RAI BHAGWAN DAS BAGLA BAHADURS MARWARI HINDU HOSPITAL,KOLKATA vs. I.T.O., WARD - 49(3) NOW, I.T.O., WARD - 44(2), KOLKATA, KOLKATA

In the result, the appeal of assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Rai Bhagwan Das Bagla Ito, Ward-49(3), Bahadurs Marwari Hindu 3, Govt. Place (West), Hospital Kolkata-700001, Vs. 1, R.N. Mukherjee Road, Martin West Bengal Burn House, Kolkata-700001 (Appellant) (Respondent) Pan No. Aactr1297C Assessee By : Shri Soumitra Choudhary, Ar Revenue By : Shri Prabhakar Prakash Ranjan, Dr Date Of Hearing: 05.12.2024 Date Of Pronouncement : 19.12.2024

gain after indexation. We direct the Assessing Officer accordingly. 8. In the result, the appeal of assessee is allowed.” 011. Accordingly, we reverse the finding of ld. CIT (A) that the asset is part of block assets and liable to be assessed u/s 50 of the Act as Short- Term Capital

RITA GUPTA,KOLKATA vs. DCIT, CEN. CIR.2(2), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Assessment Year: 2014-15 Rita Gupta case of Royal Calcutta Turf Club (supra) has not been referred at all and considering the ratio laid down by the Hon’ble Supreme Court in the case of CIT vs. Vegetable Products Ltd. (supra) where there are two construction, then the construction/interpretation which is in favour of the assessee has to be followed

SNEHASISH BHAUMIK,KOLKATA vs. ACIT, CIR. 50(1), KOLKATA

In the result, appeal of the assessee is partly allowed

Bench: Dr. Manish Borad, Hon’Blei.T.A. No. 1429/Kol/2023 Assessment Year: 2014-15 Snehasish Bhaumik Asstt. Commissioner Of Income A-3/2, Labony Estate Vs Tax, Circle – 50(1), Kolkata Salt Lake, Bidhannagar North Kolkata - 700064 [Pan : Adypb8516H] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Soumitra Choudhury, Advocate Revenue By : Shri S.B. Chakraborthy, Jcit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 07/03/2024 घोषणा क" तारीख /Date Of Pronouncement: 04/06/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre (Hereinafter The “Ld. Cit(A)”) Dt. 31/10/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For Assessment Year 2014-15. 2. The Sole Issue Raised In This Appeal Is About The Correctness Of The Amount Of Capital Gain Arising From Sale Of Flat Owned By The Assessee. 3. Facts In Brief Are That The Assessee Is An Individual & Filed Its Return Of Income For Assessment Year 2014-15 On 30/09/2014 Declaring Total Income Of Rs.10,40,570/- & The Same Included Income From Capital Gain At Rs.4,12,278/-. Thereafter, The Assessment Was Completed U/S 143(3) Of The Act On 26/10/2016 & The Assessment Records Were The Subject Matter Before The Ld. Pr. Cit In The Proceedings U/S 263 Of The Act & After Culmination Of The Revisionary Proceedings, Directions Were Given To The Ld. Assessing Officer By The Ld. Pr. Cit To Pass A Fresh

Block- 2, Orbit Sky View Projects, Kolkata. As far as the sale consideration of Rs.57,06,260/- received from sale of flats on 17/09/2013, there is no dispute at the end of both the sides. First point for our consideration is whether the capital gain falls under the category of short term capital gain or long term capital gain

RAMAUTAR SARAF (HUF),KOLKATA vs. ITO, WARD 59(3),, KOLKATA

In the result, the appeal of the assessee is allowed

assessment year in question for all or any of the purposes aforesaid, that is\ntowards purchase and acquisition of plant and machinery, and land and building.\nAdvances paid for the purpose of purchase and/or acquisition of the aforesaid\nassets would certainly amount to utilization by the assessee of the capital gains\nmade by him for the purpose of purchasing and/or

RAJIB CHAKRABORTY,KOLKATA vs. ITO- WARD-30(3), KOLKATA. , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

capital gain was invested in the construction of new property as is apparent from the construction agreement dated 14.07.2014 with M/s Canopy Estates (P) Ltd., Canopy house, No. 969, 5th “A” cross, HRBR, 1st Block, Bangalore-560043 regarding the purchase of property at E1/10, 10th Floor, East Wing, Canopy Crest. All the payments were made in three installments on different

