THE PEERLESS GEN. FIN. & INV. CO. LTD.,KOLKATA vs. DCIT, CIRCLE-3(1), KOLKATA, KOLKATA

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

Bench: Shri P.M. Jagtap, Vice- & Shri A.T. Varkey

Gains from sale of Right to Property against Long Term Capital Loss claimed by the assessee on sale of Government securities. (4) That, the Ld. Pr.CIT has wrongly assumed jurisdiction u/s.263 of the Act for setting aside the original assessment order with regard to applicability of section 50C

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. Further, CIT(A) has observed in the order that the appellant has taken an additional ground before CIT(A) that the trans- ferred assets formed part of the WDV of the appellant and involved the provisions of Section 43(6)(c) read with Section 32 of the Act, therefore Section 50C

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. Further, CIT(A) has observed in the order that the appellant has taken an additional ground before CIT(A) that the trans- ferred assets formed part of the WDV of the appellant and involved the provisions of Section 43(6)(c) read with Section 32 of the Act, therefore Section 50C

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, disregarding provision of section 50C. Despite recognizing that the transfer of business assets cannot be counted as capital

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

section 263 which says ‘commissioner may call for and examined the records of the proceeding if he consider any order passed there in, by the AO is erroneous in so far as prejudicial to the interest if revenue’ whereas in present case the AO had already conducted the inquiry, allowed the deductions as permissible. 4. That

SMT.BARNALI DHAR,KOLKATA vs. A.C.I.T.,CIRCLE-34, KOLKATA

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Bleassessment Year: 2015-16 Smt. Barnali Dhar Acit, Circle-34, Kolkata C/O. S.D. Verma, Advocate, 2Nd Floor, 7, Vs. Rabindra Sarani, Kolkata – 700 001. Pan: Ajppd 6989 D (Appellant) (Respondent) Present For: Appellant By : None Respondent By : Smt. Ranu Biswas, Acit, Dr Date Of Hearing : 21.04.2022 Date Of Pronouncement : 12.07.2022 O R D E R Per Sonjoy Sarma, Jm: This Is An Appeal Filed By The Assessee Pertaining To The Assessment Year (In Short ‘A.Y.’) 2015-16 Is Directed Against The Order Of Ld. Cit(A)- 10, Kolkata Dated 30.07.2019 Which Is Arising Out Of The Assessment Order Passed U/S 143(3) Of The Income Tax Act, 1961(In Short ‘The Act’) Dated 27.12.2017. The Assessee In This Appeal Has Taken The Following Grounds Of Appeal: “1. That In The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A)- 10 Was Not Justified In Not Deleting A Sum Of Rs. 9933057/- Being The Amount Wrongly Included By The Appellant Under The Head Capital Gain, While Filing Return Of Income Whereas As Per Section 54F No Amount Is Liable To Be Taxed. 2. The Appellant Craves Leave To Add/Alter Or Modify Any Grounds Of Appeal At Hearing Stage.”

capital gains so computed under section 45 read with section 48 and section 50C of the Act. The decisions of the Coordinate

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

section 50C applies only in case of a transfer of capital asset being land or building or both. According to him, the capital asset to be subjected to long term capital gain

SMT SAKI GUPTA,KOLKATA vs. ACIT, CIR-49, KOLKATA, KOLKATA

In the result, the appeal of both the assessee’s are partly allowed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Capital Gains arising to the assessee as her own share is required to be calculated by the AO as under: Sl. No. Narration Details 1. Sale consideration received The AO shall get the property valued at the earliest as discussed and the deemed sale consideration is to be taken as per Section 50C

SMT SARBANI GUPTA,KOLKATA vs. ACIT, CIR-49, KOLKATA, KOLKATA

In the result, the appeal of both the assessee’s are partly allowed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Capital Gains arising to the assessee as her own share is required to be calculated by the AO as under: Sl. No. Narration Details 1. Sale consideration received The AO shall get the property valued at the earliest as discussed and the deemed sale consideration is to be taken as per Section 50C

ACIT, CIR-22, KOLKATA, KOLKATA vs. MRS SHEELA CHOPRA, KOLKATA

Bench: Shri Aby.T Varkey & Shri Waseem Ahmedassessment Year :2006-07 Acit, Circle-22, 169 V/S. Mrs. Sheela Chopra, A.J.C. Bose Road, 8Th R-604, The Residency, Floor, Kolkata-14 City Centre, Block Dc, Sector-1, Salt Lake City, Kolkata-700 064 [Pan No.Abwpc 6131 D] .. अपीलाथ" /Appellant ""यथ"/Respondent

capital gains in terms of the provisions of section 50C of the Act. Accordingly, the capital gains worked out by the AO which

