RAI BHAGWAN DAS BAGLA BAHADURS MARWARI HINDU HOSPITAL,KOLKATA vs. I.T.O., WARD - 49(3) NOW, I.T.O., WARD - 44(2), KOLKATA, KOLKATA

In the result, the appeal of assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Rai Bhagwan Das Bagla Ito, Ward-49(3), Bahadurs Marwari Hindu 3, Govt. Place (West), Hospital Kolkata-700001, Vs. 1, R.N. Mukherjee Road, Martin West Bengal Burn House, Kolkata-700001 (Appellant) (Respondent) Pan No. Aactr1297C Assessee By : Shri Soumitra Choudhary, Ar Revenue By : Shri Prabhakar Prakash Ranjan, Dr Date Of Hearing: 05.12.2024 Date Of Pronouncement : 19.12.2024

gains under section 48 of the Act. Sub-clause (i) of that Section states that expenditure incurred wholly and exclusively in connection with the transfer of capital asset has to be deducted from full value consideration received or accruing. Preamble of the Conveyance Deed executed by the assessee along with Shri Nita Basu reads as under :— 'THIS INDENTURE made this

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

28,838/-. Accordingly, the grounds of the appeal of the Revenue are dismissed. It is prayed that facts being identical, following the precedent the addition made on account of alleged bogus long term capital gain be deleted in full and the appeals of the assessees are allowed.” 10. Though, ld. Counsel for the assessee has filed the written submissions both

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

28,838/-. Accordingly, the grounds of the appeal of the Revenue are dismissed. It is prayed that facts being identical, following the precedent the addition made on account of alleged bogus long term capital gain be deleted in full and the appeals of the assessees are allowed.” 10. Though, ld. Counsel for the assessee has filed the written submissions both

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

28,838/-. Accordingly, the grounds of the appeal of the Revenue are dismissed. It is prayed that facts being identical, following the precedent the addition made on account of alleged bogus long term capital gain be deleted in full and the appeals of the assessees are allowed.” 10. Though, ld. Counsel for the assessee has filed the written submissions both

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

28,838/-. Accordingly, the grounds of the appeal of the Revenue are dismissed. It is prayed that facts being identical, following the precedent the addition made on account of alleged bogus long term capital gain be deleted in full and the appeals of the assessees are allowed.” 10. Though, ld. Counsel for the assessee has filed the written submissions both

MINAKSHI DAS,JALPAIGURI vs. I.T.O., WARD - 1(3),, SILIGURI

28,04,032/-, the computation of income is available at page\nno.12 of the Paper Book, which is as under:-\nComputation of Income\nRs.\nRs.\nINCOME FROM LONG TERM CAPITAL GAIN\nSale of Items as per list enclosed\n45,45,100\nLess: (cost of acquisition etc.)\n(-) 1741068\nIndexed Cost of Acquisition\n2804032\nINCOMEFROM OTHER SOURCE\nINCOME FROMINTEREST\nInterest from

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

In the result, the appeal of the assessee is allowed

gain shall be dealt with in\naccordance with the following provisions of this section, that is to say,-\"\n18. Section 54F(1) thus states that the assessee being an\nindividual or Hindu Undivided Family, who had earned capital\ngains from transfer of any long-term capital not being a residential\nhouse could claim benefit under the said Section provided

OBEROI HOTELS PRIVATE LIMITED.,KOLKATA vs. DCIT,CIR-8, KOLKATA, KOLKATA

Bench: Shri. Rajesh Kumar () & Shri Anikesh Banerjee ()

28 of the Act to provide that any compensation received or receivable, whether revenue or capital, in connection with the termination or the modification of the terms and conditions of any contract relating to its business shall be taxable as business income. It is further proposed that any compensation received or receivable, whether in the nature of revenue or capital

DCIT, CIR-8, KOLKATA ,KOLKATA vs. OBEROI HOTELS PVT. LTD. , KOLKATA

Bench: Shri. Rajesh Kumar () & Shri Anikesh Banerjee ()