D.C.I.T., CIRCLE - 7(1), KOLKATA, KOLKATA vs. SMT. GAYATRI NEOTIA LEGAL HEIR OF LATE SURESH KUMAR NEOTIA, KOLKATA

In the result, the appeals of the Revenue are treated as allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 770/Kol/2010 Assessment Year: 2006-2007 Assistant Commissioner Of Income Tax,.......Appellant Circle-7, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- M/S.R.K.B.K. Fiscal Services Pvt. Limited,.Respondent [Now Known As Ambuja Neotia Holdings P. Ltd.] Block-4B, 3Rd Floor, Ecospace Business Park, Premises No.11F/11, Action Area-Ii, New Town, Kolkata-700160 [Pan:Aabcr5623E] & I.T.A. No. 771/Kol/2010 Assessment Year: 2006-2007 Deputy Commissioner Of Income Tax,.......Appellant Circle-7(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- Smt. Gayatri Neotia,…….……..……………..Respondent (Legal Heir Of Late Suresh Kumar Neotia) 7/2, Queen’S Park, Ballygunge, Kolkata-19 [Pan:Abkpn2315E] & I.T.A. No. 772/Kol/2010 Assessment Year: 2006-2007 1

capital gain. We do not find any merit in the contention of the ld. Counsel for the assessees. It is an item, which has to be assessed under the head “profits and gains of business or profession”. Therefore, the contentions of the assessees are rejected on the issue for which Tribunal has restored for re- consideration. 13. In the result

ACIT, CIRCLE - 7, KOLKATA, KOLKATA vs. SMT. BIMALA DEVI PODDAR, KOLKATA

In the result, the appeals of the Revenue are treated as allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 770/Kol/2010 Assessment Year: 2006-2007 Assistant Commissioner Of Income Tax,.......Appellant Circle-7, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- M/S.R.K.B.K. Fiscal Services Pvt. Limited,.Respondent [Now Known As Ambuja Neotia Holdings P. Ltd.] Block-4B, 3Rd Floor, Ecospace Business Park, Premises No.11F/11, Action Area-Ii, New Town, Kolkata-700160 [Pan:Aabcr5623E] & I.T.A. No. 771/Kol/2010 Assessment Year: 2006-2007 Deputy Commissioner Of Income Tax,.......Appellant Circle-7(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- Smt. Gayatri Neotia,…….……..……………..Respondent (Legal Heir Of Late Suresh Kumar Neotia) 7/2, Queen’S Park, Ballygunge, Kolkata-19 [Pan:Abkpn2315E] & I.T.A. No. 772/Kol/2010 Assessment Year: 2006-2007 1

capital gain. We do not find any merit in the contention of the ld. Counsel for the assessees. It is an item, which has to be assessed under the head “profits and gains of business or profession”. Therefore, the contentions of the assessees are rejected on the issue for which Tribunal has restored for re- consideration. 13. In the result

ACIT, CIRCLE - 7, KOLKATA, KOLKATA vs. M/S. LIKHAMI COMMERCIAL COMPANY LTD. AMALGAMATED INTO CHOICEST ENTERPRISES LTD., KOLKATA

In the result, the appeals of the Revenue are treated as allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 770/Kol/2010 Assessment Year: 2006-2007 Assistant Commissioner Of Income Tax,.......Appellant Circle-7, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- M/S.R.K.B.K. Fiscal Services Pvt. Limited,.Respondent [Now Known As Ambuja Neotia Holdings P. Ltd.] Block-4B, 3Rd Floor, Ecospace Business Park, Premises No.11F/11, Action Area-Ii, New Town, Kolkata-700160 [Pan:Aabcr5623E] & I.T.A. No. 771/Kol/2010 Assessment Year: 2006-2007 Deputy Commissioner Of Income Tax,.......Appellant Circle-7(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- Smt. Gayatri Neotia,…….……..……………..Respondent (Legal Heir Of Late Suresh Kumar Neotia) 7/2, Queen’S Park, Ballygunge, Kolkata-19 [Pan:Abkpn2315E] & I.T.A. No. 772/Kol/2010 Assessment Year: 2006-2007 1

capital gain. We do not find any merit in the contention of the ld. Counsel for the assessees. It is an item, which has to be assessed under the head “profits and gains of business or profession”. Therefore, the contentions of the assessees are rejected on the issue for which Tribunal has restored for re- consideration. 13. In the result

ACIT, CIRCLE - 7, KOLKATA, KOLKATA vs. M/S. GOVIND COMMERCIAL CO. LTD., KOLKATA

In the result, the appeals of the Revenue are treated as allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 770/Kol/2010 Assessment Year: 2006-2007 Assistant Commissioner Of Income Tax,.......Appellant Circle-7, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- M/S.R.K.B.K. Fiscal Services Pvt. Limited,.Respondent [Now Known As Ambuja Neotia Holdings P. Ltd.] Block-4B, 3Rd Floor, Ecospace Business Park, Premises No.11F/11, Action Area-Ii, New Town, Kolkata-700160 [Pan:Aabcr5623E] & I.T.A. No. 771/Kol/2010 Assessment Year: 2006-2007 Deputy Commissioner Of Income Tax,.......Appellant Circle-7(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- Smt. Gayatri Neotia,…….……..……………..Respondent (Legal Heir Of Late Suresh Kumar Neotia) 7/2, Queen’S Park, Ballygunge, Kolkata-19 [Pan:Abkpn2315E] & I.T.A. No. 772/Kol/2010 Assessment Year: 2006-2007 1

capital gain. We do not find any merit in the contention of the ld. Counsel for the assessees. It is an item, which has to be assessed under the head “profits and gains of business or profession”. Therefore, the contentions of the assessees are rejected on the issue for which Tribunal has restored for re- consideration. 13. In the result

