Ward-2(1), Aayakar / Vill-Kalsi, P.O. V/S. Bhawan, Court Chotkhanda, P.S. Memari, Compound, Burdwan- Burdwan, Pin-713146 713101 [Pan No.Aabcl 6230 F] .. अपीलाथ" /Appellant ""यथ" /Respondent

68 of the Act during the course of assessment as affirmed in the lower appellate proceedings. The Revenue’s strong stand in support of both the lower authorities’ action is that since the assessee’s twin investor entities had been found lacking genuineness / creditworthiness, they have been rightly treated as shell entities thereby inviting the impugned addition. 3. We have

DCIT, CIRCLE-2, , ASANSOL vs. M/S. DIAMOND BOTTLING PLANT COMPANY, KOLKATA

Appeal is dismissed

Bench: Shri P.M. Jagtap, V.P & Shri S. S. Godara, Jm आयकर अपीलसं./I.T.A No.894/Kol/2019 ("नधा"रण वष" / Assessment Year: 2012-13) Dcit, Circle-2, Asansol Vs. M/S Diamond Bottling Plant Company C/O. S.N. Ghosh & Associates, Seven Brothers Lodge, P.O-Buroshibtala, P.S- Chinsurah, Hooghly, - 712105. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaefd5674R (Appellant) .. (Respondent) Appellant By : Smt. Ranu Biswas, Sr. Dr Respondent By : Shri S.M. Surana, Advocate सुनवाई क" तार"ख/ Date Of Hearing : 11/12/2019 घोषणा क" तार"ख/Date Of Pronouncement : 31/12/2019 आदेश / O R D E R Per Shri S. S. Godara: This Revenue’S Appeal For Assessment Year 2012-13 Arises Against The Commissioner Of Income Tax (A), Asansol Dated 30.01.2019 Passed In Case No.58/Cit(A)/Asl/Dcit/Cir-2/Asl/15-16 Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused. 2. The Revenue’S Sole Substantive Grievance Seeks To Revive Assessing Officer’S Action Treating Assessee’S Loans Of Rs.11,85,00,000/- As Unexplained Cash Credits U/S 68 Which Has Been Reversed To The Extent Of Rs.5,26,50,251/- In The Cit(A)’S Order. Its Case Accordingly Is That The Assessing Officer Had Rightly Added The Assessee’S Total Loan Amount Of Rs. 11,85,00,000/- Raised From Four Entities M/S Diamond Carbon Pvt. Ltd., M/S Mukherjee Capital Pvt. Ltd., M/S Wimper Trading & Distributors Pvt. Ltd. & M/S Mukherjee Farms Pvt. Ltd.

43-47, 64-72 and 86-89 in respect of M/s. Mukherjee Farms Pvt. Ltd., M/s. Mukherjee Capital Pvt. Ltd., M/s. Wimper Trading & distributors Pvt. Ltd. and M/s. Diamond Carbon Pvt. Ltd. respectively. In respect of creditworthiness of M/s. Mukherjee Farms Pvt. Ltd. it had capital reserve and surplus of Rs.11,39,55,207 (page 5 of paper book

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 get attracted in the hands of the respondent-assessee. Any interpretation which would make admitted unaccounted income tax free based on the denial by the assessee/persons to give details has to be rejected. [Para 39] ■ The director of assessee operated through his web of shell companies and various admissions made by the respondent-assessee. It is also

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

68 of the Income Tax Act 1961. Consequently, the question is answered in the negative. The decision of the Tribunal is correct in law" 31. The case on hand clearly falls in the category where there is lack of enquiry on the part of the A. O. as in the case of Ganjeshwari Metals (supra). Page 13 of 21 I.T.A

A.C.I.T.,CIRCLE-49(1), KOLKATA vs. M/S VISWAKARMA RESIDENCY, KOLKATA

Appeal is dismissed

Bench: Shri Sanjay Garg & Dr. M.L.Meenaआयकर अपील सं.य/ Assessment Years:2016-17 बनाम / Acit, Cir-49(1), Kolkata M/S. Viswakarma Residency Uttarpan Complex, Ds-Iv, V/S. 2Nd Fl., Manicktala Civick Centre, Block-2 & 3, 2Nd Fl., Kolkata-700 054. Pan: Aaifv3279Q अपीलाथ" /Appellant ""यथ" /Respondent .. Hearing Through Video Conferencing अपीलाथ" क" ओर से/By Appellant Shri Manish Kanojia, Cit, Dr ""यथ" क" ओर से/By Respondent Shri S.M Surana, Advocate, Ar सुनवाई क" तार"ख/Date Of Hearing 04-08-2021 घोषणा क" तार"ख/Date Of Pronouncement 26-10-2021

