ITO, WARD-12(3), KOLKATA, KOLKATA vs. M/S SPLENDOUR VILLA MAKERS PVT. LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1768/Kol/2016 Assessment Year : 2012-13 Ito, Ward-12(3), Kolkata -Vs- M/S Splendour Villa Makers Pvt. Ltd. [Pan: Aahcs 9726 M] (Appellant) (Respondent)

section 143(3) of the Income Tax Act, 1961 (in short “the Act”) dated 27.03.2015 for the Assessment Year 2012-13. 2. The first issue to be decided in this appeal is as to whether the ld CITA was justified in deleting the addition made towards share capital in the sum of 1,80,00,000/- u/s 68

DOLPHIN GOODS PVT. LTD.,KOLKATA vs. I.T.O.,WARD-6(1), KOLKATA

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

81,27,500/-. The AO notes that he had issued notice u/s. 133(6) of the Act to the share applicants. And thereafter the AO did not draw any adverse inference against the assessee being satisfied with the nature and source of the share capital and premium raised by the assessee during the assessment year 2009-10 and passed

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

81,837/- was received in earlier financial year which cannot be added u/s 68 in the impugned year. Further, all the share applicants are regularly filing their return of income. The AO has also not brought anything adverse on record with respect to the individual returns and accompanying documents. During the course of scrutiny proceedings, the AO has issued notice

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

81,837/- was received in earlier financial year which cannot be added u/s 68 in the impugned year. Further, all the share applicants are regularly filing their return of income. The AO has also not brought anything adverse on record with respect to the individual returns and accompanying documents. During the course of scrutiny proceedings, the AO has issued notice

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

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

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.

81 of paper book. It was brought to our notice that the loan amount was required by the assessee which was made available by the sister concern since the investments were needed by the assessee for putting up the factory building and other assets. The total investment in the factory building and other fixed asset was to the tune

BALAKA VINIMAY PVT. LTD.,KOLKATA vs. ITO, WARD-2(1), KOLKATA

In the result, appeals of the assessee in ITA No

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 160 & 161/Kol/2024 Assessment Year: 2008-09 Balaka Vinimay Pvt. Ltd. Income Tax Officer, Ward – 2(1), 9/12, Lal Bazar Street Vs Kolkata Kolkata - 700001 [Pan : Aadcb2610B] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tibrewal, A/R & Saurav Gupta, A/R Revenue By : Shri Abhijit Kundu, Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 09/04/2024 घोषणा क" तारीख /Date Of Pronouncement: 21/06/2024 आदेश/O R D E R Per Dr. Manish Borad: The Instant Appeals Are Directed At The Instance Of The Assessee Against The Separate Orders Of The National Faceless Appeal Centre, Delhi, (Hereinafter The “Ld. Cit(A)”). Ita No. 160/Kol/2024 Is Against The Order Of The Ld. Cit(A) Dt. 29/11/2023, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter ‘The Act’) Arising Out Of The Penalty Order Passed By The Ld. Assessing Officer U/S 271(1)(C) Of The Act & Ita No. 161/Kol/2023, Is Against The Order Of The Ld. Cit(A) Dt. 28/11/2023, Arising Out Of The Order Of The Ld. Assessing Officer Passed U/S 143(3) R.W.S. 254 Of The Act, For Assessment Year 2008-09. 2. Though The Assessee Has Raised Various Grounds In Both These Appeals, But The Effective Issue Raised In Ita No. 161/Kol/2024 Is Against The Addition Made U/S 68 Of The Act For Unexplained Share Capital Confirmed By The Ld. Cit(A) & In Ita No. 160/Kol/2024 Is Against The Levy Of Penalty U/S 271(1)(C) Of The Act On The Addition Made

Section 68 of the Act, it has discharged the primary onus by furnishing all the documents and details relevant/necessary to explain the identity, creditworthiness of share applicants and genuineness of the transactions. Once these documents have been filed then, the burden shifts over the revenue authorities and they have to examine those details and find out any discrepancy

BALAKA VINIMAY PVT. LTD.,KOLKATA vs. ITO, WARD-2(1), KOLKATA

In the result, appeals of the assessee in ITA No

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 160 & 161/Kol/2024 Assessment Year: 2008-09 Balaka Vinimay Pvt. Ltd. Income Tax Officer, Ward – 2(1), 9/12, Lal Bazar Street Vs Kolkata Kolkata - 700001 [Pan : Aadcb2610B] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tibrewal, A/R & Saurav Gupta, A/R Revenue By : Shri Abhijit Kundu, Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 09/04/2024 घोषणा क" तारीख /Date Of Pronouncement: 21/06/2024 आदेश/O R D E R Per Dr. Manish Borad: The Instant Appeals Are Directed At The Instance Of The Assessee Against The Separate Orders Of The National Faceless Appeal Centre, Delhi, (Hereinafter The “Ld. Cit(A)”). Ita No. 160/Kol/2024 Is Against The Order Of The Ld. Cit(A) Dt. 29/11/2023, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter ‘The Act’) Arising Out Of The Penalty Order Passed By The Ld. Assessing Officer U/S 271(1)(C) Of The Act & Ita No. 161/Kol/2023, Is Against The Order Of The Ld. Cit(A) Dt. 28/11/2023, Arising Out Of The Order Of The Ld. Assessing Officer Passed U/S 143(3) R.W.S. 254 Of The Act, For Assessment Year 2008-09. 2. Though The Assessee Has Raised Various Grounds In Both These Appeals, But The Effective Issue Raised In Ita No. 161/Kol/2024 Is Against The Addition Made U/S 68 Of The Act For Unexplained Share Capital Confirmed By The Ld. Cit(A) & In Ita No. 160/Kol/2024 Is Against The Levy Of Penalty U/S 271(1)(C) Of The Act On The Addition Made

