RUSSEL CREDIT LIMITED,KOLKATA vs. PCIT, KOL, KOLKATA

The appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Sanjay Awasthiassessment Year: 2018-19

section 143(3) of the Act is erroneous, since 3 Russel Credit Ltd. : AY: 2018-19 the Appellant Company has relied upon the CBDT instruction no. F.NO.225/12/2016/ITA.II dated 2nd May 2016 in its submission and the Assessing Officer (AO) had followed the said CBDT instruction while allowing the profit on sale of Unlisted Preference Shares of ICICI Bank

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

142(1) of the Act. The reason for selecting the case for scrutiny was for verifying suspicious transaction relating to long term capital gain on share, low net profit from share broking business, Large value sale of option in securities (derivatives) in a recognised stock exchange, Large value sale of futures (derivatives) in a recognized stock exchange and Suspicious transactions

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

142(1) of the Act. The reason for selecting the case for scrutiny was for verifying suspicious transaction relating to long term capital gain on share, low net profit from share broking business, Large value sale of option in securities (derivatives) in a recognised stock exchange, Large value sale of futures (derivatives) in a recognized stock exchange and Suspicious transactions

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

142(1) of the Act. The reason for selecting the case for scrutiny was for verifying suspicious transaction relating to long term capital gain on share, low net profit from share broking business, Large value sale of option in securities (derivatives) in a recognised stock exchange, Large value sale of futures (derivatives) in a recognized stock exchange and Suspicious transactions

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

142(1) of the Act. The reason for selecting the case for scrutiny was for verifying suspicious transaction relating to long term capital gain on share, low net profit from share broking business, Large value sale of option in securities (derivatives) in a recognised stock exchange, Large value sale of futures (derivatives) in a recognized stock exchange and Suspicious transactions

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

In the result, the appeal of the assessee is allowed

142(1) of the Act along\nwith questionnaire were issued and served upon the assessee. During\nthe course of assessment proceedings, the Id. AO noted that the\nassessee has sold a house property acquired in F.Y. 2004-05, situated\nat 76, Cotton Street, Kolkata-700007 to M/s Vidhi Vyapaar Pvt. Ltd.\nfor a consideration

ZAFAR IQBAL,SILIGURI vs. DCIT, CIRCLE - 1, SILIGURI, SILIGURI

In the result, the appeal filed by the assessee is partly allowed for\nstatistical purposes

Capital Gains Account Scheme before the due date for filing returns under Section 139(1) was not fatal to the claim. The Tribunal also found that the assessee owned only one residential property and allowed the deduction.", "result": "Allowed", "sections": [ "54F", "139(1)", "139(4)", "250", "143(2)", "142

SAROJ GOENKA,KOLKATA vs. I.T.O., WARD - 30(1), KOLKATA

In the result, the appeal of the assessee is allowed

142(1) of the Act along with\nquestionnaire were issued and served to the assessee. The reason\nfor selection in scrutiny in this case was large deduction claimed\nu/s 54F of the Act. The assessee during the year had sold\n36,00,000 shares of Emami Ltd. on 13.07.2020at total sale\nconsideration of Rs. 33,77,64,511/- resulting

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 of Rs.69,42,776/- from sale of equity shares of NCL Research and Financial Services Limited. The case selected for scrutiny through CASS in AST module by valid serving of notices under section 143(2) and 142

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 of Rs.69,42,776/- from sale of equity shares of NCL Research and Financial Services Limited. The case selected for scrutiny through CASS in AST module by valid serving of notices under section 143(2) and 142

BANI BROTO BANERJEE ,KOLKATA vs. CIT(A), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumari.T.A. No. 520/Kol/2023 Assessment Year: 2014-2015 Bani Broto Banerjee,…………………..…………Appellant Sanskriti, Flat – 3A, 148, Rashbehari Avenue, Near Deshapriya Park, Kolkata-700029 [Pan:Abppb0424P] -Vs.- Commissioner Of Income Tax (Appeals),……Respondent Aayakar Bhawan Dakshin, 2, Gariahat Road (South), Kolkata-700031 Appearances By: Shri Akshay Ringasia, C.A., Appeared On Behalf Of The Assessee Smt. Ranu Bisws, Addl. Cit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : September 24, 2024 Date Of Pronouncing The Order : November 18, 2024 O R D E R

capital gain on sale of building. 4. Brief facts of the case are that the asseessee has filed his return of income on 30.07.2014 declaring total income of Rs.33,67,460/-. The return was selected for scrutiny assessment and a notice under section 143(2) and questionnaire under section 142

RAJIB CHAKRABORTY,KOLKATA vs. ITO- WARD-30(3), KOLKATA. , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

gain time then the court should lean against acceptance of the explanation. While condoning delay the Could should not forget the opposite party altogether. It must be borne in mind that he is a looser and he too would have incurred quiet a large litigation expenses. It would be a ITA No.201, 202 and 203/Ahd/2020 salutary guideline that when courts

