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.

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. ” 8.2. The ‘A’ Bench of the Tribunal in the case of DCIT vs. M/s. Maa Amba Towers Ltd.ITA No.1381/Kol/2015, Assessment Year 2012-13; order dt. 12/10/2018 under similar

M/S SHREENATH HOLDINGS PVT. LTD.,HOWRAH vs. I.T.O.,WARD-5(1), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri J. Sudhakar Reddy, Hon’Ble] I.T.A. No. 2390/Kol/2019 Assessment Year: 2012-13 M/S. Shreenath Holding Pvt. Ltd…………...……………....……..…………..………………....……Appellant 33/34, Ramlal Mukherjee Lane 2Nd Floor Room No. 2D Howrah - 711106 [Pan: Aadcs 5887 P] Vs. Income Tax Officer, Ward-5(1), Kolkata…………………………..............….....….…......Respondent Appearances By: Shri Sunil Surana, A/R, Appeared On Behalf Of The Assessee. Shri Jayanta Khanra, Jcit, Sr. D/R, Appearing On Behalf Of The Revenue Date Of Concluding The Hearing : February 24Th, 2020 Date Of Pronouncing The Order : February 26Th, 2020 O R D E R Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals) – 2, Kolkata, (Hereinafter The “Ld.Cit(A)”), Passed U/S. 250 Of The Income Tax Act, 1961 (The ‘Act’), Dt. 17/10/2019, For The Assessment Year 2012-13. 2. The Assessee Is A Company & Is Engaged In The Business Of Trading & Distribution Of Goods. It Filed Its Return Of Income On 16/08/2012 Declaring Total Income Of Rs.15,500/-. During The Year, The Assessee Raised Share Capital Including Premium Amounting To Rs.1,13,55,000/-. The Assessing Officer Conducted Enquiries & The Assessee Presented The Share Holders Including The Directors Of The Share Holding Companies Before The Assessing Officer. After Due Enquiry, The Assessing Officer Accepted The Explanations Of The Assessee That The Cash Credits In The Form Of Share Capital Were Genuine, Except In The Case Of M/S. Seacom Merchants, Which Had Applied For Shares. An Amount Of Rs. 20,00,000/- Pertaining To M/S. Seacom Merchants, Was Added.

45,00,000/- to be genuine to be genuine satisfying all parameters of identity, genuineness and creditworthiness. It can satisfying all parameters of identity, genuineness and creditworthiness. It can satisfying all parameters of identity, genuineness and creditworthiness. It can therefore be safely assumed that all these additions sums forming subject therefore be safely assumed that all these additions sums forming

TRADELINK CARRYING PVT. LTD.,KOLKATA vs. I.T.O.,WARD-4(1), KOLKATA

Bench: Shri A.T. Varkery, Am ]

68 of the Income-tax Act, 1961 ( in short, the ‘Act’ hereinafter). 3. Brief facts of the case are that the assessee company filed its e- return for the assessment year 2013-14 on 16-09-2013 declaring total income of Rs. 1,17,810/-. The case of the assessee was taken up for scrutiny through CASS. The AO notes

I.T.O.,WARD-9(3), KOLKATA vs. M/S REWARD HIRISE PVT. LTD., KOLKATA

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

45(3), Kolkata and was having PAN BATPS2701. This Individual was having a capital of Rs.8,12,516/- as on 31/03/2013 and Rs.6,98,776/- as on 31/03/2012 respectively. The copy of the account statements for the year ended 31/03/2013 and 31/03/2012 was made available in the paper book. The copy of the ledger account also made available

I.T.O.,WARD-9(3), KOLKATA vs. M/S REWARD HIRISE PVT. LTD., KOLKATA

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

45(3), Kolkata and was having PAN BATPS2701. This Individual was having a capital of Rs.8,12,516/- as on 31/03/2013 and Rs.6,98,776/- as on 31/03/2012 respectively. The copy of the account statements for the year ended 31/03/2013 and 31/03/2012 was made available in the paper book. The copy of the ledger account also made available

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.

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. ” 6.2. The ‘A’ Bench of the Tribunal in the case of DCIT vs. M/s. Maa Amba Towers Ltd.ITA No.1381/Kol/2015, Assessment Year 2012-13; order dt. 12/10/2018 under similar

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

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

RAHUL AGARWAL,KOLKATA vs. A.C.I.T.,CIRCLE-46, KOLKATA

In the result, the appeal of assessee is allowed

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2016-17

68 of the Income-tax Act, 1961 ( hereinafter referred to as the ’Act’) . 4. Brief facts of the case as noted by the AO are that the assessee is an individual, had filed his e- return of income disclosing total income of Rs. 21,96,040/-. Later on his case was selected for scrutiny through CASS and after serving

M/S EXCEL ENGINEERS,KOLKATA vs. J.C.I.T (OSD) CIR - 51,KOLKATA., KOLKATA

In the result, the appeal of the assessee is partly allowed

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

3) of the Income tax Act, 1961 (hereinafter referred to as the “Act”) for AY 2009-10 vide his order dated 16.12.2011. 2. The first issue to be decided in this appeal is as to whether the ld CITA is justified in upholding the disallowance made u/s 40(a)(ia) of the Act in the sum of Rs. 68

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

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

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.

3. Copy of the bank statement showing the amount given by way of loan along with the 12-17 confirmation letters and the certificate from bank with regard to the maturity of the deposit account which was the source for giving the loan to the assessee company. 4. Copy of assessment order of M/s. Mukherjee Farms

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

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

3), Kolkata [201]15 taxmann.com 298 (Calcutta) Where assessee had produced loan confirmation certificates signed by creditors, disclosed their permanent account numbers and address. loans taken by assessee could not be held to be not genuine without giving further opportunity to assessee to explain information basis of which such conclusion was arrived at. b. Fort Projects (P.) Ltd. v. Deputy

M/S BIRGIRI C. S. SHOP,PURULIA vs. ITO, WD-3(2), PURULIA, PURULIA

In the result, the appeal of assesse is partly allowed

45,580/- and disallowed @ 20% thereon Rs.15,69,116/-. It is also made clear that without the payment being made by bearer cheque these goods could not have been procured and it would have hampered the supply of goods within the stipulated time. Therefore, the genuineness of the purchase has been accepted by the Id. CIT (Appeal) which has also