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

depreciable asset and the capital gain computed by the Ld. AO should be treated as short term capital gain in terms

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

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 of asset even if held for more than three years cannot be brought under the category of long term capital

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

depreciable asset was governed by specific provisions of section 43(6) read with Explanation to section 41(4) and valuation of property sold by assessee could not be done as per provision of section 50C Tata Consumer Products Ltd. {erstwhile Tata Global Beverages Ltd.} AYs: 2014-15 & 2015-16 - Decision of Hon'ble Delhi ITAT in Futurz next service

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

depreciable asset was governed by specific provisions of section 43(6) read with Explanation to section 41(4) and valuation of property sold by assessee could not be done as per provision of section 50C Tata Consumer Products Ltd. {erstwhile Tata Global Beverages Ltd.} AYs: 2014-15 & 2015-16 - Decision of Hon'ble Delhi ITAT in Futurz next service

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 gains or any other income arising out of the transactions entered into by the concerned parties as per share purchase agreement dated 28-01-06. Thus, the contention of the assessee that there is no dispute that Controlling Interest was transferred together with shares is not accepted by us. We will give our findings on this basis." We find

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 gains or any other income arising out of the transactions entered into by the concerned parties as per share purchase agreement dated 28-01-06. Thus, the contention of the assessee that there is no dispute that Controlling Interest was transferred together with shares is not accepted by us. We will give our findings on this basis." We find

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 gains or any other income arising out of the transactions entered into by the concerned parties as per share purchase agreement dated 28-01-06. Thus, the contention of the assessee that there is no dispute that Controlling Interest was transferred together with shares is not accepted by us. We will give our findings on this basis." We find

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 gains or any other income arising out of the transactions entered into by the concerned parties as per share purchase agreement dated 28-01-06. Thus, the contention of the assessee that there is no dispute that Controlling Interest was transferred together with shares is not accepted by us. We will give our findings on this basis." We find

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 gains or any other income arising out of the transactions entered into by the concerned parties as per share purchase agreement dated 28-01-06. Thus, the contention of the assessee that there is no dispute that Controlling Interest was transferred together with shares is not accepted by us. We will give our findings on this basis." We find

DCIT, CIR-8, KOLKATA ,KOLKATA vs. OBEROI HOTELS PVT. LTD. , KOLKATA

Bench: Shri. Rajesh Kumar () & Shri Anikesh Banerjee ()

depreciation amounting to Rs.111,712/- in respect of assets merged in the block of assets on the basis of High Court Order and became inseparable from other business assets of the respective block. 5 ITA 489/Kol /2005 ITA 1808/Kol /2006 ITA 1811/Kol /2006 Oberoi Hotels (P) Ltd 10. That the learned CIT(A) erred in rejecting the appellant’s claim

OBEROI HOTELS PRIVATE LIMITED.,KOLKATA vs. DCIT,CIR-8, KOLKATA, KOLKATA

Bench: Shri. Rajesh Kumar () & Shri Anikesh Banerjee ()

depreciation amounting to Rs.111,712/- in respect of assets merged in the block of assets on the basis of High Court Order and became inseparable from other business assets of the respective block. 5 ITA 489/Kol /2005 ITA 1808/Kol /2006 ITA 1811/Kol /2006 Oberoi Hotels (P) Ltd 10. That the learned CIT(A) erred in rejecting the appellant’s claim

OBEROI HOTELS PRIVATE LIMITED,KOLKATA vs. DCIT,CIR-8, KOLKATA. , KOLKATA

Bench: Shri. Rajesh Kumar () & Shri Anikesh Banerjee ()

depreciation amounting to Rs.111,712/- in respect of assets merged in the block of assets on the basis of High Court Order and became inseparable from other business assets of the respective block. 5 ITA 489/Kol /2005 ITA 1808/Kol /2006 ITA 1811/Kol /2006 Oberoi Hotels (P) Ltd 10. That the learned CIT(A) erred in rejecting the appellant’s claim

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

capital gain arising from the sale of four flats being the depreciable assets forming part of the block of assets

