IMC LIMITED ,KOLKATA vs. PR.CIT-4, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice- & Shri Rajesh Kumar

transfer pricing adjustment of Rs.10 (b) Crore or more in an earlier assessment year and such adjustment has been upheld by the judicial authorities or is pending in appeal; and where search and seizure

M/S. SHYAM METALICS AND ENERGY LTD.,KOLKATA vs. ACIT, CC - 1(1), KOLKATA, KOLKATA

In the result, appeal of the assessee-M/s Shyam Metalics And\nEnergy Ltd

seizure operation conducted\non the assessee. Admittedly, there is no incriminating material found in the\ncourse of search in relation to the carbon credit. It is also an admitted fact\nthat the assessee has in his audited accounts under the head revenue from\noperations in the notes to the financial statements at para 17 shown the\nincome from the carbon

M/S SHYAM METALICS AND ENERGY LTD.,KOLKATA vs. ACIT, CEN. CIR. 1(1), KOLKATA

In the result, appeal of the assessee-M/s Shyam Metalics And\nEnergy Ltd

seizure operation conducted\non the assessee. Admittedly, there is no incriminating material found in the\ncourse of search in relation to the carbon credit. It is also an admitted fact\nthat the assessee has in his audited accounts under the head revenue from\noperations in the notes to the financial statements at para 17 shown the\nincome from the carbon

M/S. SHYAM METALICS AND ENERGY LTD.,KOLKATA vs. ACIT, CC - 1(1), KOLKATA, KOLKATA

In the result, appeal of the assessee-M/s Shyam Metalics And Energy

Bench: Shri George Mathan & Shri Rakesh Mishrashyam Metalics & Energy Ltd Vs Acit, Central Circle-1(1), 83 Trinity Tower, 7Th Floor, Kolkata Topsia Road, Topsia, Kolkata-700046 Pan No. :Aahcs 5842 A Ita No.1016 & 1017/Kol/2024 (निर्धारण वर्ा /Assessment Year : 2017-2018 & 2018-2019) Shyam Metalics & Energy Ltd Vs Acit, Central Circle-1(1), 83 Trinity Tower, 7Th Floor, Kolkata Topsia Road, Topsia, Kolkata-700046 Pan No. :Aahcs 5842 A Ita No.1018 - 1020/Kol/2024 (निर्धारण वर्ा /Assessment Year : 2017-2018 To 2019-2020) Shyam Sel & Power Limited Vs Acit, Central Circle-1(1), 5, Ss Chamber, 2Nd Floor, Kolkata Pincep Street, C.R.Avenue, Kolkata-700072 Pan No. :Aaecs 9421 J (अपीलधर्थी /Appellant) .. (प्रत्यर्थी / Respondent) निर्धाररती की ओर से /Assessee By : Shri A.K. Tulsiyan, Fca & Robin Maheshwari, Aca रधजस्व की ओर से /Revenue By : Shri Raja Sengupta, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 13/08/2025 घोषणा की तारीख/Date Of Pronouncement : 13/08/2025 आदेश / O R D E R Per George Mathan, Jm: These Are The Appeals Filed By The Two Different Assessees Against The Separate Orders Passed By The Ld. Pr.Cit(Central), Kolkata-1, Dated 07.03.2024, 14.03.2024 & 18.03.2024, Respectively For The Assessment Years 2014-2015, 2017-2018, 2018-2019 & 2019-2020, Respectively.

seizure operation conducted on the assessee. Admittedly, there is no incriminating material found in the course of search in relation to the carbon credit. It is also an admitted fact that the assessee has in his audited accounts under the head revenue from operations in the notes to the financial statements at para 17 shown the income from the carbon

M/S. SHYAM SEL AND POWER LIMITED,KOLKATA vs. ACIT, CC - 1(1), KOLKATA, KOLKATA

In the result, appeal of the assessee-M/s Shyam Metalics And\nEnergy Ltd

seizure operation conducted\non the assessee. Admittedly, there is no incriminating material found in the\ncourse of search in relation to the carbon credit. It is also an admitted fact\nthat the assessee has in his audited accounts under the head revenue from\noperations in the notes to the financial statements at para 17 shown the\nincome from the carbon

