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

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

94,08,607/- and had shown profit before tax Rs. 50,13,255/- and paid income tax of Rs. 14,50,450/- and has disbursed advance against property of Rs. 10,49,79,327/- (refer page- 31 of P.B). The Ld. AR also drew our attention to page-52, which is a copy of loan confirmation of accounts given/issued

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.

94,724/- is allowed in respect of the loan of Rs.l,20,00,000/- received by the appellant from M/s Mukherjee Capital Pvt. Ltd.” 9. In order to substantiate the identity, creditworthiness and genuineness of the transaction in respect of M/s. DCPL the Ld. AR brought to our attention that for AY 2014-15, the said company was assessed

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

94,00,000/- including share premium of Rs. 13,24,30,000/- received by the assessee during the year was added to the total income of the assessee as 'unexplained cash credit' introduced in the books of the assessee as per the provisions of section 68 of the Act.” 4. Aggrieved the assessee preferred appeal before

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

94,00,000/- including share premium of Rs. 13,24,30,000/- received by the assessee during the year was added to the total income of the assessee as 'unexplained cash credit' introduced in the books of the assessee as per the provisions of section 68 of the Act.” 4. Aggrieved the assessee preferred appeal before

ITO, WARD-5(1), KOLKATA vs. M/S VISHNU DISTRIBUTORS PVT LTD, KOLKATA

In the result, the appeal of the Revenue is devoid of any merit, hence dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumari.T.A. No. 50/Kol/2022 Assessment Year: 2012-2013

section 68 in the context of the facts of the case. The assessing officer issued notices u/s 133(6) 14 share subscribers, calling for certain evidences, among which were: (i)copy of share application Form and also copy of share allotment letter. (ii)details of shares that have been allotted with distinctive nos. of shares. (iii)name address

DCIT, CC-2(4), KOLKATA. , KOLKATA vs. NARSINGH ISPAT LIMITED. , KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Ble

section 68 of the Act. 5. The ld. D/R, submitted that the assessee company had entered into a sham transaction with the investor to introduce the unaccounted income in form of share application/allotment. He further submitted that, the assessee company did not have any regular business transaction or regular acquaintance with the investor and such huge amount of investments

ITO, WARD-8(1), KOLKATA vs. M/S MERRIT FINTRADE PVT LTD, KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 68 of the Act cannot be invoked. The case of the assessee also find support from the decision of Hon’ble Madras High Court 7 I.T.A. No. 80/Kol/2021 Assessment Year: 2012-13 M/s Merrit Fintrade Pvt. Ltd. in the case of V. R. Global Energy Pvt. Ltd. vs. ITO in 407 ITR 145 (Mad). Similar ratio has been

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. SDR MEGHNATH INVESTMENTS PRIVATE LIMITED, KOLKATA

Bench: Sri Rajesh Kumar & Pradip Kumar Choubey

68 of the Act. In the ld. CIT(A)’s order we find that the details of share allotment, the moneys received in the form of share application money/premium and ld. CIT(A) has mentioned by preparing chart in this context as under: “SDR MEGHNATH INVESTMENTS PVT. LTD. DETAILS OF SHARE ALLOTMENT DURING F.Y. 2011-12 FACE VALUE OF SHARES

D.C.I.T.,CIRCLE-1(4), KOLKATA vs. EDMOND FINVEST PVT. LTD., KOLKATA

In the result, the appeal filed by the Revenue is dismissed

Bench: Sri Sanjay Garg & Dr. Manish Borad

Section 68 of the Act and consequently disallowing the corresponding interest expenditure of Rs. 1,94,958/-. In order to understand issue under consideration, it would be appropriate to bring on record the facts of the case in brief. The appellant is a non- banking financial company. In the course of its business, the appellant receives inter-corporate deposits

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)

94,65,886 ZIWANI BARTER PVT LTD 30,00,000 36,56,71,889 JPRECHHA COMMERCIALS PVT LTD 20,00,000 5,07,00,999 TRAMMEL TRADING PVT LTD 30,00,000 35,07,76,604 BACHCHI FINANCE PVT LTD 20,00,000 19,09,58,640 JP ENGINEERING CORPN

M/S. ARMAN ADVISORY PVT. LTD.,KOLKATA vs. PR. CIT-4, KOLKATA

Bench: Shri A. T. Varkey, Jm & Shri Girish Agrawal, Am]

68 of the Act (hereinafter referred to as the first assessment order). This action of First AO, was interdicted by the First Ld. PCIT by exercising his revisional jurisdiction u/s 263 of the Act to set aside the first assessment order passed under section 143(3) dated 21.03.2015. However in his order (first revisional order) the Ld. PCIT (first

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

D.C.I.T., CENTRAL CIRCLE - 1(4), KOLKATA, KOLKATA vs. M/S. WISE INVESTMENT PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 163/Kol/2023 Assessment Year: 2012-13 D.C.I.T. Central Circle – 1(4), Kolkata M/S. Wise Investment Pvt. Ltd. Vs 3Rd Floor 5, Govind Chand Dhar Lane Kolkata - 700001 [Pan: Aaacw3141R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Manish Tiwari, Fca Revenue By : Shri Abhijit Kundu, Cit D/R सुनवाई क" तारीख/Date Of Hearing : 26/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 09/11/2023 आदेश/O R D E R Per Dr. Manish Borad: The Above Captioned Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax, Appeals -21, Kolkata, (Hereinafter The “Ld. Cit(A)”) Dt. 26/12/2022, 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. Whether On The Facts & Circumstances Of The Case Ld. Cit (A) Is Justified In Deleting Addition Made U/S. 68 Of Rs.32,50,00,000/- Ignoring The Remand Report Dated 20.07.2022 Wherein The Report Categorically Stated That The Share Applicant Company Has No Creditworthiness To Invest In The Assesses Company. 2. Whether On The Facts & Circumstances Of The Case Ld. Cit (A) Was Erroneous As It Had Not Taken Cognizance Of The Fact That The 2

7,500 75,00,000/- Ltd. Kolkata-700007. PAN: AAACW2230R. TOTAL 3,25,000 32,50,00,000/- 9. We further observe that during the course of assessment as well as appellate proceedings before the ld. CIT(A), the assessee has complied and has filed all the details, evidences and relevant documents which are necessary to prove the identity

M/S OMKAR INFRACON PRIVATE LIMITED ,KOLKATA vs. I.T.O.,WARD-12(2), KOLKATA

Bench: Shri A. T. Varkey, Jm & Dr. (Shri) Arjun Lal Saini, Am ]

7 I.T.A No. 896/Kol/2019 A.Y 2012-13 (d) We note that in the current year further 43500 shares were issued to Shri Ashok Choudhury, 25500 shares to M/s Kushal Solutions Private Ltd. and 45500 shares to M/s. Subhshree Grihanirmann Pvt Ltd which were existing shareholders; and 63500 to M/s. Star Trade Vinimay which was group company (refer paper book page

JAGDAMBA COMMOTRADE LLP (EARSTWHILE JAGDAMBA COMMOTRADE PRIVATE LIMITED),KOLKATA vs. ITO, WARD - 32(1)(ERSTWHILE ITO - 5(4), KOLKATA

In the result, the appeal filed by the assessee is allowed, A/O is directed to decide the issue of disallowance u/s14A after hearing and verifying the same as above

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 68 does not apply in the relevant assessment year. Details of share allottee: The shareholders of the assessee company who were allotted shares during the AY 2012-13 are as follows: Sl Name of PAN No. of Paid up Premium Total No. shareholders shares capital 1. Deepa Holding AAACD