SRI SURYA PRAKASH BAGLA,KOLKATA vs. DCIT, CEN. CIR-VII, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 398/Kol/2014 Assessment Year : 2010-11 Shri Surya Prakash Bagla -Vs- Dcit, Central Circle-Vii, Kolkata [Pan: Aebpb 4558 F] (Appellant) (Respondent)

capital gain on such sale which includes the said sum of Rs. 7,40,90,000/- was paid in full even before the due date filing the return u/s 139(1). 6. For that your petitioner craves the right to put additional grounds and/or to alter/amend/modify the present grounds before or on the date of hearing. 6. We have heard

SUVAPRASANNA BHATTACHARYA,KOLKATA vs. ACIT, CIRCLE - 55, KOLKATA, KOLKATA

In the result, appeal filed by assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Waseem Ahmedassessment Year :2006-07 Suvaprasanna Bhatacharya V/S. Acit, Circle-55, Bh-167, Salt Lake, Sector- 54/1, Rafi Ahmed Ii, Kolkata-700 016 Kidwai Road, [Pan No.Aedpb 2611 R] Kolkata – 700 016 .. अपीलाथ" /Appellant ""यथ"/Respondent

capital gain should not be treated as undisclosed under the head undisclosed investments. 3.3 The above submissions did not find favour with the AO. The AO held that the assessee had deliberately tried to conceal his professional receipt by depositing it in the bank account not disclosed to the department. He was well aware of the volume of transactions being

MITUL PRAVINCHANDRA MALANI, ,KOLKATA vs. ACIT, CIR. 33, KOLKATA

In the result, the appeal of the assessee is partly allowed while the penalty of ₹9,560/- imposed is hereby cancelled

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2014-15

gains earned during the financial year under consideration. Penalty proceedings were also initiated. 6. The assessee did not contest the addition. The assessee had furnished a reply before the Ld. AO that no appeal had been preferred against the disallowance of loss only to avoid litigation, which is time-consuming and because of the smallness of the case

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]

capital gains if invested even before the time limit stipulated u/s 139(4) of the Act is to be construed as substantial compliance with the provisions of section 54(2) of the Act and for which, he placed reliance on the decisions of Hon’ble Gauhati High Court in the case of CIT vs Rajesh Kumar Jalan reported

DCIT, CIRCLE - 6,, KOLKATA vs. LOKNATH SARAF SECURITIES LTD.,, KOLKATA

In the result, to sum up ITA No

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

gains of business or profession' in the context of computing the gross total income of assessee company. If any specific item is to be considered differently, the same would have been specifically stated in Explanation to Section 73 as in the case of section 32A(3), 32AB(3) etc. In Explanation to section 32A(3) it has specifically mentioned

REENA MITRA,KOLKATA vs. I.T.O WD - 29(2),KOLKATA, KOLKATA

In the result, the appeal by the assessee is allowed

Bench: Shri Mahavir Singh & Shri Waseem Ahmedassessment Year :2006-07

capital gain (STCG) and other sources”. During the year under consideration, assessee failed to disclose certain income in her return of income and for the same the AO has made the addition in the assessment order passed under section 143(3) of the Act. The detail of such income is as under :- 1) Bank interest Income

USHA MARTIN VENTURES LIMITED,KOLKATA vs. D.C.I.T CIR - 6,KOLKATA., KOLKATA

In the result, assessee’s appeal is allowed

Bench: Shri Mahavir Singh & Shri Waseem Ahmedassessment Year :2009-10 Usha Martin Ventures V/S. Dcit, Circle-6 Ltd., 24, R.N.Mukherjee Aaykar Bhawan, P-7, Road, 2Nd Floor, Kolkata- Chowringhee Squre, 700 001 Kolkata-700 069 [Pan No.Aaacu 3843 J] .. अपीलाथ" /Appellant ""यथ"/Respondent

capital gains”. The Assessing Officer found that the purpose of selling share at a price less than market value/ book value was to escape from the tax liability therefore, it was disallowed by AO. However, from the above facts, we understand that genuineness of the transaction of sale and purchase of share with assessee and buyer-company has not been

ITO, WD-30(3), KOLKATA, KOLKATA vs. M/S TOLARAM AND SONS (HUF), KARNATAKA

In the result, the appeal of the Revenue is party allowed

Bench: Hon’Ble Shri Aby T.Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 974/Kol/2015 Assessment Year : 2011-12 Ito, Ward-30(3), Kolkata -Vs- M/S Tolaram & Sons (Huf) [Pan: Aaaht 7363 K] (Appellant) (Respondent)

section 143(3) of the Income Tax Act, 1961 (in short “the Act”) dated 28.03.2014 for the Assessment Year 2011-12. 2. The first issue to be decided in this appeal is as to whether the Ld. CIT(A) was justified in directing the Ld. AO to re-compute the long term capital gain as returned by the assessee

ANIL KUMAR PAIK ,KOLKATA vs. ACIT, CIR-8(1), KOL, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 492/Kol/2023 Assessment Year: 2017-18 Anil Kumar Paik Acit, Circle-8(1), Kolkata C/O S.N. Ghosh & Associates, Advocates Vs 2, Garstin Place, 2Nd Floor Suite No. 203 Off Hare Street Kolkata - 700001 [Pan : Aflpp6567R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri B.K. Singh, Jcit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 01/12/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/02/2024 आदेश/O R D E R Per Dr. Manish Borad: 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. 15/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. For That The Ld. Commissioner, Of Income Tax (Appeals)- N.F.A.C. Acted Unlawfully In Impliedly Sustaining; The Purported Addition Of Rs. 1,67.44,907/- Made The Ld. Assistant Commissioner, Of Income Tax, Circle 8(1) Kolkata By Invoking The Mischief U/S. 43Ca Of The Income Tax Act, 1961 Without Satisfying The Parameters Thereof & The Adverse Conclusion Reached On That Behalf In Violation Of The Statutory Prescription Is Completely Unfounded, Unjustified & Untenable In Law. 2. For That The Specious Approach Of The Ld. Commissioner Of Income Tax (Appeals)-N.F.A,C. Of Misreading Evidence, Considering Improper Facts

274, the Division Bench of this Court had an occasion to consider the value of the flat in case of sale by the Developer in the context of section 50C and section 56(2)(vii)(b)(ii) of the Act. The Division Bench observed thus: "3. Regarding question No. (i): ** ** ** (f) It is self evident from reading of section

ANIL KUMAR PAIK,KOLKATA vs. ACIT, KOLKATA

In the result, appeal of the assessee is allowed partly for statistical purposes

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 468/Kol/2023 Assessment Year: 2016-17 Anil Kumar Paik Acit, Circle-8(1), Kolkata C/O S.N. Ghosh & Associates, Advocates Vs 2, Garstin Place, 2Nd Floor Suite No. 203 Off Hare Street Kolkata - 700001 [Pan : Aflpp6567R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri P.P. Barman, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 21/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/11/2023 आदेश/O R D E R Per Dr. Manish Borad: 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. 15/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2016-17. 2. The Assessee Has Raised The Following Grounds Of Appeal:-

274, the Division Bench of this Court had an occasion to consider the value of the flat in case of sale by the Developer in the context of section 50C and section 56(2)(vii)(b)(ii) of the Act. The Division Bench observed thus: "3. Regarding question No. (i): ** ** ** (f) It is self evident from reading of section

SRI MAHESH KUMAR MURARKA,KOLKATA vs. I.T.O WD - 56(2),KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

capital gain. On appeal, the ld. CIT(Appeals) confirmed the said penalty imposed by the Assessing Officer. Aggrieved by the order of the ld. CIT(Appeals), the assessee has preferred this appeal before the Tribunal. 3. We have heard the arguments of both the sides and also perused the relevant material available on record. The ld. counsel for the assessee