SHYAM SEL & POWER LIMITED,KOLKATA vs. ACIT, CC - 1(1), KOLKATA, KOLKATA

In the result, appeal of the assessee-M/s Shyam Metalics And\nEnergy Ltd

seizure operation conducted\non the assessee. Admittedly, there is no incriminating material found in the\ncourse of search in relation to the carbon credit. It is also an admitted fact\nthat the assessee has in his audited accounts under the head revenue from\noperations in the notes to the financial statements at para 17 shown the\nincome from the carbon

SHYAM SEL & POWER LIMITED,KOLKATA vs. ACIT, CC - 1(1), KOLKATA, KOLKATA

In the result, appeal of the assessee-M/s Shyam Metalics And Energy

Bench: Shri George Mathan & Shri Rakesh Mishrashyam Metalics & Energy Ltd Vs Acit, Central Circle-1(1), 83 Trinity Tower, 7Th Floor, Kolkata Topsia Road, Topsia, Kolkata-700046 Pan No. :Aahcs 5842 A Ita No.1016 & 1017/Kol/2024 (निर्धारण वर्ा /Assessment Year : 2017-2018 & 2018-2019) Shyam Metalics & Energy Ltd Vs Acit, Central Circle-1(1), 83 Trinity Tower, 7Th Floor, Kolkata Topsia Road, Topsia, Kolkata-700046 Pan No. :Aahcs 5842 A Ita No.1018 - 1020/Kol/2024 (निर्धारण वर्ा /Assessment Year : 2017-2018 To 2019-2020) Shyam Sel & Power Limited Vs Acit, Central Circle-1(1), 5, Ss Chamber, 2Nd Floor, Kolkata Pincep Street, C.R.Avenue, Kolkata-700072 Pan No. :Aaecs 9421 J (अपीलधर्थी /Appellant) .. (प्रत्यर्थी / Respondent) निर्धाररती की ओर से /Assessee By : Shri A.K. Tulsiyan, Fca & Robin Maheshwari, Aca रधजस्व की ओर से /Revenue By : Shri Raja Sengupta, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 13/08/2025 घोषणा की तारीख/Date Of Pronouncement : 13/08/2025 आदेश / O R D E R Per George Mathan, Jm: These Are The Appeals Filed By The Two Different Assessees Against The Separate Orders Passed By The Ld. Pr.Cit(Central), Kolkata-1, Dated 07.03.2024, 14.03.2024 & 18.03.2024, Respectively For The Assessment Years 2014-2015, 2017-2018, 2018-2019 & 2019-2020, Respectively.

seizure operation conducted on the assessee. Admittedly, there is no incriminating material found in the course of search in relation to the carbon credit. It is also an admitted fact that the assessee has in his audited accounts under the head revenue from operations in the notes to the financial statements at para 17 shown the income from the carbon

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

seizure operation in their own case admitted that it is a circular trading provided to inflate the gross turnovers of the beneficiaries/clients. The entry operator Sri Sanjay Kumar Agarwal has stated in his sworn statement by the Investigation wing during the course of search at his premises on 13.02.2022 is reproduced as under for ready reference: Q.13 Please explain

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

seizure operation in their own case admitted that it is a circular trading provided to inflate the gross turnovers of the beneficiaries/clients. The entry operator Sri Sanjay Kumar Agarwal has stated in his sworn statement by the Investigation wing during the course of search at his premises on 13.02.2022 is reproduced as under for ready reference: Q.13 Please explain

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

seizure operation in their own case admitted that it is a circular trading provided to inflate the gross turnovers of the beneficiaries/clients. The entry operator Sri Sanjay Kumar Agarwal has stated in his sworn statement by the Investigation wing during the course of search at his premises on 13.02.2022 is reproduced as under for ready reference: Q.13 Please explain

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED, PATNA

The appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

seizure operation in their own case admitted that it is a circular trading provided to inflate the gross turnovers of the beneficiaries/clients. The entry operator Sri Sanjay Kumar Agarwal has stated in his sworn statement by the Investigation wing during the course of search at his premises on 13.02.2022 is reproduced as under for ready reference: Q.13 Please explain