43 (Delhi) section 68 of the Income-tax Act, 1961-Cash credits-assessment year 2001-02-Whehter though in section

ITO, WARD-14(3), KOLKATA, KOLKATA vs. M/S PANSU COMMERCIAL PVT. LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1859/Kol/2017 ("नधा"रणवष" / Assessment Year:2012-13)

section 68 of the Act does not apply to the assessee, as there is no cash credit during the year. 6. On the other hand, ld DR for the Revenue submitted before us written submissions, which is reproduced below: “The assessee company was incorporated on 09.09.2011. There are three shareholder. Anital Agarwal & Suresh Agarwal are the initial shareholders

SHETH COMMERCIAL CO.,KOLKATA vs. PR.CIT-14, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1100/Kol/2019 ("नधा"रणवष" / Assessment Year: 2014-15)

43,630/-. The assessment was made u/s 143(3) of the Act by assessing officer on 02.11.2016 assessing the total income at Rs. 1,03,68,630/-. Later on, Ld Principal Commissioner of Income Tax (PCIT), had exercised his jurisdiction under section

TRUE-MAN CONSULTANTS PVT. LTD. ,KOLKATA vs. ITO,WARD-7(2),KOLKATA. , KOLKATA

In the result, the appeal filed by the assessee is partly allowed

Bench: Sri Rajpal Yadav & Dr. Manish Borad

Section 68 of the Act to explain the nature and source, in other words, unable to prove the identity and creditworthiness of the share applicants and genuineness of the transaction. 8. Before us, ld. Counsel for the assessee referring to the paperbook and details has submitted that all the share applicant companies are duly registered with the Ministry

DCIT, C.C.-3(4), KOLKATA vs. M/S TANISHQUE TRADE LINK PVT. LTD, HOWRAH

In the result, appeal of the revenue is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 17/Kol/2021 Assessment Year: 2008-09 Deputy Commissioner Of Income Tanishque Tradelink Pvt. Ltd. Tax, Central Circle-3(4), Kolkata Vs Bhabatarini Apartment G.T. Road, Room No. 602 Howrah - 711201 [Pan : Aacct7512R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tibrewal, Fca Revenue By : Shri Biswanath Das, Cit D/R सुनवाई क" तारीख/Date Of Hearing : 18/01/2023 घोषणा क" तारीख /Date Of Pronouncement: 16/03/2023 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-6, Kolkata (Hereinafter The “Ld. Cit(A)”) Dated 24/09/2020, Passed U/S 250 Of The Income Tax Act, 1961 (‘The Act’), For Assessment Year 2008-09. 2. The Revenue Has Raised The Following Grounds Of Appeal:- “1. That On Facts & In The Circumstances Of The Case, The Ld. Cit(A) Has Erred In Law As Well As In Facts In Allowing The Bogus Share Capital Raised In The Books Of The Assessee Without Appreciating The Fact That The Assessee Failed To Discharge Its Primary Onus To Prove & Establish The Identity & Creditworthiness Of The Investor Companies & Genuineness Of The Transaction. 2. That On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Has Erred In Law As Well As In Facts In Ignoring That The Identity & Creditworthiness Of The Shareholders & Even The Genuineness Of The Transactions Remained Unexplained. 3. That On Facts & In The Circumstances Of The Case, The Ld. Cit(A) Has Erred In Not Invoking His Powers U/S. 250(4) Of The I.T. Act, 1961 In Directing The Assessing Officer To Make Further Enquiry & Report The Results Of The

Section 263 of the Act and in the order u/s 263 dt. 26/03/2013, ld. Assessing Officer was directed to carry out the assessment proceedings afresh after examining the genuineness and source of share capital by conducting independent enquiry not through the assessee and also to examine the directors as well as change in the directorship and also to examine