ACIT, CIRCLE - 7, KOLKATA, KOLKATA vs. M/S. R.K.B.K. FISCAL SERVICES PVT. LTD. NOW KNOW AS AMBUJA NEOTIA HOLDINGS P LTD., KOLKATA

In the result, the appeals of the Revenue are treated as allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 770/Kol/2010 Assessment Year: 2006-2007 Assistant Commissioner Of Income Tax,.......Appellant Circle-7, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- M/S.R.K.B.K. Fiscal Services Pvt. Limited,.Respondent [Now Known As Ambuja Neotia Holdings P. Ltd.] Block-4B, 3Rd Floor, Ecospace Business Park, Premises No.11F/11, Action Area-Ii, New Town, Kolkata-700160 [Pan:Aabcr5623E] & I.T.A. No. 771/Kol/2010 Assessment Year: 2006-2007 Deputy Commissioner Of Income Tax,.......Appellant Circle-7(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- Smt. Gayatri Neotia,…….……..……………..Respondent (Legal Heir Of Late Suresh Kumar Neotia) 7/2, Queen’S Park, Ballygunge, Kolkata-19 [Pan:Abkpn2315E] & I.T.A. No. 772/Kol/2010 Assessment Year: 2006-2007 1

capital gain. We do not find any merit in the contention of the ld. Counsel for the assessees. It is an item, which has to be assessed under the head “profits and gains of business or profession”. Therefore, the contentions of the assessees are rejected on the issue for which Tribunal has restored for re- consideration. 13. In the result

ARATI RAY,KOLKATA vs. DCIT, CEN. CIR. -3(4), KOLKATA

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

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

block assessment period even in case of completed/unabated assessment. As per the second proviso to Section 153A, only pending assessment/reassessment shall stand abated and the AO would assume the jurisdiction with respect to such abated assessments. It does not provide that all completed/unabated assessments shall abate. If the submission on behalf of the Revenue is accepted, in that case, second

SAMIT RAY,KOLKATA vs. DCIT, CEN. CIR. 3(4), KOLKATA

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

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

block assessment period even in case of completed/unabated assessment. As per the second proviso to Section 153A, only pending assessment/reassessment shall stand abated and the AO would assume the jurisdiction with respect to such abated assessments. It does not provide that all completed/unabated assessments shall abate. If the submission on behalf of the Revenue is accepted, in that case, second

MALIKA ROY,KOLKATA vs. DCIT, CEN. CIR. 3(4), KOLKATA

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

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

block assessment period even in case of completed/unabated assessment. As per the second proviso to Section 153A, only pending assessment/reassessment shall stand abated and the AO would assume the jurisdiction with respect to such abated assessments. It does not provide that all completed/unabated assessments shall abate. If the submission on behalf of the Revenue is accepted, in that case, second

GUJARAT COMPOSITE LTD,KOLKATA vs. DCIT, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2007-08

assessment, ld. CIT(A) has given a direction to the Ld. AO to treat the capital gain as short term capital gain by applying the provisions of sec. 50 of the Act. While giving this direction, Ld. CIT(A) has concluded that the land owned by the assessee was a depreciable asset and the capital gain computed

TATA CONSUMER PRODUCTS LIMITED,KOLKATA vs. DCIT, CIR.-4(1), KOLKATA

In the result, the appeal for AY 2014-15 is partly allowed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Years: 2014-15 & Assessment Years: 2015-16

capital gain on land whereas the sale consideration of building was reduced from block of assets in accordance with the provisions of Section 43(6)(c). The same is evident from Clause 18 of tax audit report and Schedule DOA of the ITR for the relevant assessment

TATA CONSUMER PRODUCTS LIMITED,KOLKATA vs. DCIT, CIR.-4(1), KOLKATA

In the result, the appeal for AY 2014-15 is partly allowed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Years: 2014-15 & Assessment Years: 2015-16

capital gain on land whereas the sale consideration of building was reduced from block of assets in accordance with the provisions of Section 43(6)(c). The same is evident from Clause 18 of tax audit report and Schedule DOA of the ITR for the relevant assessment

ACIT, CIRCLE - 7(1) , KOLKATA vs. M/S. BRITANNIA INDUSTRIES LTD., , KOLKATA

In the result, appeal of the revenue in ITA No

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Ble

Assessment Year: 2014-15 M/s. Britannia Industries 17 computation of capital gain on depreciable assets u/s 50 of the Act and it starts with the line Notwithstanding anything contained in clause (42A) of section 2….., we are of the considered view that the depreciable asset which forms part of the block

SHYAMSREE PROMOTERS PVT. LTD. ,KOLKATA vs. PCIT-1, KOLKATA, KOLKATA

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

Bench: Sri Rajesh Kumar & Sonjoy Sarma

block. Out of these four flats sold by the assessee, three flats were short-term capital assets being held by the assessee for less than 36 months and the capital gain arising from the sale thereof was computed by the assessee by taking into consideration the stamp duty value wherever it was more than the sale consideration actually received