28 of the Act to provide that any compensation received or receivable, whether revenue or capital, in connection with the termination or the modification of the terms and conditions of any contract relating to its business shall be taxable as business income. It is further proposed that any compensation received or receivable, whether in the nature of revenue or capital

OBEROI HOTELS PRIVATE LIMITED,KOLKATA vs. DCIT,CIR-8, KOLKATA. , KOLKATA

Bench: Shri. Rajesh Kumar () & Shri Anikesh Banerjee ()

28 of the Act to provide that any compensation received or receivable, whether revenue or capital, in connection with the termination or the modification of the terms and conditions of any contract relating to its business shall be taxable as business income. It is further proposed that any compensation received or receivable, whether in the nature of revenue or capital

ACIT, CIRCLE - 7, KOLKATA, KOLKATA vs. SMT. BIMALA DEVI PODDAR, KOLKATA

In the result, the appeals of the Revenue are treated as allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 770/Kol/2010 Assessment Year: 2006-2007 Assistant Commissioner Of Income Tax,.......Appellant Circle-7, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- M/S.R.K.B.K. Fiscal Services Pvt. Limited,.Respondent [Now Known As Ambuja Neotia Holdings P. Ltd.] Block-4B, 3Rd Floor, Ecospace Business Park, Premises No.11F/11, Action Area-Ii, New Town, Kolkata-700160 [Pan:Aabcr5623E] & I.T.A. No. 771/Kol/2010 Assessment Year: 2006-2007 Deputy Commissioner Of Income Tax,.......Appellant Circle-7(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- Smt. Gayatri Neotia,…….……..……………..Respondent (Legal Heir Of Late Suresh Kumar Neotia) 7/2, Queen’S Park, Ballygunge, Kolkata-19 [Pan:Abkpn2315E] & I.T.A. No. 772/Kol/2010 Assessment Year: 2006-2007 1

capital gains; (b) Rs.15/- per share is to be assessed as income under the head “business” as per section 28

ACIT, CIRCLE - 7, KOLKATA, KOLKATA vs. M/S. GOVIND COMMERCIAL CO. LTD., KOLKATA

In the result, the appeals of the Revenue are treated as allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 770/Kol/2010 Assessment Year: 2006-2007 Assistant Commissioner Of Income Tax,.......Appellant Circle-7, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- M/S.R.K.B.K. Fiscal Services Pvt. Limited,.Respondent [Now Known As Ambuja Neotia Holdings P. Ltd.] Block-4B, 3Rd Floor, Ecospace Business Park, Premises No.11F/11, Action Area-Ii, New Town, Kolkata-700160 [Pan:Aabcr5623E] & I.T.A. No. 771/Kol/2010 Assessment Year: 2006-2007 Deputy Commissioner Of Income Tax,.......Appellant Circle-7(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- Smt. Gayatri Neotia,…….……..……………..Respondent (Legal Heir Of Late Suresh Kumar Neotia) 7/2, Queen’S Park, Ballygunge, Kolkata-19 [Pan:Abkpn2315E] & I.T.A. No. 772/Kol/2010 Assessment Year: 2006-2007 1

capital gains; (b) Rs.15/- per share is to be assessed as income under the head “business” as per section 28

ACIT, CIRCLE - 7, KOLKATA, KOLKATA vs. M/S. R.K.B.K. FISCAL SERVICES PVT. LTD. NOW KNOW AS AMBUJA NEOTIA HOLDINGS P LTD., KOLKATA

