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

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

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

C-COURT” KOLKATA Before Shri J.Sudhakar Reddy, Accountant Member and Shri S.S.Godara, Judicial Member Assessment 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 Shri Soumitra Choudhury

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.

6. Copy of Audited accounts of M/s. Mukherjee Capital Pvt Ltd for 31.3.2012 which is 26-35 signed by the directors who are also partners of the assessee firm. 7. Copy of the bank statement showing the amount given by way of loan along with the 36-42 confirmation letters and the certificate from bank with regard to the maturity

ENKAY TRAFFIN (P) LTD.,KOLKATA vs. PR.CIT-4, KOLKATA

In the result, appeal of the assessee is allowed

section 133(6) ng the notice under section 133(6) of the Act. (vi) We note from a perusal of the paper book pages (vi) We note from a perusal of the paper book pages-2, 160 to 184 the 2, 160 to 184 the details of share applicant details of share applicant M/s. Shivashiv Dealcom

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

c) are being initiated separately. The facts of Nova Promoters and Finlease (P) Ltd. (supra) fall in the former category and that is why this Court decided in favour of the revenue in that case. However, the facts of the present case are clearly distinguishable and fall in the second category and are more in line with facts of Lovely

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 68 proceedings, initial burden of proof lies on assessee, yet once he proves identity of creditors/share applicants by either furnishing their PAN numbers or income-tax A.Y 2016-17 ACIT, C-49(1), Kol Vs. M/s. Viswakarma Residency

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

C” KOLKATA Before Shri Waseem Ahmed, Accountant Member and Shri S.S.Viswanethra Ravi, Judicial Member Assessment Years:2010-11 ITO Ward-12(1), बनाम / M/s Standard Leather Pvt. Aayakar Bhawan, P-7, Ltd., 21G. Atal Sur Road, V/s. Chowringhee Squre, Tangra, Kolkata-700 015 Kolkta-700 069 [PAN No.AAECS 4167 K] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri G. Mallikarjuna, CIT-DR अपीलाथ

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)

C (Assessee) .. (Revenue) Assessee by : Shri Robin Chowdhury, Addl. CIT Sr. DR Respondent by : Shri Subash Agarwal, Advocate सुनवाईक"तार"ख/ Date of Hearing : 28/02/2019 घोषणाक"तार"ख/Date of Pronouncement : 08/05/2019 आदेश / O R D E R Per Dr. A. L. Saini: The captioned appeal filed by the Revenue, pertaining to assessment year 2012-13, is directed against

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)

68,630/-. Later on, Ld Principal Commissioner of Income Tax (PCIT), had exercised his jurisdiction under section 263 of the Act. The ld PCIT, on perusal of the assessment records, noticed that the assessee had claimed loss on account of commodities (Currency Loss) of Rs. 41,25,364/-. On perusal of contract notes of Godavari Exim

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

43,13,45,710 HOLDINGS P. LTD. 8 SHIVANAND MERCHANTS AAKCS7744J 1,02,50,000 9,71,00,298 P. LTD. 9 SNOWDROP TIE-UP PVT. AALCS1461Q 1,35,00,000 13,69,50,000 LTD. 10 CYNOSURE DEALERS PVT. AADCC2651D 1,20,00,000 8,52,00,460 LTD. 11 MINIMART TIE-UP PVT. LTD. AAFCM1788H

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

c) A contract entered into by a member of a forward market or a stock exchange in the course of any transaction in the nature of jobbing or arbitrage to guard against loss which may arise in the ordinary course of his business as such member; [or] (d) An eligible transaction in respect of trading in derivatives referred

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.

43,750/- front his business of potato trading out of gross sales at Rs. 15.97 lakhs during the relevant financial year 2010-. Gross total income was shown at Rs. 1,85,370/-. In the balance sheet as on 3l/03/201I unsecured loan to K.K.Roy was .shown at Rs. 2,65,000/- In his statement deposed before this office Sri A.shis

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]

c) below section 263 (1) of the Act. Accordingly, the issue is set aside to the table of A.O. The A.O on the issue as outlined in para-2 above is directed to provide reasonable opportunity to the assessee company to produce documents & evidences which it may choose to rely upon for substantiating its own claim

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

c) be not imposed upon the assessee. This notice is also dated 30.12.2019, i.e. the day when a notice in Form No. 7 under section 156 by raising the demand was issued. Thus according to the ld. Counsel, the Assessing Officer failed to adhere the procedure contemplated in section 144C of the Income Tax Act and the subsequent

M/S METAL CRAFT INDUSTRIES PVT. LTD.,KOLKATA vs. I.T.O.,WARD-12(3), KOLKATA

In the result, appeal of the assessee is allowed

section 133(6) of the Act. tion 133(6) of the Act. (vii) We note from a perusal of the paper book (vii) We note from a perusal of the paper book-2, pages 185 to 206 the 2, pages 185 to 206 the details of share applicant details of share applicant M/s. Flowtop Agency