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

Section 147 of the Act in the first appeal filed with learned CIT(A) for the assessment year 2005-06 and hence the finding of the AO has attained finality. Since the said findings of the AO with respect to purchases of 4000 shares of M/s Shiv Om Investment and Consultancy Limited in assessment year 2005-06 have become conclusive

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

Section 147 of the Act in the first appeal filed with learned CIT(A) for the assessment year 2005-06 and hence the finding of the AO has attained finality. Since the said findings of the AO with respect to purchases of 4000 shares of M/s Shiv Om Investment and Consultancy Limited in assessment year 2005-06 have become conclusive

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

Section 147 of the Act in the first appeal filed with learned CIT(A) for the assessment year 2005-06 and hence the finding of the AO has attained finality. Since the said findings of the AO with respect to purchases of 4000 shares of M/s Shiv Om Investment and Consultancy Limited in assessment year 2005-06 have become conclusive

AJAY KUMAR DOSHI.,KOLKATA vs. A.C.I.T.CIR - 54,KOL, KOLKATA

In the result, the appeal of the Revenue is dismissed, while the appeal of the assessee is partly allowed as indicated above

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

276/-. In the said return, the sum of Rs.1,46,00,000/- was claimed to be exempt by the assessee from tax and the following note was appended to the return to support and substantiate the said claim:- “Income exempt from tax- capital receipts- during the year, I have received Rs.1,46,00,000/- from EYLLP through accounting partners trust

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

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

capital gains of Rs.76,22,276/- in his return of income instead of his actual liability of Rs.44,63,518/- only as per provisions of section

D.C.I.T CIR - 1,KOLKATA, KOLKATA vs. M/S A.K.G FINVEST LTD, KOLKATA

In the result, appeal of revenue is dismissed

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

capital gain‟ and not „profit or gain of business and profession‟. 9. Another aspect discussed by AO as regards to frequency of transaction, the investor aims at wealth maximization and has to divest the shares at the opportune time to prevent depreciation in investment. And Investor has to take appropriate decision after weighing the risk of carrying the investment with

M/S. IMC LTD.,KOLKATA vs. DCIT, CIRCLE - 11, KOLKATA, KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

capital gain income in the revised return of income which is within the provisions of the law. As such the AO has not brought any defect in the books of accounts and in the revised return. The assessee has been showing investments in the audited financial statements. The ld. DR has also not brought anything on record to controvert

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. IMC LTD., KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

capital gain income in the revised return of income which is within the provisions of the law. As such the AO has not brought any defect in the books of accounts and in the revised return. The assessee has been showing investments in the audited financial statements. The ld. DR has also not brought anything on record to controvert

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. I M C LTD, KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

capital gain income in the revised return of income which is within the provisions of the law. As such the AO has not brought any defect in the books of accounts and in the revised return. The assessee has been showing investments in the audited financial statements. The ld. DR has also not brought anything on record to controvert

MALIKA ROY,KOLKATA vs. DCIT, CEN. CIR. 3(4), KOLKATA

In the result, all the appeals of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

276/- Income/Assessed Income This order is passed with the prior approval of JCIT (Central), Range-3, Kolkata u/s 153D of the I.T. Act, 1961”. 5. The assessee has filed his return of income on 27th September, 2014 declaring total income at Rs.80,28,734/-. He was also covered under the search operation and ultimately a notice under section 153A

ARATI RAY,KOLKATA vs. DCIT, CEN. CIR. -3(4), KOLKATA

In the result, all the appeals of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

276/- Income/Assessed Income This order is passed with the prior approval of JCIT (Central), Range-3, Kolkata u/s 153D of the I.T. Act, 1961”. 5. The assessee has filed his return of income on 27th September, 2014 declaring total income at Rs.80,28,734/-. He was also covered under the search operation and ultimately a notice under section 153A

SAMIT RAY,KOLKATA vs. DCIT, CEN. CIR. 3(4), KOLKATA

In the result, all the appeals of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Sanjay Awasthii.T.A. No. 778/Kol/2024 Assessment Year: 2014-2015 Arati Ray,………………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Adopr8465R] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 779/Kol/2024 Assessment Year: 2014-2015 Mallika Roy,…………………………..……………Appellant 11/1, Dishari Bhawan, B.T. Road, Belghoria, Kolkata-700056 [Pan:Acgpr7888F] -Vs.- Deputy Commissioner Of Income Tax,…..…Respondent Central Circle-3(4), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, 5Th Floor, Kolkata-700107 & I.T.A. No. 780/Kol/2024 Assessment Year: 2014-2015 1

276/- Income/Assessed Income This order is passed with the prior approval of JCIT (Central), Range-3, Kolkata u/s 153D of the I.T. Act, 1961”. 5. The assessee has filed his return of income on 27th September, 2014 declaring total income at Rs.80,28,734/-. He was also covered under the search operation and ultimately a notice under section 153A