NAMOKAR BUILDERS PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE -2(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Rajesh Kumar, Am]

142 of the judgment in the second last paragraph has observed that where a witness has given directly incriminating statement and the addition in the assessment is based solely and mainly on the basis of such statement, in that eventuality it is incumbent on the Assessing Officer to allow cross examination of the witness. Adverse evidence and material, relied upon

BIMLA DEVI AGRAWAL,KOLKATA vs. A.C.I.T./D.C.I.T., CIRCLE - 34, KOLKATA, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

capital gains and the assessee had objected to the valuation adopted for the purpose of stamp duty. The Ld. AO referred the matter to the DVO under sub-section (2A) of section 142

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

142(1) of the Act. The ld. Assessing Officer noticed that the assessee has entered into certain international and specific domestic transactions and Form No. 3CEB has been submitted. The case was referred to the TPO u/s 92CA(3) of the Act for formation of ALP. The ld. Assessing Officer/TPO vide order dt. 27/10/2017 made upward adjustment towards corporate guarantee

GILT COMMODITIES PVT. LTD.,KOLKATA vs. I.T.O.,WARD-3(1), KOLKATA

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

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

142 of the judgment in the second last paragraph has observed that where a witness has given directly incriminating statement and the addition in the assessment is based solely and mainly on the basis of such statement, in that eventuality it is incumbent on the Assessing Officer to allow cross examination of the witness. Adverse evidence and material, relied upon

SAMRAT FINVESTORS PRIVATE LIMITED. ,KOLKATA vs. ITO, WARD- 10(2),KOLKATA. , KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 840/Kol/2023 Assessment Year: 2014-15 Samrat Finvestors Private Limited Income Tax Officer, Ward – 10(2), 20/1, Maharshi Debendra Vs Kolkata 2Nd Floor, Room No. 13A Kolkata - 700007 [Pan : Aadcs4698G] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Soumitra Choudhury, A/R Revenue By : Shri B.K. Singh, Jcit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 14/12/2023 घोषणा क" तारीख /Date Of Pronouncement: 11/01/2024 आदेश/O R D E R Per Shri Rajesh Kumar: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi, [Hereinafter The “Ld. Cit(A)”] Dt. 27/06/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2014-15. 2. The Assessee In The Instant Appeal Has Raised Two Effective Issues In The Various Grounds Before Us Which Are Summed Up As Under:- (I) That The Ld. Cit(A) Has Erred On Facts & In Law In Confirming The Disallowance Of Rs.3,98,50,208/- As Made By The Assessing Officer On Account Alleged Bogus Loss In Share Trading & In F&O Segment. (Ii) The Ld. Cit(A) Has Erred On Facts & In Law In Upholding The Addition Of Rs.11,58,944/- As Made By The Assessing

capital gain / loss/trading loss by price rigging and manipulation on the stock exchange platform. The ld. Assessing Officer also referred to the enquiries conducted by the SEBI and the Investigation Wing of the Deptt in which it was found that some brokers have manipulated and rigged the share prices in order to give undue benefit to the beneficiaries

NALANDA BUILDERS PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 2(1), KOLKATA, KOLKATA

In the result the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 763/Kol/2022 Assessment Year: 2013-14 Nalanda Builders Pvt. Ltd. Dcit, Central Circle-2(1), Kolkata 5, Sree Charan Sarani Vs Bally Howrah – 711201 (West Bengal) [Pan : Aabcn7736Q] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Soumitra Choudhury, A/R Revenue By : Shri P.P. Barman, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 30/11/2023 घोषणा क" तारीख /Date Of Pronouncement: 11/01/2024 आदेश/O R D E R Per Shri Rajesh Kumar: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi, [Hereinafter The “Ld. Cit(A)”] Dt. 23/11/2022, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2013-14. 2. The Issues Raised In Ground Nos. 2 To 4 Is Against The Confirmation Of Addition As Made By The Assessing Officer On Account Of Difference Between The Value Taken By The Assessee & The Fair Market Value (Fmv) U/S 50C Of The Act. 3. The Facts In Brief Are That During The Year, The Assessee Sold Two Flats For An Aggregate Consideration Of Rs.3,00,00,000/- & Accordingly Addition Of Rs.3,26,37,314/- Was Made To The Income Of The Assessee. In 2

gain on sale of properties. The Assessing Officer observed that the loss has been incurred on the sale of shares of M/s. Tuni Textiles Ltd. & M/s. Blue Circle Services Ltd. The Assessing Officer also noted that similar transactions were made in the group company, namely, M/s. Namokar Builder Pvt. Ltd. and accordingly, the Assessing Officer came to the conclusion that