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(1), KOLKATA, KOLKATA vs. TIRUPATI NIRYAT PVT. LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri Pradip Kumar Choubey, Jm & Shri Rakesh Mishra, Am Dcit, Central Circle-1(1), O/O The Dcit, Central Circle 1(1) Tirupati Niryat Pvt. Ltd. Kolkata, Aaykar Bhavan Poorva, 145, Rash Behari Avenue, Vs. 110, Shantipally, Em By Pass Kolkata-700029, West Bengal Pin-700107, West Bengal (Appellant) (Respondent) Pan No. Aabct4058P Assessee By : Shri Siddarth Agarwal, Ar Revenue By : Shri S.B. Chakraborty, Dr Date Of Hearing: 11.06.2025 Date Of Pronouncement: 23.06.2025

capital gain on depreciable assets U/s 50 of the Act but the ld. AO erroneously calculated the capital gain in this

ATLAS & UNION JUTR PRESS CO.LTD,KOLKATA vs. ASSIT. DIT,CPC, BENGALURU, KARNATAKA

In the result, the appeal of the assessee is allowed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma]

Capital Gains. 8. For that the Ld. CIT (A) erred in confirming the action of the A.O. determining income from business at Rs.33,66,2 1 8/- instead of loss of Rs.6,31,009/- on alleged grounds. 9. For that the appellant craves leave to amend, alter, modify, substitute, add to, abridge and/or rescind any or all of the above

SITARAM BHARTIA INSTITUTE OF SCIENCE & RESEARCH,KOLKATA vs. D.C.I.T.(EXEMPTION), CIRCLE-11(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

depreciation from the cost of acquisition claimed till date existed in the books of account. In our considered view to this extent we find merit in the contention of the Ld. A.R that whatever left in the books of account in the form of WDV has to be allowed while computing the capital gain

IFB AUTOMOTIVE PVT. LTD.,KOLKATA vs. DCIT, CIR. 12(1), KOLKATA

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

Bench: Dr. Manish Borad, Hon’Ble & Shri Pradip Kumar Choubey, Hon’Blei.T.A. No. 212/Kol/2024 Assessment Year: 2014-15 Ifb Automotive Private Limited Deputy Commissioner Of Income Plot No. Ind-V, Sector-1 Vs Tax, Circle - 12(1), Kolkata East Kolkata Township Kasba Industrial Estate Kolkata - 700107 [Pan : Aabci2766H] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri Swapan Kumar Bera, Jcit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 17/04/2024 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. 12/12/2023, Passed U/S 250 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. Under The Facts & Circumstances Of The Case The Ld. Commissioner Of Income-Tax (Appeals), National Faceless Appeal Centre, Income Tax Department, Delhi Has Erred In Law As Well As In Facts In Confirming The Disallowance & Addition Made By The Ld. Deputy Commissioner Of Income Tax, Circle-12(L), Kolkata (Assessing Officer) On Account Of Profit On Sale Of Fixed Assets Of Rs. 41,61,190/- Ignoring The Provisions Under Section 50 Of The Income-Tax Act, 1961. 2. Under The Facts & Circumstances Of The Case The Ld. Commissioner Of Income-Tax (Appeals) Has Erred In Law As Well As In Facts In Confirming The Disallowance & Addition Made By The Ld. Assessing Officer On Account Of 2

gain from sale of depreciable assets. Now, as per the special provisions for computation of capital gains in case of depreciable

GRAPHITE INDIA LTD.,KOLKATA vs. PR.CIT-4, KOLKATA

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

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

gain. We have also found that the long-term capital loss on sale of ZCB issued by NABARD has also been disclosed in the computation of income. In the statement showing profit of loss on sale of investment. The assessee has also filed notice being the confirming part of the taxable income that reveals thus: “During the year, unrealized foreign

BRITANNIA INDUSTRIES LTD,KOLKATA vs. DCIT, CIR-7(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

capital gain arising from the sale of four flats being the depreciable assets forming part of the block of assets