RITA GUPTA,KOLKATA vs. DCIT, CEN. CIR.2(2), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

2(14) of the Act which defines the term 'capital asset', it is noted that there is no specific exception carved on in respect of equity shares or securities like in the case of agricultural land or personal effect. Further Section 45 which lays down the charge of tax on gain arising on transfer of 'capital asset' covers the long

INDIAN CHAMBER OF COMMERCE. ,KOLKATA vs. DCIT, CIR-1(1), (EXEMPTION), KOLKATA

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

Bench: Shri Rajpalyadav, Vice-(Kz) & Shri Rajesh Kumar]

gains of business or profession”. The underlying idea behind s. 28(iii) is that there must be a business from which income is derived and that in the course of such business specific services must be rendered for its members. The concept behind s.28(iii) is to cut at the 26 I.T.A. Nos.933 & 934/Kol/2023 Assessment Years

INDIAN CHAMBER OF COMMERCE,KOLKATA vs. DCIT,CIR-1(1), (EXEMPTION), KOLKATA. , KOLKATA

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

Bench: Shri Rajpalyadav, Vice-(Kz) & Shri Rajesh Kumar]

gains of business or profession”. The underlying idea behind s. 28(iii) is that there must be a business from which income is derived and that in the course of such business specific services must be rendered for its members. The concept behind s.28(iii) is to cut at the 26 I.T.A. Nos.933 & 934/Kol/2023 Assessment Years

THE DCIT, CIR-3(2) GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED , GANGTOK SIKKIM

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

14. The banking business, even though run by a Co-operative bank is sought to be excluded from the beneficial provisions of exemption or deduction under Section 80P of the Act. The purpose of bringing on the statute book sub-section (4) in Section 80P of the Act was to exclude the applicability of Section 80P of the Act altogether

DEPUTY COMMISSIONER OF INCOME TAX, CIR-3(2), GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED, GANGTOK SIKKIM

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

14. The banking business, even though run by a Co-operative bank is sought to be excluded from the beneficial provisions of exemption or deduction under Section 80P of the Act. The purpose of bringing on the statute book sub-section (4) in Section 80P of the Act was to exclude the applicability of Section 80P of the Act altogether

THE PEERLESS GEN. FIN. & INV. CO. LTD.,KOLKATA vs. DCIT, CIRCLE-3(1), KOLKATA, KOLKATA

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

Bench: Shri P.M. Jagtap, Vice- & Shri A.T. Varkey

14 Assessment Year: 2014-2015 The Peerless General Finance & Investment Company Limited Capital Gain Bonds (Long 2,06,79,00,000 205,92,60,976 86,39,024 No tax was Term) levied by the department Govt. Securities 1,20,00,00,000 119,83,82,422 16,17,578 Set off with brought forward L.T. Capital loss Profit

VIKASH SOLVEXTRACTS PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-5, KOLKATA, KOLKATA

In the result, ground Nos

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

14,26,980/- (after deduction of Rs. 4,50,00,000 for capital Gains Bonds purchased). Subsequently, the CIT, Kolkata-II, vide her order u/s 263 of the Act, dated 14.12.2010, set aside the said assessment. The CIT in her order u/s 263, observed that the Assessing Officer had failed to perform his duty so far as the verification

VIKASH SOLVEXTRACTS PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-5, KOLKATA, KOLKATA

In the result, ground Nos

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

14,26,980/- (after deduction of Rs. 4,50,00,000 for capital Gains Bonds purchased). Subsequently, the CIT, Kolkata-II, vide her order u/s 263 of the Act, dated 14.12.2010, set aside the said assessment. The CIT in her order u/s 263, observed that the Assessing Officer had failed to perform his duty so far as the verification

VIKASH SOLVEXTRACTS PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-5, KOLKATA, KOLKATA

