M/S INSTRUMENTARIUM CORPORATION LTD.,KOLKATA vs. DDIT (IT)-1(1), KOLKATA, KOLKATA

Bench: The Special Bench:

investment of the renderer. Moving on from the shareholder activity argument, learned counsel submits that it is not open to the Assessing Officer to question the commercial I.T.A. Nos.1548 and 1549/Kol/2009 Assessment years: 2003-04 and 2004-05 Page 35 of 41 expediency of a transaction. When in his wisdom the assessee has advanced an interest free loan, according

ITO, WD-5(1), KOLKATA vs. M/S SAFELINE MARKETING PVT. LTD, KOLKATA

Bench: Shri Rajpal Yadav, Hon’Ble & Dr. Manish Borad, Hon’Ble

unexplained and made addition thereof u/s 68 of the Act along with minor disallowance of Rs.39,594/- u/s 14A of the Act. Income assessed at Rs. 14,20,81,000/-. 4.1. Aggrieved the assessee preferred appeal before the ld. CIT(A) and filed complete details of each of the share subscribers along with the copy of notices

M/S INSTRUMENTARIUM CORPORATION LTD.,KOLKATA vs. DDIT (IT)-1(1), KOLKATA, KOLKATA

In the result, all three appeals of the assessee is allowed in part

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey) Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2006-07 Instrumentarium Corporation Limited………………..………………………………..……….……....Appellant P.O. Box 100, Fi-00031 Ge, Finland Cc: Pricewterhouse Coopers South City Pinnacle 7Th Floor Plot No.Xi-I Sector V Kolkata – 700 091 [Pan : Aadcg 1535 E] Ddit (I.T.)-1(1), Kolkata.….....................................................................................….......….......Respondent Appearances By: Shri Sachit Jolly, Advocate, Appeared On Behalf Of The Assessee. Shri G. Mallikarjuna, Cit, D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : June 27Th, 2018 Date Of Pronouncing The Order : August 3Rd , 2018 Order Per J. Sudhakar Reddy, Am :- These Three Appeals Filed By The Assessee Are Directed Against The Common Order Of The Learned Commissioner Of Income Tax (Appeals)-Xvi, Kolkata Passed U/S 250 Of The Income Tax Act, 1961 (In Short The ‘Act’), Dt. 09/06/2009. As The Issues Arising In All These Appeals Are Common, For The Sake Of Convenience They Are Heard Together & Disposed Off By Assessment Year Of This Common Order. 2. The Appeals Bearing No’S Ita No. 1548 & 1549/Kol/2009 , For The Assessment Year 2003-04 & 2004-05, Were Referred By The Hon’Ble, Itat To A Special Bench Vide Order Dt. 6Th April, 2010, To Answer The Following Re-Framed Question.

unexplained reasons, the assessee has stopped charging interest in the assessment year 2003-04. The commercial bonafides of the present transactions are not established. As regards the assessee's claim that the revenue authorities have re-characterized the transaction, and that they do not have the powers to do so, we find that the claim of the assessee

M/S. BERGER PAINTS INDIA LTD.,,KOLKATA vs. D.C.I.T., CIRCLE-10(1), KOLKATA, KOLKATA

In the result, both the appeals of the revenue are partly allowed and appeals of assessee are dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawalita Nos.917 & 918/Kol/2017 Assessment Year: 2009-10 & 2010-11 Deputy Commissioner Of Berger Paints India Ltd. Income-Tax Vs. 129, Park Street Circle-10(1) Kolkata-17 Kolkata (Pan: Aabcb0976E) (Appellant) (Respondent) &

Price is determined from the view point of two independent companies?” ITA Nos.2294 & 2295/Kol/2019 by Assessee Berger Paints India Ltd. AYs 2009-10 & 2010-11 7. Brief facts of the case as culled out from the records are that the assessee is engaged in the business of manufacture and sale of paints having its works located at various places. Assessee

D.C.I.T., CIRCLE-10(1), KOLKATA, KOLKATA vs. M/S. BERGER PAINTS INDIA LTD.,, KOLKATA

In the result, both the appeals of the revenue are partly allowed and appeals of assessee are dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawalita Nos.917 & 918/Kol/2017 Assessment Year: 2009-10 & 2010-11 Deputy Commissioner Of Berger Paints India Ltd. Income-Tax Vs. 129, Park Street Circle-10(1) Kolkata-17 Kolkata (Pan: Aabcb0976E) (Appellant) (Respondent) &