MANGILAL JAIN ,DARJEELING vs. ITO, WARD - 3(3), DARJEELING , DARJEELING

Appeal is allowed

Bench: Shri S.S, Godaraassessment Year:2014-15 Mangilal Jain Income Tax Officer, बनाम / C/O Advocate Pradip Ward-3(3), Nr. Lal V/S. Lakhotia, 2Nd Floor, Metro Kothi, Darjeeling Plaza, Sf Road, Siliguri-734005 [Pan No.Afkpj 4178 D] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri Dhiraj Lakhotia, A.R अपीलाथ" क" ओर से/By Appellant Shri C.J. Singh, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 05-03-2019 सुनवाई क" तार"ख/Date Of Hearing 15-05-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R This Assessee’S Appeal For Assessment Year 2014-15 Arises Against The Commissioner Of Income-Tax (Appeals)-Siliguri’S Order Dated 22.03.2018 Passed In Case No.69/Cit(A)/Slg/2016-17, Involving Proceedings U/S. 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. Case File Perused. 2. The Assessee’S Sole Substantive Grievance Raised In The Instant Appeal Seeks To Reverse Both The Lower Authorities Findings Treating His Short Term Capital Loss (Stcl) Arising From Sale Of Shares After Payment Of Security Transaction Tax (Stt), Amounting To ₹1,92,320/- As Bogus Unexplained Cash Credits. The Cit(A)’S Detailed Discussion To This Effect Reads As Under:- “4. Decision :- I Have Perused The Assessment Order, The Grounds Of Appeal & The Submissions Made By The Ld.. A/R On Behalf Of The Appellant. My Observations & Findings Are As Under :- 4.1. The Present Appeal Emanates After Disallowing Rs. 11,92,320/- Arising Out Of Shares Transaction & Treated The Same As Bogus. In This Case The Assessee Purchased 32000 Shares Of Global Infratech & Finance Ltd. Through Eureka Stock & Shares Broking Services Limited @ Rs. 77.37 Per Share Aggregating To Rs. 24,79,714/- On 11.02.2014 & Further Sold The

capital gain of almost equal amount. The AO observed that short-term gain was not genuine inasmuch as assessee had purchased 45,000 shares of M/s Ankur International Ltd at varying rates from Rs. 2.06 to Rs. 3. f per share and sold them within a short span of six-seven months at the rate varying from Rs. 47.75 paise

SUBRATA DAW,KOLKATA vs. ITO, WARD-36(2), KOLKATA, KOLKATA

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

capital gain for the assessment year 2012-13. However, the AO referred to DVO the fair market value of property as on 01.04.1981 and DVO estimated it at Rs.1,15,34,144/- for the entire joint property. Thus, the value as on 01.04.1981 on assessee’s 1/4th share was at Rs.28,83,536/- (without indexation). After getting the report

M/S. BOTHRA AUTOMOTIVE PVT. LTD.,KOLKATA vs. ACIT, CC-XX, KOLKATA, KOLKATA

In the result, assessee’s appeal in ITA No

Bench: Shri N.V. Vasudevan & Shri Waseem Ahmed

capital Gain of Rs.18,10,318/- was calculated. Considering above and as discussed in para 4, while deciding ground no 3 above the addition of Rs.18,10,318/- made by the AO under section 50(2) is confirmed.” 16. Being aggrieved by this order of Ld. CIT(A) assessee preferred second appeal before us. 17. Now, being aggrieved by this

M/S. BOTHRA AUTOMOTIVE PVT. LTD.,KOLKATA vs. ACIT, CC-XX, KOLKATA, KOLKATA

In the result, assessee’s appeal in ITA No

Bench: Shri N.V. Vasudevan & Shri Waseem Ahmed

capital Gain of Rs.18,10,318/- was calculated. Considering above and as discussed in para 4, while deciding ground no 3 above the addition of Rs.18,10,318/- made by the AO under section 50(2) is confirmed.” 16. Being aggrieved by this order of Ld. CIT(A) assessee preferred second appeal before us. 17. Now, being aggrieved by this

M/S TATA GLOBAL BEVERAGES LIMITED,KOLKATA vs. THE DCIT, CIRCLE-4(2), KOLKATA, KOLKATA

In the result, the appeals filed by the assessee for AY 2012-

Bench: Dr. Manish Borad & Sonjoy Sarma

capital gains amounting to Rs 1,36,025/- twice in the gross total income of the Appellant. 6. That on the facts and in the circumstances of the case, the Ld. DRP as well as the Ld. AO erred in not allowing deduction of u/s 80G of the Act amounting to Rs. 1,00,00,000/-. Page

M/S TATA GLOBAL BEVERAGES LIMITED,KOLKATA vs. THE DCIT, CIRCLE-4(2), KOLKATA, KOLKATA

In the result, the appeals filed by the assessee for AY 2012-

Bench: Dr. Manish Borad & Sonjoy Sarma

capital gains amounting to Rs 1,36,025/- twice in the gross total income of the Appellant. 6. That on the facts and in the circumstances of the case, the Ld. DRP as well as the Ld. AO erred in not allowing deduction of u/s 80G of the Act amounting to Rs. 1,00,00,000/-. Page