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, 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.

73 of the paper book. The assessment order u/s. 143(1) in respect of all the four lender companies are found placed at paper book page 18-23, 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

ITO, WARD-10(4), KOLKATA, KOLKATA vs. M/S TOPAZ ENCLAVE PVT.LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravii.T.A. No. 2271/Kol/2016 Assessment Year: 2012-13 Ito, Ward-10(4), Kolkata.................................………....………………...…………………….….Appellant

73,200/- is treated as cash credit and added to the total income for the A.Y 2012-13.” 3. On appeal, the ld. CIT(A) deleted the addition. 4. Aggrieved, the revenue is before us. The ld. DR submitted that there is no justification in share premium collected by assessee on allotment of shares. The ld. DR submitted that addition

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

Section 68 of the Act and we thus find no reason to interfere with the concurrent findings of fact recorded by both the authorities.” 8. I further find force in the that the loan creditors had sufficient net worth to invest as show under:- Name of Capital Reserves Net Closing % of Net Company Worth balance Profit Accurate

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

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]

68 read with Section 115BBE of the Act and therefore on this count alone ,the order of AO may be confirmed. Whereas the Ld. A.R on the other hand submitted that where all the facts qua the issue raised by the assessee were before the Ld. CIT(A) which were overlooked completely and the appeal was dismissed on wrong

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]

68 read with Section 115BBE of the Act and therefore on this count alone ,the order of AO may be confirmed. Whereas the Ld. A.R on the other hand submitted that where all the facts qua the issue raised by the assessee were before the Ld. CIT(A) which were overlooked completely and the appeal was dismissed on wrong

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

NAVANSH VINIMAY PVT. LTD.,KOLKATA vs. I.T.O., WARD - 8(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri George Mathan & Shri Rakesh Mishra

73] • While it may be true that assessees could have been regular investors, investors could or could not have been privy to the information or modus adopted. What is important is that it is the assessee who has to prove the claim to be genuine in terms of section 68

M/S. BARDHAMAN DHARMARAJ PAPER MILL PVT. LTD.,BURDWAN vs. ACIT, CIRCLE-2, BURDWAN

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year : 2015-16

Section 68 of tile Act should be treated as business income. Tile principles laid down by this Court in Daulatram Rawatmull v. CIT (1967) 64 ITR 593 will apply to tile facts of tile case too." Further, the Act has also been amended to deny set off of loss for such kind of income but tile amendment is effective

ACIT, CIRCLE-1, BURDWAN, BURDWAN vs. M/S. BARDHAMAN DHARMARAJ PAPER MILL PVT. LTD., BURDWAN

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year : 2015-16

Section 68 of tile Act should be treated as business income. Tile principles laid down by this Court in Daulatram Rawatmull v. CIT (1967) 64 ITR 593 will apply to tile facts of tile case too." Further, the Act has also been amended to deny set off of loss for such kind of income but tile amendment is effective

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

73 which read as under : It will be pertinent to go into the intention behind introduction of provisions of section 40A(3) of the Act at this juncture. We find that the said provision was inserted by Finance Act 1968 with the object of curbing expenditure in cash and to counter tax evasion. The CBDT Circular No. 6P dated

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. GOLDEN GOENKA CREDIT PRIVATE LIMITED , KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar (Accountant Member), Shri Pradip Kumar Choubey (Judicial Member)

73,05,711 Rs. 11,17,457 M/s JNB Sidhu Finance Pvt Rs. 13,45,49,019 Rs. 10,54,466 Ltd M/s Radha Fincom Ltd Rs. 1,20,88,767 Rs. 98,630 The AO has added all the unsecured loan u/s 68 of the Act along with the interest u/s 36(1)(iii) of the Act. The assessee

ACIT, CIRCLE -15(1),KOLKATA,KOLKATA vs. BALJIT SECURITIES PVT. LTD., KOLKATA

In the result, the appeal of revenue is partly allowed

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

68 taxmann .com 375 (Kolkataf- Trib.) c) Lohia Securities Ltd. v. DCIT, Kol [2016] 66 taxmann.com 86 / [20jl6] 157 ITD 265 (Kolkata - Trib.). Explanation to section 73

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

68 to the tune of Rs. 18,27,00,000/- stands deleted. In the result the grounds are partly allowed.” 06. The ld. CIT(A) partly allowed the appeal of the assessee by following the decision of the co-ordinate bench in case of M/s Swarna Kalash Commercial Pvt. ltd. Vs. ACIT in IT(SS)A No. 53/KOL/2022

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

68 to the tune of Rs. 18,27,00,000/- stands deleted. In the result the grounds are partly allowed.” 06. The ld. CIT(A) partly allowed the appeal of the assessee by following the decision of the co-ordinate bench in case of M/s Swarna Kalash Commercial Pvt. ltd. Vs. ACIT in IT(SS)A No. 53/KOL/2022