RAM NIRANJAN BANKA,KOLKATA vs. A.C.I.T., CIRCLE - 40,, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shripradip Kumar Choubey, Jm Ram Niranjan Banka Acit, Circle-40 1, Surti Bagan Street, Jorasanko, 3, Govt. Place (West), Vs. Kolkata-700073, West Bengal Kolkata-700001, West Bengal (Respondent) (Appellant) Pan No. Aedpb5273P Assessee By : Shri Manish Tiwari, Ar Revenue By : Shri Sanat Kumar Raha, Dr Date Of Hearing: 14.08.2025 Date Of Pronouncement: 21.11.2025

section 54 (1) (ii) 1,10,74,204 Short Term Capital Gain as per AO 4,19,61,865 Ram Niranjan Banka; A.Y. 2014-15 3.7. Total Long Term Capital Gains as per the assessee was computed at Rs. 7,70,25,588 as under:- From Transfer of Developer’s allocation 4,65,63,334 From Transfer of 1st Floor

PRADYUMNA DALMIA BENEFICIARY TRUST,KOLKATA vs. ADIT(CPC)/I.T.O., WARD - 33(2), , KOLKATA

In the result, both the appeals filed by the assessee are allowed

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

sections 164 r.w.s. 167B of the Act were applicable and the surcharge of 15% on the capital gains was applicable and on the balance 10% surcharge was liable to be imposed. However, the Ld. Addl/JCIT(A) applied surcharge of 37%. During the course of appeal before us, the assessee relied upon the cases of Tribunal as mentioned in para

DCIT, CIRCLE - 11(1), KOLKATA, KOLKATA vs. M/S. GRAPHITE INDIA LTD., KOLKATA

In the result, considering the discussions made above, the appeal filed by the Revenue is partly allowed and the cross objection filed by the assessee are dismissed

Bench: Sri Sanjay Garg & Sri Sanjay Awasthi

164 of CLPB; Para No. 2)]. Further, in Redington, Madras High Court placed reliance on the decision of Prolifics Corporation Limited [TS-497-ITAT-2014 (HYD)-TP] to uphold that there may not be immediate charge on P & L account, but inherent risk cannot be ruled out in providing guarantees. However, Madras High Court has not considered the decision

DINESH GANGWAL,KOLKATA vs. ITO, WD-50(1), KOLKATA. , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumari.T.A. No. 1105/Kol/2023 Assessment Year: 2013-2014 Dinesh Gangwal,.....................................Appellant Olympus Court, Flat 102, Block-B, 4/2, Sarat Bose Road, Kolkata-700020 [Pan: Adxpg0498E] -Vs.- Income Tax Officer,.................................Respondent Ward-50(1), Kolkata, Income Tax Office, Manicktala, Civil Centre, Uttarapan Complex Ds-Iv, Kolkata-700067 Appearances By: Shri Sunil Surana, A.R., Appeared On Behalf Of The Assessee Shri Amitava Sen, Addl. Cit, D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : December 18, 2023 Date Of Pronouncing The Order: December 26, 2023 O R D E R

164/-. The asseske has not shown any Long Term Capital Gain. On examination of details of report, it has found that {here has not been any real transaction in respect of penny stock and everything was created artificially in order to give profit / bogus Long Term Capital Gain to the assessee for consideration of money paid by the assessee

SWATI SARAWAGI FAMILY TRUST,KOLKATA vs. ACIT, CIRCLE-7(1), , KOLKATA

In the result, both the appeals filed by the assessee are allowed

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

capital gains, therefore, even otherwise the surcharge was to be limited to 15%. Since the beneficiaries are known and the shares are mentioned in the trust deed, therefore, the provisions of section 167B or section 164(1) of the Act are not applicable. The Ld. DR relies upon the order of the Ld. CIT(A). 5. We have considered

SWATI SARAWAGI FAMILY TRUST,KOLKATA vs. ACIT, CIRCLE-7(1),, KOLKATA

In the result, both the appeals filed by the assessee are allowed

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

capital gains, therefore, even otherwise the surcharge was to be limited to 15%. Since the beneficiaries are known and the shares are mentioned in the trust deed, therefore, the provisions of section 167B or section 164(1) of the Act are not applicable. The Ld. DR relies upon the order of the Ld. CIT(A). 5. We have considered

ASHIKA STOCK BROKING LIMITED, KOLKATA,KOLKATA vs. DCIT, CC-2(1), KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

gain in lieu of brokerage commission. We have also perused reasons recorded u/s 148(2) of the Act by the AO to reopen the assessment on the basis of DDIT Kolkata report and find that the reasons were recorded very vague manner, are full of infirmities and non application of mind. We note that the AO has recorded

ASHIKA STOCK BROKING LIMITED,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 2(1), KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

gain in lieu of brokerage commission. We have also perused reasons recorded u/s 148(2) of the Act by the AO to reopen the assessment on the basis of DDIT Kolkata report and find that the reasons were recorded very vague manner, are full of infirmities and non application of mind. We note that the AO has recorded

