DCIT, CIRCLE - 10, KOLKATA, KOLKATA vs. M/S. VEDA COMMERCIAL PVT. LTD., KOLKATA

Appeal is partly allowed for statistical purposes

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

4 months has been maintained by the assessee from the date of purchase. We also find from the workings of long term capital gains for Asst year 2006-07, the shares were held for a period of 13 months. This shows that the assessee always intended these shares to be retained only under the investment category and it will

DCIT, CIRCLE - 10, KOLKATA, KOLKATA vs. M/S. VEDA COMMERCIAL PVT. LTD., KOLKATA

Appeal is partly allowed for statistical purposes

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

4 months has been maintained by the assessee from the date of purchase. We also find from the workings of long term capital gains for Asst year 2006-07, the shares were held for a period of 13 months. This shows that the assessee always intended these shares to be retained only under the investment category and it will

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

249 ITR 763 (Del) has also held that during the pendency of proceedings for regular assessment and after the issue of notice under section 143(2), the Assessing Officer has no jurisdiction to invoke his powers under section 154 of the Income-tax Act as the intimation issued under section 143(1)(a) would cease to be operative. The Punjab

DCIT, 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

249 ITR 763 (Del) has also held that during the pendency of proceedings for regular assessment and after the issue of notice under section 143(2), the Assessing Officer has no jurisdiction to invoke his powers under section 154 of the Income-tax Act as the intimation issued under section 143(1)(a) would cease to be operative. The Punjab

ICI INDIA LTD.,KOLKATA vs. DCIT, CIR-10, KOLKATA, KOLKATA

In the result, Revenue’s appeal is dismissed

Bench: Shri Mahavir Singh & Shri Waseem Ahmed

249 ITR 763 (Del) has also held that during the pendency of proceedings for regular assessment and after the issue of notice under section 143(2), the Assessing Officer has no jurisdiction to invoke his powers under section 154 of the Income-tax Act as the intimation issued under section 143(1)(a) would cease to be operative. The Punjab

RAJIB CHAKRABORTY,KOLKATA vs. ITO- WARD-30(3), KOLKATA. , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

249 of the Act, which provides power to the Id. Commissioner to condone the delay in filing of the appeal before the Commissioner. Similarly, it has been used in Section 5 of the Indian Limitation Act, 1963. Whenever interpretation and consideration of this expression has fallen for consideration before the Hon'ble High Courts as well as before

WHITEPIN TIE-UP LTD.,HOWRAH vs. ITO, WD-1(4), KOLKATA, KOLKATA

In the result, the appeal of the assessee is partly allowed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year:2011-12

4) Kol. Page 7 “In this ground, the appellant has contended that the A.O has erred in taking reduction of expenditure relatable to exempt long term capital gain for the actual expense to book profit u/s. 115JB. It was claimed that the amounts allowable as deduction from capital gains have relevance for computation of profit u/s.48

TATA CONSUMER PRODUCTS LIMITED,KOLKATA vs. DCIT, CIR.-4(1), KOLKATA

In the result, the appeal for AY 2014-15 is partly allowed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Years: 2014-15 & Assessment Years: 2015-16

gain, the provision of Section 50C would be applicable. (e) The Ld. CIT(A) uphold the action of the AO of not referring the matter to the DVO. Tata Consumer Products Ltd. {erstwhile Tata Global Beverages Ltd.} AYs: 2014-15 & 2015-16 (f) The Ld. CIT(A) held that the acceptable variation range of (+/-) 15% does not exist within

TATA CONSUMER PRODUCTS LIMITED,KOLKATA vs. DCIT, CIR.-4(1), KOLKATA

In the result, the appeal for AY 2014-15 is partly allowed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Years: 2014-15 & Assessment Years: 2015-16

gain, the provision of Section 50C would be applicable. (e) The Ld. CIT(A) uphold the action of the AO of not referring the matter to the DVO. Tata Consumer Products Ltd. {erstwhile Tata Global Beverages Ltd.} AYs: 2014-15 & 2015-16 (f) The Ld. CIT(A) held that the acceptable variation range of (+/-) 15% does not exist within