DR ABHIJIT GHOSH,KOLKATA vs. ITO, WD-55(3), KOLKATA, KOLKATA

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

Bench: Shri S.S. Godara, Jm & Dr. A.L.Saini, Am Dr. Abhijit Ghosh Vs. Ito, Ward-55(3), Kolkata

section 50C of the Income tax Act, 1961(herein after referred to as 'Act') in proportion to actual sale price received by the assessee (50:241) as the deemed FVC in respect of share of property sold while computing the long term capital gains

ACIT, CIR-I, SILIGURI, SILIGURI vs. MRS HARMEET KAUR, SILIGURI

In the result, the appeal of the revenue is partly allowed for statistical purposes

Bench: Hon’Ble Shri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1482/Kol/2014 Assessment Year : 2011-12 A.C.I.T., Cir-1, -Vs- Mrs. Harmeet Kaur Siliguri (Pan : Afupk 9262 M] (Respondent) (Appellant) For The Appellant : G. Mallikarjuna, Cit, Dr For The Respondent : Shri Subhash Agarwal, Advocate Date Of Hearing : 25.05.2017. Date Of Pronouncement : 24.07.2017 Order

section 50C of the Act, he replaced the sale consideration figure at Rs 9,60,80,616/- as against Rs 6,00,00,000/- and after giving deduction towards indexed cost of acquisition at Rs 1,41,31,137/-, he computed long term capital gains

RITZ SUPPLIERS PVT. LTD.,KOLKATA vs. ITO, WARD- 12(3), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri A. T. Varkey, Jm]

50C of the Act cannot be attracted. The distinction between a capital asset being 'land or building or both' and any 'right in land or building or both' is well recognized under the Act itself. My attention was drawn to Section 54D of the Act, which deals with certain cases in which capital gain

I.T.O WD - 2(3),KOLKATA., KOLKATA vs. M/S LGW LTD., NORTH 24 PARGANAS

In the result the appeal of the revenue is dismissed and cross objection of the assessee is partly allowed

Bench: Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2009-10

capital gain declared by the assessee amounting to Rs.61,22,330/-/. CIT(A) confirmed the order of AO taking note of the provision of section 50C

DCIT, CIRCLE - 11(1), KOLKATA , KOLKATA vs. M/S. JCT LTD., , KOLKATA

In the result, the appeal of the Revenue is dismissed and the appeal of the assessee is allowed

Bench: Shri J. Sudhakar Reddy & Shri S.S. Godara]

50C Rs. 10,26,26,850/- 8. Consideration being the higher of Sr. No. Rs. 107,98,39,652/- 5 & 6 Rs. 120,00,000/- Less: Cost as per Sr. no. 3(v) above Rs. 12,01,60,348/- Capital Gain Rs. 107,98,39,652/- 2.2. However, the Ld. AO did not accept the above computation and disputed

JCT LTD., ,KOLKATA vs. DCIT, CIRCLE - 11(1), , KOLKATA

In the result, the appeal of the Revenue is dismissed and the appeal of the assessee is allowed

Bench: Shri J. Sudhakar Reddy & Shri S.S. Godara]

50C Rs. 10,26,26,850/- 8. Consideration being the higher of Sr. No. Rs. 107,98,39,652/- 5 & 6 Rs. 120,00,000/- Less: Cost as per Sr. no. 3(v) above Rs. 12,01,60,348/- Capital Gain Rs. 107,98,39,652/- 2.2. However, the Ld. AO did not accept the above computation and disputed

M/S NHAI,SILIGURI vs. A.C.I.T (TDS),SILIGURI, SIKKIM

In the result, assessee’s appeal stands allowed partly for statistical purpose

Bench: Shri Aby.T Varkey & Shri Waseem Ahmedassessment Year :2005-06

capital gains is invested in certain specified securities within six months from the date of transfer. The provisions for Section 54EC of the Act require to make investment in the specified securities on the basis of actual sale consideration and not on the basis of deeming amount of consideration as envisaged in section 50C

SRI SUSHIL KUMAR MOHTA,KOLKATA vs. DCIT, CC, XXVIII, KOLKATA, KOLKATA

In the result, the appeal of the assessee is treated as partly allowed for statistical purposes

Bench: Shri P.M. Jagtap & Smt. Madhumita Roy

capital gain as per section 50C of the Income Tax Act instead of Rs.60 lakhs shown by the assessee. In the computation