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

In the result, Revenue’s appeal is dismissed

Bench: Shri Mahavir Singh & Shri Waseem Ahmed

capital gain cannot be computed. While taking this view, he derive support from the decision of Hon'ble Supreme Court in the case of B.C.Srinivasa Setty 128 ITR 294 relied upon by the him. The ITAT Hyderabad Bench in the case of Coromandel Fertilisers Ltd. 90 ITD 439 (Hyd) (supra) held that it is not possible to determine the cost

SHRI JNANENDRA NATH BANERJEE,KOLKATA vs. ITO, WD-24(3), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

section 54EC bonds. Admittedly, the agreement of sale for the new flat was entered into by the assessee only on 29.7.2005 and hence the assessee ought to have deposited the capital gains amount in capital gains account scheme on or before the due date of filing the return of income u/s 139(1) of the Act and the same cannot

D.C.I.T.CC - XXVIII,KOL., KOLKATA vs. M/S BINANI INDUSTRIES LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: : Shri N.V.Vasudevan & Shri M. Balaganesh

197/-. By no stretch of imagination can Section 14A or Rule 8D be interpreted so as to mean that the entire tax exempt income is to be disallowed. The window for disallowance is indicated in Section 14A, and is only to the extent of disallowing expenditure “incurred by the assessee in relation to the tax exempt income”. This proportion

BRITANNIA INDUSTRIES LTD.,KOLKATA vs. DCIT, CIR-7(1), KOLKATA, KOLKATA

In the result, the appeal of assessee is allowed

Bench: Shri P. M. Jagtap, Am & Shri K. Narasimha Chary, Jm] I.T.A No. 775/Kol/2015 Assessment Year: 2009-10 Britannia Industries Ltd. Vs. Deputy Commissioner Of Income-Tax (Pan: Aabcb2066P) Circle-7(1), Kolkata. (Appellant) (Respondent) Date Of Hearing: 20.09.2016 Date Of Pronouncement: 28.10.2016

section 263 of the Act. 9. We have heard rival submissions and carefully examined the record in the light of the submissions made by both the sides. Learned CIT in his order observed that the agreement that was entered into between the assessee and M/s. Group Danone is in the nature of non- compete agreement, not to launch the biscuit

DCIT, CIRCLE - 7(1), KOLKATA, KOLKATA vs. M/S. BRITANNIA INDUSTRIES LIMITED , KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

gains. All transactions encompassed by section 45 must fall under the governance of its computation provisions. A transaction to which those provisions cannot be applied must be regarded as never intended by section 45 to be the subject of the charge. This inference flows from the general arrangement of the provisions In the Income-tax Act, where under each head

DCIT, CIRCLE - 7(1), KOLKATA, KOLKATA vs. M/S. BRITANNIA INDUSTRIES LIMITED , KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

gains. All transactions encompassed by section 45 must fall under the governance of its computation provisions. A transaction to which those provisions cannot be applied must be regarded as never intended by section 45 to be the subject of the charge. This inference flows from the general arrangement of the provisions In the Income-tax Act, where under each head

DCIT, CIRCLE - 7(1), KOLKATA, KOLKATA vs. M/S. BRITANNIA INDUSTRIES LIMITED , KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

gains. All transactions encompassed by section 45 must fall under the governance of its computation provisions. A transaction to which those provisions cannot be applied must be regarded as never intended by section 45 to be the subject of the charge. This inference flows from the general arrangement of the provisions In the Income-tax Act, where under each head

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

gains, as the assessee was enjoying the property for more than 36 months. 15. In the case of CIT v. Ved Prakash Rakhra [2012] 26 taxmann.com 166/210 Taxman 605 (Kar.), the Court took note of the decision in the case of V.V. Mody (supra) and after noting that the said decision refers to the insertion of sub-Clause

ITO, WD-8(2), KOLKATA, KOLKATA vs. M/S THE BOND COMPANY LIMITED, KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri S.S. Godara, J.M. & Dr.A.L.Saini, A.M.) Asstt. Year : 2008-09 I.T.O. Ward 8(2), Kolkata Vs M/S. The Bond Company Ltd Pan: Aaact9317Q Deptt. (Respondent)

gains to be that of business in nature, is erroneous and is therefore ld CIT(A) has rightly deleted the addition. Therefore, there is no infirmity in the impugned order of the ld. CIT(A), as the department/revenue itself is accepting, in past, the assessee’s treatment of showing investment as short term capital. We note that

M/S. EVEREADY INDUSTRIES INDIA LTD.,KOLKATA vs. PR.CIT-4, KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Capital Gain’ was assessed. We also find merit in the ld. AR’s submission that for computing the WDV in terms of Section 43(6)(c) of the Act, the Act did not permit the AO to reduce the stamp duty value of the property from the opening WDV. In terms of Section 43(6)(c), the AO was permitted

