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.

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 and gross total balance was determined at –Nil- Aggrieved the assessee carried the matter in appeal

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

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

68 for the A.Y 2014-15.” 4. Accordingly, the A.O made an addition of Rs.7,69,71,990/-. 5. Aggrieved the assessee preferred an appeal before the Ld. CIT(A) who was pleased to delete the same. Aggrieved, the Revenue is before us. 6. Assailing the action of the Ld. CIT(A) in giving relief to the assessee company

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]

68 for the A.Y 2014-15.” 4. Accordingly, the A.O made an addition of Rs.7,69,71,990/-. 5. Aggrieved the assessee preferred an appeal before the Ld. CIT(A) who was pleased to delete the same. Aggrieved, the Revenue is before us. 6. Assailing the action of the Ld. CIT(A) in giving relief to the assessee company

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

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

68 for the A.Y 2014-15.” 4. Accordingly, the A.O made an addition of Rs.7,69,71,990/-. 5. Aggrieved the assessee preferred an appeal before the Ld. CIT(A) who was pleased to delete the same. Aggrieved, the Revenue is before us. 6. Assailing the action of the Ld. CIT(A) in giving relief to the assessee company

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

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

68 for the A.Y 2014-15.” 4. Accordingly, the A.O made an addition of Rs.7,69,71,990/-. 5. Aggrieved the assessee preferred an appeal before the Ld. CIT(A) who was pleased to delete the same. Aggrieved, the Revenue is before us. 6. Assailing the action of the Ld. CIT(A) in giving relief to the assessee company

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

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

M/S WISLEY REAL ESTATE PVT. LTD.,KOLKATA vs. ITO, WARD-11(3), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No. 55/Kol/2024 Assessment Year: 2012-2013 M/S. Wisley Real Estate Pvt. Ltd.,…..........Appellant 86C, Viswakarma, 1St Floor, Topsia Road, Tiljala, Kolkata-700046 [Pan:Aakcs8704L] -Vs.- Income Tax Officer,……..........................Respondent Ward-11(3), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri A.K. Tulsyan, Fca, Appeared On Behalf Of The Assessee Shri P.P. Barman, Addl. Cit, Sr. Dr, Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : 18Th March, 2024 Date Of Pronouncing The Order: June 6Th , 2024 O R D E R

section 68 of the Act. The relevant finding of this Tribunal reads as under:- “6. With the assistance of ld. Representatives, we have gone through the record carefully. A perusal of the record would indicate that four Group Companies, who have sufficient net worth has made the investment with the assessee. The following table will depict the position

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

JEWEL INDIA JEWELLERS ,KOLKATA vs. DCIT, CEN. CIR. 4(4), KOLKATA

In the result, both the appeals of the assessee are allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 68 of the Act read with 115BBE of the Act. 4. Facts in brief are that the survey action u/s 133A of the Act was conducted in the business premises on the assessee which was followed by search action on Jewel India Group and the assessee being the flagship concern of the group was also covered

JEWEL INDIA JEWELLERS,KOLKATQA vs. DCIT, CEN. CIR. 4(4), KOLKATA

In the result, both the appeals of the assessee are allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 68 of the Act read with 115BBE of the Act. 4. Facts in brief are that the survey action u/s 133A of the Act was conducted in the business premises on the assessee which was followed by search action on Jewel India Group and the assessee being the flagship concern of the group was also covered

SRIDHARPUR CO-OPERATIVE BANK,BARDHAMAN vs. ITO, WARD-3(2), BURDWAN

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

Bench: Shri George Mathan & Shri Rakesh Mishra

68 for SBN deposited during demonetisetion period, if assesses filed details of such deposits. a) Yagnavalkya Souhardha Credit Co. Ltd. Vs. ITO WARD-5(2)(4) Bangalore ITAT "B" Bench Bangalore ITA No 1086/Bang/2022 b) Om Sai Co-Op. Credit Souharda Sahakari Niyamit vs PCIT Hubli ITA No.454/Bang/2022 ITAT "C" Bench Bangalore c) The Totgars' Co-operative Sale Society

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

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 1,45,00,000 15,20,30,000 9,07,00,000 1,48,03,68

M/S STARLAND VINIMAY PVT. LTD,KOLKATA vs. ITO, WARD-2(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

