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347 results for “capital gains”+ Section 139(9)clear

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Key Topics

Section 143(3)97Addition to Income60Disallowance39Section 25036Deduction35Section 14834Section 143(1)31Section 143(2)28Section 14A28

DCIT, CENTRAL CIRCLE - 1(4), KOLKATA , KOLKATA vs. M/S. HINDUSTAN URBAN INFRASTRUCTURE LTD.(HINDUSTAN VIDYUT PRODUCT LTD.,), NEW DELHI

ITA 1615/KOL/2017[2011-12]Status: DisposedITAT Kolkata31 Dec 2018AY 2011-12

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

Section 143(3)Section 195Section 246ASection 271(1)(c)Section 40Section 40ASection 9(1)(vii)

capital asset situate in India would be deemed to accrue or arise in India, the Explanation 1 below it mentions that for the purposes of this Clause, in the case of a non-resident, no income shall be deemed to accrue or arise in India to him through or from operations which are confined to the purchase of goods

Showing 1–20 of 347 · Page 1 of 18

...
Section 139(1)26
Section 43B26
Long Term Capital Gains18

DCIT, CENTRAL CIRCLE - 1(4), KOLKATA , KOLKATA vs. M/S. HINDUSTAN URBAN INFRASTRUCTURE LTD.(HINDUSTAN VIDYUT PRODUCT LTD.,), NEW DELHI

ITA 1616/KOL/2017[2012-13]Status: DisposedITAT Kolkata31 Dec 2018AY 2012-13

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

Section 143(3)Section 195Section 246ASection 271(1)(c)Section 40Section 40ASection 9(1)(vii)

capital asset situate in India would be deemed to accrue or arise in India, the Explanation 1 below it mentions that for the purposes of this Clause, in the case of a non-resident, no income shall be deemed to accrue or arise in India to him through or from operations which are confined to the purchase of goods

EIH LIMITED,KOLKATA vs. DCIT, CIR-8(1)KOL., KOLKATA

In the result, assessee’s appeal stands partly allowed for statistical purpose

ITA 117/KOL/2017[2012-13]Status: DisposedITAT Kolkata16 May 2018AY 2012-13

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2012-13 Eih Ltd V/S. Dcit, Circle-8(1), 4, Mangoe Lane, Aayakar Bhawan, P-7, Kolkata-700 001 Chowringhee Square, [Pan No.Aaace 6898 B] Kolkata-69 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Ravi Sharma, Ar अपीलाथ" क" ओर से/By Appellant Shri P.K. Srihari, Cit-Dr ""यथ" क" ओर से/By Respondent 27-02-2018 सुनवाई क" तार"ख/Date Of Hearing 16-05-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Assessee Is Directed Against The Order Of Dispute Resolution Panel-2, (Drp For Short) Dated 17.10.2016. Assessment Was Framed By Dcit, Circle-8(1), Kolkata U/S 144C(13)/143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 29.11.2016 For Assessment Year 2012-13 & Grounds Raised By Assessee Read As Under:- “1.0 Determination Of Arm'S Length Price For Corporate Guarantee Fees 1.1 On The Facts & In The Circumstances Of The Case & In Law, The Learned Transfer Pricing Officer (Hereinafter Referred To As "Ld, Tpo") & Accordingly Learned Assessing Officer (Hereinafter Referred To As "Ld. Ao") Erred In Treating The Corporate Guarantee Extended By The Appellant To Its Associated Enterprise (Ae) As International Transaction & Dispute Resolution Panel (Hereinafter Referred To As "Ld, Panel") Erred In Confirming The Same As An International Transaction Without Appreciating The Fact That It Does Not Fall Within The Ambit Of "International Transaction" U/S 92B Of The Act. 1.2 The Ld.Ao/Tpo & The Ld. Panel Failed To Appreciate The Fact That Corporate Guarantee Has Been Advanced By The Appellant As A Matter Of Commercial Prudence To Protect The Business Interest Of The Group By Fulfilling

Section 14Section 144C(13)Section 14ASection 14A(2)Section 92B

gain for all other provisions and is eligible for set off u/s 74 against brought forward loss from long term capital asset. 6.3 On the facts and in the circumstances of the case & in law, the Ld. Panel while confirming the action of Ld. AO grossly erred in not applying the ratio decidendi laid down in the decision

D.C.I.T.,CIRCLE-2(2), KOLKATA vs. M/S SHALIMAR WIRES INDUSTRIES LTD., KOLKATA

Appeal is dismissed

ITA 1354/KOL/2019[2013-14]Status: DisposedITAT Kolkata23 Dec 2019AY 2013-14

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2013-14

Section 143(3)Section 5(2)(b)Section 9(1)

capital asset situated in India, shall be deemed to accrue or arise in India. The reply of the assessee is not tenable. In this context, the provisions of Section 195(1) of the Act may be referred and it reads as under: "Any person responsible for paying to a non-resident, not being a company, or to a foreign company

D.C.I.T CIR - 6,KOLKATA, KOLKATA vs. M/S KILBURN ENGINEERING LTD, KOLKATA

In the result, appeal by the revenue is dismissed

ITA 1987/KOL/2013[2009-10]Status: DisposedITAT Kolkata01 Mar 2017AY 2009-10

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am ] Assessment Year : 2009-10

For Appellant: Shri R.S.Biswas, CITFor Respondent: Shri Sunil Singhi, AR
Section 45Section 54GSection 54G(2)

9. In view of the above consistent principle adopted by Hon 'ble High Courts in respect to interpretation of a beneficial provision i.e. exemption provision under capital gains tax, we have to take similar approach in deciding the issue in hand i.e. the claim of assessee for exemption u/s. 54EC of the Act because this is exactly similar to section

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

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

ITA 720/KOL/2015[2009-2010]Status: DisposedITAT Kolkata21 Aug 2018AY 2009-2010

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

Section 54E

9 Smt. Sarbani Gupta & Smt. Saki Gupta, AY 2009-10 The ITAT was not correct in referring to the expression 'of the nature referred to in section 53A in section 2(47)(v) in order to arrive at the opposite conclusion. This expression was used by the legislature ever since sub-section (v) was inserted by the Finance

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

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

ITA 719/KOL/2015[2009-2010]Status: DisposedITAT Kolkata21 Aug 2018AY 2009-2010

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

Section 54E

9 Smt. Sarbani Gupta & Smt. Saki Gupta, AY 2009-10 The ITAT was not correct in referring to the expression 'of the nature referred to in section 53A in section 2(47)(v) in order to arrive at the opposite conclusion. This expression was used by the legislature ever since sub-section (v) was inserted by the Finance

M/S. ELECTROSTEEL CASTING LIMITED.,KOLKATA vs. ITO (INTERNATIONAL TAXATION) WARD, KOLKATA , KOLKATA

In the result, the appeal of the assessee is allowed

ITA 140/KOL/2018[2014-15]Status: DisposedITAT Kolkata27 Sept 2019AY 2014-15

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey)

Section 133(6)Section 201(1)Section 250Section 9(1)(vii)Section 9(2)

Capital gains") for— 6 I.T.A. No. 140/Kol/2018 Assessment Year: 2014-15 M/s. Electrosteel Casting Ltd. (i) the transfer of all or any rights (including the granting of a licence) in respect of a patent, invention, model, design, secret formula or process or trade mark or similar property ; (ii) the imparting of any information concerning the working

ACIT, CIR-2, TDS, KOLKATA, KOLKATA vs. LUX INDUSTRIES LTD., KOLKATA

Appeals are dismissed

ITA 1144/KOL/2015[2012-2013]Status: DisposedITAT Kolkata27 Jun 2018AY 2012-2013

Bench: Hon’Ble Shri S.S.Godara, Jm & Shri M.Balaganesh, Am ]

For Appellant: Shri Nicholas Murmu, Addl. CIT, Sr.DRFor Respondent: Shri Amit Agarwal, AR
Section 201Section 201(1)Section 9(1)Section 9(2)Section 91

gains of business or profession", -- (a) in the case of any assessee -- ITA Nos.1144 & 1145/Kol/2015 Lux Industries Ltd A.Y.2012-13 & 2013-14 13 (i) any interest (not being interest on a loan issued for public subscription before the 1st day of April, 1938), royalty, fees for technical services or other sum chargeable under this Act, which is payable,-- (A) outside India

ACIT, CIR-2, TDS, KOLKATA, KOLKATA vs. LUX INDUSTRIES LTD., KOLKATA

Appeals are dismissed

ITA 1145/KOL/2015[2013-2014]Status: DisposedITAT Kolkata27 Jun 2018AY 2013-2014

Bench: Hon’Ble Shri S.S.Godara, Jm & Shri M.Balaganesh, Am ]

For Appellant: Shri Nicholas Murmu, Addl. CIT, Sr.DRFor Respondent: Shri Amit Agarwal, AR
Section 201Section 201(1)Section 9(1)Section 9(2)Section 91

gains of business or profession", -- (a) in the case of any assessee -- ITA Nos.1144 & 1145/Kol/2015 Lux Industries Ltd A.Y.2012-13 & 2013-14 13 (i) any interest (not being interest on a loan issued for public subscription before the 1st day of April, 1938), royalty, fees for technical services or other sum chargeable under this Act, which is payable,-- (A) outside India

SMT.BARNALI DHAR,KOLKATA vs. A.C.I.T.,CIRCLE-34, KOLKATA

In the result, the appeal filed by the Revenue is dismissed

ITA 2193/KOL/2019[2015-16]Status: DisposedITAT Kolkata12 Jul 2022AY 2015-16

Bench: Shri Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Bleassessment Year: 2015-16 Smt. Barnali Dhar Acit, Circle-34, Kolkata C/O. S.D. Verma, Advocate, 2Nd Floor, 7, Vs. Rabindra Sarani, Kolkata – 700 001. Pan: Ajppd 6989 D (Appellant) (Respondent) Present For: Appellant By : None Respondent By : Smt. Ranu Biswas, Acit, Dr Date Of Hearing : 21.04.2022 Date Of Pronouncement : 12.07.2022 O R D E R Per Sonjoy Sarma, Jm: This Is An Appeal Filed By The Assessee Pertaining To The Assessment Year (In Short ‘A.Y.’) 2015-16 Is Directed Against The Order Of Ld. Cit(A)- 10, Kolkata Dated 30.07.2019 Which Is Arising Out Of The Assessment Order Passed U/S 143(3) Of The Income Tax Act, 1961(In Short ‘The Act’) Dated 27.12.2017. The Assessee In This Appeal Has Taken The Following Grounds Of Appeal: “1. That In The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A)- 10 Was Not Justified In Not Deleting A Sum Of Rs. 9933057/- Being The Amount Wrongly Included By The Appellant Under The Head Capital Gain, While Filing Return Of Income Whereas As Per Section 54F No Amount Is Liable To Be Taxed. 2. The Appellant Craves Leave To Add/Alter Or Modify Any Grounds Of Appeal At Hearing Stage.”

For Appellant: NoneFor Respondent: Smt. Ranu Biswas, ACIT, DR
Section 143(2)Section 143(3)Section 48Section 50CSection 50C(2)Section 54FSection 55A

9. The limited controversy revolves around determination of extent or deduction under section 54F to the assessee. As per Revenue, the AO has rightly allowed the benefit of deduction u/s 54F to the assessee to the extent of actual investment of Rs 24,60,000 in the new house property. Per contra, the contention of the assessee is that where

ACIT, CIR-I, SILIGURI, SILIGURI vs. MRS HARMEET KAUR, SILIGURI

In the result, the appeal of the revenue is partly allowed for statistical purposes

ITA 1482/KOL/2014[2011-12]Status: DisposedITAT Kolkata24 Jul 2017AY 2011-12

Bench: Hon’Ble Shri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1482/Kol/2014 Assessment Year : 2011-12 A.C.I.T., Cir-1, -Vs- Mrs. Harmeet Kaur Siliguri (Pan : Afupk 9262 M] (Respondent) (Appellant) For The Appellant : G. Mallikarjuna, Cit, Dr For The Respondent : Shri Subhash Agarwal, Advocate Date Of Hearing : 25.05.2017. Date Of Pronouncement : 24.07.2017 Order

For Appellant: G. Mallikarjuna, CIT, DRFor Respondent: Shri Subhash Agarwal, Advocate
Section 139(1)Section 139(4)Section 143(3)Section 50CSection 54FSection 54F(4)

9,60,80,616/- as against Rs 6,00,00,000/- and after giving deduction towards indexed cost of acquisition at Rs 1,41,31,137/-, he computed long term capital gains at Rs 8,19,49,479/-. 4. The ld. CIT(A) observed that the capital gains account was opened by the assessee on 28.2.2010 which was informed

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

ITA 983/KOL/2018[2014-15]Status: DisposedITAT Kolkata14 Jul 2023AY 2014-15

Bench: Sri Sanjay Garg & Dr. Manish Borad

Section 143(2)Section 250

9, 2015, March 18, 2016 and August 26, 2016 are liable to be revoked." In this case, the above four cardinal principles have been ignored by the department. The appellant invested in the shares of the company but there is no reason to doubt the genuineness of the transaction. The addition made by the Ld. AO on account of alleged

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

ITA 984/KOL/2018[2014-15]Status: DisposedITAT Kolkata14 Jul 2023AY 2014-15

Bench: Sri Sanjay Garg & Dr. Manish Borad

Section 143(2)Section 250

9, 2015, March 18, 2016 and August 26, 2016 are liable to be revoked." In this case, the above four cardinal principles have been ignored by the department. The appellant invested in the shares of the company but there is no reason to doubt the genuineness of the transaction. The addition made by the Ld. AO on account of alleged

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

ITA 2068/KOL/2018[2014-15]Status: DisposedITAT Kolkata14 Jul 2023AY 2014-15

Bench: Sri Sanjay Garg & Dr. Manish Borad

Section 143(2)Section 250

9, 2015, March 18, 2016 and August 26, 2016 are liable to be revoked." In this case, the above four cardinal principles have been ignored by the department. The appellant invested in the shares of the company but there is no reason to doubt the genuineness of the transaction. The addition made by the Ld. AO on account of alleged

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

ITA 982/KOL/2018[2014-15]Status: DisposedITAT Kolkata14 Jul 2023AY 2014-15

Bench: Sri Sanjay Garg & Dr. Manish Borad

Section 143(2)Section 250

9, 2015, March 18, 2016 and August 26, 2016 are liable to be revoked." In this case, the above four cardinal principles have been ignored by the department. The appellant invested in the shares of the company but there is no reason to doubt the genuineness of the transaction. The addition made by the Ld. AO on account of alleged

I.T.O WD - 2(3),KOLKATA., KOLKATA vs. M/S LGW LTD., NORTH 24 PARGANAS

In the result the appeal of the revenue is dismissed and cross objection of the assessee is partly allowed

ITA 267/KOL/2013[2009-10]Status: DisposedITAT Kolkata07 Oct 2015AY 2009-10

Bench: Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2009-10

For Appellant: Shri A.K.Tibrewal, FCA & Shri Amit Agarwal,AdvocateFor Respondent: Shri Sachidananda Srivastava, CIT(DR)
Section 14A

139(1) of the Act. Invoking the provision of section 43B of the Act, the AO added a sum of Rs/.32,11,437/- as disallowance u/s 43B of the Act to the total income of the assessee. 20. Before CIT(A) assessee pointed out that no duty of service tax was outstanding. The assessee furnished certificate of the auditors

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

ITA 84/KOL/2019[2011-12]Status: DisposedITAT Kolkata08 Jul 2020AY 2011-12

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

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 250Section 32(2)

gains tax and that the same shall be taxed both under the normal as well as MAT provisions. 8. This decision of the ld. CIT(A) is against the scheme of amalgamation approved by the Hon'ble High Court. The amalgamation scheme approved by the High Court, it is extracted for ready reference: “Background of the amalgamating company • Gupta & Syal

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

ITA 2389/KOL/2018[2011-12]Status: DisposedITAT Kolkata08 Jul 2020AY 2011-12

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

Section 115JSection 142(1)Section 143(2)Section 143(3)Section 250Section 32(2)

gains tax and that the same shall be taxed both under the normal as well as MAT provisions. 8. This decision of the ld. CIT(A) is against the scheme of amalgamation approved by the Hon'ble High Court. The amalgamation scheme approved by the High Court, it is extracted for ready reference: “Background of the amalgamating company • Gupta & Syal

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

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

ITA 1029/KOL/2017[2013-14]Status: DisposedITAT Kolkata14 Sept 2023AY 2013-14

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

Section 10(38)Section 143(3)Section 68

section 10(38) of the Act in respect of long-term capital gain arising sale of equity shares from the listed companies, which were found to be the penny stock companies by both the lower authorities and the long-term capital gain so claimed found to be bogus in nature. We find that recently this Tribunal has adjudicated the similar