SHUVRO CHATTARAJ,KOLKATA vs. PCIT , BURDWAN

In the result, the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2015-16

16. We have examined the matter and also gone through the submissions made. Section 45(1) relating to capital gains

RAI BHAGWAN DAS BAGLA BAHADURS MARWARI HINDU HOSPITAL,KOLKATA vs. I.T.O., WARD - 49(3) NOW, I.T.O., WARD - 44(2), KOLKATA, KOLKATA

In the result, the appeal of assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Rai Bhagwan Das Bagla Ito, Ward-49(3), Bahadurs Marwari Hindu 3, Govt. Place (West), Hospital Kolkata-700001, Vs. 1, R.N. Mukherjee Road, Martin West Bengal Burn House, Kolkata-700001 (Appellant) (Respondent) Pan No. Aactr1297C Assessee By : Shri Soumitra Choudhary, Ar Revenue By : Shri Prabhakar Prakash Ranjan, Dr Date Of Hearing: 05.12.2024 Date Of Pronouncement : 19.12.2024

16-17 010. We also note that the ld. CIT (A) has treated the gain as Short-Term Capital Gain u/s 50, though the property was sold with existing tenants and was assessed towards rental receipt as income from house property. In our opinion, the section

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

16, it was stated by him that he was providing accommodation entries in the form of long term capital gain to different entities. In reply to Question No. 17, he stated Page 8 of 74 I.T.A. Nos.: 982, 983, 984 & 2068/KOL/2018 Assessment Year: 2014-2015 M/s. Gateway Financial Services Ltd. M/s. Nishit Agarwal Beneficiary Trust Pinky Agarwal Pratik Agarwal Beneficiary

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

16, it was stated by him that he was providing accommodation entries in the form of long term capital gain to different entities. In reply to Question No. 17, he stated Page 8 of 74 I.T.A. Nos.: 982, 983, 984 & 2068/KOL/2018 Assessment Year: 2014-2015 M/s. Gateway Financial Services Ltd. M/s. Nishit Agarwal Beneficiary Trust Pinky Agarwal Pratik Agarwal Beneficiary

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

16, it was stated by him that he was providing accommodation entries in the form of long term capital gain to different entities. In reply to Question No. 17, he stated Page 8 of 74 I.T.A. Nos.: 982, 983, 984 & 2068/KOL/2018 Assessment Year: 2014-2015 M/s. Gateway Financial Services Ltd. M/s. Nishit Agarwal Beneficiary Trust Pinky Agarwal Pratik Agarwal Beneficiary

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

16, it was stated by him that he was providing accommodation entries in the form of long term capital gain to different entities. In reply to Question No. 17, he stated Page 8 of 74 I.T.A. Nos.: 982, 983, 984 & 2068/KOL/2018 Assessment Year: 2014-2015 M/s. Gateway Financial Services Ltd. M/s. Nishit Agarwal Beneficiary Trust Pinky Agarwal Pratik Agarwal Beneficiary

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

In the result, the appeal of the assessee is allowed

capital gain account scheme as detailed above. The assessee\nwas granted provisional allotment of land as per agreement with\nUrbana on 01.09.2015, to whom ₹2,80,70,000/- was paid. We also\nnote that the assessee started the construction of the house on the\nsaid land. However, the construction could not be completed within\nthree years upto 15.06.2018, since

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

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

section 54F(1)\nwhich says that \"net consideration\", in relation to the transfer of a capital\nasset, means the full value of the consideration received or accruing as a\nresult of the transfer of the capital asset as reduced by any expenditure\nincurred wholly and exclusively in connection with such transfer.\nIn CIT vs. Miss Piroja C. Patel

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 without rebuttal of the same. (10) Ld. CIT (Appeals) has erred in drawing the conclusion that reliance of materials placed by your appellant in A.O. record are in the nature of contention challenging criminal on civil liabilities in a court of law and have no relevance while dealing with process of adjudication of assessee tax liability i.e. assessment

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 without rebuttal of the same. (10) Ld. CIT (Appeals) has erred in drawing the conclusion that reliance of materials placed by your appellant in A.O. record are in the nature of contention challenging criminal on civil liabilities in a court of law and have no relevance while dealing with process of adjudication of assessee tax liability i.e. assessment

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

16,39,394/- Less: legal charges 97,239/- Less: Miscellaneous 2,715/- 6,50,51,565/- Add: Unexplained 2,12,857/- adjustment of interest (refer para 2 above) Long Term Capital Gains 9,91,00,694/- 3 Bani Broto Banerjee 5. Dissatisfied with this working, the assessee carried the matter in appeal before the ld. CIT(Appeals

OBEROI HOTELS PRIVATE LIMITED.,KOLKATA vs. DCIT,CIR-8, KOLKATA, KOLKATA

Bench: Shri. Rajesh Kumar () & Shri Anikesh Banerjee ()

section !0(5A) of the Income Tax Act. 1922. such compensation is deemed to be the profits and gains of business. c. Peirce Leslie & Co. Ltd. v. CIT. [I960] 38 ITR 356 (Madras) We respectfully observe as follows: - The assessee, in the course of its varied business activities, took up managing agencies of plantation companies, One of such sixteen companies

DCIT, CIR-8, KOLKATA ,KOLKATA vs. OBEROI HOTELS PVT. LTD. , KOLKATA

Bench: Shri. Rajesh Kumar () & Shri Anikesh Banerjee ()

section !0(5A) of the Income Tax Act. 1922. such compensation is deemed to be the profits and gains of business. c. Peirce Leslie & Co. Ltd. v. CIT. [I960] 38 ITR 356 (Madras) We respectfully observe as follows: - The assessee, in the course of its varied business activities, took up managing agencies of plantation companies, One of such sixteen companies

OBEROI HOTELS PRIVATE LIMITED,KOLKATA vs. DCIT,CIR-8, KOLKATA. , KOLKATA

Bench: Shri. Rajesh Kumar () & Shri Anikesh Banerjee ()

section !0(5A) of the Income Tax Act. 1922. such compensation is deemed to be the profits and gains of business. c. Peirce Leslie & Co. Ltd. v. CIT. [I960] 38 ITR 356 (Madras) We respectfully observe as follows: - The assessee, in the course of its varied business activities, took up managing agencies of plantation companies, One of such sixteen companies

ORIENTAL CHARITABLE FOUNDATION,KOLKATA vs. CIT(EXEMPTIONS), KOLKATA

In the result, the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2017-18

section 11 of the Act. Hence, to this extent the assessee’s 15 Oriental Charitable foundation, AY 2017-18 contention that the income from sale of mutual funds being capital gains can be utilised for charitable purposes, being donation, made to other charitable trust, is found to be acceptable subject to the verification to be made in this regard that

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]

capital gain which was not utilized for purchase/construction of new asset and which remains to be utilized before the date of furnishing return of income u/s 139 shall has to be deposited by the assessee not later than the due date of filing of return u/s 139 of the Act in the specified bank account. Accordingly the said claim

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]

Section 68 of the Act.” 9.1 The Hon’ble Supreme court, thus, has held that once the assessee has submitted the documents relating to identity, genuineness of the transaction, and credit-worthiness of the subscribers, then the AO is duty bound conduct to conduct an independent enquiry to verify the same. Once the assessee having discharged initial burden upon

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

capital gain as per the provisions of Section 50 of the Act and, therefore, the concessional rate of tax u/s 112 of the Act cannot be applied and normal tax rate has to be paid on such gain. I.T.A. No. 2644/Kol/2018 Assessment Year: 2014-15 C.O. No. 09/Kol/2020 Assessment Year: 2014-15 M/s. Britannia Industries 16