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

1 Flat 2A, 26,92,609 36,46,400 44,67,800 17,75,191 Kalra Road, Burdwan TOTAL 36,67,790 As evident from the above table, the assessee in computation of capital gains from sale of the above three properties has considered the Stamp Duty Valuation u/s 50C of the Act as the sale consideration to arrive

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, the provision of Section 50C would be applicable. (e) The Ld. CIT(A) uphold the action of the AO of not referring the matter to the DVO. Tata Consumer Products Ltd. {erstwhile Tata Global Beverages Ltd.} AYs: 2014-15 & 2015-16 (f) The Ld. CIT(A) held that the acceptable variation range of (+/-) 15% does not exist within

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, the provision of Section 50C would be applicable. (e) The Ld. CIT(A) uphold the action of the AO of not referring the matter to the DVO. Tata Consumer Products Ltd. {erstwhile Tata Global Beverages Ltd.} AYs: 2014-15 & 2015-16 (f) The Ld. CIT(A) held that the acceptable variation range of (+/-) 15% does not exist within

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 u/s. 50C, it is stated that existence of capital asset as land or building is one of the important pre- requisite. In this statement, Ld. Sr. DR has also used the word “immovable property” which in our understanding does not find place in section 50C(1

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

50C of the Act for shortfall in consideration shown at Rs. 90,00,000/- as against the market value of the new joint 6 Shuvro Chattaraj, AY: 2015-16 development agreement at Rs. 1,00,00,000/-. He also disallowed the claim of Rs. 12,24,360/- u/s 54F of the Act for construction cost of new residential property

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

50C. Despite recognizing that the transfer of business assets cannot be counted as capital gain under section 45 of the Act in his order, the AO incorrectly interpreted the gain as long-term capital 50 for the reasons best known to him. gain by not considering section 50 for the reason best known to him. 6.8 In light

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.”

1)(a) are complied with by, the assessee and the assessee shall be eligible for deduction in respect of the whole of the capital gains so computed under section 45 read with section 48 and 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

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

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]

1,25,92,000/- which is the bone of contention. According to assessee, the capital gain should be computed u/s 48 of the Act and it computed the same at a long term capital loss of ₹14,72,545/- whereas according to AO/CIT(A), the transaction attracts Section 50C

BIMLA DEVI AGRAWAL,KOLKATA vs. A.C.I.T./D.C.I.T., CIRCLE - 34, KOLKATA, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

1) of section 50C, and subsequently such value is revised in any appeal or revision or reference referred to in clause (b) of sub-section (2) of that section, the Assessing Officer shall amend the order of assessment so as to compute the capital gain

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 for the relevant year. 1

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

1. That the Learned Commissioner of Income tax (Appeals) erred in confirming the assessment of Capital gains on sale of land at Rs.30,08,799 made by the Assessing Officer by adopting the sale consideration of Rs.61,22,330 relying on the provisions of 14 ITA No.267/Kol/2013 & C.O.No.29/Kol/2013 M/s. LGW Ltd. A.Yr.2009-10 sec.50C of the Income

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

gain. Consequently, we allow the appeal, set aside order dated 15.02.1999 and answer the substantial questions of law in favour of the assessee.” 3) Vinod Kumar Jain v. CIT (2010) 195 taxmann 174 (P & H) wherein it was held as under : “Para 2 of Circular No. 471, dt. 15th Oct., 1986 describes the nature of right that an allottee acquires

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]

Capital Gain computation as returned by the appellant company is presented as under: Sl. No. Particulars Amount 1. Description of the asset with measurement Bunglow on Plot No. 8, Block - 11, Municipal N13, Aurangzeb Road, New Delhi measuring 7245 Sq. Yards. (Leasehold Property) 2. Date of Acquisition 15.01.1966 3. Cost of Acquisition (i) Cost u/s 49(l)(e) read with

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]

Capital Gain computation as returned by the appellant company is presented as under: Sl. No. Particulars Amount 1. Description of the asset with measurement Bunglow on Plot No. 8, Block - 11, Municipal N13, Aurangzeb Road, New Delhi measuring 7245 Sq. Yards. (Leasehold Property) 2. Date of Acquisition 15.01.1966 3. Cost of Acquisition (i) Cost u/s 49(l)(e) read with

SMT. NILANJANA CHAKRABORTI,KOLKATA vs. DCIT, CIRCLE - 22, KOLKATA , KOLKATA

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

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi) Assessment Year: 2013-14 Smt. Nilanjana Chakraborti…………..………...........…………..……………….…...……..….…….....Appellant 99B, Kankulia Road Kolkata – 700 029 [Pan : Acupc 49992 P] Vs. Deputy Commissioner Of Income Tax, Circle-22, Kolkata.……......………………..........Respondent Appearances By: Shri Manish Tiwari, A/R, Appeared On Behalf Of The Assessee. Shri Robin Choudhury, Addl. Sr. D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : October 16Th , 2018 Date Of Pronouncing The Order : November 9Th , 2018 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-6, Kolkata, (Hereinafter The ‘Ld. Cit(A)’), Dt. 03/08/2017, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The ‘Act’), Relating To Assessment Year 2013-14, On The Following Grounds:- “1. That On The Facts & In The Circumstances Of The Case, Ld. Cit(A) Has Erred In Holding The Erroneous Determination Of Long Term Capital Gain At Rs.72,50,000/- By Ld. Dcit On Erroneous Belief & Misconception Of Law By Denying The Benefit Claimed U/S 54F Of Income Tax Act, 1961 Of The Appellant. 2. That The Appellant Craves Leave To Add, Amend, Adduce Or Alter Any Ground Or Grounds On Or Before The Hearing Of The Appeal.”

1)(C) is initiated for furnishing inaccurate particulars of income.” 2.1. On appeal, the ld. First Appellate Authority confirmed the denial of exemption u/s 54F of the Act. 3. The ld. Counsel for the assessee submits that the assessee earned long term capital gain on sale of two plots of land. The total long term capital gain earned is Rs.1