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

capital gains to the extent of ₹89,11,086/- as per computation of income submitted, out of which a sum of ₹88,98,508/- was reported to have been against the sale of land. On examination of Schedule 6 of the Audited Balance Sheet as submitted, it was found that there was deduction

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

capital gain on sale of the building in question, which is a depreciable asset, after deducting the opening written down

ZAFAR IQBAL,SILIGURI vs. DCIT, CIRCLE - 1, SILIGURI, SILIGURI

In the result, the appeal filed by the assessee is partly allowed for\nstatistical purposes

deduction u/s 54F of the Act on\nthe ground that the appellant did not deposit the sale proceeds of his old\nproperty in Capital Gain

RAM NIRANJAN BANKA,KOLKATA vs. A.C.I.T., CIRCLE - 40,, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shripradip Kumar Choubey, Jm Ram Niranjan Banka Acit, Circle-40 1, Surti Bagan Street, Jorasanko, 3, Govt. Place (West), Vs. Kolkata-700073, West Bengal Kolkata-700001, West Bengal (Respondent) (Appellant) Pan No. Aedpb5273P Assessee By : Shri Manish Tiwari, Ar Revenue By : Shri Sanat Kumar Raha, Dr Date Of Hearing: 14.08.2025 Date Of Pronouncement: 21.11.2025

Capital gain Gain Consideration (as per Stamp duty value) 5,51,24,940 5,51,24,940 Deduct: Indexed cost

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]

capital gain resulting from sale of shares/securities which was granted exemption u/s 10(38) subject to the fulfillment of certain conditions and not the entire source which was excluded from the aforesaid sections . Therefore we are of the considered view that when the entire source is not excluded from the charging section and only special type of income is excluded

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

In the result, the appeal of the assessee is allowed

deduction of Rs.2,86,42,500/- on the\nalleged ground of the appellant's failure to meet the statutory conditions of sec. 54 of\nthe Act when it has been established by filing evidence that the capital gains

SWETA SONTHALIA,KOLKATA vs. ITO, WARD 7(1), KOLKATA

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

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Capital gains - Not to be charged on investment in certain bonds (2015 Amendment) - Assessment year 2009-10 - Whether amendment to section 54EC brought with effect from 1-4-2015 restricting investment in assets from sale consideration on sale of original asset to Rs. 50 lakhs is prospective in nature, thus; prior to assessment year 2015-16, it was possible

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

In the result, the appeal of the assessee is allowed

deduction claimed\nu/s 54F of the Act. The assessee during the year had sold\n36,00,000 shares of Emami Ltd. on 13.07.2020at total sale\nconsideration of Rs. 33,77,64,511/- resulting in long term capital\ngain of Rs.26,77,72,881/-. The assessee claimed that, she had\nspent Rs.53,86,80,198/- upto 31.03.2021 towards construction

BEGRAJ AGARWAL & ORS HUF,KOLKATA vs. I.T.O., WARD - 34(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Ito, Ward 34(1), Kolkata Begraj Agarwal & Ors. Huf Aaykar Bhavan Poorva, 110, Diamond Heritage, Unit No.609, Strand Road, Kolkata-700001 Shantipally, Kolkata-700107, Vs. West Bengal West Bengal (Appellant) (Respondent) Pan No. Aabhb8295F Assessee By : Shri S.M. Surana, Ar Revenue By : Shri Amuldeep Kaur, Dr Date Of Hearing: 19.12.2024 Date Of Pronouncement : 15.01.2025

deduction under Chapter VIA amounting to ₹1,04,768/-. The return was processed u/s 143(1) of the Act. Thereafter the ld. AO received the information from Pr. DIT (Investigation), Kolkata, vide letter dated 27.04.2015, that assessee had taken accommodation entries from M/S Sulabha Engg Ltd of bogus Long Term Capital Gain

MINAKSHI DAS,JALPAIGURI vs. I.T.O., WARD - 1(3),, SILIGURI

CAPITAL GAIN\nSale of Items as per list enclosed\n45,45,100\nLess: (cost of acquisition etc.)\n(-) 1741068\nIndexed Cost of Acquisition\n2804032\nINCOMEFROM OTHER SOURCE\nINCOME FROMINTEREST\nInterest from Saving Bank A/c\nS/B Int.\n63565\nInterest on F.d. with banks\nF.D Int\n15885.\nINCOME FROMOTHERS\nLIC commission\n79,450\n85370\n85,370\nGROSS TOTAL INCOME\nLess:- Deduction

BANI BROTO BANERJEE ,KOLKATA vs. CIT(A), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumari.T.A. No. 520/Kol/2023 Assessment Year: 2014-2015 Bani Broto Banerjee,…………………..…………Appellant Sanskriti, Flat – 3A, 148, Rashbehari Avenue, Near Deshapriya Park, Kolkata-700029 [Pan:Abppb0424P] -Vs.- Commissioner Of Income Tax (Appeals),……Respondent Aayakar Bhawan Dakshin, 2, Gariahat Road (South), Kolkata-700031 Appearances By: Shri Akshay Ringasia, C.A., Appeared On Behalf Of The Assessee Smt. Ranu Bisws, Addl. Cit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : September 24, 2024 Date Of Pronouncing The Order : November 18, 2024 O R D E R

deduction of interest expenditure amounting to Rs.1,90,78,228/- was disallowed to the assessee while computing the long-term capital gain

