DCIT, CIR-11(1), KOLKATA, KOLKATA vs. M/S EVEREADY INDUSTRIES INDIA LTD., KOLKATA

In the result, appeal of revenue is dismissed

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी वसीम अहमद, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri Waseem Ahmed, Am]

Section 50 of the Act. Although the assessee reported such gain as short term capital gain, in the matter of calculation of tax, it was the assessee's contention that such capital gain was eligible for concessional tax rate prescribed u/s 112

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

capital gain. 20. Section 112 of the Act which provides for concessional rate of tax on long term capital gain

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

capital gain on land whereas the sale consideration of building was reduced from block of assets in accordance with the provisions of Section 43(6)(c). The same is evident from Clause 18 of tax audit report and Schedule DOA of the ITR for the relevant assessment year, forming part of the paper book (Refer

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

capital gain on land whereas the sale consideration of building was reduced from block of assets in accordance with the provisions of Section 43(6)(c). The same is evident from Clause 18 of tax audit report and Schedule DOA of the ITR for the relevant assessment year, forming part of the paper book (Refer

ITO, WARD-36(2), KOLKATA, KOLKATA vs. M/S. SRI RAM COMMERCIAL CO., KOLKATA

In the result, the appeal of the Revenue is dismissed

section 2(29B) profit earned on sale of shares of companies sold after holding for more than a year is assessable as Long Term Capital Gain. The assessee submits that it has not resorted to any trading In M/s. Sri Ram Commercial Co. share & securities involving frequent transactions of purchase and sale, profit from which alone can be assessable

SPLENDOUR VILLA MAKERS PVT. LTD. ,KOLKATA vs. ACIT,CIR-12(2),KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Boradi.T.A. No. 734/Kol/2023 Assessment Year: 2015-2016 Splendour Villa Makers Pvt. Ltd.,……………Appellant Flat-4D, Lansdown Heights, 6, Sarat Bose Road, Bhowanipur, Kolkata-700020 [Pan:Aahcs9726M] -Vs.- Assistant Commissioner Of Income Tax,..…Respondent Circle-12(2), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri Miraj D. Shah, A.R., Appeared On Behalf Of The Assessee Shri B.K. Singh, Addl. Cit, Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : June 05, 2024 Date Of Pronouncing The Order : July 25, 2024 O R D E R

112 of the Act, which is part of the Income Tax Act deals with the calculation of long-term capital gain and capital asset held for more than three years and the assessee is eligible for indexed cost benefit even if it is subjected to section

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. EVEREADY INDUSTRIES INDIA LTD., KOLKATA

In the result appeal by the revenue is dismissed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am] Assessment Year : 2005-06

Section 438 of the Act states that sum will be allowed only on actual payment. According to the AO, the Leave Encashment was not actually paid by the Assessee but the liability was written back. Any waiver or write back or allowing benefit to the party could not be called payment. The claim of reduction from the computation of income

VINCENT COMMERCIAL COMPANY LTD,KOLKATA vs. D.C.I.T OSD TO CIT - III, KOLKATA

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

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

112 of the Act . The said loss was computed at Rs. 25,35,954/- after indexation of cost . The shares were sold at Rs 14 per share whereas the market quotation of the shares on the date of sale was Rs. 13.75 per share on 29.12.2008. Thus it was explained that the shares were sold privately at a price higher

ACIT, CIR-4, KOLKATA, KOLKATA vs. M/S R. K. COMMERCIAL LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1330/Kol/2014 ("नधा"रणवष" / Assessment Year:2007-08)

section 68 of the Act to the tune of Rs. 12,86,00,032/-. 7. Aggrieved by the stand so taken by the Assessing Officer, the Assessee carried the matter in appeal before the Ld. CIT(A) who has deleted the addition. Aggrieved by the order of the Ld. CIT(A), the Revenue is in appeal before

KESHAV SARAF,KOLKATA vs. PCIT-15, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

Gains or Short Term Capital Loss by various beneficiaries. Against this overwhelming evidence, the assessee’s claim that the records were not called for and examined by the Pr. CIT before issue of show cause notice, is wholly untrue. 14. The Ld. A.R. has based his defense mainly on the ground that the A.O.’s order could have been held

M/S. IMC LTD.,KOLKATA vs. DCIT, CIRCLE - 11, KOLKATA, KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

capital gain income in the revised return of income which is within the provisions of the law. As such the AO has not brought any defect in the books of accounts and in the revised return. The assessee has been showing investments in the audited financial statements. The ld. DR has also not brought anything on record to controvert

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. I M C LTD, KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

capital gain income in the revised return of income which is within the provisions of the law. As such the AO has not brought any defect in the books of accounts and in the revised return. The assessee has been showing investments in the audited financial statements. The ld. DR has also not brought anything on record to controvert

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. IMC LTD., KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

capital gain income in the revised return of income which is within the provisions of the law. As such the AO has not brought any defect in the books of accounts and in the revised return. The assessee has been showing investments in the audited financial statements. The ld. DR has also not brought anything on record to controvert

NIKUNJ DHANUKA,KOLKATA vs. DCIT, CIR. 32, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Hon’Ble & Dr. Manish Borad, Hon’Ble

Section 147 of the Act specifically deals with the case where assessment u/s 143(3) of the Act has already been carried out and it provides that no action shall be taken in the case after expiry of four years from the end of the relevant Assessment Year unless any income chargeable to tax has escaped assessment for such Assessment

ARATI RAY,KOLKATA vs. DCIT, CEN. CIR. -3(4), KOLKATA

In the result, all the appeals of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

112/-. On the analogy of discussion made in the case of Arati Ray, he recorded that as per section 50C of the Income Tax Act, the full sale value ought to be considered equivalent to the amount on which stamp duty was paid by the vendee. Thus, in his opinion, the assessee has undervalued the long-term capital gain

MALIKA ROY,KOLKATA vs. DCIT, CEN. CIR. 3(4), KOLKATA

In the result, all the appeals of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

112/-. On the analogy of discussion made in the case of Arati Ray, he recorded that as per section 50C of the Income Tax Act, the full sale value ought to be considered equivalent to the amount on which stamp duty was paid by the vendee. Thus, in his opinion, the assessee has undervalued the long-term capital gain

SAMIT RAY,KOLKATA vs. DCIT, CEN. CIR. 3(4), KOLKATA

In the result, all the appeals of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

112/-. On the analogy of discussion made in the case of Arati Ray, he recorded that as per section 50C of the Income Tax Act, the full sale value ought to be considered equivalent to the amount on which stamp duty was paid by the vendee. Thus, in his opinion, the assessee has undervalued the long-term capital gain

ROHIT JALAN,KOLKATA vs. ITO, WARD - 36(1), KOLKATA

In the result, the appeal of assessee is partly allowed

Bench: Shri A. T. Varkey, Jm] I.T.A. No. 2205/Kol/2018 Assessment Year: 2013-14

Capital Gains claim of the assessee in respect of sale of scrip of M/s. Tuni Textile Mills Ltd. as exempt u/s. 10(38) of the Act which was held by AO to be bogus and that action of AO was confirmed by the Ld. CIT(A) on appeal of the assessee. Therefore this appeal of assessee before this Tribunal