RAM NIRANJAN BANKA,KOLKATA vs. A.C.I.T., CIRCLE - 40,, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shripradip Kumar Choubey, Jm Ram Niranjan Banka Acit, Circle-40 1, Surti Bagan Street, Jorasanko, 3, Govt. Place (West), Vs. Kolkata-700073, West Bengal Kolkata-700001, West Bengal (Respondent) (Appellant) Pan No. Aedpb5273P Assessee By : Shri Manish Tiwari, Ar Revenue By : Shri Sanat Kumar Raha, Dr Date Of Hearing: 14.08.2025 Date Of Pronouncement: 21.11.2025

51,24,940 Deduct: Indexed cost of acquisition Proportionate to 1st Floor area 74,19,522 74,19,522 Deduct: Proportionate cost of construction (difference due to area set apart for Original Lessor) 1,72,43,164 1,68,17,757 Capital Gains 3,04,62,254 3,08,87,661 Add; Proportionate Capital Gains reduced from cost

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

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

capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

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

capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

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

capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

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

capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

BANI BROTO BANERJEE ,KOLKATA vs. CIT(A), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumari.T.A. No. 520/Kol/2023 Assessment Year: 2014-2015 Bani Broto Banerjee,…………………..…………Appellant Sanskriti, Flat – 3A, 148, Rashbehari Avenue, Near Deshapriya Park, Kolkata-700029 [Pan:Abppb0424P] -Vs.- Commissioner Of Income Tax (Appeals),……Respondent Aayakar Bhawan Dakshin, 2, Gariahat Road (South), Kolkata-700031 Appearances By: Shri Akshay Ringasia, C.A., Appeared On Behalf Of The Assessee Smt. Ranu Bisws, Addl. Cit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : September 24, 2024 Date Of Pronouncing The Order : November 18, 2024 O R D E R

51,565/- Add: Unexplained 2,12,857/- adjustment of interest (refer para 2 above) Long Term Capital Gains 9,91,00,694/- 3 Bani Broto Banerjee 5. Dissatisfied with this working, the assessee carried the matter in appeal before the ld. CIT(Appeals). The ld. CIT(Appeals) has accepted the contention of the assessee with regard to admissibility of expenditure

BEGRAJ AGARWAL & ORS HUF,KOLKATA vs. I.T.O., WARD - 34(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Ito, Ward 34(1), Kolkata Begraj Agarwal & Ors. Huf Aaykar Bhavan Poorva, 110, Diamond Heritage, Unit No.609, Strand Road, Kolkata-700001 Shantipally, Kolkata-700107, Vs. West Bengal West Bengal (Appellant) (Respondent) Pan No. Aabhb8295F Assessee By : Shri S.M. Surana, Ar Revenue By : Shri Amuldeep Kaur, Dr Date Of Hearing: 19.12.2024 Date Of Pronouncement : 15.01.2025

Capital Gain of ₹37,94,884/- on sale of shares of Paridhi Properties Ltd which was duly shown in the return of income. The ld. Authorized Representative submitted that the reopening of proceedings u/s 147 read with section 148 of the Act were bad in law as the ld. AO after receiving information did not make any enquiry or independent

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. 1,36,35,922/- (Rs. 1,77,30,230-Rs. 40,94,308) was claimed by the assessee in its return

GUJARAT COMPOSITE LTD,KOLKATA vs. DCIT, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2007-08

51,080 is considered. The remarks passed by the A.O. are not acceptable in the eye of law. When the Fair Market Value of Land can be ascertained on the basis of Approved Valuer's Report, the same has to be ascertained and adopted by the A.O. Long-Term Capital Loss was computed at Rs.65,21,210/- on the basis

ZULA MERCHANDISC PVT. LTD.,KOLKATA vs. ITO, WARD-5(1), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice- & Shri Rajesh Kumar]

51,33,870/- . We note that the AO has only relied on the report of the Investigation Wing stating that these companies were engaged in providing accommodation entries without doing any real business and thus treated the loss as bogus without bringing on record any substantive evidence corroborating the fact that the assessee was in fact involved in the wrong

ACHHELAL YADAV,DANKUNI vs. ITO, WARD-23(1),HOOGHLY. , HOOGHLY

In the result, appeal of the assessee is allowed

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 844/Kol/2023 Assessment Year: 2013-14 Achhelal Yadav Income Tax Officer, Ward- 23(1), G/4/3, Phase-Ii, Dankuni Housing Vs Hooghly Complex P.O. Dankuni West Bengal - 712331 [Pan: Aakpy3403B] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Sunil Surana, A/R Revenue By : Shri P.P. Barman, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 10/10/2023 घोषणा क" तारीख /Date Of Pronouncement: 14/12/2023 आदेश/O R D E R Per Dr. Manish Borad: The Above Captioned Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi (Hereinafter The “Ld. