RAM NIRANJAN BANKA,KOLKATA vs. A.C.I.T., CIRCLE - 40,, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shripradip Kumar Choubey, Jm Ram Niranjan Banka Acit, Circle-40 1, Surti Bagan Street, Jorasanko, 3, Govt. Place (West), Vs. Kolkata-700073, West Bengal Kolkata-700001, West Bengal (Respondent) (Appellant) Pan No. Aedpb5273P Assessee By : Shri Manish Tiwari, Ar Revenue By : Shri Sanat Kumar Raha, Dr Date Of Hearing: 14.08.2025 Date Of Pronouncement: 21.11.2025

26,906) & indexed cost of land 60,22,089 not considered (15,95,183) Long term Capital gain on transfer of land proportionate to Developer’s allocation 4,65,63,334 5,42,02,854 3.3. As regards computation of capital gains on transfer of 1st Floor flat in pursuance of Agreement for sale dated 24th February, 2012 (i.e before

RUSSEL CREDIT LIMITED,KOLKATA vs. PCIT, KOL, KOLKATA

The appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Sanjay Awasthiassessment Year: 2018-19

section was passed on 27.02.2023, setting aside the order u/s 143(3) of the Act dated 08.03.2021 on the following grounds: (a) Treatment of gain from transfer of 34 unquoted preference shares of ICICI Bank Ltd as long-term capital gain (hereafter ‘LTCG’) of Rs. 12,97,56,648/- instead of business profit of Rs. 18,48,26

RAMAUTAR SARAF (HUF),KOLKATA vs. ITO, WARD 59(3),, KOLKATA

In the result, the appeal of the assessee is allowed

capital gains\nmade by him for the purpose of purchasing and/or acquiring the aforesaid assets.\nWe find therefore that on this ground also, the assessee is liable to succeed. The\nappeals are, accordingly, allowed and the judgment of the High Court is set\naside.'\n12. In view of the interpretation given to the word \"utilized\" used in section

PRATIK AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, C.C.-3(1), , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

PINKY AGARWAL ,KOLKATA vs. ACIT, CC-3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

M/S. GATEWAY FINANCIAL SERVICES LTD., ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

M/S. NISHIT AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

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

In the result, the appeal of the assessee is allowed

capital gain of Rs. 26,77,72,881/- and invested the same in constructing a new residential property. The Assessing Officer (AO) denied the exemption under Section

ZAFAR IQBAL,SILIGURI vs. DCIT, CIRCLE - 1, SILIGURI, SILIGURI

In the result, the appeal filed by the assessee is partly allowed for\nstatistical purposes

section 54F of the Income Tax Act,\n1961 and had claimed before the Hon'ble CIT(A) in writing during the first\nappellate proceedings that his taxable capital gains was for Rs.44,63,518 only.\nSale proceeds of 3.55 Acres of land\nRs.4,17,00,000/-\nLess: Cost of acquisition of 2.81\nAcres of land in the hand

SAROJ BAID,KOLKATA vs. ITO, WARD 36(3), KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg, J & Dr. Manish Borad

capital gain of Rs.69,42,776/- from sale of equity shares of NCL Research and Financial Services Limited. The case selected for scrutiny through CASS in AST module by valid serving of notices under section 143(2) and 142(1) of the Act. During the course of assessment proceedings, the ld. Assessing Officer observed that during

SAROJ BAID,KOLKATA vs. ITO, WARD - 36(3), KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg, J & Dr. Manish Borad

capital gain of Rs.69,42,776/- from sale of equity shares of NCL Research and Financial Services Limited. The case selected for scrutiny through CASS in AST module by valid serving of notices under section 143(2) and 142(1) of the Act. During the course of assessment proceedings, the ld. Assessing Officer observed that during