In the result, the appeals of the Revenue are treated as allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 770/Kol/2010 Assessment Year: 2006-2007 Assistant Commissioner Of Income Tax,.......Appellant Circle-7, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- M/S.R.K.B.K. Fiscal Services Pvt. Limited,.Respondent [Now Known As Ambuja Neotia Holdings P. Ltd.] Block-4B, 3Rd Floor, Ecospace Business Park, Premises No.11F/11, Action Area-Ii, New Town, Kolkata-700160 [Pan:Aabcr5623E] & I.T.A. No. 771/Kol/2010 Assessment Year: 2006-2007 Deputy Commissioner Of Income Tax,.......Appellant Circle-7(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- Smt. Gayatri Neotia,…….……..……………..Respondent (Legal Heir Of Late Suresh Kumar Neotia) 7/2, Queen’S Park, Ballygunge, Kolkata-19 [Pan:Abkpn2315E] & I.T.A. No. 772/Kol/2010 Assessment Year: 2006-2007 1

capital gains; (b) Rs.15/- per share is to be assessed as income under the head “business” as per section 28

D.C.I.T., CIRCLE - 7(1), KOLKATA, KOLKATA vs. SMT. GAYATRI NEOTIA LEGAL HEIR OF LATE SURESH KUMAR NEOTIA, KOLKATA

In the result, the appeals of the Revenue are treated as allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 770/Kol/2010 Assessment Year: 2006-2007 Assistant Commissioner Of Income Tax,.......Appellant Circle-7, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- M/S.R.K.B.K. Fiscal Services Pvt. Limited,.Respondent [Now Known As Ambuja Neotia Holdings P. Ltd.] Block-4B, 3Rd Floor, Ecospace Business Park, Premises No.11F/11, Action Area-Ii, New Town, Kolkata-700160 [Pan:Aabcr5623E] & I.T.A. No. 771/Kol/2010 Assessment Year: 2006-2007 Deputy Commissioner Of Income Tax,.......Appellant Circle-7(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- Smt. Gayatri Neotia,…….……..……………..Respondent (Legal Heir Of Late Suresh Kumar Neotia) 7/2, Queen’S Park, Ballygunge, Kolkata-19 [Pan:Abkpn2315E] & I.T.A. No. 772/Kol/2010 Assessment Year: 2006-2007 1

capital gains; (b) Rs.15/- per share is to be assessed as income under the head “business” as per section 28

ACIT, CIRCLE - 7, KOLKATA, KOLKATA vs. M/S. LIKHAMI COMMERCIAL COMPANY LTD. AMALGAMATED INTO CHOICEST ENTERPRISES LTD., KOLKATA

In the result, the appeals of the Revenue are treated as allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 770/Kol/2010 Assessment Year: 2006-2007 Assistant Commissioner Of Income Tax,.......Appellant Circle-7, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- M/S.R.K.B.K. Fiscal Services Pvt. Limited,.Respondent [Now Known As Ambuja Neotia Holdings P. Ltd.] Block-4B, 3Rd Floor, Ecospace Business Park, Premises No.11F/11, Action Area-Ii, New Town, Kolkata-700160 [Pan:Aabcr5623E] & I.T.A. No. 771/Kol/2010 Assessment Year: 2006-2007 Deputy Commissioner Of Income Tax,.......Appellant Circle-7(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- Smt. Gayatri Neotia,…….……..……………..Respondent (Legal Heir Of Late Suresh Kumar Neotia) 7/2, Queen’S Park, Ballygunge, Kolkata-19 [Pan:Abkpn2315E] & I.T.A. No. 772/Kol/2010 Assessment Year: 2006-2007 1

capital gains; (b) Rs.15/- per share is to be assessed as income under the head “business” as per section 28

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

Capital Gain (LTCG") on sale of both land and build- ing without appreciating that the building formed part of block of assets and hence as per provisions of Section 43(6) only 'moneys payable" in respect of such building was required to be reduced from the relevant block of assets. 6.1 On the facts and circumstances of the case

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

Capital Gain (LTCG") on sale of both land and build- ing without appreciating that the building formed part of block of assets and hence as per provisions of Section 43(6) only 'moneys payable" in respect of such building was required to be reduced from the relevant block of assets. 6.1 On the facts and circumstances of the case

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