CIT v. H K Financiers (P.) Ltd.

TRIDENT COMMERCE(P)LTD,KOLKATA vs. ITO, KOLKATA

In the result, the appeal filed by the assessee is allowed

Bench: Sri Rajesh Kumar & Sonjoy Sarma

…tained the books clearly maintaining the dichotomy in the purchase of securities in the books of accounts. The case of the assessee finds support from the decision of Hon'ble Calcutta High Court in the case of CIT Vs. HK Financers Pvt. Ltd. reported in [2015] 375 ITR 577 (Cal) and PCIT Vs. Purvanchal Leasing Ltd. reported in 2022 (2) TMI 437 (Cal). In all these decisions the Hon'ble Court has the issue has been decided in favour of the assessee under similar facts and circumstances. Accordingly, we set aside the order of Ld. CIT(A) and direct Ld. AO to treat Rs. 20,66,939/- as short term capital gain. Page 4 of…

MODERN GEARS P. LTD.,KOLKATA vs. D.C.I.T., CIRCLE-7, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godarai.T.A. No. 2742/Kol/2013 Assessment Year: 2010-11 Modern Gears (P) Ltd..................…………………….………....………………...…………………….….Appellant [Pan : Aadcm 6128 K] Dcit, Circle-7, Kolkata.........................................................................…....….…………..…...Respondent Appearances By: Shri Somnath Ghosh, Advocate, Appearing On Behalf Of The Appellant. Shri C. J. Singh, Jcit, Sr. Dr, Appearing On Behalf Of The Respondent.

…classification of the transaction as held by the Kolkata ‘B’ Bench of the Tribunal in the case of Padmasagar Exports Private in ITA No.1125/Kol/2013 order dated 12.08.2016. The Hon’ble Calcutta High Court in the case of CIT vs. H K Financiers (P) Ltd. [2015] 375 ITR 577 (Calcutta) held that when, there is not dispute that the assessee had valued the investments at cost and as classified the shares as investments, then the Assessing Officer is not correct to treat the short-term capital gains arising out of the purchase and sale of shares as business income. This Bench of the Tribunal in the case of ACIT vs. Amit…

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : KOLKATA [Before Hon’ble Shri M.Balaganesh, AM & Shri S.S.Viswanethra Ravi, JM] I.T.A Nos. 848 to 850/Kol/2013 Assessment Years : 2005-06 to 2007-08 Ruguvalika Trading Pvt. Ltd. -vs- DCIT, Circle-4, Kolkata (Since merged with M.M. Murarka Share & Securities Pvt. Ltd. [PAN: AABCR 5743 B] (Appellant) (Respondent) I.T.A No. 851/Kol/2013 Assessment Year : 2008-09 M.M. Murarka Share & Securities Pvt. Ltd. -vs- DCIT, Circle-4, Kolkata [PAN: AABM 7219 F] (Appellant) (Respondent) For the Appellant : Shri J.P.Khaitan, Sr. Counsel Shri Arvind Agarwal, Advocate F…

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : KOLKATA [Before Hon’ble Shri M.Balaganesh, AM & Shri S.S.Viswanethra Ravi, JM] I.T.A Nos. 848 to 850/Kol/2013 Assessment Years : 2005-06 to 2007-08 Ruguvalika Trading Pvt. Ltd. -vs- DCIT, Circle-4, Kolkata (Since merged with M.M. Murarka Share & Securities Pvt. Ltd. [PAN: AABCR 5743 B] (Appellant) (Respondent) I.T.A No. 851/Kol/2013 Assessment Year : 2008-09 M.M. Murarka Share & Securities Pvt. Ltd. -vs- DCIT, Circle-4, Kolkata [PAN: AABM 7219 F] (Appellant) (Respondent) For the Appellant : Shri J.P.Khaitan, Sr. Counsel Shri Arvind Agarwal, Advocate F…

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : KOLKATA [Before Hon’ble Shri M.Balaganesh, AM & Shri S.S.Viswanethra Ravi, JM] I.T.A Nos. 848 to 850/Kol/2013 Assessment Years : 2005-06 to 2007-08 Ruguvalika Trading Pvt. Ltd. -vs- DCIT, Circle-4, Kolkata (Since merged with M.M. Murarka Share & Securities Pvt. Ltd. [PAN: AABCR 5743 B] (Appellant) (Respondent) I.T.A No. 851/Kol/2013 Assessment Year : 2008-09 M.M. Murarka Share & Securities Pvt. Ltd. -vs- DCIT, Circle-4, Kolkata [PAN: AABM 7219 F] (Appellant) (Respondent) For the Appellant : Shri J.P.Khaitan, Sr. Counsel Shri Arvind Agarwal, Advocate F…