71,00,000 towards share capital and share premium money received from the shareholders under the pretext of unexplained cash credit under section 68

DCIT, CIRCLE - 3(1), KOLKATA vs. M/S. LALBABA SEAMLESS TUBES PVT. LIMITED , KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.58/Kol/2019 ("नधा"रणवष" / Assessment Year: 2014-15)

71,72 read with Sec. 32(2) of the IT Act was not allowed. The assessee filed a petition under section 154 of the IT Act before the A.O to allow set off of losses as per provisions of the Law since the additions so made u/s 68

M/S.WINWOOD MARKETING PVT. LTD. ,KOLKATA vs. ITO, WARD-6(4), KOLKATA. , KOLKATA

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumari.T.A. No. 675/Kol/2023 Assessment Year: 2012-2013 M/S. Winwood Marketing Pvt. Limited,………Appellant 9/12, Lal Bazar Street, 3Rd Floor, Kolkata-700001 [Pan:Aabcw3528M] -Vs.- Income Tax Officer,………………………….……Respondent Ward-6(4), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri Ankit Jalan, A.R., Appeared On Behalf Of The Assessee Shri Arun Kumar Meena, Addl. Cit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing: July 02, 2024 Date Of Pronouncing The Order: September 24, 2024 O R D E R

section 68 of the Income Tax Act. 3. The assessee has filed an application for permission to adduce additional evidences. Ld. Counsel for the assessee submitted that the assessee has received share capital amounting to Rs.8,30,000/- plus premium of Rs.4,71

M/S ADVENT COMMODITIES PVT. LTD.,ITO, WARD-4(3) vs. ITO, WARD-4(3), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey)

68 of the Act. The fresh share capital issued and subscribed to the extent of this value of share of ₹10/- was accepted as genuine by the AO and no addition made. The assessee carried the matter in appeal. 2.2. The first appellate authority called for a remand report. During the remand proceedings, fresh summons were issued to the share

ITO, WD-5(3), KOLKATA, KOLKATA vs. M/S BLESSING COMMERCIAL PVT. LTD., KOLKATA

In the result we set aside the order of the Ld

Bench: Hon‟Ble Sri J. Sudhakar Reddy, Am & Sri S.S. Viswanethra Ravi, Jm] I.T.A. No. 271/Kol/2014 Assessment Year : 2010-11 I.T.O., Ward-5(3), Kolkata -Vs.- M/S. Blessings Commercial Pvt. Ltd. 228A, A.J.C. Bose Road, Kolkata – 700 020 [Pan : Aaccb 1349 N] (Appellant) (Respondent) For The Appellant : Shri Goulen Hangshing, Cit, Dr. For The Respondent : Shri Manoj Kataruka, Advocate Date Of Hearing : 12.06.2017 Date Of Pronouncement : 28.06.2017 Order Per J. Sudhakar Reddy, Am This Is An Appeal Filed By The Revenue Directed Against The Order Of The Commissioner Of Income Tax (Appeals)-Vi, Kolkata, (Hereinafter The “Ld. Cit(A)”), Dt. 19/11/2013, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The „Act‟), Relating To Assessment Year 2010-11. 2. Facts In Brief:- The Assessee Is A Company & Is Engaged In The Business Of Finance & Investment. It Filed Its Return Of Income For The Assessment Year 2011-12 On 22/09/2010, Declaring –Nil- Income. It Showed A Loss Of Rs.668/-. The Facts As Recorded By The Assessing Officer In The Assessment Order Are Extracted Below:- “Para 1.2.1 The Assessee Has Shown Receipt Of Under Mentioned Share Capital Of Rs.1,90,00,000/- & Share Premium Of Rs.188,10,00,000/- During The Asst. Year 2010-11. The Assessee Credited Rs.1,90,00,000/- In Total In Its Books Against The Above Receipts. The Assessee Claimed That The Detail Of Receipts Are As Under :-

71. PAN : AAGCS0147M 3 Stephens Financial Services Pvt. 600000 60,00,000 59,40,00,000 60,00,00,000 Ltd. Vasundhara, 6th Floor, 2/7, Sarat Bose Road, Kolkata- 700 020. PAN : AAGCS2740G. 19000000 19,00,00,000 188,10,00,000 190,00,00,000 Para 1.2.2. The assessee has shown subsequent investment against this huge receipt. There