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:

capital gain of Rs 7,18,74,000/- in the facts of the case. The ld AO is accordingly directed to give benefit of the same to the assessee based on the correctness of the claim of brought forward loss figure made by the assessee. Accordingly, the Ground Nos. 5.1 & 5.2 raised by the assessee are allowed for statistical purposes

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:

capital gain of Rs 7,18,74,000/- in the facts of the case. The ld AO is accordingly directed to give benefit of the same to the assessee based on the correctness of the claim of brought forward loss figure made by the assessee. Accordingly, the Ground Nos. 5.1 & 5.2 raised by the assessee are allowed for statistical purposes

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

In the result, the appeal of the assessee is allowed

gain derived from sale of shares was\nclaimed exempt u/s 54F of the Act. The AO however denied the\nexemption on three grounds. The first and foremost reason given by\nthe AO is applicability of proviso to Section 54F(1) of the Act. The\nproviso below sub-section (1) of Section 54F lays down certain\ndisqualification for claiming exemption under

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

Sections 54, 54F, Secs. 54 and 54F of the IT Act, 1961, provide that capital gains arising on transfer of a long term capital asset shall not be charged to tax to the extent specified therein, where the amount of capital gain is invested in a residential house. In the case of purchase of a house, the benefit is available

M/S. STP LIMITED,KOLKATA vs. DCIT, CIRCLE-10, KOLKATA, KOLKATA

In the result, appeal filed by the assessee is dismissed

Bench: Shri S. S. Godara, Jm & Dr. A.L. Saini, Am Vs. Dcit, Circle-10, Kolkata M/S Stp Limited C/O. G.P. Agarwal & Associates, 7A, Kiran Shankar Ray Road, 2Nd Floor, Kol-1. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaecs6339M .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

gains and, therefore, liable to tax. Hon'ble Madras High Court held that transferring an immovable property by was of a lease creates an interest in the land. According to section 2(14), the word 'capital asset' means, property of any kind held by an assessee'. Therefore, it does not necessarily mean that the property, which the assessee holds, must

DCIT, CIRCLE - 6,, KOLKATA vs. LOKNATH SARAF SECURITIES LTD.,, KOLKATA

In the result, to sum up ITA No

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

gains of business or profession' in the context of computing the gross total income of assessee company. If any specific item is to be considered differently, the same would have been specifically stated in Explanation to Section 73 as in the case of section 32A(3), 32AB(3) etc. In Explanation to section 32A(3) it has specifically mentioned

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

Section 56(2)(x)of the Act are not applicable which provides that where the market value of the property is more than the sale consideration received by the assessee then the difference between the two shall be considered. The case of the assessee finds support from the decisions of the coordinate benches in the Sandeep Patil ITA No.924/Bang/2020, John

CAROLINA FOOD AND INDUSTRIES PRIVATE LIMITED ,KOLKATA vs. DCIT, CIRCLE - 10(1) , KOLKATA

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

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

capital gain. 21. In the appellate proceedings, the ld. CIT(Appeals) held that since the claim of depreciation or any loss arising from amalgamation had not been allowed, and, therefore the ground becomes infructuous and does not require any adjudication. 22. Ld. Counsel submitted before the Bench that provisions of section 32(2) of the Act provides that the brought

PHILIPS ELECTRONICS INDIA LTD.,KOLKATA vs. D.C.I.T CIR - 11,KOLKATA, KOLKATA

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

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

gains it had liability to pay tax u/s.112 of the Income Tax Act. However, such liability got crystallized only after the Notification No. 2146(E) dated 22.12.2006 was published by the Govt. of India in its official Gazette. ITA No.1169 & 1294/Kol/2013 A.Y. 2007-08 Philips Electronics India Ltd. v. DCIT, Cir-11, Kol. Page 5 Considering the facts and circumstances

D.C.I.T CIR - 11,KOLKATA, KOLKATA vs. M/S PHILIPS ELECTRONICS INDIA LTD, KOLKATA

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

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

gains it had liability to pay tax u/s.112 of the Income Tax Act. However, such liability got crystallized only after the Notification No. 2146(E) dated 22.12.2006 was published by the Govt. of India in its official Gazette. ITA No.1169 & 1294/Kol/2013 A.Y. 2007-08 Philips Electronics India Ltd. v. DCIT, Cir-11, Kol. Page 5 Considering the facts and circumstances

M/S RECKITT BENCKISER (I) LTD.,KOLKATA vs. JCIT, R-12, KOLKATA, KOLKATA

In the result, both the appeals of the assessee are partly allowed while both the appeals of the revenue are dismissed

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

192 on entire salary reimbursed by him, it was held by the Tribunal that there was no case of disallowance under section 40(a)(i). In the said case, nothing was brought on record by the Assessing Officer to show as to how reimbursement of salary made by the assessee was in the nature of fees for technical services