MAYURA MOHTA,MUMBAI vs. D.C.I.T., CIRCLE - 29,, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Dcit, Circle-29 Mayura Mohta Aaykar Bhavan Dakshin, 2, Sumer Trinity Towers 202, Tower-I, New Prabhadevi Road, Gariahat Road (South), Vs. Prabha Devi, Mumbai-400 025 Kolkata-700031, West Bengal (Appellant) (Respondent) Pan No. Aevpm3232R Assessee By : Shri Sunil Surana, Ar Revenue By : Shri Monalisha Pal Mukherjee, Dr Date Of Hearing: 16.12.2024 Date Of Pronouncement : 21.01.2025

capital gain and other sources. The case of the assessee was selected for limited scrutiny under CASS for examination of deduction

VENERABLE ADVERTISING PVT. LTD. ,KOLKATA vs. PCIT,KOL-1, KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawali.T.A. No.459/Kol/2023 Assessment Year: 2018-19 Venerable Advertising Pvt. Ltd....................…...……………....Appellant 6, Kali Krishna Tagore Street, Jorbagan, Kolkata- 700007. [Pan: Aaacv8673M] Vs. Pcit, Kolkata-1, Kolkata…..........................................…..…..... Respondent Appearances By: Shri Aayush Kedia, Ca, Appeared On Behalf Of The Appellant. Shri S. Datta, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : November 30, 2023 Date Of Pronouncing The Order : January 16, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Revision Order Dated 14.03.2023 Of The Principal Commissioner Of Income Tax, Kolkata [Hereinafter Referred To As ‘Pcit’] U/S 263 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Assessee In This Appeal Has Agitated Against The Action Of The Pr. Cit In Exercising His Revision Jurisdiction U/S 263 Of The Act & Thereby Directing The Assessing Officer To Frame The Assessment Afresh. 2. The Brief Facts Of The Case Are That The Assessee Vide Its Return Of Income For The Assessment Year Under Consideration I.E. A.Y 2018-19 Declared Total Income Of Rs.1,09,24,210/- Which Was Accepted By The Assessing Officer In The Assessment Carried Out U/S 143(3) Of The Act. However, Later On, The Ld. Pr. Cit In Exercising Of His Revision

capital gain amounting to Rs.95,51,48,662/- from the sale of equity shares of 'Lux Industries Limited'. The assessee also explained that during the year, the assessee had received dividend amounting to Rs.74,60,38,466/- from 'JM Financial Mutual Fund'. The assessee also explained that the assessee I.T.A. No.459/Kol/2023 Assessment Year: 2018-19 Venerable Advertising Pvt. Ltd also

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

Capital Gain as made by the Assessing Officer by way of deducting Book Value of the Land from sales proceeds

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]

deduction u/s 48 of the Act towards indexed cost of Rs. 57,59,022/-, the consequent long term capital gain

ORIENTAL CHARITABLE FOUNDATION,KOLKATA vs. CIT(EXEMPTIONS), KOLKATA

In the result, the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2017-18

gains should be made to acquire another capital asset. 4. That in the facts and circumstances of the case, the Ld. CIT (Exemption), Kolkata has erred in coming to conclusion that utilization of corpus fund of Rs.8,71,03,846/- towards charitable activities is in contravention of section 11(1)(d) of the Act although the corpus fund was utilized

EQUITABLE MARKETING ASSOCIATION,KOLKATA vs. ACIT, CIR-30, KOLKATA. , KOLKATA

The appeal of the assessee is treated as allowed for statistical purposes

Bench: Shri Sanjay Garg & Rajesh Kumari.T.A No.1226/Kol/2023 Assessment Year: 2015-16 Equitable Marketing Association…………………… ........................……Appellant 82, Baburam Ghosh Road, Tollygunge, Kolkata – 700040. [Pan: Aaaae0345D] Vs. Acit, Circle-30, Kolkata…...................…................…........……...…..…..Respondent Appearances By: Shri S. S. Gupta, Ar, Appeared On Behalf Of The Appellant. Shri P. P. Barman, Addl. Cit-Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : June 10, 2024 Date Of Pronouncing The Order : August 07, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 22.09.2023 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Assessee In This Appeal Has Taken The Following Grounds Of Appeal: “1. That The Order Passed By The Ld. Assessing Officer U/S 143(3) Is Arbitrary, Bad In Law & Facts & The Ld. Cit(A), Erred In Confirming The Same In Part. 2. That The Ld. A.O Erred In Making An Addition Of Rs.1,36,67,806/- By Invoking Sec. 50C Of The Income Tax Act, 1961 & The Ld. Cit(A) Erred In Confirming The Same In As Much As In View Of The Facts & Circumstances Of The Case No Such Addition U/S 50C Was At All Called For.

capital gains on the said sale of land at Rs.1,36,67,806/-. I.T.A No.1226/Kol/2023 Assessment Year: 2015-16 Equitable Marketing Association The Assessing Officer further observed that the assessee had claimed deduction

DCIT, CIRCLE - 11(1), KOLKATA, KOLKATA vs. M/S. GRAPHITE INDIA LTD., KOLKATA

In the result, considering the discussions made above, the appeal filed by the Revenue is partly allowed and the cross objection filed by the assessee are dismissed

Bench: Sri Sanjay Garg & Sri Sanjay Awasthi

deduction u/s 80IA of the Act. iv) Ground no. 8 – issue of capital gain on transfer of land – consideration of cost