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]

deposit the said capital gains in an account which is duly notified by the Central Government. In other words if he want of claim exemption from payment of income tax by retaining the cash

SAROJ GOENKA,KOLKATA vs. I.T.O., WARD - 30(1), KOLKATA

In the result, the appeal of the assessee is allowed

deposited part of sale consideration in\ncampaign gains Accounts. Section 54 stipulates that a new residential house can be\npurchased either one year before the sale of asset or 2 years after the sale of asset. In\ncase of construction, the construction should be completed within 3 years of sale of asset.\nFrom the plain reading of the provision

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. DOLLAR HOLDING PVT. LTD., KOLKATA

In the result, both the appeals of the Revenue are dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

gain, etc. Accordingly, the assessee was called upon to furnish the details which were furnished by the assessee by submitting that the ITA Nos.1728 & 1729/KOL/2024 Dollar Holding Pvt. Ltd; A.Y. 15-16 and 17-18 amalgamating company as on the date of merger had investments amounting to ₹93,01,00,000/- which was acquired by the assessee company pursuant

DEPUTY COMMISSOENR OF INCOME TAX, KOLKATA vs. DOLLAR HOLDING PVT. LTD., KOLKATA

In the result, both the appeals of the Revenue are dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

gain, etc. Accordingly, the assessee was called upon to furnish the details which were furnished by the assessee by submitting that the ITA Nos.1728 & 1729/KOL/2024 Dollar Holding Pvt. Ltd; A.Y. 15-16 and 17-18 amalgamating company as on the date of merger had investments amounting to ₹93,01,00,000/- which was acquired by the assessee company pursuant

ASHOK VIKRAM PODDAR,KOLKATA vs. ACIT, CIRCLE -34, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

capital gain and other sources. Accordingly, the assessee has called upon to explain the source of deposit. The assessee replied before the AO that the cash

JALUIDANGA PASCHIM NASARATPUR SAMABY KRISHI UNNAYAN SAMITY LIMITED,BARDHAMAN, WEST BENGAL vs. INCOME TAX OPPFICER, WARD-1(3), BURDWAN

In the result, appeal of the assessee is partly allowed for statistical purposes

deposits from its members and provides various loans to its members. The 2 whole of the profits and gains attributable for carrying on the business banking / providing credit facilities to its members are deductable under section 80P(2)(a)(i) of the Income Tax Act 1961. Your appellant society purchases fertilizers, seeds, in order to supply to the members

THE BANK OF TOKYO-MITSUBISHI LIMITED,KOLKATA vs. ADIT, INT. TAX., KOLKATA

In the result, appeal of the assessee is partly allowed for statistical purposes

Bench: SHRI SATBEER SINGH GODARA (Judicial Member), SHRI S. RIFAUR RAHMAN (Accountant Member)

deposits from its members and provides various loans to its members. The 2 whole of the profits and gains attributable for carrying on the business banking / providing credit facilities to its members are deductable under section 80P(2)(a)(i) of the Income Tax Act 1961. Your appellant society purchases fertilizers, seeds, in order to supply to the members

ANIL KUMAR PAIK ,KOLKATA vs. ACIT, CIR-8(1), KOL, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 492/Kol/2023 Assessment Year: 2017-18 Anil Kumar Paik Acit, Circle-8(1), Kolkata C/O S.N. Ghosh & Associates, Advocates Vs 2, Garstin Place, 2Nd Floor Suite No. 203 Off Hare Street Kolkata - 700001 [Pan : Aflpp6567R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri B.K. Singh, Jcit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 01/12/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/02/2024 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, Delhi (Hereinafter The “Ld. Cit(A)”) Dt. 15/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. For That The Ld. Commissioner, Of Income Tax (Appeals)- N.F.A.C. Acted Unlawfully In Impliedly Sustaining; The Purported Addition Of Rs. 1,67.44,907/- Made The Ld. Assistant Commissioner, Of Income Tax, Circle 8(1) Kolkata By Invoking The Mischief U/S. 43Ca Of The Income Tax Act, 1961 Without Satisfying The Parameters Thereof & The Adverse Conclusion Reached On That Behalf In Violation Of The Statutory Prescription Is Completely Unfounded, Unjustified & Untenable In Law. 2. For That The Specious Approach Of The Ld. Commissioner Of Income Tax (Appeals)-N.F.A,C. Of Misreading Evidence, Considering Improper Facts