NAMOKAR 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 Rajpal Yadav & Shri Rajesh Kumar, Am]

249 (SC) 2. Pr. CIT vs. Indravadan Jain (HUF), ITA No. 454 of 2018, dated 12.07.2023 (Bom.) 3. ITO vs. Indravadan Jain (HUF), ITA No. 4861 & 5168/Mum/2014, dt. 27.05.2016. 4. Pr. CIT v, Smt. Renu Aggarwal ITA 44 of 2022 dt. 06.07.2022 (All.) 5. ITO Vs. Smt. Renu Aggarwal, ITA Nos.: 204 & 20S/LKW /2020 (ITAT Luck) 6. PCIT vs. Dipansu

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

SRI SNEHASISH BHAUMIK,KOLKATA vs. PCIT-17, KOLKATA

In the result, the appeal of the assessee is allowed

249 of the Act, which provides power to the Id. Commissioner to condone the delay in filing of the appeal before the Commissioner. Similarly, it has been used in Section 5 of the Indian Limitation Act, 1963. Whenever interpretation and consideration of this expression has fallen for consideration before the Hon'ble High Courts as well as before

MD. FAROOQUE ANSARI,KOLKATA vs. ITO, WARD - 32(1), KOLKATA, KOLKATA

In the result, the appeal filed by the Assessee is partly allowed

Bench: Shri P. M. Jagtap, A.M. & Shri S.S.Viswanethra Ravi, J.M.)

capital gain arising out of the sale of leasehold land and building thereon is STCG in place of LTCG in terms of Section 50 of the Income Tax Act, 1961. The said asset has never been a business asset. A wrong claim of depreciation over the same in the last year can not change the nature of asset. The profit

DCIT, CIRCLE - 3(1), KOLKATA, KOLKATA vs. M/S. TATA METALIKS LIMITED, KOLKATA

Bench: Shri S.S.Godara & Dr. A.L. Saini

gain in the computation of book profit under the provisions contained in Explanation to section 115JB of the Act, the assessee is not entitled to the exclusion thereof as claimed. Thus, the argument that impugned capital receipts are to be reduced from the net profit shown in the profit and loss account prepared under the Companies Act for the purpose

M/S TATA METALIKS LTD.,KOLKATA vs. DCIT, CIR-3(1), KOLKATA, KOLKATA

Bench: Shri S.S.Godara & Dr. A.L. Saini

gain in the computation of book profit under the provisions contained in Explanation to section 115JB of the Act, the assessee is not entitled to the exclusion thereof as claimed. Thus, the argument that impugned capital receipts are to be reduced from the net profit shown in the profit and loss account prepared under the Companies Act for the purpose

DCIT, CIRCLE - 3(1), KOLKATA, KOLKATA vs. M/S. TATA METALIKS LIMITED, KOLKATA

In the result, the appeal of the assessee is partly allowed

4,14,13,831/- and ₹18,20,000/-; respectively being capital in nature in computing book profits section 115JB of the Act. Both the parties are unanimous herein as well in pointing out that the above co-ordinate bench’s decision has upheld the taxpayer’s similar substantive grievance in preceding assessment year 2010-11 as under:- “9. Next issue

TATA METALIKS LIMITED,KOLKATA vs. DCIT, CIRCLE - 3(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is partly allowed

4,14,13,831/- and ₹18,20,000/-; respectively being capital in nature in computing book profits section 115JB of the Act. Both the parties are unanimous herein as well in pointing out that the above co-ordinate bench’s decision has upheld the taxpayer’s similar substantive grievance in preceding assessment year 2010-11 as under:- “9. Next issue

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

249 (SC) 2) PCIT vs. Indravadan Jain [2023] 156 taxmann.com 605 (Bombay) 3) PCIT vs. Dipansu Mahapatra [2023] 149 taxmann.com 99 (Orissa) 4) ITO Vs. Smt. Bimla Debvi Singhania ITA Nos. 212 & 213/CKT/2019 7 I.T.A. No. 763/Kol/2022 Assessment Year: 2013-14 Nalanda Builders Pvt. Ltd. 9.1. The ld. A/R submitted that in all these judicial precedents, transactions were done