ASHIKA STOCK BROKING LIMITED,KOLKATA vs. DCIT, CC-2(1), KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

gain in lieu of brokerage commission. We have also perused reasons recorded u/s 148(2) of the Act by the AO to reopen the assessment on the basis of DDIT Kolkata report and find that the reasons were recorded very vague manner, are full of infirmities and non application of mind. We note that the AO has recorded

ASHIKA STOCK BROKING LIMITED, KOLKATA,KOLKATA vs. D.C.I.T., CC-2(1), KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

gain in lieu of brokerage commission. We have also perused reasons recorded u/s 148(2) of the Act by the AO to reopen the assessment on the basis of DDIT Kolkata report and find that the reasons were recorded very vague manner, are full of infirmities and non application of mind. We note that the AO has recorded

SREELEATHERS LIMITED,KOLKATA vs. D.C.I.T., CIRCLE - 8(2),, KOLKATA

In the result, the appeal of the assessee is allowed

2) of the Income Tax Act,\n1961 was issued and served through the departmental ITBA portal\non 16.08.2018. Notices under section 142(1) of the Act and letters\nwere issued to the assessee company for submission of documents\nthrough departmental ITBA portal. From the record, it is seen that\nthe assessee had not suo moto disallowed any sum under section

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. GOLDEN GOENKA CREDIT PRIVATE LIMITED , KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar (Accountant Member), Shri Pradip Kumar Choubey (Judicial Member)

capital gain/loss…”. The Assessee has made detailed submissions to disregard the evidentiary value of such shell company list prepared by the Investigation Wing. The Assessee Company stated that declaring a company as a shell company is a virtual condemnation and that too without a hearing. In the assessment order, the AO has alleged that the lender companies involved

UNIVERSAL TRADING COMPANY LIMITED,KOLKATA vs. DCIT, CIRCLE 5(1), KOLKATA

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

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

capital of the company.] 8. On perusal of the above, it shall be noted that, u/s 115O(1) of the Act, an assessee company is required to pay additional income tax on the dividends distributed or paid by the company. Sub-section (1A) further provides that, the amount on which such additional income tax is payable shall be reduced

DCIT, CIRCLE - 6(1), , KOLKATA vs. M/S. BIRLA CORPORATION LTD., KOLKATA

In the result, appeals filed by the Revenue for AYs 2013-14 &

Bench: Sri Rajpal Yadav & Dr. Manish Borad

gains of such eligible business shall be computed as if the transfer has been made at Arm’s Length Price (in short, the ‘ALP’). The profits of the eligible undertaking should be ordinary, having regard to ALP. To discover the ALP as mandated in Section 80IA of the Act, the assessee was show-caused as to why the same price

BIRLA CORPORATION LIMITED,KOLKATA vs. DCIT CIR.-6(1), KOLKATA

In the result, appeals filed by the Revenue for AYs 2013-14 &

Bench: Sri Rajpal Yadav & Dr. Manish Borad

gains of such eligible business shall be computed as if the transfer has been made at Arm’s Length Price (in short, the ‘ALP’). The profits of the eligible undertaking should be ordinary, having regard to ALP. To discover the ALP as mandated in Section 80IA of the Act, the assessee was show-caused as to why the same price

BIRLA CORPORATION LIMITED,KOLKATA vs. DCIT, CIR.-6(1), KOLKATA

In the result, appeals filed by the Revenue for AYs 2013-14 &

Bench: Sri Rajpal Yadav & Dr. Manish Borad

gains of such eligible business shall be computed as if the transfer has been made at Arm’s Length Price (in short, the ‘ALP’). The profits of the eligible undertaking should be ordinary, having regard to ALP. To discover the ALP as mandated in Section 80IA of the Act, the assessee was show-caused as to why the same price

DCIT, CIRCLE - 6(1), , KOLKATA vs. M/S. BIRLA CORPORATION LTD., KOLKATA

In the result, appeals filed by the Revenue for AYs 2013-14 &

Bench: Sri Rajpal Yadav & Dr. Manish Borad

gains of such eligible business shall be computed as if the transfer has been made at Arm’s Length Price (in short, the ‘ALP’). The profits of the eligible undertaking should be ordinary, having regard to ALP. To discover the ALP as mandated in Section 80IA of the Act, the assessee was show-caused as to why the same price

AIROVIENT FANS & SYSTEMS PRIVATE LIMITED,KOLKATA vs. DCIT, CIRCLE - 11(1), KOLKATA

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

Bench: Sri Sanjay Garg & Sri Sanjay Awasthi

capital gain’. At the assessment stage, a disallowance of Rs. 2,59,97,824/- was made u/s 37(1) of the Income Tax Act, 1961 (in short the 'Act') on the finding that the assessee had failed to submit documentary evidences to confirm the genuineness of expenditure booked. It is recorded by the Assessing Officer (hereinafter referred