EMAMI INDRASTRUCTURE LIMITED,KOLKATA vs. ITO, WD-12(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed in part

4. During the A.Y under consideration the assessee claimed long term capital loss on account of sale of 286329 equity shares of Zandu Realty Ltd as under:- (2) Long term capital gain on sale of 286329 equity shares of M/s. Zandu Realty Ltd., on which STT has not been paid:- Sale consideration Rs. 60,12,90,900/- Less; Cost

SURAJ KHANDELWAL,KOLKATA vs. JCIT, RG-36, KOLKATA, KOLKATA

In the result, appeals of both the assessee are partly allowed and appeals of the revenue are dismissed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Year: 2010-11 Smt. Yamini Khandelwal Asst. Commissioner Of Income 5, Amratolla Street Vs Tax, Circle-36, Kolkata Kolkata - 700001 Pan: Afupk6167K अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

4 “i) Income from business 31,44,516/- a) Trading in derivatives (loss) (-) b) Income from speculation in shares 10,12,880/- Loss in business : (-) 21,31,636/- ii) Short Term Capital Gains in listed securities & units 2,05,68,467/- a) On listed securities … b) On listed units … (-) 69,341/- 2,04,99,126/- iii) Long Term Capital Gains

DCIT, CIR-36, KOLKATA, KOLKATA vs. SMT YAMINI KHANDELWAL, KOLKATA

In the result, appeals of both the assessee are partly allowed and appeals of the revenue are dismissed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Year: 2010-11 Smt. Yamini Khandelwal Asst. Commissioner Of Income 5, Amratolla Street Vs Tax, Circle-36, Kolkata Kolkata - 700001 Pan: Afupk6167K अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

4 “i) Income from business 31,44,516/- a) Trading in derivatives (loss) (-) b) Income from speculation in shares 10,12,880/- Loss in business : (-) 21,31,636/- ii) Short Term Capital Gains in listed securities & units 2,05,68,467/- a) On listed securities … b) On listed units … (-) 69,341/- 2,04,99,126/- iii) Long Term Capital Gains

YAMINI KHANDEL WAL,KOLKATA vs. ACIT, CIR-36, KOLKATA, KOLKATA

In the result, appeals of both the assessee are partly allowed and appeals of the revenue are dismissed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Year: 2010-11 Smt. Yamini Khandelwal Asst. Commissioner Of Income 5, Amratolla Street Vs Tax, Circle-36, Kolkata Kolkata - 700001 Pan: Afupk6167K अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

4 “i) Income from business 31,44,516/- a) Trading in derivatives (loss) (-) b) Income from speculation in shares 10,12,880/- Loss in business : (-) 21,31,636/- ii) Short Term Capital Gains in listed securities & units 2,05,68,467/- a) On listed securities … b) On listed units … (-) 69,341/- 2,04,99,126/- iii) Long Term Capital Gains

DCIT, CIR-36, KOLKATA, KOLKATA vs. SHRI SURAJ KHANDEL, KOLKATA

In the result, appeals of both the assessee are partly allowed and appeals of the revenue are dismissed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Year: 2010-11 Smt. Yamini Khandelwal Asst. Commissioner Of Income 5, Amratolla Street Vs Tax, Circle-36, Kolkata Kolkata - 700001 Pan: Afupk6167K अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

4 “i) Income from business 31,44,516/- a) Trading in derivatives (loss) (-) b) Income from speculation in shares 10,12,880/- Loss in business : (-) 21,31,636/- ii) Short Term Capital Gains in listed securities & units 2,05,68,467/- a) On listed securities … b) On listed units … (-) 69,341/- 2,04,99,126/- iii) Long Term Capital Gains

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 loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

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 loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

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 loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

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 loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

SPML INFRA LIMITED,NEW DELHI vs. PCIT-1 , KOLKATA

In the result, appeal filed by the assessee is allowed

Bench: Sri Sanjay Garg & Sri Manish Borad)

120; (b) record shall include and shall be deemed always to have included all records relating to any proceeding under this Act available at the time of examination by the Commissioner; (c) where any order referred to in this sub-section and passed by the Assessing Officer had been the subject matter of any appeal filed on or before

