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]

13) defines business to include any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture. The intention of the legislature is to make the definition extensive as the term “includes” has been used. The legislature has deliberately departed from giving a definite import to the term ”business” but has made reference

THE PEERLESS GEN. FIN. & INV. CO. LTD.,KOLKATA vs. DCIT, CIRCLE-3(1), KOLKATA, KOLKATA

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

Bench: Shri P.M. Jagtap, Vice- & Shri A.T. Varkey

2) of Income Tax Act deals with the cases where a capital asset is converted into stock in trade. Whenever a capital asset is converted into stock in trade by an assessee it is deemed as transfer of capital asset and attracts capital gain provisions, in spite of the fact that the ownership of such capital asset doesn't change

KB CAPITAL MARKETS (P) LTD.,KOLKATA vs. D.C.I,.T CIR - 6 , KOLKATA., KOLKATA

In the result, the appeal by the Assessee is partly allowed, while the appeal by the revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 1882/Kol/2012 Assessment Year : 2008-09

c) that in the past the assessments completed on similar set of facts, the revenue has accepted that the income on sale of shares held as investments gave rise to capital gain. (d) the assessee relied on the ruling of the AAR in the case of Fidelity North Star Fund and others 288 ITR 641 wherein it was held that

DCIT CIR - 6,KOLKATA., KOLKATA vs. M/S K.B. CAPITAL MARKETS LTD., KOLKATA

In the result, the appeal by the Assessee is partly allowed, while the appeal by the revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 1882/Kol/2012 Assessment Year : 2008-09

c) that in the past the assessments completed on similar set of facts, the revenue has accepted that the income on sale of shares held as investments gave rise to capital gain. (d) the assessee relied on the ruling of the AAR in the case of Fidelity North Star Fund and others 288 ITR 641 wherein it was held that

THE DCIT, CIR-3(2) GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED , GANGTOK SIKKIM

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

gains of business” in section 80P (2) of the Income-tax Act, 1961, emphasise that the income in respect of which deduction is sought by a cooperative society must constitute the operational income and not the other income which accrues to Page 18 of 45 I.T.A. Nos.: 1582 & 1583/KOL/2024 Assessment Years: 2018-19 & 2020-21 Sikkim State Cooperative Supply

DEPUTY COMMISSIONER OF INCOME TAX, CIR-3(2), GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED, GANGTOK SIKKIM

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

gains of business” in section 80P (2) of the Income-tax Act, 1961, emphasise that the income in respect of which deduction is sought by a cooperative society must constitute the operational income and not the other income which accrues to Page 18 of 45 I.T.A. Nos.: 1582 & 1583/KOL/2024 Assessment Years: 2018-19 & 2020-21 Sikkim State Cooperative Supply

VIKASH SOLVEXTRACTS PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-5, KOLKATA, KOLKATA

In the result, ground Nos

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

C’, KOLKATA [Before Shri Aby. T. Varkey, JM and Dr.A.L. Saini, AM] I.T.A. Nos. 1925 to 1929/Kol/2014 Assessment Years: 2006-07 to 2010-11 Vikas Solvextracts Pvt. Ltd.........................................................Assessee 135, Biplabi Rashbehari Basu Road, Kolkata – 700 001. [PAN: AABCV 0840 P] D.C.I.T.CIR-5, Kolkata……………………………………………….........................Respondent Aayakar Bhawan, P-7, Chowringhee Square, Kolkata – 700 069. Appearances by: ShriSanjay Bhattacharya,AR, appearing

VIKASH SOLVEXTRACTS PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-5, KOLKATA, KOLKATA

In the result, ground Nos

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

C’, KOLKATA [Before Shri Aby. T. Varkey, JM and Dr.A.L. Saini, AM] I.T.A. Nos. 1925 to 1929/Kol/2014 Assessment Years: 2006-07 to 2010-11 Vikas Solvextracts Pvt. Ltd.........................................................Assessee 135, Biplabi Rashbehari Basu Road, Kolkata – 700 001. [PAN: AABCV 0840 P] D.C.I.T.CIR-5, Kolkata……………………………………………….........................Respondent Aayakar Bhawan, P-7, Chowringhee Square, Kolkata – 700 069. Appearances by: ShriSanjay Bhattacharya,AR, appearing

VIKASH SOLVEXTRACTS PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-5, KOLKATA, KOLKATA

