DCIT, CIR-8(1), KOLKATA, KOLKATA vs. M/S EIH LTD., KOLKATA

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

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 153/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-8(1), Kolkata -Vs- M/S Eih Limited [Pan: Aaace 6898 B] (Appellant) (Respondent) I.T.A No. 110/Kol/2016 Assessment Year : 2011-12 M/S Eih Limited -Vs- Dcit, Circle-8(1), Kolkata [Pan: Aaace 6898 B] (Appellant) (Respondent) For The Appellant : Shri Kanchun Kaushal,Ar For The Department : Shri G.Mallikarjuna, Cit Dr Date Of Hearing : 26.10.2017 Date Of Pronouncement : 12.01.2018 Order Per Bench:

144 Taxman 855 (Born.). The High Court has observed that Section 50 of the Act which is a special provision for computing the capital gains

EIH LTD.,KOLKATA vs. THE DCIT, CIR-8(1), KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 153/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-8(1), Kolkata -Vs- M/S Eih Limited [Pan: Aaace 6898 B] (Appellant) (Respondent) I.T.A No. 110/Kol/2016 Assessment Year : 2011-12 M/S Eih Limited -Vs- Dcit, Circle-8(1), Kolkata [Pan: Aaace 6898 B] (Appellant) (Respondent) For The Appellant : Shri Kanchun Kaushal,Ar For The Department : Shri G.Mallikarjuna, Cit Dr Date Of Hearing : 26.10.2017 Date Of Pronouncement : 12.01.2018 Order Per Bench:

144 Taxman 855 (Born.). The High Court has observed that Section 50 of the Act which is a special provision for computing the capital gains

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

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

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

144 Taxman 855 (Born.). The High Court has observed that Section 50 of the Act which is a special provision for computing the capital gains

ITO, WD-1(4), KOLKATA, KOLKATA vs. M/S BLUE HEAVEN GRIHA NIRMAN PVT. LTD., KOLKATA

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

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 570/Kol/2015 Assessment Year : 2006-07 Ito, Ward-1(4), Kolkata -Vs- M/S Blue Heaven Griha Nirman Pvt. Ltd. [Pan: Aaccb 3287 F ] (Appellant) (Respondent)

section 45(3) of the Act does not seek to substitute by any other figure the value agreed between the partners at which the asset is transferred by a partner to the firm. Hence the 11 12 M/s Blue Heaven Griha Nirman Pvt. Ltd. A.Yr.2006-07 finding of the ld AO that the land was grossly undervalued till

ITO, WD-1(4), KOLKATA, KOLKATA vs. M/S COMMAND CONSTRUCTIONS PVT. LTD., KOLKATA

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

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 571/Kol/2015 Assessment Year : 2006-07 Ito, Ward-1(4), Kolkata -Vs- M/S Command Constructions Private Ltd. [Pan: Aaccc5075A ] (Appellant) (Respondent)

section 45(3) of the Act does not seek to substitute by any other figure the value agreed between the partners at which the asset is transferred by a partner to the firm. Hence the finding of the ld AO that the land was grossly undervalued till it was part of inventory in the books of the said firm

I.T.O WD - 1(4),KOLKATA, KOLKATA vs. M/S ORCHID GRIHA NIRMAN, KOLKATA

In the result, the appeal by the Revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am] I.T.A No. 2269/Kol/2013 Assessment Year : 2008-09 I.T.O., Ward-1(4) -Vs.- M/S. Orchid Griha Nirman Pvt. Ltd. Kolkata Kolkata [Pan : Aaaco 7148 L] (Respondent) (Appellant) For The Appellant : Shri Angam Shaiza, Cit For The Respondent : (I) Shri J.P.Khaitan, Sr.Advocate (Ii)Shri S.Jhajharia, Fca (Iii) Shri Sujoy Sen, Advocate

section 45(3) does not seek to substitute by any other figure the value agreed between the partners at which the asset is transferred by a partner to the firm. The ITO's actions are completely contrary to the scheme of the statute. It was reiterated that the purported finding of the ITO that the land was grossly under-valued

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

144, be given an opportunity of being heard in respect of any material gathered based on any enquiry under sub-sec. (2) and proposed to be utilised for the assessment. We note that ld. AO has relied on the report of the Directorate Investigation Kolkata and the statements of various persons for holding the long-term capital gain earned

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

144, be given an opportunity of being heard in respect of any material gathered based on any enquiry under sub-sec. (2) and proposed to be utilised for the assessment. We note that ld. AO has relied on the report of the Directorate Investigation Kolkata and the statements of various persons for holding the long-term capital gain earned

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

144, be given an opportunity of being heard in respect of any material gathered based on any enquiry under sub-sec. (2) and proposed to be utilised for the assessment. We note that ld. AO has relied on the report of the Directorate Investigation Kolkata and the statements of various persons for holding the long-term capital gain earned

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

144, be given an opportunity of being heard in respect of any material gathered based on any enquiry under sub-sec. (2) and proposed to be utilised for the assessment. We note that ld. AO has relied on the report of the Directorate Investigation Kolkata and the statements of various persons for holding the long-term capital gain earned

SMT. ROMI LAHIRI,KOLKATA vs. DCIT, CIR-51, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri M. Balaganesh, Am & Shri K. Narasimha Chary, Jm]

capital gains as well as benefit under section 54F of the Act. In spite of orders passed under section 263 of the Act, the assessee failed to comply with the direction, as such another order under section 144

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

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

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 in this regard which is at page

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

In the result, the appeal of the assessee is allowed

gains was not directly\nutilized for construction. The Ld.AR took us through the provisions\nof Section 54F of the Act and submitted that, Section 54F does not\npostulate that the construction has to begin on a particular date.\nAccording to Ld. AR, the only condition to be satisfied to avail the\nexemption is that, construction of house must be completed