SKYBRIDGE REAL ESTATES LLP,KOLKATA vs. D.C.I.T., CIRCLE - 34, KOLKATA, KOLKATA

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

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Skybridge Real Estates Llp Dcit, Circle -34, 24, Hemant Basu Sarani, Aaykar Bhavan Poorva, 110, Mangalam-A, 5Th Floor, Room Shanti Pally, E.M. Bypass, Vs. No.507, Kolkata-700001, Kolkata-700107, West Bengal West Bengal (Appellant) (Respondent) Pan No. Acvfs7139R Assessee By : Shri N.S. Saini, Ar Revenue By : Ms. Ruchika Sharma, Dr Date Of Hearing: 21.11.2024 Date Of Pronouncement : 02.12.2024

26,999/- as long term capital gain which has been claimed as exempt u/s 10(38) of the Act, the remaining capital gain of Rs. 4,12,62,661/- was under the head short term capital gain on which tax at the rate of 20% was paid. The ld. AO noted that these equities were held as stock-in-trade

MAYURA MOHTA,MUMBAI vs. D.C.I.T., CIRCLE - 29,, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Dcit, Circle-29 Mayura Mohta Aaykar Bhavan Dakshin, 2, Sumer Trinity Towers 202, Tower-I, New Prabhadevi Road, Gariahat Road (South), Vs. Prabha Devi, Mumbai-400 025 Kolkata-700031, West Bengal (Appellant) (Respondent) Pan No. Aevpm3232R Assessee By : Shri Sunil Surana, Ar Revenue By : Shri Monalisha Pal Mukherjee, Dr Date Of Hearing: 16.12.2024 Date Of Pronouncement : 21.01.2025

section 54 because the assessee had sold his residential flat on 24-2-2010. 24. All other decisions relied on by the assessee also held that date of possession of new property should be considered as the date of acquisition of the property. 25. In the assessee’s own case while computing capital gain ld. AO has taken date

GUJARAT COMPOSITE LTD,KOLKATA vs. DCIT, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2007-08

26,60,680/- was based on Approved Valuer's Report which was submitted before the A.O. during the course of assessment proceedings. The A.O. while computing the LTCG on sale of land to Shri Ram Truth House Management Pvt. Ltd had straight way deducted the figure of Rs.3,51,51,080/- being the amount of Deductions as appearing under

ORIENTAL CHARITABLE FOUNDATION,KOLKATA vs. CIT(EXEMPTIONS), KOLKATA

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

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2017-18

gains etc. while the income of the trust is to be computed as per the normal commercial principles by considering the receipt and expenditure for the relevant period. It is also stated that out of total receipts received in the relevant year at Rs.68,41,927/-, only Rs. 80,000/- was on account of donations received and a substantial

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]

Capital Gains from transaction in shares of Radford Global Ltd as bogus and making addition u/s 68 of the Act. 22. Regarding the report of SEBI report dated 19.12.2014 we find that the said order was revoked by SEBI by the final order dated 20.09.2017 in SEBI/WTM/MPB/EFD-1-DRA-III/ 30 /2017 by observing as under: “Considering the fact that there

ACIT, CIRCLE - 7(1) , KOLKATA vs. M/S. BRITANNIA INDUSTRIES LTD., , KOLKATA

In the result, appeal of the revenue in ITA No

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Ble

capital gain and is liable for levy of tax at normal tax rates and not under special rate provided u/s 112 of the Act. Thus, Ground No. 4 of the revenue is allowed. 21. Ground No. 5 is general in nature. 22. Now, we take up the grounds raised in the Cross-objection No. 09/Kol/2020 filed by the assessee

GILT COMMODITIES PVT. LTD.,KOLKATA vs. I.T.O.,WARD-3(1), KOLKATA

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

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

Capital Gains from transaction in shares of Radford Global Ltd as bogus and making addition u/s 68 of the Act. 22. Regarding the report of SEBI report dated 19.12.2014 we find that the said order was revoked by SEBI by the final order dated 20.09.2017 in SEBI/WTM/MPB/EFD-1-DRA-III/ 30 /2017 by observing as under: “Considering the fact that there

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 Gains from transaction in shares of Radford Global Ltd as bogus and making addition u/s 68 of the Act. 22. Regarding the report of SEBI report dated 19.12.2014 we find that the said order was revoked by SEBI by the final order dated 20.09.2017 in SEBI/WTM/MPB/EFD-1-DRA-III/ 30 /2017 by observing as under: “Considering the fact that there