DCIT, CIR.-11(1), KOLKATA, KOLKATA vs. M/S JAGANNATH BANWARILAL TEXOFABS PVT. LTD., KOLKATA

Bench: Shri A. T. Varkey, Jm & Shri A.L.Saini, Am]

90,00,000/- totaling Rs.5,00,00,000/- by way of unexplained cash credit in the books of account of the assessee company u/s. 68 of the Act. Aggrieved the assessee preferred an appeal before the Ld. CIT(A), who deleted the same. Aggrieved by the Ld. CIT(A)’s decision, the Revenue is before us. 4. We have heard

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

68 of the Act of Rs. 2,77,70,000/- is hereby deleted.” 6. We have heard the rival contentions and perused the material on record. We find that the assessee has raised share capital/share premium to the tune of Rs. 2,77,70,000/- from twenty two share subscribers out of whom 21 were individual subscribers

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

68 of the Act of Rs. 2,77,70,000/- is hereby deleted.” 6. We have heard the rival contentions and perused the material on record. We find that the assessee has raised share capital/share premium to the tune of Rs. 2,77,70,000/- from twenty two share subscribers out of whom 21 were individual subscribers

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

FIZAAN COMMOTRADE PVT. LTD.,KOLKATA vs. I.T.O.,WARD-15(1), KOLKATA

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

90 to 92 of the paper book and the source of investment of Rs. 80 lacs is found at page 93 of the paper book. Thus, according to the Ld. AR, the assessee had discharged the burden on it to establish the identity, creditworthiness and genuineness of the transaction. So, merely because the directors did not appear before

M/S SANMIN TRADING & HOLDING PVT. LTD.,KOLKATA vs. I.T.O.,WARD-9(4), KOLKATA

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

section 68 of the Act applies to the facts of this case as a sum of money was credited, in the books of the assessee and the assesses could not prove the genuineness of these credits as well as the creditworthiness of the creditor. Hence in our informed view the addition has rightly been made by the A.G. Accordingly

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

68 of the Act during the course of assessment as affirmed in the lower appellate proceedings. The Revenue’s strong stand in support of both the lower authorities’ action is that since the assessee’s twin investor entities had been found lacking genuineness / creditworthiness, they have been rightly treated as shell entities thereby inviting the impugned addition. 3. We have

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.

90-110 directors who are also partners of the assessee firm. 10. We note that all the four lender companies have filed their copy of audited accounts, bank statement showing the amount given by way of loan, confirmation letters. Moreover, the certificate from the bank with regard to the maturity of the deposit amount which was the source of giving

ITO, WARD - 13(2), KOLKATA, KOLKATA vs. M/S. GOURI NANDAN REAL ESTATE PVT. LTD.,, HOWRAH

In the result, we uphold the same and dismiss the appeal of the Revenue

Bench: Shri J. Sudhakar Reddy & Shri S.S. Godara]

68 of the Act being share capital and share premium received by the assessee during the year. The assessee also issued 2 I.T.A. No. 2102/Kol/2017 C.O. No. 120/Kol/2017 M/s. Gouri Nandan Real Estate Pvt. Ltd. shares having face value of ₹10/- and premium of 90%. On appeal, the ld. first appellate authority deleted the same. 3. Aggrieved, the Revenue

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 and cash credits were to be treated explained - Held, yes n. Commissioner of Income­tax, Ajmer v. H. S Builders (P.) Ltd. 120121 26 taxmann.com 86 (Raj.) Confirmations by creditors and production of their balance sheets. accounts. etc.. proven is enough evidence to justify deletion of cash credits. 2. Shri Krishna Murari Naita, Shri Ram Kishan Ajitsaria

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. 7. We have heard the rival contentions, perused the material placed before us and also carefully gone through the decisions referred to by the ld. Counsel for the assessee. The only issue for consideration is that whether ld. CIT(Appeals) erred in confirming the addition made by ld. Assessing Officer u/s 68

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]

90,60,482/- and after deducting the same from the disclosure made of 2.00 crores, the reaming of Rs. 1,09,39,517/- was treated as income qua which the assessee has not disclosed the nature and source of income and came to the conclusion that such income has to be treated as unexplained income u/s 68 read with Section

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]

90,60,482/- and after deducting the same from the disclosure made of 2.00 crores, the reaming of Rs. 1,09,39,517/- was treated as income qua which the assessee has not disclosed the nature and source of income and came to the conclusion that such income has to be treated as unexplained income u/s 68 read with Section

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

90,000/- and also charged premium of Rs.3,23,10,000/-. The said share application money was received through private limited companies. The assessee was asked to explain the alleged sum in terms of provisions of Section 68

M/S. BHIKSHU POLYMERS PVT. LTD. (EARLIER KNOWN AS M/S. JEEVAN COMMOTRADE PVT. LTD.),KOLKATA vs. I.T.O., WARD - 6(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: SHRI SANJAY GARG, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

68 of the Act on account of share capital/premium claimed by the I.T.A. No. 1538/Kol/2024 M/s Bhikshu Polymers Pvt. Ltd. (Earlier known as M/s Jeevan Commotrade Pvt. Ltd.) assessee. The Ld. AO passed this order in response to directions given under Section 263 of the Act by the CIT-2, Kolkata. The directions in the said order under Section

ITO, WARD-10(4), KOLKATA, KOLKATA vs. M/S TANISH DEALERS 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. 1636/Kol/2016 Assessment Year : 2012-13 Ito, Ward-10(4), Kolkata -Vs- M/S Tanish Dealers Pvt. Ltd. [Pan: Aadct 1242 K ] (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 first issue to be decided in this appeal is as to whether the ld CITA was justified in deleting the addition made in the sum of Rs 1,98,00,000/- towards share premium u/s 68

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