SHUVRO CHATTARAJ,KOLKATA vs. PCIT , BURDWAN

In the result, the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2015-16

45. (1) Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54, 54B, 54D,54E, 54EA, 54EB, 54F , 54G and 54H, be chargeable to income-tax under the head "Capital gains", and shall be deemed to be the income of the previous year in which

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

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]

45. Provided that the investment made on or after the 1st day of April, 2007 in the long-term specified asset by an assessee during any financial year does not exceed fifty lakh rupees.' 7. On a plain reading of the above said provision, we are of the view that Section 54EC(1) of the Act restricts the time limit

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

In the result, the appeal of the assessee is allowed

45 as the income of the previous year; and for the purpose of\ncomputing in respect of the new asset any capital gain arising from its\ntransfer within a period of three years of its purchase or construction, as\nthe case may be, the cost shall be nil; or\n(ii)\nif the amount of the capital gain is equal

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

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

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

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

In the result, the appeal of the assessee is allowed

4 SCC 272] (SCC paras 42-45); State Level Committee v.\nMorgardshammar India Ltd. [(1996) 1 SCC 108] ; Novopan India Ltd. v. CCE & Customs\n[1994 Supp (3) SCC 606] ; A.P. Steel Re-Rolling Mill Ltd. v. State of Kerala [(2007) 2 SCC\n725] and Reiz Electrocontrols (P.) Ltd. v. CCE. [(2006) 6 SCC 213]'\n15. In view

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

4 of the assessment\norder that the said money was deposited out of sale of jewellery\nwhich had been shown as income from long term capital gain in the\nreturn of income filed by the assessee in response to notice u/s 148\nof the Act as stated hereinabove. Therefore, the said income as per\nthe computation of income

THE DCIT, CIR-3(2) GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED , GANGTOK SIKKIM

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

4) of the Act even though without any amendment in Section 80P(2)(d) of the Act is sufficient to deny the claim of the respondent assessee for deduction under Section 80P(2)(d) of the Act. The only exception is that of a Page 28 of 45 I.T.A. Nos.: 1582 & 1583/KOL/2024 Assessment Years: 2018-19 & 2020-21 Sikkim State

DEPUTY COMMISSIONER OF INCOME TAX, CIR-3(2), GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED, GANGTOK SIKKIM

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

4) of the Act even though without any amendment in Section 80P(2)(d) of the Act is sufficient to deny the claim of the respondent assessee for deduction under Section 80P(2)(d) of the Act. The only exception is that of a Page 28 of 45 I.T.A. Nos.: 1582 & 1583/KOL/2024 Assessment Years: 2018-19 & 2020-21 Sikkim State

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 of the Act has to be taken into account, it was not understood how in computing the Book Profit u/s. 115J of the Act, the assessee could exclude capital gain. It was opined that while computing Book Profit under the Company’s act the assessee has to include Capital Gain for computing Book Profit u/s. 115J. Even under clause

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

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

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