ACIT, CIR-22, KOLKATA, KOLKATA vs. MRS SHEELA CHOPRA, KOLKATA

Bench: Shri Aby.T Varkey & Shri Waseem Ahmedassessment Year :2006-07 Acit, Circle-22, 169 V/S. Mrs. Sheela Chopra, A.J.C. Bose Road, 8Th R-604, The Residency, Floor, Kolkata-14 City Centre, Block Dc, Sector-1, Salt Lake City, Kolkata-700 064 [Pan No.Abwpc 6131 D] .. अपीलाथ" /Appellant ""यथ"/Respondent

section 2(47)(v) on Income Tax Act recognizes such transaction for the purpose of taxation. Therefore, the same should be treated as Long Term Capital Gain (LTCG for short). The assessee further submitted that the possession of the property was first owned by the assessee dated 14th March 2005. However, the AO has taken the day of 14th March

ITO, WARD-2(2), KOLKATA, KOLKATA vs. M/S. DATEX OHMEDA (INDIA) PVT. LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri P.M. Jagtap & Smt. Madhumita Roy

Capital Gains ujs.47(vib) of the Income Tax Act as the demerger did not fulfil the conditions u/s.2(19AA). In this case, the A.O. has held that provisions of section 47(vib) on transfer resulting out of demerger, (where the demerger is defined in section 2(19AA) of the Income Tax Act) holding that all the liabilities being held

ITO, WD-12(1), KOLKATA, KOLKATA vs. M/S WHITE CLIFF PROPERTIES (P) LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi

Section 48 as a result of the transfer of the capital asset. 25. This Court in E.D. Sassoon & Co. Ltd. v. CIT, (1955) 1 SCR 313 at 343 held: "lt is clear therefore that income may accrue to an assessee without the actual receipt of the same. If the assessee acquires a right to receive the income, the income

JOY BEAUTY CARE (P) LTD,KOLKATA vs. DCIT, CIRCLE-10, KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri M.Balaganesh, Am & Hon’Ble Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 856/Kol/2017 Assessment Year : 2011-12 Joy Beauty Care (P) Ltd. -Vs- Dcit Circle -10, Kolkata [Pan: Aabcj 3444 R] (Appellant) (Respondent) For The Appellant : Shri Dev Kumar Kothari, Ld. Ar For The Respondent : Smt. Ranu Biswas, Addl. Cit Date Of Hearing : 23.08.2018 Date Of Pronouncement : 05.09.2018 Order Per M.Balaganesh, Am This Appeal Of The Assessee Arises Out Of The Order Of The Learned Commissioner Of Income Tax (Appeals)-15, Kolkata [In Short The Ld Cita] In Appeal No. 401/Cit(A)-15/15-16/Cir-10/R&T/Kol Dated 24.02.2017 Passed Against The Order Passed By The Dcit Circle-10, Kolkata [In Short The Ld. Ao] Under Section 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As The ‘Act’) Dated 22.01.2014 For The Asst Year 2011-12. 2. The First Issue To Be Decided In This Appeal Is As To Whether The Ld. Cit(A) Was Justified In Reducing The Disallowance Made Under Section 14A Of The Act To Rs. 6,10,940/- In Addition To Suo-Moto Disallowance To Rs. 32,830/- Made By Assessee In The Facts & Circumstances Of The Case. The Assessee Has Also Raised An Alternative Ground With Regard To Disallowance Made U/S 14A Pleading That The Provisions Of 14A Of The Act Per Se Are Not Applicable In The Instant Case. Hence, We Reframe The Question To Be Adjudicated By Us As Under With Regard To Impugned Issue:-

capital gain has been claimed as exempt by the assessee and accepted by the Ld. CIT(A) under normal provisions of the Act, against which action of the Ld. CIT(A), the revenue had not preferred any appeal before us. (b) Only the dividend income had suffered dividend distribution tax u/s 115O and that too in the hands of dividend

ITO WARD-10(4),KOLKATA, KOLKATA vs. M/S AUM CAPITAL MARKET PVT. LTD., KOLKATA

Appeal is dismissed

Bench: Sri J. Sudhakar Reddy& Sri S.S. Godara] I.T.A. No. 302/Kol/2017 Assessment Year: 2011-12 Income Tax Officer, Ward-10(4), Kolkata..………....................................….….……………….…......Appellant M/S. Aum Capital Market Pvt. Ltd.....................…..…….……………………………………………..……Respondent 5, Lower Rowdon Street Kolkata – 700 020 [Pan: Aaaco 7624 B] Appearances By: Shri Ravi Tulsiyan, Fca, Appeared On Behalf Of The Assessee. Shri Saurabh Kumar, Addl. Cit, Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : July 7Th,2018 Date Of Pronouncing The Order : September 28Th,2018 Order Per S.S. Godara, Jm :- This Revenue’S Appeal For The Assessment Year 2010-11 Arises Against The Commissioner Of Income Tax (Appeals) – 4, Kolkata’S Order Dated 18/11/2016 Passed In Case No. Ita No.1125/Cit(A)-4/Range-10/Kol/14015 Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961 (In Short ‘Act’).

gains of business or profession. 43. In sections 28 to 41 and in this section, unless the context otherwise requires- 1) “actual cost" ..... 2) 3 I.T.A. No. 302/Kol/2017 Assessment Year: 2011-12 M/s. Aum Capital Market Pvt. Ltd (3) (4) (5) "speculative transaction" means a transaction in which a contract for the purchase or sale of any commodity, including stocks