BIDIT FINANCIAL MANAGEMENT PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-7(1), KOLKATA, KOLKATA

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.579/Kol/2017 ("नधा"रणवष" / Assessment Year:2012-13)

Section 68 of the Income Tax Act only on the ground that the parties to whom the share certificates were issued and who had paid the share money had not appeared before the Assessing Officer and the summons could not be served on the addresses given as they were not traced and in respect of some of the parties

HILTON COMMODITIES PVT. LTD.,KOLKATA vs. ITO, WARD-5(3), KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Hilton Commodities Pvt. Ltd. Ito, Ward 5(3) 9/12, Lal Bazar Street, Aaykar Bhavan, P-7, Mercantile Building, Block-B, Chowringhee Square, Vs. 3Rd Floor, No.10, Kolkata-700069, West Bengal Kolkata-700001, West Bengal (Appellant) (Respondent) Pan No. Aacch1011P Assessee By : Shri Soumitra Choudhury, Ar Revenue By : Shri S Datta, Cit Dr Date Of Hearing: 08.01.2025 Date Of Pronouncement : 24.02.2025

section 68 of the Act, the duty cast on the assessee is to explain the nature and source of credit found in his books. In the instant case, the credit is in the form of receipt of share application money from five share applicants. The nature of receipt towards share application money is well established from the entries passed

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.

section 68 of the Act, the duty cast on the assessee is to explain the nature and source of credit found in his books. In the instant case, the credit is in the form of receipt of share application money from five share applicants. The nature of receipt towards share application money is well established from the entries passed

ITO, WD-6(1), KOLKATA, KOLKATA vs. M/S TRITIUM COMMODITIES PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi) Assessment Year: 2008-09 Income Tax Officer, Ward-6(1), Kolkata.………......……….........…………..………….…................Appellant Vs. M/S. Tritium Commodities………..........….……...........…………..……………….…...……..…….......Respondent 7, Babulal Lane Kolkata – 700 007 [Pan : Aacct 8286 G] Appearances By: Shri S.M. Surana, Advocate, Appeared On Behalf Of The Assessee. Shri Sankar Halder, Addl. Cit Sr. D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 6Th, 2018 Date Of Pronouncing The Order : November 28Th , 2018 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)-2, Kolkata, (Hereinafter The ‘Ld. Cit(A)’), Dt. 15/10/2015, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The ‘Act’), Relating To Assessment Year 2008-09. 2. The Assessee Is A Company & Is In The Business Of Investment In Shares & Securities. For The Assessment Year 2012-13, It Filed Its Return Of Income On 27/09/2017, Disclosing Nil Income. It Filed Its Original Return Of Income For The Assessment Year 2008-09, On 22/10/2008, Declaring Total Loss Or Rs.14,726/-. The Assessment Order Was Passed U/S 147/143(3) Of The Act, On 24/06/2010. Thereafter The Ld. Cit(A), Passed An Order U/S 263 Of The Act, Setting Aside The Assessment Order Dt. 24/06/2010. The Assessing Officer Passed The Impugned Fresh Order In Pursuance To The Order U/S 263 Of The Act, Dt. 31/03/2014, Making An Addition Of The Share Application Money Of Rs.2.07 Crores U/S 68 Of The Act. Aggrieved The Assessee Carried The Matter In Appeal. The Ld. First Appellate Authority Deleted The Addition For The Reasons Given In His Order.

section 68 of the Act, the duty cast on the 15 Assessment Year: 2008-09 M/s. Tritium Commodities assessee is to explain the nature and source of credit found in his books. In the instant case, the credit is in the form of receipt of share application money from five share applicants. The nature of receipt towards share application money

ITO, WARD - 6(1), KOLKATA , KOLKATA vs. M/S. DELIGHT GRIH NIRMAN PVT. LTD., , KOLKATA

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1755/Kol/2017 ("नधा"रणवष" / Assessment Year: 2012-13)

unexplained investments of those creditors under section 69. 18.In the case of Nemi Chand Kothari 136 Taxman 213, the Hon'ble Guahati High Court hasthrown light on another aspect touching the issue of onus on assessee under section 68, by holding that the same should be decided by taking into consideration the provision of section 106 of the Evidence

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 68 of the Act, the duty cast on the assessee is to explain the nature and source of credit found in his books. In the instant case, the credit is in the form of receipt of share application money from five share applicants. The nature of receipt towards share application money is well established from the entries passed