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : KOLKATA [Before Hon’ble Shri M.Balaganesh, AM & Shri S.S.Viswanethra Ravi, JM] I.T.A Nos. 848 to 850/Kol/2013 Assessment Years : 2005-06 to 2007-08 Ruguvalika Trading Pvt. Ltd. -vs- DCIT, Circle-4, Kolkata (Since merged with M.M. Murarka Share & Securities Pvt. Ltd. [PAN: AABCR 5743 B] (Appellant) (Respondent) I.T.A No. 851/Kol/2013 Assessment Year : 2008-09 M.M. Murarka Share & Securities Pvt. Ltd. -vs- DCIT, Circle-4, Kolkata [PAN: AABM 7219 F] (Appellant) (Respondent) For the Appellant : Shri J.P.Khaitan, Sr. Counsel Shri Arvind Agarwal, Advocate F…

ITO, WARD-36(2), KOLKATA, KOLKATA vs. M/S. SRI RAM COMMERCIAL CO., KOLKATA

In the result, the appeal of the Revenue is dismissed

…IN THE INCOME TAX APPELLATE TRIBUNAL,‘A’ BENCH, KOLKATA Before: Shri M.Balaganesh, Accountant Member and Shri S.S.Viswanethra Ravi, Judicial Member A.Y 2011-12 Income Tax Officer … Appellant Ward 36(2), Kolkata Vs M/s. Sri Ram Commercial Co. … Respondent PAN:AAMFS 4086Q Appearances by: Shri Sallong Yaden, Addl.CIT, ld.Sr.DR for the Shri Kalyan Acharya Bhaduri, Advocate, ld.AR for the assessee Date of hearing : 30-01-2017 Date of pronouncement : 13-04-2017 O R D E R Shri S.S. Viswanethra Ravi, JM :- This appeal by the Revenue is against the order dt: 24-09- 2014 passed by the Commissioner of Income Tax…

INCOME TAX OFFICER-WARD-31(3), KOLKATA, KOLKATA vs. DILIP B BESAI (HUF), KOLKATA

In the result, the appeals of the revenue are dismissed

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm]

…IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “B”, KOLKATA [Before Hon’ble Shri M.Balaganesh, AM & Shri S.S.Viswanethra Ravi, JM] ITA Nos.2799 & 2800/Kol/2013 Assessment Years : 2006-07 & 2009-10 I.T.O., Ward-31(3), -versus- Dilip B.Desai, HUF Kolkata Kolkata (PAN:AABHD 7897 K) (APPELLANT ) (RESPONDENT) For the Appellant : Shri Nicholas Murmu, JCIT, Sr.DR For the Respondent : Shri Vijay Shah, FCA Date of Hearing : 20.12.2016. Date of Pronouncement : 27.01.2017. ORDER Per Shri M.Balaganesh, AM These appeals of the revenue arise out of the orders of the Learned CIT(A)- XIX, Kolkata in Appeal Nos. 261 & 262/C…

DCIT, CIRCLE - 10, KOLKATA, KOLKATA vs. M/S. VEDA COMMERCIAL PVT. LTD., KOLKATA

Appeal is partly allowed for statistical purposes

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

…& CO Nos. 153 & 154/Kol/2010 Veda Commercial Pvt. Ltd., AY 2006-07 & 2007-08 IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA [Before Shri M. Balaganesh, AM & Shri S. S. Viswanethra Ravi, JM] I.T.A No. 1064/Kol/2010 Assessment Year: 2006-07 Deputy Commissioner of Income-tax, Vs. Veda Commercial Pvt. Ltd. Circle-10, Kolkata. (PAN: AAACV8506H) (Appellant) (Respondent) & C.O. No. 153/Kol/2010 In I.T.A No. 1064/Kol/2010 Assessment Year: 2006-07 Veda Commercial Pvt. Ltd. Vs. Deputy Commissioner of Income-tax, Circle-10, Kolkata. (Cross Objector) (Respondent) & I.T.A No. 1527/Kol/2010 Assessment Year: 2007…

DCIT, CIRCLE - 10, KOLKATA, KOLKATA vs. M/S. VEDA COMMERCIAL PVT. LTD., KOLKATA

Appeal is partly allowed for statistical purposes

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

…& CO Nos. 153 & 154/Kol/2010 Veda Commercial Pvt. Ltd., AY 2006-07 & 2007-08 IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA [Before Shri M. Balaganesh, AM & Shri S. S. Viswanethra Ravi, JM] I.T.A No. 1064/Kol/2010 Assessment Year: 2006-07 Deputy Commissioner of Income-tax, Vs. Veda Commercial Pvt. Ltd. Circle-10, Kolkata. (PAN: AAACV8506H) (Appellant) (Respondent) & C.O. No. 153/Kol/2010 In I.T.A No. 1064/Kol/2010 Assessment Year: 2006-07 Veda Commercial Pvt. Ltd. Vs. Deputy Commissioner of Income-tax, Circle-10, Kolkata. (Cross Objector) (Respondent) & I.T.A No. 1527/Kol/2010 Assessment Year: 2007…

M/S. LOKNATH SARAF SECURITIES PVT. LTD.,KOLKATA vs. ACIT, CIRCLE - 6, KOLKATA, KOLKATA

In the result, the appeal of the revenue is dismissed as not maintainable and the appeal of the assessee is partly allowed