In the result, ground Nos

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

C’, KOLKATA [Before Shri Aby. T. Varkey, JM and Dr.A.L. Saini, AM] I.T.A. Nos. 1925 to 1929/Kol/2014 Assessment Years: 2006-07 to 2010-11 Vikas Solvextracts Pvt. Ltd.........................................................Assessee 135, Biplabi Rashbehari Basu Road, Kolkata – 700 001. [PAN: AABCV 0840 P] D.C.I.T.CIR-5, Kolkata……………………………………………….........................Respondent Aayakar Bhawan, P-7, Chowringhee Square, Kolkata – 700 069. Appearances by: ShriSanjay Bhattacharya,AR, appearing

VIKASH SOLVEXTRACTS PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-5, KOLKATA, KOLKATA

In the result, ground Nos

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

C’, KOLKATA [Before Shri Aby. T. Varkey, JM and Dr.A.L. Saini, AM] I.T.A. Nos. 1925 to 1929/Kol/2014 Assessment Years: 2006-07 to 2010-11 Vikas Solvextracts Pvt. Ltd.........................................................Assessee 135, Biplabi Rashbehari Basu Road, Kolkata – 700 001. [PAN: AABCV 0840 P] D.C.I.T.CIR-5, Kolkata……………………………………………….........................Respondent Aayakar Bhawan, P-7, Chowringhee Square, Kolkata – 700 069. Appearances by: ShriSanjay Bhattacharya,AR, appearing

VIKASH SOLVEXTRACTS PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-5, KOLKATA, KOLKATA

In the result, ground Nos

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

C’, KOLKATA [Before Shri Aby. T. Varkey, JM and Dr.A.L. Saini, AM] I.T.A. Nos. 1925 to 1929/Kol/2014 Assessment Years: 2006-07 to 2010-11 Vikas Solvextracts Pvt. Ltd.........................................................Assessee 135, Biplabi Rashbehari Basu Road, Kolkata – 700 001. [PAN: AABCV 0840 P] D.C.I.T.CIR-5, Kolkata……………………………………………….........................Respondent Aayakar Bhawan, P-7, Chowringhee Square, Kolkata – 700 069. Appearances by: ShriSanjay Bhattacharya,AR, appearing

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)

13,73,472/- and Rs 17,47,070/- for the Asst Years 2005-06 , 2006-07 , 2007-08 and 2008-09 respectively. The assessee had declared long term capital gains for the Asst Years 2007-08 and 2008-09 in the sums of Rs 5,18,754/- and Rs 44,01,695/- which has been accepted by the revenue

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)

13,73,472/- and Rs 17,47,070/- for the Asst Years 2005-06 , 2006-07 , 2007-08 and 2008-09 respectively. The assessee had declared long term capital gains for the Asst Years 2007-08 and 2008-09 in the sums of Rs 5,18,754/- and Rs 44,01,695/- which has been accepted by the revenue

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)

13,73,472/- and Rs 17,47,070/- for the Asst Years 2005-06 , 2006-07 , 2007-08 and 2008-09 respectively. The assessee had declared long term capital gains for the Asst Years 2007-08 and 2008-09 in the sums of Rs 5,18,754/- and Rs 44,01,695/- which has been accepted by the revenue

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)

13,73,472/- and Rs 17,47,070/- for the Asst Years 2005-06 , 2006-07 , 2007-08 and 2008-09 respectively. The assessee had declared long term capital gains for the Asst Years 2007-08 and 2008-09 in the sums of Rs 5,18,754/- and Rs 44,01,695/- which has been accepted by the revenue

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]

section 14A which is brought in the statute book with retrospective effect from 1.4.1962. The disallowance had to be made only on an estimated basis with regard to the expenditure incurred for the purpose of earning tax free income. The Hon’ble Jurisdictional High Court in the case of CIT vs M/s R.R.Sen & Brothers

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]

section 14A which is brought in the statute book with retrospective effect from 1.4.1962. The disallowance had to be made only on an estimated basis with regard to the expenditure incurred for the purpose of earning tax free income. The Hon’ble Jurisdictional High Court in the case of CIT vs M/s R.R.Sen & Brothers

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]

c ) Fees for Certificate of origin Facts relating to these activities are discussed in detail in para 23 to 25 of this order above, which need not be repeated. 36. From facts in entirety, now the question arises is whether principle of consistency will apply or not? From AY 1985-86 to 2007-08 exemption