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)

nature of capital gain or business income) shall continue to be decided keeping in view the aforesaid Circulars issued by the CBDT. 4. It is, however, clarified that the above shall not apply in respect of such transactions in shares/securities where the genuineness of the transaction itself is questionable, such as bogus claims of Long Term Capital Gain/Short Term Capital

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)

nature of capital gain or business income) shall continue to be decided keeping in view the aforesaid Circulars issued by the CBDT. 4. It is, however, clarified that the above shall not apply in respect of such transactions in shares/securities where the genuineness of the transaction itself is questionable, such as bogus claims of Long Term Capital Gain/Short Term Capital

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

SHUVRO CHATTARAJ,KOLKATA vs. PCIT , BURDWAN

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

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2015-16

justice. 2 Shuvro Chattaraj, AY: 2015-16 2. That the Ld. Pr. CIT passed a perverse Order in setting aside on grounds that the assessment order passed u/s 143(3) is erroneous and prejudicial to the interest of revenue. 3. That the Ld. Pr. CIT erred in law in interpreting the provisions of section 263 which says ‘commissioner may call

M/S. GATEWAY FINANCIAL SERVICES LTD., ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

capital gain was mainly on the basis of statements of various persons referred above in preceding paras. That as per the principles of natural Page 18 of 74 I.T.A. Nos.: 982, 983, 984 & 2068/KOL/2018 Assessment Year: 2014-2015 M/s. Gateway Financial Services Ltd. M/s. Nishit Agarwal Beneficiary Trust Pinky Agarwal Pratik Agarwal Beneficiary Trust justice

PRATIK AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, C.C.-3(1), , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

capital gain was mainly on the basis of statements of various persons referred above in preceding paras. That as per the principles of natural Page 18 of 74 I.T.A. Nos.: 982, 983, 984 & 2068/KOL/2018 Assessment Year: 2014-2015 M/s. Gateway Financial Services Ltd. M/s. Nishit Agarwal Beneficiary Trust Pinky Agarwal Pratik Agarwal Beneficiary Trust justice

PINKY AGARWAL ,KOLKATA vs. ACIT, CC-3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

capital gain was mainly on the basis of statements of various persons referred above in preceding paras. That as per the principles of natural Page 18 of 74 I.T.A. Nos.: 982, 983, 984 & 2068/KOL/2018 Assessment Year: 2014-2015 M/s. Gateway Financial Services Ltd. M/s. Nishit Agarwal Beneficiary Trust Pinky Agarwal Pratik Agarwal Beneficiary Trust justice

M/S. NISHIT AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

capital gain was mainly on the basis of statements of various persons referred above in preceding paras. That as per the principles of natural Page 18 of 74 I.T.A. Nos.: 982, 983, 984 & 2068/KOL/2018 Assessment Year: 2014-2015 M/s. Gateway Financial Services Ltd. M/s. Nishit Agarwal Beneficiary Trust Pinky Agarwal Pratik Agarwal Beneficiary Trust justice

ACIT, CIRCLE - 7, KOLKATA, KOLKATA vs. C.D. EQUIFINANCE PVT. LTD., KOLKATA

In the result, all the appeals filed by the Revenue are dismissed, while the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

nature of transactions & facts giving rise to incomes relating to short term and long term investment were same. Accounting entries passed in relation to both types of Investments were identical and all the investment transactions passed through the same Investment demat account. In the circumstances, there was no reason for the A. 0 to hold that only the short term

INFINITY INFOTECH PARKS LTD.,KOLKATA vs. PCIT-1, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

capital gain u/s.50 of the Act but the nature and character of such income/gain continued to remain profit/gain derived from the business of leasing of properties. The A.O. has passed the assessment order without making enquiries or verification which should have been made in the instant case. Clause (a) and (b) of Explanation-2 to Section 263(1) is attracted

AMBO AGRO PRODUCTS LTD.,KOLKATA vs. THE PCIT, KOLKATA-1, KOLKATA

In the result, appeal of assessee is allowed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

capital gain because the said undertaking was held by the assessee for more than 36 months. It was pleaded before the Ld. CIT that the AO has passed the claim of the assessee after detailed enquiries, analysis and considering all facts and the AO has accepted the claim of the assessee in this respect. However, he brushed aside the objections

SMT SAKI GUPTA,KOLKATA vs. ACIT, CIR-49, KOLKATA, KOLKATA

In the result, the appeal of both the assessee’s are partly allowed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

natural justice and on this score alone his findings are required to be reversed. 6 Smt. Sarbani Gupta & Smt. Saki Gupta, AY 2009-10 12. Be that as it may be and without prejudice to our foregoing findings, we also find that the order passed by the Ld. CIT(A) was unsustainable on other grounds as well. According

SMT SARBANI GUPTA,KOLKATA vs. ACIT, CIR-49, KOLKATA, KOLKATA

In the result, the appeal of both the assessee’s are partly allowed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

natural justice and on this score alone his findings are required to be reversed. 6 Smt. Sarbani Gupta & Smt. Saki Gupta, AY 2009-10 12. Be that as it may be and without prejudice to our foregoing findings, we also find that the order passed by the Ld. CIT(A) was unsustainable on other grounds as well. According

NAMOKAR BUILDERS PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE -2(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Rajesh Kumar, Am]

Capital Gains from transaction in shares of Radford Global Ltd as bogus and making addition u/s 68 of the Act. 22. Regarding the report of SEBI report dated 19.12.2014 we find that the said order was revoked by SEBI by the final order dated 20.09.2017 in SEBI/WTM/MPB/EFD-1-DRA-III/ 30 /2017 by observing as under: “Considering the fact that there

ITO, WARD - 4(1), KOLKATA, KOLKATA vs. M/S. TRIBUTE TRADING AND FINANCE LTD.,, KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

capital gains. Nothing has been brought on record to show that the persons investigated, including entry operators or stock brokers, have named that the assessee was in collusion with them. In absence of such finding how is it possible to link their wrong doings with the assessee. In fact, the investigation wing is a separate department which has not been

SRI SUBRATA BANERJEE ,KOLKATA vs. ACIT, CIRCLE - 51(1) , KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

capital gains. Nothing has been brought on record to show that the persons investigated, including entry operators or stock brokers, have named that the assessee was in collusion with them. In absence of such finding how is it possible to link their wrong doings with the assessee. In fact, the investigation wing is a separate department which has not been

ITO, WARD - 4(1), KOLKATA, KOLKATA vs. M/S. TRIBUTE TRADING AND FINANCE LTD.,, KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

capital gains. Nothing has been brought on record to show that the persons investigated, including entry operators or stock brokers, have named that the assessee was in collusion with them. In absence of such finding how is it possible to link their wrong doings with the assessee. In fact, the investigation wing is a separate department which has not been