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. Before we go into further analysis, first we will take a look at section 2(14), which defines Capital Asset' and section 2(47) which defines Transfer'. Section 2(14) reads as under: "Capital asset "means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include

ACIT, LTU - 2, KOLKATA , KOLKATA vs. M/S. UCO BANK, KOLKATA

In the result, appeal of the Revenue is dismissed

Bench: Shri S. S. Godara, Jm & Dr. A.L. Saini, Am Vs. M/S Uco Bank Acit, Ltu-2, Kolkata 10, Btm, Sarani, Kolkata – 700001. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacu3561B .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

290/- as Dividend Income and claimed total exempted income of Rs.55,68,90,790/-. The expenditure incurred on exempted income from "Investment on Securities" and "Tax Free Bonds are debited in the taxable business income which is liable to be debited in the taxable business income which is liable to be disallowed as per section 14A of Income

SRI SANJEEV JHUNJHUNWALA, HUF,HOWRAH vs. ITO, WARD - 48(4), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

Capital Gains of ₹9,40,715/-, ₹9,37,290/-, ₹9,12,979/-, ₹9,89,150/- & ₹9,15,209/-; respectively to be unexplained cash credit u/s 68; involving proceedings u/s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard all the assessees as well as the department reiterating their respective stands against and in support

SRI SANJEEV JHUNJHUNWALA,HOWRAH vs. ITO, WARD - 36(3), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

Capital Gains of ₹9,40,715/-, ₹9,37,290/-, ₹9,12,979/-, ₹9,89,150/- & ₹9,15,209/-; respectively to be unexplained cash credit u/s 68; involving proceedings u/s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard all the assessees as well as the department reiterating their respective stands against and in support

SMT. NITA JHUNJHUNWALA ,HOWRAH vs. ITO, WARD - 47(2), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

Capital Gains of ₹9,40,715/-, ₹9,37,290/-, ₹9,12,979/-, ₹9,89,150/- & ₹9,15,209/-; respectively to be unexplained cash credit u/s 68; involving proceedings u/s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard all the assessees as well as the department reiterating their respective stands against and in support

SRI ASHOK JHUNJHUNWALA ,HOWRAH vs. ITO, WARD - 34(2), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

Capital Gains of ₹9,40,715/-, ₹9,37,290/-, ₹9,12,979/-, ₹9,89,150/- & ₹9,15,209/-; respectively to be unexplained cash credit u/s 68; involving proceedings u/s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard all the assessees as well as the department reiterating their respective stands against and in support

SMT. SANGITA JHUNJHUNWALA ,HOWRAH vs. ITO, WARD - 47(2), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

Capital Gains of ₹9,40,715/-, ₹9,37,290/-, ₹9,12,979/-, ₹9,89,150/- & ₹9,15,209/-; respectively to be unexplained cash credit u/s 68; involving proceedings u/s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard all the assessees as well as the department reiterating their respective stands against and in support

LALJI & SONS,BANKURA vs. ACIT, CIRCLE - BANKURA, BANKURA

In the result, all the appeals of assessee are allowed

Bench: : Shri M. Balaganesh & Shri S.S.Viswanethra Ravi

Capital Gains on his part. Thus spirit of issue of notice u/s 143(2) is served. In this regard it would not be out of place to reproduce the text of section 292B, which reads as under:- " Section 292B : No return of income, assessment, notice, summons or other proceeding, furnished or made or issued or taken or purported to have

M/S NHAI,SILIGURI vs. A.C.I.T (TDS),SILIGURI, SIKKIM

In the result, assessee’s appeal stands allowed partly for statistical purpose

Bench: Shri Aby.T Varkey & Shri Waseem Ahmedassessment Year :2005-06

capital gain as per the provisions of section 50C of the Act. The AO further while determining the deduction u/s 54EC of the Act claimed by assessee has taken the value of the consideration as per the provision of Sec. 50C of the Act. Although the assessee claimed the deduction u/s. 54EC of the Act on the basis of actual

M/S JALAN CEMENT WORKS LTD,KOLKATA vs. C.I.T KOLKATA - I, KOLKATA

In the result, assessee’s appeal stands allowed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year :2008-09 M/S. Jalan Cement Works V/S. Cit, Kolkata-1 Ltd 2Nd Floor, Room No Aayakar Bhawan, 202, 81, Netji Subhas Road, P-7, Chowringhee Kolkata-700 001 Square, Kolkata- [Pan No.: Aaacj6788R] 700 069 .. अपीलाथ" /Appellant ""यथ"/Respondent