DCIT, CIR-11(2), KOLKATA, KOLKATA vs. M/S P C CHANDRA (JEWELLERS) PVT. LTD., KOLKATA

In the result, Revenue’s appeal stands dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2011-12 Dct, Crcle-11(2), V/S. M/S P.C. Chandra P-7, Chowringhee (Jewellers), Pvt. Ltd., Square, Kolkta-69 49C, Gaiahat Road, Kolkata-19 [Pan No.Aabcp 8654 M] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Sallong Yaden, Addl. Cit-Sr-Dr अपीलाथ" क" ओर से/By Appellant Shri Ravi Tulsiyan, Fca ""यथ" क" ओर से/By Respondent 11-01-2018 सुनवाई क" तार"ख/Date Of Hearing 02-02-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Revenue Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-4, Kolkata Dated 06.07.2015. Assessment Was Framed By Dcit, Circle-11, Kolkata U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 28.08.2013 For Assessment Year 2011-12. Revenue Has Raised Following Ground:- “1. That On The Facts & In The Circumstances Of The Assessee Ld. Cit Has Erred In Deleting The Penalty Of Rs.23,68,786/- Imposed U/S. 271(1)(C) Of The It Act. 1961. 2. That The Appellant Craves For Leave To Add, Delete Or Modify Any Of The Grounds Of Appeal Before Or All The Time Of Hearing.”

capital gains voluntarily. We also find that the assessee had also given explanation for not offering the same in the original return of income due to his bona fide belief as stated supra. His bona fide explanation has not been found to be false by the Id. AO. From the above, it could be safely concluded that as per Explanation

VIRENDRA KUMAR SURANA HUF,KOLKATA vs. ITO, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2012-13 Virendra Kumar Surana, Huf Income-Tax Officer, Ward- 4A, Pollock Street, Swaika 36(1), Kolkata. Vs. Centre, 3Rd Floor, R. No. 308, Kolkata-700001. (Pan: Aabhv3803K) (Appellant) (Respondent)

capital gain which was claimed as exempt income for taxation, amounting to Rs.6,70,136/- to avoid litigation and buy peace with the Tax Department. Accordingly, Ld. AO completed the assessment, considering the voluntary offering made by the assessee which was added to the total income of the assessee as income from other sources. 3.1. While doing

ACIT, CIR-27, KOLKATA, KOLKATA vs. SHRI BIJAY KUMAR AGARWAL, KOLKATA

In the result, the appeal of revenue is dismissed

gains for purchase of an under construction flat under the said section. I therefore find that the assessee sold the Oat in Assessment Year 2012-2013 and paid taxes on the said income also. Thus, the purchase and sale of the fiat cannot be disputed for some minor differences in the Boucher as mentioned by the Assessing Officer

OCTAGON ENTERPRISES (P) LTD.,KOLKATA vs. THE DCIT, CIR-2(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

capital gains to tax in the return of income. During the course of assessment proceedings when these incomes were picked up by the tax officer, the taxpayer admitted earning of the incomes and filed a revised computation of income. Based on this finding, the tax officer mentioned in the assessment order that penalty proceedings under section

M/S AKSHAY KUMAR GHOSH & SONS,KOLKATA vs. ITO, WD-34(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

capital gains to tax in the return of income. During the course of assessment proceedings when these incomes were picked up by the tax officer, the taxpayer admitted earning of the incomes and filed a revised computation of income. Based on this finding, the tax officer mentioned in the assessment order that penalty proceedings under section

SAFIUL MALLICK,KOLKATA vs. ACIT, CIRCLE-27,HALDIA, PURBA MEDINIPUR

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

capital gains to tax in the return of income. During the course of assessment proceedings when these incomes were picked up by the tax officer, the taxpayer admitted earning of the incomes and filed a revised computation of income. Based on this finding, the tax officer mentioned in the assessment order that penalty proceedings under section

YADRAM AGARWAL,KOLKATA vs. ITO, WD-49(4), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

capital gains to tax in the return of income. During the course of assessment proceedings when these incomes were picked up by the tax officer, the taxpayer admitted earning of the incomes and filed a revised computation of income. Based on this finding, the tax officer mentioned in the assessment order that penalty proceedings under section

BIJAY KUMAR SHAW,KOLKATA vs. ITO, WD-51(3), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

capital gains to tax in the return of income. During the course of assessment proceedings when these incomes were picked up by the tax officer, the taxpayer admitted earning of the incomes and filed a revised computation of income. Based on this finding, the tax officer mentioned in the assessment order that penalty proceedings under section