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

capital gain under section 45 of the Act in his order, the AO incorrectly interpreted the gain as long-term

SWETA SONTHALIA,KOLKATA vs. ITO, WARD 7(1), KOLKATA

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

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

capital gain shall not be charged under section 45 ; (b) if the cost of the long-term specified asset is less

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

In the result, the appeal of the assessee is allowed

section, that is to say, —\n(i)\nif the amount of the capital gain is greater than the cost of\nthe residential house so purchased or constructed (hereafter in this\nsection referred to as the new asset), the difference between the amount\nof the capital gain and the cost of the new asset shall be charged under\nsection 45

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

45,83,180/- declared in the return for AY 2014-15 filed on 27.09.2014. Case selected for scrutiny through CASS followed by serving of notices u/s 143(2) & 142(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

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

45,83,180/- declared in the return for AY 2014-15 filed on 27.09.2014. Case selected for scrutiny through CASS followed by serving of notices u/s 143(2) & 142(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

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

45,83,180/- declared in the return for AY 2014-15 filed on 27.09.2014. Case selected for scrutiny through CASS followed by serving of notices u/s 143(2) & 142(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

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

45,83,180/- declared in the return for AY 2014-15 filed on 27.09.2014. Case selected for scrutiny through CASS followed by serving of notices u/s 143(2) & 142(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

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

In the result, the appeal of the assessee is allowed

capital gain and the cost of the new\nasset is to be charged under Section 45 as the income of the previous

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(1)\nwhich says that \"net consideration\", in relation to the transfer of a capital\nasset, means the full value of the consideration received or accruing as a\nresult of the transfer of the capital asset as reduced by any expenditure\nincurred wholly and exclusively in connection with such transfer.\nIn CIT vs. Miss Piroja C. Patel

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

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 Saving Bank A/c\nS/B Int.\n63565\nInterest on F.d. with banks\nF.D Int\n15885.\nINCOME FROMOTHERS\nLIC commission\n79,450\n85370\n85,370\nGROSS TOTAL INCOME\nLess:- Deduction under

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

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

section 55(2)(a) of I T Act as amended by Finance Act 2002 w.e.f. 01.04.2003 for the purpose of capital gain where Ld.CIT(A) has accepted the contention of the receipt of compensation amounting to Rs.7,10,35,264/- in the nature of capital receipt on relinquishment of all rights of business operation in the Hotel Lanka Oberoi

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

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

section 55(2)(a) of I T Act as amended by Finance Act 2002 w.e.f. 01.04.2003 for the purpose of capital gain where Ld.CIT(A) has accepted the contention of the receipt of compensation amounting to Rs.7,10,35,264/- in the nature of capital receipt on relinquishment of all rights of business operation in the Hotel Lanka Oberoi

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

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

section 55(2)(a) of I T Act as amended by Finance Act 2002 w.e.f. 01.04.2003 for the purpose of capital gain where Ld.CIT(A) has accepted the contention of the receipt of compensation amounting to Rs.7,10,35,264/- in the nature of capital receipt on relinquishment of all rights of business operation in the Hotel Lanka Oberoi

SPLENDOUR VILLA MAKERS PVT. LTD. ,KOLKATA vs. ACIT,CIR-12(2),KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Boradi.T.A. No. 734/Kol/2023 Assessment Year: 2015-2016 Splendour Villa Makers Pvt. Ltd.,……………Appellant Flat-4D, Lansdown Heights, 6, Sarat Bose Road, Bhowanipur, Kolkata-700020 [Pan:Aahcs9726M] -Vs.- Assistant Commissioner Of Income Tax,..…Respondent Circle-12(2), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri Miraj D. Shah, A.R., Appeared On Behalf Of The Assessee Shri B.K. Singh, Addl. Cit, Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : June 05, 2024 Date Of Pronouncing The Order : July 25, 2024 O R D E R

45 read with section 112 of the Act, which is part of the Income Tax Act deals with the calculation of long-term capital gain

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

Section 43(6)(c) read with Section 32 of the Act, and therefore Section 50C is not applicable, reliance in this regard is placed on the following- -Decision of the jurisdictional Tribunal in the case of Eveready Industries India Ltd. -vs.- PCIT (2020) 181 ITD 528 (Kolkata Trib.) wherein the Hon'ble ITAT has held that while computing

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

Section 43(6)(c) read with Section 32 of the Act, and therefore Section 50C is not applicable, reliance in this regard is placed on the following- -Decision of the jurisdictional Tribunal in the case of Eveready Industries India Ltd. -vs.- PCIT (2020) 181 ITD 528 (Kolkata Trib.) wherein the Hon'ble ITAT has held that while computing

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]

45,540/- after making allowance of index cost of acquisition of Rs.34,54,460/-. During the year, the assessee has also sold equity shares of two companies viz. M/s. Tuni Textiles Ltd. and M/s. Blue Circle Services Limited on which the assessee had incurred loss of Rs.1,87,25,176/-. The above STCG was set off against LTCG realized from

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

45,540/- after making allowance of index cost of acquisition of Rs.34,54,460/-. During the year, the assessee has also sold equity shares of two companies viz. M/s. Tuni Textiles Ltd. and M/s. Blue Circle Services Limited on which Page 7 of 26 I.T.A. No.: 1447/KOL/2019 Assessment Year: 2014-15 Gilt Commodities Pvt. Ltd. the assessee had incurred loss