290/- b. Income from short term capital gain u/s. 111A of Rs.45,86,417/-, and c. Dividend income of Rs.22,65,340/- 16. The ld.CIT while applying the provisions of u/s 263 has made a comparison of the business loss with the short term capital gain on the ground that the income shown by the assessee from the source

M/S TCG LIFESCIENCES PRIVATE LIMITED,KOLKATA vs. DCIT, CIRCLE-11, KOLKATA, KOLKATA

In the result, appeal by the Revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri J.Sudhakar Reddy, Am] I.T.A No. 1053/Kol/2017 Assessment Year : 2010-11 A.C.I.T., Circle-11(2) -Vs.- M/S. Tcg Lifesciences Ltd. Kolkata Kolkata [Pan : Aabcc 0401 D] (Respondent) (Appellant) I.T.A No. 966/Kol/2017 Assessment Year : 2010-11 M/S. Tcg Lifesciences Pvt.Ltd. -Vs- C.I.T.(A)-22, (Formerly “Tcg Lifesciences Ltd.) Kolkata Kolkata [Pan : Aabcc 0401 D] (Respondent) (Appellant) For The Department : Shri G.Mallikarjuna, Cit(Dr) For The Assessee : Shri S.P.Singh, Irs (Rtd.) & Shri Manoneet Dalal & Ms.Gunjan Khanna, Cas Date Of Hearing : 14.09.2017. Date Of Pronouncement : 22.09.2017. Order Per N.V.Vasudevan, Jm

290 per share on M/s. TCG LIfesciences Ltd. A.Yr.2010-11 4.8.2009 and 300.365 shares at Rs.5,83,466 per share on 7.1.2010. In all the Assessee paid a consideration of Rs.26,76,83,395 for purchase of shares of 757 shares (456.921 + 300.365 = 757 ) of LSVI. The Assessee relied on a valuation report by an independent valuer to support

ACIT, CIRCLE-11(2), KOLKATA, KOLKATA vs. M/S. TCG LIFESCIENCES LIMITED., KOLKATA

In the result, appeal by the Revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri J.Sudhakar Reddy, Am] I.T.A No. 1053/Kol/2017 Assessment Year : 2010-11 A.C.I.T., Circle-11(2) -Vs.- M/S. Tcg Lifesciences Ltd. Kolkata Kolkata [Pan : Aabcc 0401 D] (Respondent) (Appellant) I.T.A No. 966/Kol/2017 Assessment Year : 2010-11 M/S. Tcg Lifesciences Pvt.Ltd. -Vs- C.I.T.(A)-22, (Formerly “Tcg Lifesciences Ltd.) Kolkata Kolkata [Pan : Aabcc 0401 D] (Respondent) (Appellant) For The Department : Shri G.Mallikarjuna, Cit(Dr) For The Assessee : Shri S.P.Singh, Irs (Rtd.) & Shri Manoneet Dalal & Ms.Gunjan Khanna, Cas Date Of Hearing : 14.09.2017. Date Of Pronouncement : 22.09.2017. Order Per N.V.Vasudevan, Jm

290 per share on M/s. TCG LIfesciences Ltd. A.Yr.2010-11 4.8.2009 and 300.365 shares at Rs.5,83,466 per share on 7.1.2010. In all the Assessee paid a consideration of Rs.26,76,83,395 for purchase of shares of 757 shares (456.921 + 300.365 = 757 ) of LSVI. The Assessee relied on a valuation report by an independent valuer to support

M/S. EMTA COAL LTD.,( ERSTWHILE KNOWN AS M/S. EASTERN MINERAL & TRADING AGENCY ) ,KOLKATA vs. ACIT, CENTRAL CIRCLE - 3(1) , KOLAKTA

In the result, the appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy, Hon’Ble & Sri Aby T. Varkey, Hon’Ble) Assessment Year: 2010-11 M/S. Emta Coal Ltd…………………………………………..............................…….............Appellant 5B, Nandlal Basu Sarani Kolkata – 700 071 [Pan : Aacce 3506 G]

290. According to to him, the facts in this case are identical to the facts of M/s. Skylight Hospitality Ltd. identical to the facts of M/s. Skylight Hospitality Ltd. and therefore, there is no therefore, there is no merit in the contention of the assessee on this score. contention of the assessee on this score. 7. Coming to the ground