GLOSTER LTD(FORMERLY KNOWN AS KETTLEWELL BULLEN & CO. LTD,KOLKATA vs. PCIT-2, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2018-19

gains separately but has shown on a total basis. He demonstrated evidently from the computation of income filed by the assessee and the computation of income done by the AO that assessee has correctly claimed the set off of brought forward capital loss which is in accordance with section 74 of the Act. 5. Per contra, Ld. CIT, DR submitted

THE BARANAGAR JUTE FACTORY PLC,KOLKATA vs. PRINCIPAL CIT - 1, KOLKATA , KOLKATA

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 1149/Kol/2018 Assessment Year: 2013-14 The Baranagar Jute Factory Plc Principal Cit-1, Kolkata C/O Subash Agarwal & Associates Vs Siddha Gibson 1, Gibson Lane Suite-213, 2Nd Floor Kolkata - 700069 [Pan : Aabct0134C] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Siddharth Agarwal, A/R Revenue By : Shri G.H. Sema, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 20/04/2023 घोषणा क" तारीख /Date Of Pronouncement: 16/06/2023 आदेश/O R D E R Per Rajesh Kumar: This Is The Appeal Preferred By The Assessee Against The Order Of The Learned Principal Commissioner Of Income Tax - 1, Kolkata (Hereinafter Referred To As The Ld. Pr. Cit”], Passed U/S 263 Of The Income-Tax Act, 1961 (Hereinafter The ‘Act’), Dated 28/03/2018 For The Assessment Year 2013-14. The Assessee Has Challenged The Order Of The Ld. Pr. Cit U/S 263 Of The Act Through The Various Grounds Of Appeal. 2. Facts In Brief Are That The Assessment Was Framed U/S 143(3) Of The Act Vide Order Dt. 31/03/2016. The Ld. Pr. Cit, Upon Perusal Of The Assessment Records, Observed That The Assessing Officer Has Not Examined The Four Issues Which Were Discussed By The Ld. Pr. Cit In The Revisionary Order Which Are Extracted Below:- “2. On A Perusal Of The Assessment Record Of The Assessee, It Was Observed As Under:

Section 145A(b) of the Act, is not correct. 4.2. The ld. A/R submitted that nature of interest on enhanced compensation of land partook the character of long term capital gain and not income from other sources as has been held by the Hon’ble Supreme Court in the case of CIT vs. Ghanshyam (HUF) reported in 128 Taxman

PARASHNATH VINIMAY PVT. LTD.,KOLKATA vs. ADIT, CPC, BANGALORE/ ACIT, CIRCLE-2(1), KOLKATA, KOLKATA

In the result appeal of the assessee is allowed

Bench: Dr. Manish Borad, Hon’Ble

capital gain as envisaged in section 2(14) of the I.T. Act. 7. For that on the facts of the case, the Ld. CIT(A) was wrong by confirming the charging of interest u/s. 234B and 234C amounting to Rs.303,672/- and Rs.63,899/- which are completely arbitrary, unjustified and illegal. 8. For that the appellant reserves the right

RAIPUR STEEL CASTING INDIA (P)) LTD.,KOLKATA vs. PR.CIT-5, KOLKATA

In the result, both the appeals of the assessees (In ITA No

Bench: Shri A.T, Varkey, Jm & Dr. A.L. Saini, Am M/S. Raipur Steel Casting India (P) Ltd. Vs. P.C.I.T.,-5, Kolkata Pan: Aaacg 8490M (अपीलाथ" /Appellant) (""यथ" / Respondent) ..

192 (Statutes) : "The existing provisions of section 92BA of the Act, inter alia, provide that any expenditure in respect of which payment has been made by the assesses to certain "specified persons" under section 40A(2)(b) are covered within the ambit of specified domestic transactions". As a matter of compliance and reporting, taxpayers need to obtain the chartered accountant

M/S SRINATH JI FURNISHING PVT. LTD.,KOLKATA vs. PR.CIT-5, KOLKATA , KOLKATA

In the result, both the appeals of the assessees (In ITA No

Bench: Shri A.T, Varkey, Jm & Dr. A.L. Saini, Am M/S. Raipur Steel Casting India (P) Ltd. Vs. P.C.I.T.,-5, Kolkata Pan: Aaacg 8490M (अपीलाथ" /Appellant) (""यथ" / Respondent) ..

192 (Statutes) : "The existing provisions of section 92BA of the Act, inter alia, provide that any expenditure in respect of which payment has been made by the assesses to certain "specified persons" under section 40A(2)(b) are covered within the ambit of specified domestic transactions". As a matter of compliance and reporting, taxpayers need to obtain the chartered accountant

ACIT, CIRCLE-36, KOLKATA, KOLKATA vs. SMT. RESHMI P LOYALKA, KOLKATA

In the result, both the Cross Objection of the assessee and the appeal of the revenue are dismissed

Bench: Hon’Ble Shri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No.1763 /Kol/2016 Assessment Year : 2012-13

capital gain till 31.7.2012, copy of electricity bill of new residential houses and other relevant documents. The assessee stated that she looked out for a comparatively much smaller plot for building her residential house. Inspite of her best efforts, she could not locate a single plot of desired size at desired location. Hence she bought 3 adjacent plots of land