THE PEERLESS GEN. FIN. & INV. CO. LTD.,KOLKATA vs. DCIT, CIRCLE-3(1), KOLKATA, KOLKATA

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

Bench: Shri P.M. Jagtap, Vice- & Shri A.T. Varkey

forward Long-Term Capital Loss amounting to Rs.2,79,36,337/- on the ground that the said asset being depreciable asset forming part of the block of assets ‘building’ was Short Term Capital Gain in terms of section 50 of the Act and, therefore, the Long Term Capital Loss could not be set off against the same. The Assessing Officer

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]

gain and thereby denying the carry forward of long term capital loss since long term capital gain was exempt u/s 10(38) of the Act. According

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]

capital gains. Accordingly the ground raised by the revenue in this regard for the Asst Years 2006-07 and 2007-08 is dismissed. 6. ADDITION TOWARDS UNVERIFIED PURCHASES – Rs. 55,50,937/- GROUND NO. 2 IN ITA NO. 1064/Kol/2010 FOR AY 2006-07 The brief facts of this issue is that the assessee made purchases from the following parties :- Mayur

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]

capital gains. Accordingly the ground raised by the revenue in this regard for the Asst Years 2006-07 and 2007-08 is dismissed. 6. ADDITION TOWARDS UNVERIFIED PURCHASES – Rs. 55,50,937/- GROUND NO. 2 IN ITA NO. 1064/Kol/2010 FOR AY 2006-07 The brief facts of this issue is that the assessee made purchases from the following parties :- Mayur

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)

forward short term capital loss of Asst Year 2009-10 to be set off with short term capital gain of Asst Year 2010-11. These actions of the revenue clearly prove that it had accepted the assessee to be an investor as well as trader in shares. There is absolutely no reason to take a divergent stand in the asst

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)

forward short term capital loss of Asst Year 2009-10 to be set off with short term capital gain of Asst Year 2010-11. These actions of the revenue clearly prove that it had accepted the assessee to be an investor as well as trader in shares. There is absolutely no reason to take a divergent stand in the asst

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)

forward short term capital loss of Asst Year 2009-10 to be set off with short term capital gain of Asst Year 2010-11. These actions of the revenue clearly prove that it had accepted the assessee to be an investor as well as trader in shares. There is absolutely no reason to take a divergent stand in the asst

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)

forward short term capital loss of Asst Year 2009-10 to be set off with short term capital gain of Asst Year 2010-11. These actions of the revenue clearly prove that it had accepted the assessee to be an investor as well as trader in shares. There is absolutely no reason to take a divergent stand in the asst

DCIT CIR - 6,KOLKATA., KOLKATA vs. M/S K.B. CAPITAL MARKETS LTD., KOLKATA

In the result, the appeal by the Assessee is partly allowed, while the appeal by the revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 1882/Kol/2012 Assessment Year : 2008-09

LOSS A/C 1352,22,624.00 INCOME TO BE CONSIDERED SEPARATELY LESS DIVIDEND (EXEMPT) 42,38,860.00 Interest recd. in this year for Last year considered in last Year return 2,36,917.00 CAPITAL GAINS 1089,05,015.00 DEPRECIATION (AS PER IT) 6,98,815.00 1140,79,607.00 211,43,027.00 ADD DEPRECIATION(AS PER ACCO 11,47,217.00 Expenses disallowed

KB CAPITAL MARKETS (P) LTD.,KOLKATA vs. D.C.I,.T CIR - 6 , KOLKATA., KOLKATA

In the result, the appeal by the Assessee is partly allowed, while the appeal by the revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 1882/Kol/2012 Assessment Year : 2008-09

LOSS A/C 1352,22,624.00 INCOME TO BE CONSIDERED SEPARATELY LESS DIVIDEND (EXEMPT) 42,38,860.00 Interest recd. in this year for Last year considered in last Year return 2,36,917.00 CAPITAL GAINS 1089,05,015.00 DEPRECIATION (AS PER IT) 6,98,815.00 1140,79,607.00 211,43,027.00 ADD DEPRECIATION(AS PER ACCO 11,47,217.00 Expenses disallowed