Section 68 of the Act, it has discharged the primary onus by furnishing all the documents and details relevant/necessary to explain the identity, creditworthiness of share applicants and genuineness of the transactions. Once these documents have been filed then, the burden shifts over the revenue authorities and they have to examine those details and find out any discrepancy

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

VISH REALTY SOLUTIONS PRIVATE LIMITED ,KOLKATA vs. I.T.O.,WARD-5(3), KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 250/Kol/2020 Assessment Year: 2012-13 Vish Realty Solutions Private Limited Income Tax Officer, Ward-5(3), 55, Ezra Street Vs Kolkata 2Nd Floor Kolkata - 700001 [Pan : Aadcv9938N] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S. Jhajharia, A/R Revenue By : Shri Vineet Kumar, Addl. Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 16/01/2024 घोषणा क" तारीख /Date Of Pronouncement: 21/02/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Commissioner Of Income Tax (Appeals) -10 (Hereinafter The “Ld. Cit(E)”) Dt. 02/12/2019, Passed U/S 263 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2012-13. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. That The Learned Commissioner Of Income Tax (Appeals)-Io, Kolkata Erred In Passing An Order Dated 2Nd Of December, 2019 Under Section 143(3) Of The Income Tax Act, 1961 Dismissing The Appeal Of The Appellant Without Allowing Reasonable Opportunity Of Being Heard. 2. That The Learned Commissioner Of Income Tax (Appeals) - 10, Kolkata Erred In Confirming The Addition Of Share Application Money Ofrs. 5,86,00,000/- Made By The Assessing Officer Under Section 68 Of The Income Tax Act, 1961 On Irrelevant Considerations & Arbitrary Grounds.

Section 68 of the Act, it has discharged the primary onus by furnishing all the documents and details relevant/necessary to explain the identity, creditworthiness of share applicants and genuineness of the transactions. Once these documents have been filed then, the burden shifts over the revenue authorities and they have to examine those details and find out any discrepancy

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

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

81,903/- from Rs.30,37,525/- u/s 14A of the I.T. Act. 1961 ignoring the facts that the A.O. has made the addition under the provision of Rule 8D of the Income Tax Rule, 1962. 7. That department carves leave to add, alter or modify any or all grounds of appeal either before or during course of Appellate Proceedings.” I.T.A

M/S. INTER SECURITIES PVT. LTD., ,KOLKATA vs. ITO, WARD - 7(3), KOLKATA , KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Dr. Manish Borad, Hon’Ble & Shri Sanjay Garg, Hon’Blei.T.A. No. 609/Kol/2018 Assessment Year: 2012-13 M/S. Inter Securities Pvt. Ltd. Income Tax Officer, Ward – 7(3), 8, Camac Street Vs Kolkata 8Th Floor Suite No. 807 Kolkata - 700017 [Pan : Aacci 3971M] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri V. N. Dubey, Advocate Revenue By : Shri Vijay Kumar, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 14/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 16/10/2023 आदेश/O R D E R Per Dr. Manish Borad: The Above Captioned Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Commissioner Of Income Tax (Appeals) - 3, (Hereinafter The “Ld. Cit(A)”) Dt. 15/02/2018, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2012-13. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. That The Order Passed By The Ld. Cit(A) Is Bad In Law As Well As In Facts Of The Case. 2. That The Ld. Cit(A) Erred In Law As Well As In Facts Of The Case By Confirming The Addiitons Made By Ld. A.O. Who Treated The Share Application Money Including Premium Of Rs.3,59,00,000/- As Bogus & Added Back The Same To The Total Income Of The Appellant U/S 68 Of The Income Tax Act, 1961. 2

Section 68 of the Act, it has discharged the primary onus by furnishing all the documents and details relevant/necessary to explain the identity, creditworthiness of share applicants and genuineness of the transactions. Once these documents have been filed then, the burden shifts over the revenue authorities and they have to examine those details and find out any discrepancy

M/S SWIFT VINTRADE PVT. LTD.,KOLKATA vs. CIT, KOLKATA-1I, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Year: 2009-10

section 68 can be no different in respect of issue of share capital by closely held companies vis-a-vis loans or 9 Swift Vintrade Pvt. ltd., AY: 2009-10 gifts. The High Court in CIT v. Maithan International [2015] 375 ITR 123/231 Taxman 381156 taxmann.com ?83 (Cal.)J CIT v. Active Traders

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

section 68 of IT Act on the ground that the assessee has not fulfilled all the conditions as laid down u/s.68 of IT Act, I have considered the submissions of the assessee and gone through the AO's order. The basic thrust of the Assessing Officer, is that the assessee has failed to prove the bonafides of the money

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 to the credits not involving any receipt or inflow of cash in the relevant year . ITA No.910 & 1187/Kol/2019 A.Y. 2015-16 ACIT Cir-1/2 Bwn Vs. M/s Bardhaman Dharmaraj Paper Mill Pvt. Ltd. Page 12 Moreover, the view taken by the Tribunal in the said case is contrary to the decision of Hon'ble Calcutta High

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 to the credits not involving any receipt or inflow of cash in the relevant year . ITA No.910 & 1187/Kol/2019 A.Y. 2015-16 ACIT Cir-1/2 Bwn Vs. M/s Bardhaman Dharmaraj Paper Mill Pvt. Ltd. Page 12 Moreover, the view taken by the Tribunal in the said case is contrary to the decision of Hon'ble Calcutta High