ACIT v. Vireet Investment Pvt. Ltd.

Ravi Jalan, Kolkata vs. ITO, Ward - 36(1), Kolkata

In the result, Ground r.w

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA (Before Sri J. Sudhakar Reddy, Accountant Member & Sri S.S. Godara, Judicial Member) Assessment Year: 2012-13 Shri Ravi Jalan………………………………………………………..................................……………..….......Appellant 4, B.B.D. Bag East 1st Floor Room No. 5A Kolkata – 700 001 [PAN : ACXPJ 1738 M] Vs. Income Tax Officer, ward – 36(1), Kolkata……................................................….…….....…..Respondent Appearances by: Shri Subash Agarwal A/R & Shri Siddharth Agarwal, Advocate, appeared on behalf of the assessee. Mr. Altaf Hussain, JCIT D/R, appearing…

D.C.I.T., Circle - 12(1), Kolkata vs. M/S A.K.G Finvest Ltd, Kolkata

In the result, appeal of the revenue is dismissed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2010-11 Deputy Commissioner Of Income Tax, Circle-12(1), Kolkata……...........…….…….....…....Appellant Vs. M/S. Akg Finvest Ltd…………………………………………..................................……………..…......Respondent 1St Floor 37A, Southern Avenue (Renamed As Dr. Meghnad Saha Sarani) Kolkata – 700 029 [Pan : Aadca 8306 P] Appearances By: Dr. P.K. Srihari, Cit D/R, Appearing On Behalf Of The Revenue. Shri S.K. Tulsiyan, Fca, Appeared On Behalf Of The Assessee. Date Of Concluding The Hearing : November 28Th, 2019 Date Of Pronouncing The Order : January 8Th, 2019 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Revenue Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals) – 22, Kolkata, (Hereinafter The “Ld.Cit(A)”), Passed U/S. 250 Of The Income Tax Act, 1961 (The ‘Act’), Dt. 16/10/2017, For The Assessment Year 2010-11. 2. We Have Heard Rival Contentions. On Careful Consideration Of The Facts & Circumstances Of The Case, Perusal Of The Papers On Record, Orders Of The Authorities Below As Well As Case Law Cited, We Hold As Follows:- 3. The Assessee Is A Non-Banking Financial Company. It Filed Its Return Of Income Electronically On 29.09.2010, Declaring Total Income Of Rs.22,50,430/-. The Assessing Officer Completed The Assessment U/S 143(3) Of The Act On 31/03/2013 Determining Total Income At Rs.6,37,17,496/-. Aggrieved The Assessee Carried The Matter In Appeal Before The Ld. First Appellate Authority. The Ld. First Appellate Authority Granted Part Relief. 4. Aggrieved The Revenue Is In Appeal Before Us On The Following Grounds:- “(I) That On The Facts & Circumstances Of The Case & In Law, The Ld. Cit(A) Has Erred By Treating The Frequent Sales & Purchases Of The Assessee Company As Investment Income & Not Business Income.

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA (Before Sri J. Sudhakar Reddy, Accountant Member & Sri S.S. Godara, Judicial Member) Assessment Year: 2010-11 Deputy Commissioner of Income Tax, Circle-12(1), Kolkata……...........…….…….....…....Appellant Vs. M/s. AKG Finvest Ltd…………………………………………..................................……………..…......Respondent 1st Floor 37A, Southern Avenue (renamed as Dr. Meghnad Saha Sarani) Kolkata – 700 029 [PAN : AADCA 8306 P] Appearances by: Dr. P.K. Srihari, CIT D/R, appearing on behalf of the Revenue. Shri S.K. Tulsiyan, FCA, appeared on behalf of the assessee. Date…

ACIT, Circle - 6(2), Kolkata vs. M/S Williamson Magor & Company Limited, Kolkata

In the result, the revenue’s appeal and the assessee’s cross

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA (Before Sri J. Sudhakar Reddy, Hon. Accountant Member & Sri S.S. Godara, Hon. Judicial Member) Assessment Year: 2012-13 & C.O. No. 2/Kol/2018 Assessment Year: 2012-13 Asstt. Commissioner of Income Tax, Circle-6(2), Kolkata………………......…….…….....…....Appellant Vs. M/s. Williamson Magor and Company Limited………...........................……………..…......Respondent 4, Mango Lane Kolkata – 700 001 [PAN : AAACW 2369 P] Appearances by: Dr. P.K. Srihari, CIT D/R, appearing on behalf of the Revenue. Shri D.S. Damle, FCA, appeared on behalf of the assessee. Da…