gain difference between the stamp valuation and the sale price of a capital asset. For obvious reasons, this provision would not apply in case of a builder for whom such immovable property is in nature of stock in trade and not capital asset. To overcome this difficulty the legislature had inserted Section 43CA under Finance Act, 2013 w.e.f 1.4.2014. This

JYOTI JHA,JAIPUR vs. ACIT (IT), CIRCLE-2(1), KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Dr. Manish Borad, Hon’Ble & Shri Sanjay Garg, Hon’Blei.T.A. No. 225/Kol/2023 Assessment Year: 2014-15 Jyoti Jha Acit(It), Circle-2(1), Kolkata Kalani & Co. Chartered Accountants Vs 5Th Floor, Milestone Building Gandhinagar Turn Tonk Road Jaipur - 302015 [Pan : Aezpj7440J] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri P.C. Parwal, Fca Revenue By : Shri Sunil Kr. Agarwala, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 10/08/2023 घोषणा क" तारीख /Date Of Pronouncement: 16/10/2023 आदेश/O R D E R Per Dr. Manish Borad: The Above Captioned Appeal Is Directed At The Instance Of The Assessee Against The Directions Of The Dispute Resolution Panel – 2, New Delhi, (Hereinafter The “Ld. Drp”) Dt. 05/12/2022, Passed U/S 144C(5) Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2014-15. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. The Ld. Ao Has Erred On Facts & In Law In Assessing The Income Under The Head Capital Gain At Rs.41,46,0917- As Against Nil Income Declared By The Assessee On The Basis Of Direction Of Drp Ignoring That The Amount Of Capital Gain Has Been Invested In Purchase Of Flat Before The Time Available For Filing The Return U/S 139 & Thus Eligible For Deduction U/S 54 Of The Act Even If The Sale Deed Was Executed Subsequently. He Has Further Erred In Observing That Assessee Has Failed To Produce Documentary Evidence In Support Of Claim Ignoring That The Same Was Filed Before The Drp. 2. The Ld. Ao Has Erred On Facts & In Law In Making Addition Of Rs. 7,41,700/- In Respect Of Cash Deposit In The Bank Account U/S 68 Of The Act As Per The Direction Of Drp. He Has Further Erred In Holding That Assessee Failed To Produce Documentary Evidence In Support Of Averments In The Affidavit.

capital gain has been invested in purchase of flat before the time available for filing the return u/s 139 and thus eligible for deduction u/s 54 of the Act even if the sale deed was executed subsequently. He has further erred in observing that assessee has failed to produce documentary evidence in support of claim ignoring that the same

KIRAN AGARWAL,KOLKATA vs. ITO, WARD 46(1), KOLKATA

In the result, the appeal of the assessee is partly allowed for statistical\npurposes

capital gains and other sources. The return was selected for scrutiny due to large cash deposits in her bank account

SUBODH ADHIKARY,KOLKATA vs. ITO, WARD 51(1), KOLKATA

Appeal of the assessee is allowed

Bench: SHRI RAJESH KUMAR, ACCOUNTANT MEMBER SHRI PRADIP KUMAR CHOUBEY (Judicial Member)

cash deposit. 5. The Ld. AR drew our attention to order sheet entry dated 30.10.2017 and pointed out that though the case was selected for limited scrutiny, the AO called for the information/details/explanation about the issues which were not subject matter of the limited scrutiny. The Ld. AR thereafter referred to the order sheet entry dated 01.12.2017, wherein

