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

In the result, the appeal of the assessee is allowed

36,00,000 shares of\nEmami Ltd on 13.07.2020 which yielded long term capital gain of\nRs.26,77,72,881/-, which was claimed as exempt u/s 54F of the\nAct. We note that the assessee have jointly constructed a new\nresidential property at 1 Queens Park along with other family\nmembers which spanned over the year

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

VENERABLE ADVERTISING PVT. LTD. ,KOLKATA vs. PCIT,KOL-1, KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawali.T.A. No.459/Kol/2023 Assessment Year: 2018-19 Venerable Advertising Pvt. Ltd....................…...……………....Appellant 6, Kali Krishna Tagore Street, Jorbagan, Kolkata- 700007. [Pan: Aaacv8673M] Vs. Pcit, Kolkata-1, Kolkata…..........................................…..…..... Respondent Appearances By: Shri Aayush Kedia, Ca, Appeared On Behalf Of The Appellant. Shri S. Datta, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : November 30, 2023 Date Of Pronouncing The Order : January 16, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Revision Order Dated 14.03.2023 Of The Principal Commissioner Of Income Tax, Kolkata [Hereinafter Referred To As ‘Pcit’] U/S 263 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Assessee In This Appeal Has Agitated Against The Action Of The Pr. Cit In Exercising His Revision Jurisdiction U/S 263 Of The Act & Thereby Directing The Assessing Officer To Frame The Assessment Afresh. 2. The Brief Facts Of The Case Are That The Assessee Vide Its Return Of Income For The Assessment Year Under Consideration I.E. A.Y 2018-19 Declared Total Income Of Rs.1,09,24,210/- Which Was Accepted By The Assessing Officer In The Assessment Carried Out U/S 143(3) Of The Act. However, Later On, The Ld. Pr. Cit In Exercising Of His Revision

section 94(7) of the Income Tax Act, 1961. Besides this, the assessee earned a short-term capital gain of Rs. 40,94,308/- on the sale of other securities. Thus, the net short-term capital loss of Rs. 1,36

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

1. In this case, it is necessary to recapitulate the facts in brief. The Appellant filed his return of income on 29.09.2018 declaring a total income of Rs. 36,79,98,920/-. Subsequently, a revised return was filed on 2 Russel Credit Ltd. : AY: 2018-19 29.03.2019 at an income of Rs. 36,18,36,450/-. Thereafter, assessment was completed

M/S.G.S. ATWAL & CO.(ENGG) (P)LTD.,KOLKATA vs. DCIT, CIR-11(1), KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

gains of business or profession'. The interest on late payment of TDS, is not covered either under the provision of sections 30 to 36 of the Act, nor it qualifies as expenditure wholly and exclusively incurred for the purpose of business or profession u/s 37 of the Act. Even u/s 36(1)(iii) of the Act, the amount of interest

M/S.G.S. ATWAL & CO.(ENGG)(P)LTD,KOLKATA vs. DCIT, CIR-11(1), KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

gains of business or profession'. The interest on late payment of TDS, is not covered either under the provision of sections 30 to 36 of the Act, nor it qualifies as expenditure wholly and exclusively incurred for the purpose of business or profession u/s 37 of the Act. Even u/s 36(1)(iii) of the Act, the amount of interest

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

1) of the Act. The reason for selecting the case for scrutiny was for verifying suspicious transaction relating to long term capital gain on share, low net profit from share broking business, Large value sale of option in securities (derivatives) in a recognised stock exchange, Large value sale of futures (derivatives) in a recognized stock exchange and Suspicious transactions relating

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

1) of the Act. The reason for selecting the case for scrutiny was for verifying suspicious transaction relating to long term capital gain on share, low net profit from share broking business, Large value sale of option in securities (derivatives) in a recognised stock exchange, Large value sale of futures (derivatives) in a recognized stock exchange and Suspicious transactions relating

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

1) of the Act. The reason for selecting the case for scrutiny was for verifying suspicious transaction relating to long term capital gain on share, low net profit from share broking business, Large value sale of option in securities (derivatives) in a recognised stock exchange, Large value sale of futures (derivatives) in a recognized stock exchange and Suspicious transactions relating

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

1) of the Act. The reason for selecting the case for scrutiny was for verifying suspicious transaction relating to long term capital gain on share, low net profit from share broking business, Large value sale of option in securities (derivatives) in a recognised stock exchange, Large value sale of futures (derivatives) in a recognized stock exchange and Suspicious transactions relating

SHRI RAGHVENDRA MOHTA,KOLKATA vs. ACIT, CIRCLE - 36, KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2014-15

gain from sale of shares of Ashika Credit Capital Ltd. of Rs.29,73,500/- for sale of Rs.42,27,500/- which has been claimed as exempt u/s. 10(38) of the Act. Several other disallowance/additions were made towards bogus interest u/s. 69C, interest expenditure attributable to negative capital, u/s. 14A read with Rule 8D and on account of dividend stripping