GOPAL & SONS HUF,KOLKATA vs. I.T.O., WARD - 32(1), KOLKATA, KOLKATA

The appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

seizure operation in their own case admitted that it is a circular trading provided to inflate the gross turnovers of the beneficiaries/clients. The entry operator Sri Sanjay Kumar Agarwal has stated in his sworn statement by the Investigation wing during the course of search at his premises on 13.02.2022 is reproduced as under for ready reference: Q.13 Please explain

WINSHER COMMERCIAL PVT. LTD.,KOLKATA vs. I.T.O., WARD - 14(2), PRESENTLY D.C.I.T., CIRCLE-11(1), KOLKATAKOLKATA, KOLKATA

Appeal of the assessee is allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumari.T.A. No. 668/Kol/2022 Assessment Year: 2014-2015 Winsher Commercial Pvt. Limited,…....….Appellant C/O. Subash Agarwal & Associates, Advocates, Siddha Gibson, 1, Gibson Lane, Suite 213, 2Nd Floor, Kolkata-700069 [Pan:Aaacw3125H] -Vs.- Income Tax Officer,………………………………Respondent Ward-14(2), Kolkata, [Presently Dcit, Circle-11(1), Kolkata], Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri Siddharth Agarwal, Advocate, Appeared On Behalf Of The Assessee Shri B.K. Singh, Jcit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : March 21, 2024 Date Of Pronouncing The Order : May 13, 2024 O R D E R

search & seizure operations on various Brokers and entry Operators and their statements were recorded on oath. Shri Pankaj Agarwal in his sworn statement has confirmed that unaccounted money was transferred by way of sale proceeds. As a result, some of BSE/CSE listed penny stocks were identified, which have been used for generating bogus LTCG. The SEBI vide order No. WTM/KMA/ND/415/2011

BALMUKUND CEMENT & ROOFINGS PVT. LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

The appeal of the Revenue is dismissed

seizure operation\nconducted by the department. The disallowance has been made on the basis of the\ninformation available in the insight portal and also that shared by the investigation\nwing which alleged that both the purchases and the sales were fictitious.\nIn view of the foregoing, it is humbly prayed that no heed may kindly be paid to the\ndecisions

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED, PATNA

The appeal of the Revenue is dismissed

seizure operation\nconducted by the department. The disallowance has been made on the basis of the\ninformation available in the insight portal and also that shared by the investigation\nwing which alleged that both the purchases and the sales were fictitious.\nIn view of the foregoing, it is humbly prayed that no heed may kindly be paid to the\ndecisions

DCIT, CENTRAL CIRCLE- 4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the Revenue is dismissed

seizure operation\nconducted by the department. The disallowance has been made on the basis of the\ninformation available in the insight portal and also that shared by the investigation\nwing which alleged that both the purchases and the sales were fictitious.\nIn view of the foregoing, it is humbly prayed that no heed may kindly be paid to the\ndecisions

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED, PATNA

The appeal of the Revenue is dismissed

seizure operation\nconducted by the department. The disallowance has been made on the basis of the\ninformation available in the insight portal and also that shared by the investigation\nwing which alleged that both the purchases and the sales were fictitious.\nIn view of the foregoing, it is humbly prayed that no heed may kindly be paid to the\ndecisions

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED, KOLKATA

The appeal of the Revenue is dismissed

seizure operation\nconducted by the department. The disallowance has been made on the basis of the\ninformation available in the insight portal and also that shared by the investigation\nwing which alleged that both the purchases and the sales were fictitious.\nIn view of the foregoing, it is humbly prayed that no heed may kindly be paid to the\ndecisions

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the Revenue is dismissed

seizure operation\nconducted by the department. The disallowance has been made on the basis of the\ninformation available in the insight portal and also that shared by the investigation\nwing which alleged that both the purchases and the sales were fictitious.\nIn view of the foregoing, it is humbly prayed that no heed may kindly be paid to the\ndecisions