BHUTORIA ELECTRICALS PVT. LTD.,,KOLKATA vs. ITO, WARD - 7(4), KOLKATA, KOLKATA

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी एम .बालागणेश, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri M. Balaganesh, Am] I.T.A. No. 2024/Kol/2017 Assessment Year: 2012-13

unexplained investments of those creditors under section 69. 6 Bhutoria Electricals Pvt. Ltd., AY 2012-13 10. In the case of Nemi Chand Kothari 136 Taxman 213, (supra), the Hon'ble Guahati High Court has thrown light on another aspect touching the issue of onus on assessee under section 68, by holding that the same should be decided by taking

M/S. MATARANI VINTRADE PVT. LTD., ,KOLKATA vs. ITO, WARD - 15(1), KOLKATA , KOLKATA

Bench: Hon’Ble Shri P.M. Jagtap, V.P (Kz) & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2012-13

unexplained investments of those creditors under section 69. 13. In the case of Nemi Chand Kothari 136 Taxman 213, (supra), the Hon'ble Guahati High Court has thrown light on another aspect touching the issue of onus on assessee under section 68, by holding that the same should be decided by taking into consideration the provision of section

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]

unexplained investments of those creditors under section 69. 20. In the case of Nemi Chand Kothari 136 Taxman 213, (supra), the Hon'ble Guahati High Court hasthrown light on another aspect touching the issue of onus on assessee under section 68, by holding that the same should be decided by taking into consideration the provision of section

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]

Section 68 of the Income Tax Act only on the ground that the parties to whom the share certificates were issued and who had paid the share money had not appeared before the Assessing Officer and the summons could not be served on the addresses given as they were not traced and in respect of some of the parties

TRADELINK CARRYING PVT. LTD.,KOLKATA vs. I.T.O.,WARD-4(1), KOLKATA

Bench: Shri A.T. Varkery, Am ]

unexplained investments of those creditors under section 69. 18. In the case of Nemi Chand Kothari 136 Taxman 213, (supra), the Hon'ble Guahati High Court has thrown light on another aspect touching the issue of onus on assessee under section 68, by holding that the same should be decided by taking into consideration the provision of section

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

unexplained investments of those creditors under section 69." 18. In the case of Nemi Chand Kothari v. CIT [2004] 136 Taxman 213 [2003] 264 ITR 254 the Hon'ble Guahati High Court has thrown light on another aspect touching the issue of onus on assessee under section 68, by holding that the same should be decided by taking into consideration

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

unexplained investments of those creditors under section 69." 18. In the case of Nemi Chand Kothari v. CIT [2004] 136 Taxman 213 [2003] 264 ITR 254 the Hon'ble Guahati High Court has thrown light on another aspect touching the issue of onus on assessee under section 68, by holding that the same should be decided by taking into consideration

KANCHAN PLYWOOD PRODUCTS PVT. LTD., ,JALPAIGURI vs. ITO, WARD - 1(2), JALPAIGURI, JALPAIGURI

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

unexplained investments of those creditors under section 69. 8 M/s. Kanchan Plywood Products Pvt. Ltd. AY- 2012-13 14. In the case of Nemi Chand Kothari 136 Taxman 213, (supra), the Hon'ble Guahati High Court has thrown light on another aspect touching the issue of onus on assessee under section 68, by holding that the same should be decided

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

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

unexplained investments of those creditors under section 69. 21. In the case of Nemi Chand Kothari 136 Taxman 213, (supra), the Hon'ble Guahati High Court hasthrown light on another aspect touching the issue of onus on assessee under section 68, by holding that the same should be decided by taking into consideration the provision of section

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]

unexplained investments of those creditors under section 69. 21. In the case of Nemi Chand Kothari 136 Taxman 213, (supra), the Hon'ble Guahati High Court hasthrown light on another aspect touching the issue of onus on assessee under section 68, by holding that the same should be decided by taking into consideration the provision of section

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

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

unexplained investments of those creditors under section 69. 21. In the case of Nemi Chand Kothari 136 Taxman 213, (supra), the Hon'ble Guahati High Court hasthrown light on another aspect touching the issue of onus on assessee under section 68, by holding that the same should be decided by taking into consideration the provision of section

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

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

unexplained investments of those creditors under section 69. 21. In the case of Nemi Chand Kothari 136 Taxman 213, (supra), the Hon'ble Guahati High Court hasthrown light on another aspect touching the issue of onus on assessee under section 68, by holding that the same should be decided by taking into consideration the provision of section