Price is determined from the view point of two independent companies?” ITA Nos.2294 & 2295/Kol/2019 by Assessee Berger Paints India Ltd. AYs 2009-10 & 2010-11 7. Brief facts of the case as culled out from the records are that the assessee is engaged in the business of manufacture and sale of paints having its works located at various places. Assessee

M/S. BERGER PAINTS INDIA LTD.,,KOLKATA vs. D.C.I.T., CIRCLE-10(1), KOLKATA, KOLKATA

In the result, both the appeals of the revenue are partly allowed and appeals of assessee are dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawalita Nos.917 & 918/Kol/2017 Assessment Year: 2009-10 & 2010-11 Deputy Commissioner Of Berger Paints India Ltd. Income-Tax Vs. 129, Park Street Circle-10(1) Kolkata-17 Kolkata (Pan: Aabcb0976E) (Appellant) (Respondent) &

Price is determined from the view point of two independent companies?” ITA Nos.2294 & 2295/Kol/2019 by Assessee Berger Paints India Ltd. AYs 2009-10 & 2010-11 7. Brief facts of the case as culled out from the records are that the assessee is engaged in the business of manufacture and sale of paints having its works located at various places. Assessee

D.C.I.T., CIRCLE-10(1), KOLKATA, KOLKATA vs. M/S. BERGER PAINTS INDIA LTD.,, KOLKATA

In the result, both the appeals of the revenue are partly allowed and appeals of assessee are dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawalita Nos.917 & 918/Kol/2017 Assessment Year: 2009-10 & 2010-11 Deputy Commissioner Of Berger Paints India Ltd. Income-Tax Vs. 129, Park Street Circle-10(1) Kolkata-17 Kolkata (Pan: Aabcb0976E) (Appellant) (Respondent) &

Price is determined from the view point of two independent companies?” ITA Nos.2294 & 2295/Kol/2019 by Assessee Berger Paints India Ltd. AYs 2009-10 & 2010-11 7. Brief facts of the case as culled out from the records are that the assessee is engaged in the business of manufacture and sale of paints having its works located at various places. Assessee

PRAFULLA KUMAR MALAKAR, INCOME TAX OFFICER, WARD-12(1), KOLKATA, KOLKATA vs. KALAWATI INVESTMENTS & TRADING P LTD., KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

unexplained, fictitious, non-genuine is baseless. The addition under section 69 of the Act was made merely on the basis of suspicion, presumptions and probability of preponderance without any direct evidence to prove the transactions as non-genuine or fictitious or demonstrating appellant's involvement in any kind of accommodation entries. The findings of investigation & modus operandi in other cases

INCOME TAX OFFICER, WARD-9(1), KOLKATA, KOLKATA vs. SUR MANGAL HOLDINGS PRIVATE LIMITED, KOLKATA

In the result, appeal of the revenue stands dismissed

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

invested by the assessee, among many other scrips. As pointed out on behalf of the assessee, the transaction of existence of purchase and sale of Alankit Ltd. giving rise to long-term capital loss claimed by assessee appears to be fully corroborated by the documentary evidences. The shares have been credited in the De-mat account and transferred

M/S CLASSIC FLOUR AND FOOD PROCESSING PVT LTD.,KOLKATA vs. ITO, WD-11(4), KOLKATA, KOLKATA

In the result, ITA No. 765 & 766/Kol/2014 are allowed while ITA

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ]

price at which the shares were acquired by the corporate shareholders, the capital should be held as bogus and added as undisclosed income of the assessee. To verify the transfer of shares the AD should also obtain copies of Annual Returns of the assessee filed with form No. 20B copies of Income Tax Returns and Audited Accounts and audited Financial

DCIT, CIRCLE - 3(1), KOLKATA , KOLKATA vs. SHRI RAMESH PRASAD SAO, KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawal

transfer pricing concept. It was not available in this year. In the scheme of Income Tax Act, if by incurrence of such expenditure, some undue benefit is being extended to the sister concern, then claim of those expenditure could be disallowed. But nowhere it has been provided that assessee should earn deemed profit according to the calculation of the revenue