INCOME TAX OFFICER-WARD-12(1), KOLKATA, KOLKATA vs. M/S STANDARD LEATHER PVT. LTD., KOLKATA

In the result, Revenue’s appeal stands dismissed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Years:2010-11

43 taxmann.com 199 (Guj) “Section 40A(3) of the Income-tax Act, 1961, read with rule 6DD of the Income-tax Rules, 1962 – Business disallowance – Cash payment exceeding prescribed limits (Rule 6DD(j)-Assessment year 2006-07 – Assessee was working as an agent of Tata Tele Services Limited for distributing mobile cards and recharge vouchers – Principal company Tata insisted

ITO, WARD-8(1), KOLKATA vs. M/S MERRIT FINTRADE PVT LTD, KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

68. This additional share capital has been credited in the books in the name of following share subscribers- MANCHEST FINPRO PVT LTD 3,78,04,600 ROLEX TRAFIN PVT LTD 3,02,43,680 SHAKTI VANIJYA PVT LTD 2,81,203 TORRID FINTRA PVT LTD 2,26,20,517 Since money has been allegedly received during the year from these

KAJAL KUMAR ROY,HOOGHLY vs. ITO, WARD - 1(4), HOOGHLY, HOOGHLY

In the result, the appeal of the assessee is allowed

Bench: Hon’Ble Shri P.M. Jagtap] I.T.A. No. 1568/Kol/2017 Assessment Year : 2011-12 Shri Kajal Kumar Roy.............................…………………………………………Appellant C/O. S.N. Ghosh & Associates, Advocates, “Seven Brothers”, Lodge, Buroshibtala, Chinsurah, Hooghly – 712 105 [Pan : Adgprs 8137 G] Income Tax Officer...................……………………………………………….......Respondent Ward 1(4), Hooghly Aayakar Bhawan, G.T. Road Khadina More, Chinsurah, Hooghly – 712 101 Appearances By: Shri Somnath Ghosh, Advocate Appearing On Behalf Of The Assessee. Shri Satyajit Mondal, Addl. Cit Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : October 31, 2017 Date Of Pronouncing The Order : December 22, 2017 Order This Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Cit (Appeals) – 6, Kolkata Dated 20.04.2017 & The Solitary Issue Involved Therein Relates To The Addition Of Rs. 13,03,000/- Made By The A.O. & Confirmed By The Ld. Cit (A) On Account Of Loans Taken By The Assessee From Four Parties By Treating The Same As Unexplained Cash Credits Under Section 68. 2. The Assessee In The Present Case Is An Individual Who Is Engaged In The Business Of Trading Of Potatos. The Return Of Income For The Year Under Consideration Was Filed By Him On 25.09.2011 Declaring A Total Income Of Rs. 10,92,457/- Including Agricultural Income Of Rs.

68. 2. The assessee in the present case is an individual who is engaged in the business of trading of potatos. The return of income for the year under consideration was filed by him on 25.09.2011 declaring a total income of Rs. 10,92,457/- including agricultural income of Rs. 2 I.T.A. No. 1568/Kol/2017 A.Y. 2011-12 Kajal Kumar

DCIT, CIRCLE - 6, KOLKATA, KOLKATA vs. M/S. NARIMAN FINVEST (P) LTD., KOLKATA

In the result, Revenue’s appeal stands dismissed and that of assessee’s CO is partly allowed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

Section 73 of the Act. 9. At the outset, it was observed that this issue raised by Revenue is not emanating from the order of the lower authorities. Therefore the same is dismissed as infructuous. 10. In the result, Revenue’s appeal is dismissed. Coming to assessee’s CO No. 25/Kol/2012. 11. Issues raised by assessee are reproduced below

M/S EVAN VINIMAY PVT. LTD.,AGRA vs. PR, C.I.T.-4, KOLKATA

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

68 of the Act of Rs. 20,41,00,000/- (share capital of Rs. 43,00,000/- and premium of Rs. 19,98,00,000/-). Thereafter, the First Ld. Pr.CIT-4, Kolkata issued SCN to the assessee-company dated 11.01.2016 conveying his intention to interdict in the First AO’ s action in framing the said original first assessment order dated