LUXMI TEA CO. LTD.,KOLKATA vs. PCIT, CEN-2, KOLKATA, KOLKATA

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] I.T.A No. 731/Kol/2015 Assessment Year : 2010-11 Luxmi Co. Ltd. -Vs.- C.I.T., Central-2 Kolkata Kolkata [Pan : Aaact 8466 A] (Respondent) (Appellant) For The Appellant : Shri Soumitra Chowdhury, Advocate For The Respondent : Shri Niraj Kumar, Cit Date Of Hearing : 25.01.2017. Date Of Pronouncement : 03.02.2017. Order

290 ii)Expenses disallowed u/s 14-A of IT Act 6,15,436 iii)Amount inadmissible(as per computation) 34,737 iv) Amount disallowed as per Annxure-10 3,776 v) Advances written off 9,271 vi)Donation 5,50,000 1,74,93,510 Less: i) Depreciation as per I.T.Act

SATISH KUMAR LAKHMANI,KOLKATA vs. PR.CIT-10, KOLKATA, KOLKATA

In the result, the appeal of assessee is allowed

Bench: "ी जे. सुधाकर रे"ी, लेखा सद"य एवं/And "ी ऐ. टी. वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Capital gain. 5.8 As discussed above, the claim of receipt of sale proceeds of the scrip of M/s Unno Industries Ltd.ofRs.53,63,5181-was found to be an accommodation entry of LTCG earned by the assessee, being the beneficiary. It is clear that the unaccounted money of the assessee was brought back in the books through bogus LTCG

EXIM SCRIPS DEALERS PVT LTD,KOLKATA vs. ITO WARD-5(3), KOLKATA

In the result, appeal of the assessee is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Shri Manish Borad, Hon’Blei.T.A. No. 502/Kol/2020 Assessment Year: 2015-16 Exim Scrips Dealers Pvt. Ltd. Income Tax Officer, Ward-5(3), 412, Mukti Chambers Kolkata Vs 4Th Floor 4, Clive Row Kolkata - 700001 [Pan : Aaace6906E] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Girish Sharma, Fca Revenue By : Shri Biswanath Das, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 27/09/2022 घोषणा क" तारीख/Date Of Pronouncement : 23/11/2022 आदेश/O R D E R Per Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Learned Principal Commissioner Of Income Tax (Appeals) - 2, Kolkata (Hereinafter The “Ld. Pr. Cit”) Dt. 10/06/2020, Passed U/S 263 Of The Income Tax Act, 1961 (“The Act’), For Assessment Year 2015-16. 2. This Assessee’S Appeal Is Time Barred By 43 Days. Petition For Condonation Of Delay Has Been Filed. We Have Heard Both The Sides & Find That There Is Reasonable Cause For Delay In Filing Of The Appeal On Time. Hence We Condone The Delay & Admit The Appeal For Hearing.

2) & (1) of the Act. Submissions filed by the assessee were considered and the ld. Assessing Officer completed the assessment making disallowance u/s 14A of the Act at Rs.3,54,638/- and assessing business income at Rs. 4,28,176/- as against the business income of Rs.73,538/- declared by the assessee and accepting the other income declared

I.T.O., WARD-8(4), KOLKATA, KOLKATA vs. M/S. JALAN INTERCONTINENTAL, KOLKATA

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri A.T. Varkey, Jm & Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1623/Kol/2014

290/-. During the year under consideration, the assessee company derived income from the following sources: i) Interest :Rs. 66,370/- ii) Commission &Brokerage :224/- iii) Dividend on Units :39,11,198/- iv) Long Term Capital Gain :8,31,185/- v) Short Term Capital Gain :2,73,527/- Total 50,82,504/- The Ld. Assessing Officer observed that since the gross

1.INCOME TAX OFFICER WARD 3(1), KOLKATA , KOLKATA vs. ANUSHREYA INVESTMENT PRIVATE LIMITED, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Income Tax Officer, Ward 3(1), Anushreya Investment Private Kolkata Limited P-7, Chowringhee Square, 5Th Floor, Mangalam-A, 24 4Th Floor, Aaykar Bhawan Hemanta Basu Sarani, Vs. Poorva, Kolkata-700069, Kolkata-700001, West Bengal West Bengal (Appellant) (Respondent) Pan No. Aacca3658B Assessee By : Shri N.S. Saini, Ar Revenue By : Shri Susanta Saha, Dr Date Of Hearing: 31.10.2025 Date Of Pronouncement: 19.11.2025

290/-. The case of the assessee was selected for scrutiny on the basis of information in the possession of the AO under Section 147 of the Act by issuing notice on date 27-3-2018 which was complied with by the assessee by filing the return of income on 19-4-2018 declaring the same income. Thereafter, notice under Section