ACIT, CC-2(1), KOL, KOLKATA vs. SHALIMAR HATCHERIES LIMITED, KOLKATA

In the result, the appeal of the Revenue is allowed and the Cross Objection filed by the assessee is dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 546/Kol/2023) Assessment Year: 2012-2013 Assistant Commissioner Of Income Tax,....Appellant Central Circle-2(1), Kolkata, Aayakar Bhawan Poorva, 3Rd Floor, 110, Shanti Pally, Kolkata-700107 -Vs.- Shalimar Hatcheries Ltd.,......................Respondent 46C, Chowringhee Road, Park Street, 17Th Floor, Everest House, Kolkata-700071 [Pan: Aadcs6537J] - A N D - C.O. No. 13/Kol/2023 (In I.T.A. No. 546/Kol/2023) Assessment Year: 2012-2013 Shalimar Hatcheries Ltd.,..................Cross Objector 46C, Chowringhee Road, Park Street, Kolkata-700071 [Pan: Aadcs6537J] -Vs.- Assistant Commissioner Of Income Tax,....Respondent Central Circle-2(1), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, Kolkata-700107 Appearances By: Shri P.P. Barman, Addl. Cit, Appeared On Behalf Of The Revenue

36. In identical manner, other brokers have deposed and thereafter provided the details of the donors, which are also compiled with and certain details are available on pages 63 to 81 of the paper book filed by the Revenue. The ld. Assessing Officer armed with the above materials, confronted all these assesses during the assessment proceedings itself, the Officer brought

DCIT, CC-1(3), KOLKATA, KOLKATA vs. M/S. A R SULPHONATES PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Sonjoy Sarma & Shri Girish Agrawalassessment Year: 2017-18

gain by taking the full value of consideration of Rs.8,18,36,300/- to arrive at a figure of Rs.5,29,39,153/-. Aggrieved, assessee went in appeal before the Ld. CIT(A). Before the Ld. CIT(A), it was contended by the assessee that it was allotted right to use the leasehold property by MIDC. The property was neither

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. SOUTH CITY PROJECTS (KOLKATA) LIMITED, KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 36(1)(iii) of the Act allows deduction of the interest paid in respect of the capital borrowed for the purpose of business or profession. The Hon’ble Supreme Court in the case of Madhav Prasad Jatia vs CIT (supra) has noted that the expression “for the purpose of his business” is wider in scope than the expression

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

1) For the purposes of this section and sections 92, 92C, 92D and 92E, "international transaction" means a transaction between two or more associated enterprises, either or both of whom are non-residents, in the nature of purchase, sale or lease of tangible or intangible property, or provision of services, or lending or borrowing money, or any other transaction having

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

1) For the purposes of this section and sections 92, 92C, 92D and 92E, "international transaction" means a transaction between two or more associated enterprises, either or both of whom are non-residents, in the nature of purchase, sale or lease of tangible or intangible property, or provision of services, or lending or borrowing money, or any other transaction having

HIRALAL BHANDARI,KOLKATA vs. ITO, WARD-37(1), KOLKATA, KOLKATA

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Manish Boradi.T.A. No. 261/Kol/2020 Assessment Year: 2013-2014 Tarasafe International Private Limited,......................Appellant C/O. Dutta Properties, Budge Budge Trunk Road, Gobindpur, Kolkata-700141 [Pan:Aadct0645E] -Vs.- Deputy Commissioner Of Income Tax,.........................Respondent Circle-15(2), Kolkata, Aayakar Bhawan Poorva, 110, Shantipally, Kolkata-700107

36. In identical manner, other brokers have deposed and thereafter provided the details of the donors, which are also compiled with and certain details are available on pages 63 to 81 of the paper book filed by the Revenue. The ld. Assessing Officer armed with the above materials, ITA No.261/KOL/2020, ITA Nos. 107, 108/KOL/2020, ITA No. 136/KOL/2020, ITA No. 23/KOL/2020

HIRALAL BHANDARI,KOLKATA vs. ITO, WARD-37(1), KOLKATA, KOLKATA

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Manish Boradi.T.A. No. 261/Kol/2020 Assessment Year: 2013-2014 Tarasafe International Private Limited,......................Appellant C/O. Dutta Properties, Budge Budge Trunk Road, Gobindpur, Kolkata-700141 [Pan:Aadct0645E] -Vs.- Deputy Commissioner Of Income Tax,.........................Respondent Circle-15(2), Kolkata, Aayakar Bhawan Poorva, 110, Shantipally, Kolkata-700107

36. In identical manner, other brokers have deposed and thereafter provided the details of the donors, which are also compiled with and certain details are available on pages 63 to 81 of the paper book filed by the Revenue. The ld. Assessing Officer armed with the above materials, ITA No.261/KOL/2020, ITA Nos. 107, 108/KOL/2020, ITA No. 136/KOL/2020, ITA No. 23/KOL/2020