SUSHIL MITRUKA,SILIGURI vs. P.C.I.T., SILIGURI

In the result, appeal of the assessee stands allowed

Bench: Shri Rajesh Kumar, Am& Shri Pradip Kumar Choubey, Jm]

capital gain, house property and other sources. The Assessing Officer framed the assessment u/s. 147 r.w.s. 144B of the Act by making two additions – (i) the value assessed by the DVO Rs.37,53,227/- and second the amount of cash deposits

SUSHIL MITRUKA,SILIGURI vs. P.C.I.T., SILIGURI

In the result, appeal of the assessee stands allowed

Bench: Shri Rajesh Kumar, Am& Shri Pradip Kumar Choubey, Jm]

capital gain, house property and other sources. The Assessing Officer framed the assessment u/s. 147 r.w.s. 144B of the Act by making two additions – (i) the value assessed by the DVO Rs.37,53,227/- and second the amount of cash deposits

SUSHIL MITRUKA,SILIGURI vs. P.C.I.T., SILIGURI

In the result, appeal of the assessee stands allowed

Bench: Shri Rajesh Kumar, Am& Shri Pradip Kumar Choubey, Jm]

capital gain, house property and other sources. The Assessing Officer framed the assessment u/s. 147 r.w.s. 144B of the Act by making two additions – (i) the value assessed by the DVO Rs.37,53,227/- and second the amount of cash deposits

SUSHIL MITRUKA,SILIGURI vs. P.C.I.T., SILIGURI

In the result, appeal of the assessee stands allowed

Bench: Shri Rajesh Kumar, Am& Shri Pradip Kumar Choubey, Jm]

capital gain, house property and other sources. The Assessing Officer framed the assessment u/s. 147 r.w.s. 144B of the Act by making two additions – (i) the value assessed by the DVO Rs.37,53,227/- and second the amount of cash deposits

ANIL KUMAR PAIK,KOLKATA vs. ACIT, KOLKATA

In the result, appeal of the assessee is allowed partly for statistical purposes

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 468/Kol/2023 Assessment Year: 2016-17 Anil Kumar Paik Acit, Circle-8(1), Kolkata C/O S.N. Ghosh & Associates, Advocates Vs 2, Garstin Place, 2Nd Floor Suite No. 203 Off Hare Street Kolkata - 700001 [Pan : Aflpp6567R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri P.P. Barman, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 21/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/11/2023 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, Delhi (Hereinafter The “Ld. Cit(A)”) Dt. 15/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2016-17. 2. The Assessee Has Raised The Following Grounds Of Appeal:-

gain difference between the stamp valuation and the sale price of a capital asset. For obvious reasons, this provision would not apply in case of a builder for whom such immovable property is in nature of stock in trade and not capital asset. To overcome this difficulty the legislature had inserted Section 43CA under Finance Act, 2013 w.e.f 1.4.2014. This

NARAYAN SUPPLIERS PVT. LTD.,KOLKATA vs. I.T.O., WARD - 6(3), KOLKATA, KOLKATA

In the result, appeal of the assessee is dismissed

cash\nalong with some premium for taking a cheque for that amount. The\ninformation did not indicate the source of the capital gains which in\nthis case were shares. There was no information which shares had\nbeen transferred and with whom the transaction had taken place. The\nA.O. did not verify the correctness of information received by him but\nmerely

NAVANSH VINIMAY PVT. LTD.,KOLKATA vs. I.T.O., WARD - 8(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri George Mathan & Shri Rakesh Mishra

deposits to carry on business as financiers factors and to carry on business of broker, underwriter, agent and to invest and deal in acquiring, selling, subscribing, transferring, holding, disposing, and otherwise dealing and investing in shares, stocks, debentures, bonds, land, building, properties, obligation and securities. The company also carries on Software business as manufacturer, buyer, seller, trader, importer, exporter, distributor