SATYAM SUREKA ,KOLKATA vs. DCIT, CENTRAL CIR-3(3), KOLKATA

In the result, all the appeals of the different assessees are partly allowed

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey] I.T.(S.S).A. No. 13 /Kol/2025 Assessment Years: 2013-14 Satyam Sureka Vs. Dcit, Central Circle-3(3), Kolkata

unexplained cash credit u/s 56 of the Act. c) Addition of exempt gift received from HUF as income u/s 56 of the Act. d) Estimation based addition on account of drawings. (not pressed) e) Addition of gifts received from non-relatives, which were duly disclosed in the return of income, as income u/s 68 read with Section 115BBE

M/S ABHIJEET ENTERPRISE LTD.,KOLKATA vs. ITO, WARD 2(2), KOLKATA, KOLKATA

In the result the appeal of the assessee is allowed for statistical purpose

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

price with sum credited i.e. receipt of money so as to invoke Section 68 of the Act The Assessing Officer failed to appreciate the difference between the two. He submitted that there was no receipt or involvement of any sum or cash in the entire sequence of transaction and therefore urged that the provisions of Section 68 was not applicable

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

transfer of impugned shares were not based on any cash transactions but by way of barter transactions as elucidated in the written submission (supra). Since this is a case of cashless transaction, section 68 of the Act cannot be applied in any manner which the AO failed to comprehend. The provisions of section 68 of the Act refers to cash

ITO, WARD - 1(4), KOLKATA, KOLKATA vs. M/S. JOSAN DEPOSITS & ADVANCES PVT. LTD., , KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri P. M. Jagtap, Vice- & Shri A. T. Varkey, Jm]

price of those shares held by allottee companies. In that case the shares issued by the appellant company also becomes not genuine and there is no question of any cash credit in the hands of the appellant since what was contributed and what was issued both were not genuine and no addition can be made. Hence on that score also

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

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

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

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

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)

price, premium and amount - Correspondence made for application of shares - Copy of Balance Sheet, Profit & Loss A/c, IT Ack for FY 2011-12 - Copy of Bank Statements evidencing transaction with assessee - Source of Funds for making investments in the assessee company - ROC details and relevant statement. - Copy of Resolution passed by the Board authorizing investment in shares of assessee - Reasons

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]

price, premium and amount - Correspondence made for application of shares - Copy of Balance Sheet, Profit & Loss A/c, IT Ack for FY 2011-12 - Copy of Bank Statements evidencing transaction with assessee - Source of Funds for making investments in the assessee company - Trade License/P.Tax Certificate etc. towards address proof - Copy of Resolution passed by the Board authorizing investment in shares

M/S. BLUE LOTUS DESIGNERS PVT. LTD.,KOLKATA vs. ITO, WARD-7(4), KOLKATA, KOLKATA

Accordingly, the grounds raised by the Revenue are dismissed

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2012-13 M/S Blue Lotus Designers V/S. Income Tax Officer, Pvt. Ltd., 6/1C, Pranath Ward-7(4), Aayakar Chowdhury Lane, Bhawan, P-7, Kolkata-700 002 Chowringhee Square, [Pan No.Aaecb 9302 R] Kolkata-700 069 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Miraj D. Shah, Advocate अपीलाथ" क" ओर से/By Appellant Shri Supriyo Pal, Jcit, Sr-Dr ""यथ" क" ओर से/By Respondent 07-11-2019 सुनवाई क" तार"ख/Date Of Hearing 08-01-2020 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee’S Appeal For Assessment Year 2012-13 Arises Against The Commissioner Of Income Tax (Appeals)-16 Kolkata’S Order Dated 27.02.2017 Passed In Case No.755/Cit(A)-16/Kol/2015-16/W-7(4) Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused.

price of the shares is decided on the mutual understanding of the parties concerned. [Para 52] Once the genuineness, creditworthiness and identity of investors are established, the revenue should not justifiably claim to put itself in the armchair of a businessman or in the position of the Board of Directors and assume the role of ascertaining how much

SMT. SANGITA JHUNJHUNWALA ,HOWRAH vs. ITO, WARD - 47(2), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

unexplained cash credit under section 68 of the IT Act. 5.1.4. During the appellate proceedings, the appellant submitted written submissions dated 22.02.2018 and 07.05.2018. The appellant primarily contends that as the purchase of the ITA No.1918-1922/Kol/2018 A.Y 2014-15 Page 4 impugned shares have been effected by payment of cheque .through banking transaction and as the sales are corroborated

SRI SANJEEV JHUNJHUNWALA, HUF,HOWRAH vs. ITO, WARD - 48(4), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

unexplained cash credit under section 68 of the IT Act. 5.1.4. During the appellate proceedings, the appellant submitted written submissions dated 22.02.2018 and 07.05.2018. The appellant primarily contends that as the purchase of the ITA No.1918-1922/Kol/2018 A.Y 2014-15 Page 4 impugned shares have been effected by payment of cheque .through banking transaction and as the sales are corroborated

SRI SANJEEV JHUNJHUNWALA,HOWRAH vs. ITO, WARD - 36(3), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

unexplained cash credit under section 68 of the IT Act. 5.1.4. During the appellate proceedings, the appellant submitted written submissions dated 22.02.2018 and 07.05.2018. The appellant primarily contends that as the purchase of the ITA No.1918-1922/Kol/2018 A.Y 2014-15 Page 4 impugned shares have been effected by payment of cheque .through banking transaction and as the sales are corroborated

SRI ASHOK JHUNJHUNWALA ,HOWRAH vs. ITO, WARD - 34(2), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

unexplained cash credit under section 68 of the IT Act. 5.1.4. During the appellate proceedings, the appellant submitted written submissions dated 22.02.2018 and 07.05.2018. The appellant primarily contends that as the purchase of the ITA No.1918-1922/Kol/2018 A.Y 2014-15 Page 4 impugned shares have been effected by payment of cheque .through banking transaction and as the sales are corroborated

SMT. NITA JHUNJHUNWALA ,HOWRAH vs. ITO, WARD - 47(2), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

unexplained cash credit under section 68 of the IT Act. 5.1.4. During the appellate proceedings, the appellant submitted written submissions dated 22.02.2018 and 07.05.2018. The appellant primarily contends that as the purchase of the ITA No.1918-1922/Kol/2018 A.Y 2014-15 Page 4 impugned shares have been effected by payment of cheque .through banking transaction and as the sales are corroborated

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