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:

capital gain. According to the ld. Pr. CIT, since the amount of Rs.47,66,44,977/- is received as interest on delayed payment of compensation, the same has to be treated as I.T.A. No. 1149/Kol/2018 Assessment Year: 2013-14 The Baranagar Jute Factory PLC 3 income from other sources in terms of Section 145A(b) of the Act, which

MANISH PARASRAMPURIA,KOLKATA vs. A.O., NFAC / D.C.I.T., CIRCLE-43, KOLKATA, KOLKATA

In the result, appeal of the assessee is partly allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2015-16

Capital Gain in disguise of transacting In the shares of M/s Sulabh Engineers and Services Ltd. Hence, based on the findings and surrounding circumstances and considering the aspect of human probability in transacting In such a script, the LTCG&STCG claimed by the assessee has been treated as a bogus or Sham transaction which Is nothing but a colourable device

NAVANSH VINIMAY PVT. LTD.,KOLKATA vs. I.T.O., WARD - 8(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri George Mathan & Shri Rakesh Mishra

gain in trading in penny stock named Banas finance Ltd is added as unexplained credit u/s 68 of the Act, in the absence of any explanation to substantiate the receipt by the assessee and added to the total income of the assessee. As the assessee has deliberately and wilfully furnished inaccurate particulars of income, a conclusion which is obvious from

A.C.I.T.,CENTRAL CIRCLE-4(2), KOLKATA vs. SHRI HARSH VARDHAN NEOTIA, KOLKATA

In the result, both the appeals of the Revenue are dismissed

Bench: Shri P.M. Jagtap, Hon’Ble(Kz) & Shri S. S. Godara, Hon’Ble] [Through Virtual Court]

197/- in the case of Shri Harsh Vardhan Neotia and Smt. Madhu Neotia respectively. 3. Against the orders passed by the AO u/s 147/143(3) of the Act, both the assessees preferred their appeals before the Ld. CIT(A). During the course of appellate proceedings before the Ld. CIT(A), it was contended on behalf of the assessees inter alia

A.C.I.T., CENTRAL CIRCLE-4(2), KOLKATA vs. SMT. MADHU NEOTIA, KOLKATA

In the result, both the appeals of the Revenue are dismissed

Bench: Shri P.M. Jagtap, Hon’Ble(Kz) & Shri S. S. Godara, Hon’Ble] [Through Virtual Court]

197/- in the case of Shri Harsh Vardhan Neotia and Smt. Madhu Neotia respectively. 3. Against the orders passed by the AO u/s 147/143(3) of the Act, both the assessees preferred their appeals before the Ld. CIT(A). During the course of appellate proceedings before the Ld. CIT(A), it was contended on behalf of the assessees inter alia

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

RAIGARH JUTE & TEXTILE MILLS LTD.,KOLKATA vs. A.C.I.T.,CIRCLE-8(2), KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A No.2286/Kol/2019 Assessment Year: 2014-15 Raigarh Jute & Textile Mills Ltd...................................................……Appellant 36, Chowringhee Road, Kolkata-700071. [Pan: Aabcr2034B] Vs. Acit, Circle-8(2), Kolkata...............................……........……...…..…..Respondent Appearances By: Shri Akkal Dudhewala, Advocate, Appeared On Behalf Of The Appellant. Shri Abhijit Kundu, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : May 16, 2023 Date Of Pronouncing The Order : June 27, 2023 आदेश / Order संजय गग", "या"यकसद"य"वारा/ Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 13.03.2019 Of The Commissioner Of Income Tax (Appeals)-15, Kolkata (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Assessee In This Appeal Has Taken The Following Grounds Of Appeal: “1 That On The Facts & In The Circumstances Of The Case, The Ld. Cit(A)- 15 Erred In Holding That The Assessing Officer Was Justified In Disallowing & Adding Back The Appellant'S Claim For Deduction Of Loss Suffered Of Rs.4,02,00,360/- Suffered By The Appellant In Its Share Trading Business. 2 That On The Facts & In The Circumstances Of The Case, The Ld. Cit(A)-15 Erred In Confirming The Action Of The Assessing Officer Of Invoking The

Section 14A of the Act and in confirming the addition of Rs.87,194/- made by the Assessing Officer thereunder. 3. That on the facts and in the circumstances of the Case, the Order passed by the Ld. CIT(Appeals)-15, is bad in law. 4 That the Appellant craves leave to submit further grounds and to amend, alter or otherwise

M/S. PRICEWATERHOUSE COOPERS PRIVATE LIMITED,KOLKATA vs. ACIT, CIRCLE - 2(2), KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed partly

gain or loss on revaluation of the outstanding contracts was booked contracts was booked in the P&L a/c as per the mandatory requirements of RBI guidelines. The Hon’ble in the P&L a/c as per the mandatory requirements of RBI guidelines. The Hon’ble in the P&L a/c as per the mandatory requirements of RBI guidelines