SHIB NARAYAN KSHETTRY -HUF,KOLKATA vs. THE ITO, WD-38(4), KOLKATA, KOLKATA

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

Bench: Shri P.M. Jagtap

Gains” as opposed to assets in the acquisition of which no cost at all can be conceived. He also relied on the decision of the Special Bench of ITAT in I.T.A. No. 723/KOL./2015 Assessment year: 2006-2007 Page 3 of 12 the case of Vijaysinh R. Rathod [106 ITD 153], wherein it was held that the cost of acquisition

ICI INDIA LIMITED,KOLKATA vs. DCIT, CIRCLE-10, KOLKATA, KOLKATA

In the result, the appeal filed by the assessee is allowed and the appeal filed by the Revenue is dismissed

Bench: Shri M. Balaganesh, Am & Shri Partha Sarathi Chaudhury, Jm]

capital gains. It was also observed that the assessee has earned gross dividend of Rs 4.77 crores and claimed the gross amount as exempt u/s 10(33) of the Act without allocating any expense on account of interest and other administrative expenditure. According to ld AO , it is the net dividend after deducting expenses which is exempt

ACIT, CIRCLE-10, KOLKATA, KOLKATA vs. M/S. ICI INDIA LTD, KOLKATA

In the result, the appeal filed by the assessee is allowed and the appeal filed by the Revenue is dismissed

Bench: Shri M. Balaganesh, Am & Shri Partha Sarathi Chaudhury, Jm]

capital gains. It was also observed that the assessee has earned gross dividend of Rs 4.77 crores and claimed the gross amount as exempt u/s 10(33) of the Act without allocating any expense on account of interest and other administrative expenditure. According to ld AO , it is the net dividend after deducting expenses which is exempt

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)

3) Notwithstanding anything contained in sub-section (2), an order in revision under this section may be passed at any time in the case of an order which has been passed in consequence of, or to give effect to, any finding or direction contained in an order of the Appellate Tribunal, National Tax Tribunal, the High Court or the Supreme

AMIT KUMAR CHOUDHURY,KOLKATA vs. DCIT, CIR-6, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap & Shri S.S.Viswanethra Ravi

153 ITD 257], wherein the assessee on his retirement as a partner from the partnership firm had received a surplus amount of Rs.25,00,000/- in addition to his capital account balance. The said amount was brought to tax by the Assessing Officer in the hands of the assessee under the head “capital gains” being the amount received on transfer

SURESH KUMAR PODDAR,KOLKATA vs. I.T.O., WARD - 63(4), KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed

Bench: SHRI RAJESH KUMAR (Accountant Member)

capital gain and Rs. 73,60,000/- was added in respect of investment in shares of M/s Shri Ganesh Spinners Limited, controlled and manage Shri Shah. The assessment was framed by the AO was affirmed by the Ld. CIT(A). 6. The ld AR vehemently submitted that the assessment framed by the AO u/s 144/147 of the Act vide order

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 of the Act while the matter should have been referred u/s 50C(2) of the Act. It was argued that sub-rule (2A) of section 142 relates

M/S INSTRUMENTARIUM CORPORATION LTD.,KOLKATA vs. DDIT (IT)-1(1), KOLKATA, KOLKATA

Bench: The Special Bench:

gains for its shareholder rather than I.T.A. Nos.1548 and 1549/Kol/2009 Assessment years: 2003-04 and 2004-05 Page 25 of 41 broaden the tax base of Indian revenue. Of course, even this tax shield of accumulated losses is wholly academic inasmuch as the deduction has not been claimed, nor can it be claimed at this stage

SMT SANTI SARKAR,KOLKATA vs. ITO, WD-37(2), KOLKATA, KOLKATA

In the result, appeal of assessee is allowed

Bench: Shri Mahavir Singh, Jm]

capital gain account scheme maintained with Bank of Maharastra. This fact is admitted by CIT(A) but he confirmed the addition. I am of the view that this is merely a change of opinion, which is not possible in term of law. Hon’ble Supreme Court in the case of CIT Vs. Kelvinator of India

SHRI SAROJ KUMAR PODDAR,KOLKATA vs. DCIT, CIRCLE - 6(1), KOLKATA , KOLKATA

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

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Shri S.S.Godara, Jm] Assessment Year : 2014-15 Shri Saroj Kumar Poddar -Versus- D.C.I.T., Circle-6(1) Kolkata Kolkata (Pan: Aftpp 2386 N) (Appellant) (Respondent) For The Appellant: Shri J.D.Mistry, Sr.Counsel, Sri Ronak G.Doshi & Shri A.K.Gupta, Ar For The Respondent: Shri Girish Dave, Special Counsel & Shri P.K.Srihari, Cit Date Of Hearing : 21.08.2018. Date Of Pronouncement : 16.11.2018 Order Per J.Sudhakar Reddy, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of The Commissioner Of Income Tax-(A)-2, Kolkata Dated 10.07..2017 Passed U/S 250 Of The Income Tax Act, 1961 (The ‘Act ‘) Relating To A.Y. 2014-15, Wherein The Order Passed By The Assessing Officer U/S 143(3) Of The Income Tax Act, 1961 (The ‘ Act’ ) Dated 30.12.2016 Was Confirmed.