SHRI ADITYA CHINDALIA ,KOLKATA vs. ITO, WARD - 34(2), KOLKATA

In the result, the appeal is allowed

Bench: Hon’Ble Shri S.S. Godara, Jm] I.T.A No. 2241/Kol/2018 Assessment Year : 2010-11 Smt. Laxmi Devi Chindalia Vs. I.T.O, Ward 34(2) Pan: Acopc8728P Kolkata (Appellant) (Respondent) I.T.A No. 2242/Kol/2018 Assessment Year : 2010-11 Shri Aditya Chindalia Vs. I.T.O, Ward 34(2) Pan: Afkpc6363F Kolkata (Appellant) (Respondent)

investments to builders, jewelers, businessmen and other bodies corporate. Thereafter, the cash is received back from the builders/real estate company who takes accommodation entry for bogus loan/advance. The cash received from the builder/real estate company is paid to the party whom the bogus sale of diamonds is made to square off the transaction. The Ld. AO has recorded that such

SMT. LAXMI DEVI CHINDALIA ,KOLKATA vs. ITO, WARD - 35(3), KOLKATA

In the result, the appeal is allowed

Bench: Hon’Ble Shri S.S. Godara, Jm] I.T.A No. 2241/Kol/2018 Assessment Year : 2010-11 Smt. Laxmi Devi Chindalia Vs. I.T.O, Ward 34(2) Pan: Acopc8728P Kolkata (Appellant) (Respondent) I.T.A No. 2242/Kol/2018 Assessment Year : 2010-11 Shri Aditya Chindalia Vs. I.T.O, Ward 34(2) Pan: Afkpc6363F Kolkata (Appellant) (Respondent)

investments to builders, jewelers, businessmen and other bodies corporate. Thereafter, the cash is received back from the builders/real estate company who takes accommodation entry for bogus loan/advance. The cash received from the builder/real estate company is paid to the party whom the bogus sale of diamonds is made to square off the transaction. The Ld. AO has recorded that such

M/S. EMTA COAL LTD.,( ERSTWHILE KNOWN AS M/S. EASTERN MINERAL & TRADING AGENCY ) ,KOLKATA vs. ACIT, CENTRAL CIRCLE - 3(1) , KOLAKTA

In the result, the appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy, Hon’Ble & Sri Aby T. Varkey, Hon’Ble) Assessment Year: 2010-11 M/S. Emta Coal Ltd…………………………………………..............................…….............Appellant 5B, Nandlal Basu Sarani Kolkata – 700 071 [Pan : Aacce 3506 G]

Investment Corpn. Of UP Ltd. 332 ITR 0324 g) The ld. counsel for the assessee further argued that, w e ld. counsel for the assessee further argued that, when the assessment has been hen the assessment has been first reopened on 21/03/2014on identical reasons on 21/03/2014on identical reasons and such reopened assessment and such reopened assessment was neither completed

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]

unexplained is added back u/s. 68.” 4. Aggrieved by the above addition saddled by AO u/s. 68 of the Act, the assessee preferred an appeal before the Ld. CIT(A) who was pleased to confirm the same. Aggrieved, the assessee is now in appeal before us. 5. The Ld. AR assailing the order of the Ld. CIT(A) drew

M/S. BARDHAMAN DHARMARAJ PAPER MILL PVT. LTD.,BURDWAN vs. ACIT, CIRCLE-2, BURDWAN

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year : 2015-16

unexplained cash credit on account of alleged non-genuine transactions with the 3 companies – namely, Celebration Vintrade Pvt. Ltd., Nice Commotrade Pvt. Ltd., and Samrat Rice Mill Pvt. Ltd. I have looked at the merits of the assessee after perusing the material on record & statement of facts in the appeal. i. M/s Celebration Vintrade Pvt. Ltd. – 21,50,000 shares

ACIT, CIRCLE-1, BURDWAN, BURDWAN vs. M/S. BARDHAMAN DHARMARAJ PAPER MILL PVT. LTD., BURDWAN

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year : 2015-16

unexplained cash credit on account of alleged non-genuine transactions with the 3 companies – namely, Celebration Vintrade Pvt. Ltd., Nice Commotrade Pvt. Ltd., and Samrat Rice Mill Pvt. Ltd. I have looked at the merits of the assessee after perusing the material on record & statement of facts in the appeal. i. M/s Celebration Vintrade Pvt. Ltd. – 21,50,000 shares

ZAFAR IQBAL,SILIGURI vs. DCIT, CIRCLE - 1, SILIGURI, SILIGURI

In the result, the appeal filed by the assessee is partly allowed for\nstatistical purposes

transfer for\ncorrection of the plot numbers and settlement of the dispute. This\nbeing so, the assessee can be said to be the owner of the plots from\nthe date of correction of the land record. Since the Ld. CIT(A) has\nmerely stated that the cost of improvement always includes\nconstruction of asset other than original asset and does