RAVI JALAN,KOLKATA vs. ITO, WARD - 36(1), KOLKATA , KOLKATA

In the result, Ground r.w

carried the matter in appeal. The ld. First Appellate Authority confirmed the additions made by the Assessing Officer. He granted part relief Authority confirmed the additions made by the Assessing Officer. He granted part relief Authority confirmed the additions made by the Assessing Officer. He granted part relief only on the issue of notional rent. only on the issue

RUSSEL CREDIT LIMITED,KOLKATA vs. PCIT, KOL, KOLKATA

The appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Sanjay Awasthiassessment Year: 2018-19

carried forward loss adjustment and the issue of taxability, or otherwise, of Rs. 96.65 lacs, it is clear that the issue of adjustment of loss would be settled once the matter attains finality in appeal proceedings, leaving no scope for any action u/s 263 of the Act. Furthermore, regarding the issue of loss of Rs. 96.65 lacs, it is seen

DCIT, CIR-7(1), KOLKATA vs. M/S CD EQUIPFINANCE PVT. LTD., KOLKATA

Appeal is dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2014-15 Deputy Commissioner C. D. Equifinance Pvt. Of Income-Tax Ltd. Vs. Circle-7(1) 37, Shakespeare Sarani Kolkata. Kolkata-700 017. (Pan: Aaccp7333A) (Appellant) (Respondent)

loss by executing the sale transactions off-market whereon STT was not paid which resulted it not coming in the purview of section 10(38) of the Act and thus making it available for set off and carry forward to subsequent years, to be set off against long term capital gains

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

In the result, the two cross appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

Bench: Shri Duvvuru Rl Reddy & Shri Rakesh Mishra

loss account ended on 31/03/2012. In the fact sheet filed by the Ld. AR before us the following facts are mentioned which need to be reproduced: “1. One Bengal Flour Mill acquired the property at 32, Jagat Banerjee Ghat Road, Howrah on 7th January 1910. The name of Bengal Flour mill was changed to BFM Industries Ltd. (Can be verified

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

In the result, the two cross appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

Bench: Shri Duvvuru Rl Reddy & Shri Rakesh Mishra

loss account ended on 31/03/2012. In the fact sheet filed by the Ld. AR before us the following facts are mentioned which need to be reproduced: “1. One Bengal Flour Mill acquired the property at 32, Jagat Banerjee Ghat Road, Howrah on 7th January 1910. The name of Bengal Flour mill was changed to BFM Industries Ltd. (Can be verified

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

loss which forms part of the paper book filed by the assessee. We find from the said workings of short term capital gains, 11 out of the 39 scripts were sold within a period of 30 days as stated by the Learned DR. We also find that the majority of the surplus of Rs. 53,55,489/- had been derived

EVEREST FINANCE & INVESTMENT COMPANY,KOLKATA vs. JCIT, RANGE-34, KOLKATA, KOLKATA

In the result, the appeals filed by the assessee (Ground No

Bench: Shri N.V. Vasudevan, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.2056/Kol/2014 (िनधा"रणवष" / Assessment Year: 2011-12 Everest Finance & Investment Vs. J.C.I.T, Range - 34,Kolkata Co. M/S. G.P. Agarwal & Associates, 7A, K.S.Ray Road, 2Nd Floor, Kol - 1. "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Aabfe7233Q (Appellant) .. (Respondent) Appellantby :Shri S.S Gupta & Arvind Agarwal, Advocate Respondentby :Shri G. Mallikarjuna, Cit Dr सुनवाईकीतारीख/ Date Of Hearing : 12/07/2017 घोषणाकीतारीख/Date Of Pronouncement : 11/10/2017 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: The Captioned Appeal Filed By The Assessee, Pertaining To Assessment Year 2011-12, Is Directed Against The Order Passed By The Ld. Commissioner Of Income Tax (Appeals)-Xx, Kolkata, In Appeal No.232/Cit(A)-Xx/Range-34/2013-14/Kol, Dated 10.07.2014, Which In Turn Arises Out Of An Order Passed By The Assessing Officer U/S.143(3) Of The Income Tax Act 1961, (Hereinafter Referred To As The ‘Act’), Dated 24.01.2014. 2. The Grounds Of Appeal Raised By The Assessee Reads As Under:

loss under the head capital gains and had carried forward the losses under the head capital gains. There has neither

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

capital gains after setting off carried forward losses of Rs. 10,06,203/-. Under the head ‘business income’, the Learned