3. Secondly. the Appellant submitted that the amount received by the Appellant under the non-compete agreement has already been held to be a capital receipt by the decision of the jurisdictional High Court of Calcutta in the case of ClT v Saroj Kumar Poddar [151 Taxman 153 ]. There has been no breach of the said agreement and hence there

PURANJIT MUKHERJEE,KOLKATA vs. DCIT, CIR-26, KOLKATA, KOLKATA

In the result, the appeals filed by the assessee in ITA Nos

Bench: : Shri M. Balaganesh & Shri S.S.Viswanethra Ravia.Y 2009-10

153 ITD 257], wherein the assessee on his retirement as a partner from the partnership firm had received a surplus amount of Rs.25,00 000/- in addition to his capital account balance. The said amount was brought to tax by the 3 Puranjit Mukherjee . Assessing Officer in the hands of the assessee under the head “capital gains” being the amount

ARATI RAY,KOLKATA vs. DCIT, CEN. CIR. -3(4), KOLKATA

In the result, all the appeals of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

3) Notwithstanding anything contained in sub-section (2), an order in revision under this section may be passed at any time in the case of an order which has been passed in consequence of, or to give effect to, any finding or direction contained in an order of the Appellate Tribunal, National Tax Tribunal, the High Court or the Supreme

MALIKA ROY,KOLKATA vs. DCIT, CEN. CIR. 3(4), KOLKATA

In the result, all the appeals of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

3) Notwithstanding anything contained in sub-section (2), an order in revision under this section may be passed at any time in the case of an order which has been passed in consequence of, or to give effect to, any finding or direction contained in an order of the Appellate Tribunal, National Tax Tribunal, the High Court or the Supreme

SAMIT RAY,KOLKATA vs. DCIT, CEN. CIR. 3(4), KOLKATA

In the result, all the appeals of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

3) Notwithstanding anything contained in sub-section (2), an order in revision under this section may be passed at any time in the case of an order which has been passed in consequence of, or to give effect to, any finding or direction contained in an order of the Appellate Tribunal, National Tax Tribunal, the High Court or the Supreme

ANANDA PAUL,KOLKATA vs. ACIT, CIRCLE-50, KOLKATA, KOLKATA

In the result, assessee’s appeal stands are allowed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2007-08 Ananda Paul V/S. Acit, Circle-50, Cf-125, Salt Lake City, Manicktala Civic Centre, Kolkata-64 Uttarpan Complex, Ds- [Pan No.Afkpp 2201 D] 2&3, Kolkata-54 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri S.K. Tulsiyan, Advocate अपीलाथ" क" ओर से/By Appellant Shri S. Dasagupta, Addl. Cit-Dr ""यथ" क" ओर से/By Respondent 12-02-2018 सुनवाई क" तार"ख/Date Of Hearing 20-04-2018 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 Commissioner Of Income Tax (Appeals)-Xxxii, Kolkata Dated 05.11.2014. Assessment Was Framed By Acit, Circle-50 Kolkata U/S 147/143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 30.12.2011 For Assessment Year 2007-08. Shri, S.K. Tulsiyan, Ld. Advocate Appeared On Behalf Of Assessee & Shri S. Dasgupta, Ld. Departmental Representative Appeared On Behalf Of Revenue. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1) That On The Fats & In The Circumstances Of The Case, The Ld. Cit(A) Erred In Not Treating The Re-Assessment Proceeding U/S 143(3)/147 Of The It Act, 1961 As Invalid, Bad In Law, Unjust & Contrary To The Facts & Law. 2) That On The Facts & In Respect To The Circumstances Of Thee Case, The Ld. Cit(A) Erred In Confirming The Assessment Order Passed U/S. 143(3)/147 Of The It Act, 1961 By The Ld. Ao As Proper & Valid Without Considering The

capital gain income on account of sale of shares under section 10(38) of the Act though the assessee has not paid STT on the sale of such shares. The assessee in compliance thereto submitted that there is no such mistake in the order passed u/s 143(3) of the Act. However the AO subsequently dropped the proceedings initiated

DCIT, CENTRAL CIRCLE - 1(1), KOLKATA , KOLKATA vs. M/S. ALEMBIC MERCHANTS PVT. LTD., , KOLKATA

In the result, the appeal of revenue fails

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2009-10 Dcit, Central Cir-1(1), Kolkata Vs. M/S. Alembic Merchants Pvt. Ltd Pan: Aacca 0918Q Appellant Respondent

3) of the Act, the proviso to Section 147 will not apply. In other words, even though the reopening in the present case was after the expiry of four years from the end of the relevant AY, it was not necessary for the AO to show that there was any failure to disclose fully or truly all material facts necessary

MD. FAROOQUE ANSARI,KOLKATA vs. ITO, WARD - 32(1), KOLKATA, KOLKATA

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

Bench: Shri P. M. Jagtap, A.M. & Shri S.S.Viswanethra Ravi, J.M.)

3. The brief facts of the case are that the assessee is an individual and proprietor of M/s. Oriental Leather Industries dealing with manufacturing and export of leather products. The assessee filed its return of income on 03.08.2008 showing a total income of Rs.71,565/-. The notices under section 143(2) and 142(1) of the Act were issued under

DCIT, CC-1(3), KOLKATA, KOLKATA vs. M/S. A R SULPHONATES PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Sonjoy Sarma & Shri Girish Agrawalassessment Year: 2017-18

capital gain u/s. 50C of the Act of Rs.5,29,39,153/- by holding that leasehold right on land are not within the purview of section 50C. 2 A. R. Suphonates Pvt Ltd. AY 2017-18 3