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

gains with the help of sections 49 and 47 of the Act but did not press the technical aspect of the case and accordingly the appeal which was part- heard was refixed and not treated to be as part-heard. 10. In the course of the appeal before us, the Ld. AR as well as the Ld. DR made arguments

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

gains under section 48 of the Act. Sub-clause (i) of that Section states that expenditure incurred wholly and exclusively in connection with the transfer of capital asset has to be deducted from full value consideration received or accruing. Preamble of the Conveyance Deed executed by the assessee along with Shri Nita Basu reads as under :— 'THIS INDENTURE made this

INDIAN CHAMBER OF COMMERCE,KOLKATA vs. DCIT,CIR-1(1), (EXEMPTION), KOLKATA. , KOLKATA

In the result, both the appeals of the assessee are allowed

Bench: Shri Rajpalyadav, Vice-(Kz) & Shri Rajesh Kumar]

capital gain. Accordingly we set aside the order of Ld. CIT(A) on this issue and direct the AO to delete the addition. 29. Issue raised in ground no. 9 is against the order of AO computing the deduction u/s 11(1)(a) @ 15% on the net income and not on the gross receipt of the ICC whereas

INDIAN CHAMBER OF COMMERCE. ,KOLKATA vs. DCIT, CIR-1(1), (EXEMPTION), KOLKATA

In the result, both the appeals of the assessee are allowed

Bench: Shri Rajpalyadav, Vice-(Kz) & Shri Rajesh Kumar]

capital gain. Accordingly we set aside the order of Ld. CIT(A) on this issue and direct the AO to delete the addition. 29. Issue raised in ground no. 9 is against the order of AO computing the deduction u/s 11(1)(a) @ 15% on the net income and not on the gross receipt of the ICC whereas

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

15,95,183) Long term Capital gain on transfer of land proportionate to Developer’s allocation 4,65,63,334 5,42,02,854 3.3. As regards computation of capital gains on transfer of 1st Floor flat in pursuance of Agreement for sale dated 24th February, 2012 (i.e before construction), the AO considered the same as part of “New Asset

SAROJ BAID,KOLKATA vs. ITO, WARD - 36(3), KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg, J & Dr. Manish Borad

capital gain without rebuttal of the same. (10) Ld. CIT (Appeals) has erred in drawing the conclusion that reliance of materials placed by your appellant in A.O. record are in the nature of contention challenging criminal on civil liabilities in a court of law and have no relevance while dealing with process of adjudication of assessee tax liability i.e. assessment

SAROJ BAID,KOLKATA vs. ITO, WARD 36(3), KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg, J & Dr. Manish Borad

capital gain without rebuttal of the same. (10) Ld. CIT (Appeals) has erred in drawing the conclusion that reliance of materials placed by your appellant in A.O. record are in the nature of contention challenging criminal on civil liabilities in a court of law and have no relevance while dealing with process of adjudication of assessee tax liability i.e. assessment

THE INSTITUTE OF INDIA FOUNDRYMEN,KOLKATA vs. ITO, WARD-1(3),EXEMPT, KOLKATA., KOLKATA

In the result, the appeals of the assessee are allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

capital gain. Accordingly we set aside the order of Ld. CIT(A) on this issue and direct the AO to delete the addition. 29. Issue raised in ground no. 9 is against the order of AO computing the deduction u/s 11(1)(a) @ 15% on the net income and not on the gross receipt of the ICC whereas

THE INSTITUTE OF INDIAN FOUNDRYMEN ,KOLKATA vs. ITO, WARD- 1(3), EXEMPT, KOLKATA. , KOLKATA

In the result, the appeals of the assessee are allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

capital gain. Accordingly we set aside the order of Ld. CIT(A) on this issue and direct the AO to delete the addition. 29. Issue raised in ground no. 9 is against the order of AO computing the deduction u/s 11(1)(a) @ 15% on the net income and not on the gross receipt of the ICC whereas

THE INSTITUTE OF INDIAN FOUNDRYMEN. ,KOLKATA vs. ITO, WARD-1(3), EXEMPT, KOLKATA. , KOLKATA

In the result, the appeals of the assessee are allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

capital gain. Accordingly we set aside the order of Ld. CIT(A) on this issue and direct the AO to delete the addition. 29. Issue raised in ground no. 9 is against the order of AO computing the deduction u/s 11(1)(a) @ 15% on the net income and not on the gross receipt of the ICC whereas

THE INSTITUTE OF INDIAN FOUNDRYMEN,KOLKATA vs. ITO,WARD-1(3), EXEMPT, KOLKATA. , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

capital gain. Accordingly we set aside the order of Ld. CIT(A) on this issue and direct the AO to delete the addition. 29. Issue raised in ground no. 9 is against the order of AO computing the deduction u/s 11(1)(a) @ 15% on the net income and not on the gross receipt of the ICC whereas

THE INSTITUTE OF INDIAN FOUNDRYMEN,KOLKATA vs. ITO, WARD 1(3), EXEMPTION , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubey]

capital gain. Accordingly we set aside the order of Ld. CIT(A) on this issue and direct the AO to delete the addition. 15 I.T.A. No.499/Kol/2024 Assessment Year: 2018-19 The Institute of Indian Foundrymen 29. Issue raised in ground no. 9 is against the order of AO computing the deduction u/s 11(1)(a) @ 15% on the net income

THE INSTITUTE OF INDIAN FOUNDRYMEN,KOLKATA vs. I.T.O., WARD - 1(3), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

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

capital gain. Accordingly we set aside the order of Ld. CIT(A) on this issue and direct the AO to delete the addition. 29. Issue raised in ground no. 9 is against the order of AO computing the deduction u/s 11(1)(a) @ 15% on the net income and not on the gross receipt of the ICC whereas

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

15. We observe that in the case of assessee namely M/s. Gateway Financial Services Ltd., incurred short term capital loss from purchase and sale of equity shares of Blue Circle Services Ltd. during FY 2013-14. In the said transaction of short term capital loss (in short ‘STCL’)/long term capital gain (in short ‘LTCG) there is no merger

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

15. We observe that in the case of assessee namely M/s. Gateway Financial Services Ltd., incurred short term capital loss from purchase and sale of equity shares of Blue Circle Services Ltd. during FY 2013-14. In the said transaction of short term capital loss (in short ‘STCL’)/long term capital gain (in short ‘LTCG) there is no merger

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

15. We observe that in the case of assessee namely M/s. Gateway Financial Services Ltd., incurred short term capital loss from purchase and sale of equity shares of Blue Circle Services Ltd. during FY 2013-14. In the said transaction of short term capital loss (in short ‘STCL’)/long term capital gain (in short ‘LTCG) there is no merger

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

15. We observe that in the case of assessee namely M/s. Gateway Financial Services Ltd., incurred short term capital loss from purchase and sale of equity shares of Blue Circle Services Ltd. during FY 2013-14. In the said transaction of short term capital loss (in short ‘STCL’)/long term capital gain (in short ‘LTCG) there is no merger

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

In the result, the appeal of the assessee is allowed

capital gains\nmade by him for the purpose of purchasing and/or acquiring the aforesaid assets.\nWe find therefore that on this ground also, the assessee is liable to succeed. The\nappeals are, accordingly, allowed and the judgment of the High Court is set\naside.'\n12. In view of the interpretation given to the word \"utilized\" used in section