JCT LTD., ,KOLKATA vs. DCIT, CIRCLE - 11(1), , KOLKATA

In the result, the appeal of the Revenue is dismissed and the appeal of the assessee is allowed

Bench: Shri J. Sudhakar Reddy & Shri S.S. Godara]

120 crs. and computed long term capital gain of Rs. 107,98,39,652/-. However, post amalgamation with the appellant company the entire gain on sale of above land was set off against the brought forward unabsorbed depreciation of the appellant company. In computing book profit u/s 115JB also the gain on sale of above land substantially set off against

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

In the result, the appeal of the Revenue is dismissed and the appeal of the assessee is allowed

Bench: Shri J. Sudhakar Reddy & Shri S.S. Godara]

120 crs. and computed long term capital gain of Rs. 107,98,39,652/-. However, post amalgamation with the appellant company the entire gain on sale of above land was set off against the brought forward unabsorbed depreciation of the appellant company. In computing book profit u/s 115JB also the gain on sale of above land substantially set off against

D.C.I.T.,CIRCLE-6(1), KOLKATA vs. SHRI SAROJ KUMAR PODDAR, KOLKATA

In the result, the appeal of the Revenue is dismissed as not maintainable

Bench: Shri J. Sudhakar Reddy, Hon’Ble & Shri Aby T. Varkey, Hon’Ble]

120 ITR 861 (Cal.) I.T.A. No. 2406/Kol/201 I.T.A. No. 2406/Kol/2019 Assessment Year: 2014-15 Shri Saroj Kumar Poddar Shri Saroj Kumar Poddar b) CIT vs. Indo-Aden Salt Works Co. reported at (1959) 36 ITR 0429 (Bom.) Aden Salt Works Co. reported at (1959) 36 ITR 0429 (Bom.) Aden Salt Works Co. reported

M/S. EVEREADY INDUSTRIES INDIA LTD.,KOLKATA vs. PR.CIT-4, KOLKATA

In the result, the appeal of the assessee stands allowed

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

gain of Rs. 33.82L). Thus, even if TDS was deducted on entire other income, there was a short credit income. The same was not properly verified by the A.O. (b) One of the reasons for selection of scrutiny was mismatch in amount paid to related persons u/s 40A (2) (b) reported in Audit report (Form 3CEB) and ITR. However

M/S. TEGA INDUSTRIES LIMITED,KOLKATA vs. D.C.I.T., CIRCLE - 11(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

b) the purchase, sale, transfer, lease or use of intangible property, including the transfer of ownership or the provision of use of rights regarding land use, copyrights, patents, trademarks, licences, franchises, customer list, marketing channel, brand, commercial secret, know-how, industrial property right, exterior design or practical and new design or any other business or commercial rights of similar nature

ACIT, CIRCLE - 7, KOLKATA vs. HUTCHISON TELECOM EAST LIMITED, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

120 ITR 921, the AO cannot go to the old section 80IA of the Act and accordingly, cannot rely upon the definition of the ‘initial assessment year’ in erstwhile section 80IA of the Act; • Considering the language of the amended act, the legislative intent as can be gathered from the Explanatory Memorandum and settled legal position in Bajaj Tempo

M/S. VODAFONE ESSAR EAST LTD.,KOLKATA vs. JCIT, RANGE - 7, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

120 ITR 921, the AO cannot go to the old section 80IA of the Act and accordingly, cannot rely upon the definition of the ‘initial assessment year’ in erstwhile section 80IA of the Act; • Considering the language of the amended act, the legislative intent as can be gathered from the Explanatory Memorandum and settled legal position in Bajaj Tempo

M/S VODAFONE EAST LIMITED (FORMERLY KNOWN AS VODAFONE ESSAR EAST LIMITED),KOLKATA vs. ACIT, CIR-7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

120 ITR 921, the AO cannot go to the old section 80IA of the Act and accordingly, cannot rely upon the definition of the ‘initial assessment year’ in erstwhile section 80IA of the Act; • Considering the language of the amended act, the legislative intent as can be gathered from the Explanatory Memorandum and settled legal position in Bajaj Tempo