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

…1 ITA No.300-418/Kol/2011, AY 2006-07 Lokenath Saraf Securities Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA [Before Shri N. V. Vasudevan, JM & Shri M. Balaganesh, AM] I.T.A No. 300/Kol/2011 Assessment Year: 2006-07 Deputy Commissioner of Income-tax, Vs. Lokenath Saraf Securities Pvt. Ltd. Circle-6, Kolkata. (PAN: AAACL4567A) (Appellant) (Respondent) & I.T.A No. 418/Kol/2011 Assessment Year: 2006-07 Lokenath Saraf Securities Pvt. Ltd. Vs. Deputy Commissioner of Income-tax, Circle-6, Kolkata. (Appellant) (Respondent) Date of hearing: 18.07.2016 Date of pronouncement: 03.08.2016 For the Reve…

DCIT, CIRCLE - 6 KOLKATA, KOLKATA vs. LOKENATH SARAF SECURITIES LTD., KOLKATA

In the result, the appeal of the revenue is dismissed as not maintainable and the appeal of the assessee is partly allowed

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

…1 ITA No.300-418/Kol/2011, AY 2006-07 Lokenath Saraf Securities Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA [Before Shri N. V. Vasudevan, JM & Shri M. Balaganesh, AM] I.T.A No. 300/Kol/2011 Assessment Year: 2006-07 Deputy Commissioner of Income-tax, Vs. Lokenath Saraf Securities Pvt. Ltd. Circle-6, Kolkata. (PAN: AAACL4567A) (Appellant) (Respondent) & I.T.A No. 418/Kol/2011 Assessment Year: 2006-07 Lokenath Saraf Securities Pvt. Ltd. Vs. Deputy Commissioner of Income-tax, Circle-6, Kolkata. (Appellant) (Respondent) Date of hearing: 18.07.2016 Date of pronouncement: 03.08.2016 For the Reve…

DCIT, CIRCLE - 10, KOLKATA, KOLKATA vs. M/S. H.K. FINANCIERS PVT. LTD., KOLKATA

In the result, appeal of revenue is dismissed and the CO of the assessee is dismissed as not pressed

Bench: Shri Mahavir Singh, Jm & Shri Waseem Ahmed, Am]

…ares is more than 12 months and kept in investment portfolio. In AY 2007-08 i.e. the immediate next assessment year, the Tribunal exactly on identical facts has allowed the claim of the assessee and Hon’ble High court in assessee’s own case reported in (2015) 375 ITR 577 (Cal) confirmed the view of the tribunal. From the order of the CIT(A) it is clear that the assessee in this year also has shown income from shares either as long term or short term capital gains in the investment portfolio and the shares were being valued at cost and the shares of the assessee which were not stock in trade had been valued either…

ACIT, CIRCLE - 31, KOLKATA, KOLKATA vs. PRADYUMNA DALMIA, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: : Shri Mahavir Singh & Shri M. Balaganesh

…IN THE INCOME TAX APPELLATE TRIBUNAL, “C” BENCH, KOLKATA Before : Shri Mahavir Singh, Judicial Member, and Shri M. Balaganesh, Accountant Member ITA No. 1280/Kol/2010 A.Y: 2007-08 A.C.I.T, Cir-31, Kolkata Vs. Shri Pradyumna Dalmia PAN: AFNPD 6485Q (Appellant) (Respondent) ITA No. 1245/Kol/2010 A.Y: 2007-08 Shri Pradyumna Dalmia Vs. A.C.I.T, Cir-31, Kolkata (Appellant) (Respondent) For the Appellant: Shri Sanjay Mukherjee, JCIT, ld. Sr.DR For the Respondent: Shri R.N Bajoria, Sr. Advocate & Shri A.K. Gupta, FCA, ld.AR Date of Hearing: 15-12--2015 Date of Pronouncement: 20 -01-2016 ORDER SHRI…

ITO, WARD - 12(1), KOLKATA, KOLKATA vs. M/S. LYONS & ROSES PVT. LTD., KOLKATA

In the result, the appeal of the revenue in ITA No

Bench: : Shri Mahavir Singh & Shri M. Balaganesh

…IN THE INCOME TAX APPELLATE TRIBUNAL, “C” BENCH, KOLKATA Before : Shri Mahavir Singh, Judicial Member, and Shri M. Balaganesh, Accountant Member ITA No. 1148 & 1437/Kol/09 A.Ys: 2005-06 & 2006-07 I. T. O, Ward 12(1), Kolkata Vs. M/s. Lyons & Roses Pvt. Ltd PAN: AAACL4728N (Appellant) (Respondent) C.O No. 52/Kol/09[ arising out of ITA No.1148/Kol/09 A,Y 2005-06] M/s. Lyons & Roses Pvt. Ltd Vs. I. T. O, Ward 12(1), Kolkata (Assessee/cross objector) (Respondent) For the Appellant: Shri Sanjay Mukherjee, JCIT, ld. Sr.DR For the Respondent: Shri R.N Bajoria, Sr. Advocate & Shri A.K. Gupta, FCA, ld.ARs…