In the result, ground Nos

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

14,26,980/- (after deduction of Rs. 4,50,00,000 for capital Gains Bonds purchased). Subsequently, the CIT, Kolkata-II, vide her order u/s 263 of the Act, dated 14.12.2010, set aside the said assessment. The CIT in her order u/s 263, observed that the Assessing Officer had failed to perform his duty so far as the verification

VIKASH SOLVEXTRACTS PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-5, KOLKATA, KOLKATA

In the result, ground Nos

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

14,26,980/- (after deduction of Rs. 4,50,00,000 for capital Gains Bonds purchased). Subsequently, the CIT, Kolkata-II, vide her order u/s 263 of the Act, dated 14.12.2010, set aside the said assessment. The CIT in her order u/s 263, observed that the Assessing Officer had failed to perform his duty so far as the verification

VIKASH SOLVEXTRACTS PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-5, KOLKATA, KOLKATA

In the result, ground Nos

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

14,26,980/- (after deduction of Rs. 4,50,00,000 for capital Gains Bonds purchased). Subsequently, the CIT, Kolkata-II, vide her order u/s 263 of the Act, dated 14.12.2010, set aside the said assessment. The CIT in her order u/s 263, observed that the Assessing Officer had failed to perform his duty so far as the verification

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)

section 2(14) of the 1.T.Act has been transferred. ii) If yes, then what is the year of transfer? iii) What is the consideration received for transfer of the asset and working of capital gains

THE INSTITUTE OF INDIAN FOUNDRYMEN,KOLKATA vs. ITO,WARD-1(3), EXEMPT, KOLKATA. , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

gains of business or profession”. The underlying idea behind s. 28(iii) is that there must be a business from which income is derived and that in the course of such business specific services must be rendered for its members. The concept behind s.28(iii) is to cut at the mutuality principle being relied on in support of a claim

THE INSTITUTE OF INDIAN FOUNDRYMEN,KOLKATA vs. ITO, WARD 1(3), EXEMPTION , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubey]

gains of business or profession”. The underlying idea behind s. 28(iii) is that there must be a business from which income is derived and that in the course of such business specific services must be rendered for its members. The concept behind s.28(iii) is to cut at the mutuality principle being relied on in support of a claim

THE INSTITUTE OF INDIAN FOUNDRYMEN,KOLKATA vs. I.T.O., WARD - 1(3), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm]

gains of business or profession”. The underlying idea behind s. 28(iii) is that there must be a business from which income is derived and that in the course of such business specific services must be rendered for its members. The concept behind s.28(iii) is to cut at the mutuality principle being relied on in support of a claim

THE INSTITUTE OF INDIA FOUNDRYMEN,KOLKATA vs. ITO, WARD-1(3),EXEMPT, KOLKATA., KOLKATA

In the result, the appeals of the assessee are allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

gains of business or profession”. The underlying idea behind s. 28(iii) is that there must be a business from which income is derived and that in the course of such business specific services must be rendered for its members. The concept behind s.28(iii) is to cut at the mutuality principle being relied on in support of a claim

THE INSTITUTE OF INDIAN FOUNDRYMEN. ,KOLKATA vs. ITO, WARD-1(3), EXEMPT, KOLKATA. , KOLKATA

In the result, the appeals of the assessee are allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

gains of business or profession”. The underlying idea behind s. 28(iii) is that there must be a business from which income is derived and that in the course of such business specific services must be rendered for its members. The concept behind s.28(iii) is to cut at the mutuality principle being relied on in support of a claim

THE INSTITUTE OF INDIAN FOUNDRYMEN ,KOLKATA vs. ITO, WARD- 1(3), EXEMPT, KOLKATA. , KOLKATA

In the result, the appeals of the assessee are allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

gains of business or profession”. The underlying idea behind s. 28(iii) is that there must be a business from which income is derived and that in the course of such business specific services must be rendered for its members. The concept behind s.28(iii) is to cut at the mutuality principle being relied on in support of a claim