M/S ESTIN TIE UP PVT. LTD.,KOLKATA vs. A.C.I.T., CENTRAL CIRCLE-1(2), KOLKATA

ITA 32/KOL/2020Status: DisposedITAT Kolkata20 November 2025AY 2013-14Bench: the Tribunal raising the following grounds of appeal:29 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that neither the AO nor the CIT(A) nor the assessee had presented the correct facts to apply the law and compute capital gains correctly. The Tribunal set aside the CIT(A)'s order and remanded the matter for fresh adjudication.

What were the facts?

The assessee claimed long-term capital gains on the transfer of land. The Assessing Officer made a significant addition, but the CIT(A) partly allowed the appeal, directing recomputation of capital gains. Both the assessee and the Revenue appealed to the Tribunal.

What were the issues?

The key issues involved the correct year of transfer for capital gains, the valuation of the property for cost of acquisition and sale consideration, and whether the transaction constituted capital gains or business income.

Which sections of the Income-tax Act were involved?

Section 50C,Section 55A,Section 49(1)(iii)(c)

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Income Tax Appellate Tribunal, KOLKATA ‘D’ BENCH, KOLKATA

Before: SHRI DUVVURU RL REDDY & SHRI RAKESH MISHRA

PER RAKESH MISHRA, ACCOUNTANT MEMBER:

These cross appeals filed by the assessee as well as the Revenue are against the order of the Commissioner of Income Tax (Appeals)-20, Kolkata [hereinafter referred to as Ld. 'CIT(A)'] of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) for AY 2013-14 dated 15.11.2019. 1. 1. Both the appeals were heard together and are being decided vide this common order for the sake of convenience and brevity.

2.

The assessee is in appeal before the Tribunal raising the followi

The order continues below.

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