M/S ADHUNIK INFRASTRUCTURE PVT. LTD.,KOLKATA vs. JCIT, RG-10, KOLKATA, KOLKATA

In the result, the appeal of the assessee is partly allowed

Bench: Hon’Ble Shri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No.1281 /Kol/2015 Assessment Year : 2010-11

69a [(vi ) any undertaking carrying on the business of laying and operating a cross-country natural gas distribution network, including pipelines and storage facilities being an integral part of such network, which fulfils the following conditions, namely:— (a ) it is owned by a company registered in India or by a consortium of such companies or by an authority

EIH LIMITED ,KOLKATA vs. DCIT, NFAC, DELHI

In the result, both the appeals of the assessee are partly allowed

Bench: SHRI RAJPAL YADAV, VICE PRESIDENT SHRI SANJAY AWASTHI (Accountant Member)

transferred the title of ownership to the lessee and claimed depreciation under section 32 of the Act on the said leased assets being the legal owner. 18. FOR THAT the DRP erred in applying the decision of the jurisdictional tribunal in the case of Phillips India and the Delhi High Court in the case of Rio Tinto, when both these

EIH LIMITED,KOLKATA vs. D.C.I.T., INCOME TAX DEPARTMENT, NFAC, DELHI, KOLKATA

In the result, both the appeals of the assessee are partly allowed

Bench: SHRI RAJPAL YADAV, VICE PRESIDENT SHRI SANJAY AWASTHI (Accountant Member)

transferred the title of ownership to the lessee and claimed depreciation under section 32 of the Act on the said leased assets being the legal owner. 18. FOR THAT the DRP erred in applying the decision of the jurisdictional tribunal in the case of Phillips India and the Delhi High Court in the case of Rio Tinto, when both these

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

price, as such, profit on this account was returned in the books of accounts. The assessing officer added 25% of the bogus purchases booked by the assessee but ignored the sales booked to the fictitious parties. Hon'ble Tribunal deleted the addition made on account of bogus purchases on the ground that in case the bogus purchases are disallowed then

BALMUKUND SPONGE & IRON PVT. LTD.,,PATNA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

The appeal of the Revenue is dismissed

price, as such, profit on this account\nwas returned in the books of accounts. The assessing officer added 25% of the bogus\npurchases booked by the assessee but ignored the sales booked to the fictitious\nparties. Hon'ble Tribunal deleted the addition made on account of bogus purchases on\nthe ground that in case the bogus purchases are disallowed then

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

price, as such, profit on this account was returned in the books of accounts. The assessing officer added 25% of the bogus purchases booked by the assessee but ignored the sales booked to the fictitious parties. Hon'ble Tribunal deleted the addition made on account of bogus purchases on the ground that in case the bogus purchases are disallowed then

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

price, as such, profit on this account was returned in the books of accounts. The assessing officer added 25% of the bogus purchases booked by the assessee but ignored the sales booked to the fictitious parties. Hon'ble Tribunal deleted the addition made on account of bogus purchases on the ground that in case the bogus purchases are disallowed then

DCIT CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND LEASE FIN PRIVATE LIMITED, PATNA

The appeal of the Revenue is dismissed

price, as such, profit on this account\nwas returned in the books of accounts. The assessing officer added 25% of the bogus\npurchases booked by the assessee but ignored the sales booked to the fictitious\nparties. Hon'ble Tribunal deleted the addition made on account of bogus purchases on\nthe ground that in case the bogus purchases are disallowed then

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

price, as such, profit on this account\nwas returned in the books of accounts. The assessing officer added 25% of the bogus\npurchases booked by the assessee but ignored the sales booked to the fictitious\nparties. Hon'ble Tribunal deleted the addition made on account of bogus purchases on\nthe ground that in case the bogus purchases are disallowed then

BALMUKUND SPONGE & IRON PVT. LTD.,,PATNA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

The appeal of the Revenue is dismissed

price, as such, profit on this account\nwas returned in the books of accounts. The assessing officer added 25% of the bogus\npurchases booked by the assessee but ignored the sales booked to the fictitious\nparties. Hon'ble Tribunal deleted the addition made on account of bogus purchases on\nthe ground that in case the bogus purchases are disallowed then

BALMUKUND SPONGE & IRON PVT. LTD.,,PATNA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

The appeal of the Revenue is dismissed

price, as such, profit on this account\nwas returned in the books of accounts. The assessing officer added 25% of the bogus\npurchases booked by the assessee but ignored the sales booked to the fictitious\nparties. Hon'ble Tribunal deleted the addition made on account of bogus purchases on\nthe ground that in case the bogus purchases are disallowed then

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

The appeal of the Revenue is dismissed

price, as such, profit on this account\nwas returned in the books of accounts. The assessing officer added 25% of the bogus\npurchases booked by the assessee but ignored the sales booked to the fictitious\nparties. Hon'ble Tribunal deleted the addition made on account of bogus purchases on\nthe ground that in case the bogus purchases are disallowed then

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

price, as such, profit on this account was returned in the books of accounts. The assessing officer added 25% of the bogus purchases booked by the assessee but ignored the sales booked to the fictitious parties. Hon'ble Tribunal deleted the addition made on account of bogus purchases on the ground that in case the bogus purchases are disallowed then

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

The appeal of the Revenue is dismissed

price, as such, profit on this account\nwas returned in the books of accounts. The assessing officer added 25% of the bogus\npurchases booked by the assessee but ignored the sales booked to the fictitious\nparties. Hon'ble Tribunal deleted the addition made on account of bogus purchases on\nthe ground that in case the bogus purchases are disallowed then

BALMUKUND SPONGE & IRON PVT. LTD.,,PATNA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

The appeal of the Revenue is dismissed

price, as such, profit on this account\nwas returned in the books of accounts. The assessing officer added 25% of the bogus\npurchases booked by the assessee but ignored the sales booked to the fictitious\nparties. Hon'ble Tribunal deleted the addition made on account of bogus purchases on\nthe ground that in case the bogus purchases are disallowed then

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

price, as such, profit on this account was returned in the books of accounts. The assessing officer added 25% of the bogus purchases booked by the assessee but ignored the sales booked to the fictitious parties. Hon'ble Tribunal deleted the addition made on account of bogus purchases on the ground that in case the bogus purchases are disallowed then

BALHANUMAN COMMODEAL PVT. LTD.,KOLKATA vs. ITO, WARD-5(4), KOLKATA

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2012-13

69A. This aspect has been deliberated upon by the Hon'ble Supreme Court in numerous decisions. Relevant portion from following case laws are extracted below: i. Sreelekha Banerjee v CIT (1963) 49 1TR 112 (SC) ii. Kale Khan Mohammad Hanif v CIT[1963] 50 ITR 1 (SC) (iii) Roshan Di Hatti v CIT [1977] 107 ITR 938 (SC) iii. Sumati

SRI SURYA PRAKASH BAGLA,KOLKATA vs. DCIT, CEN. CIR-VII, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 398/Kol/2014 Assessment Year : 2010-11 Shri Surya Prakash Bagla -Vs- Dcit, Central Circle-Vii, Kolkata [Pan: Aebpb 4558 F] (Appellant) (Respondent)

price of shares as stated in the MOU, but arose due to the intervening litigation. Since the transfer could not have materialised in the absence of payment of such compensation it forms part of sale consideration. According to revenue in search assessments, sale consideration 7 8 Surya Prakash Bagla A.Yr.2010-11 remained the same although the transaction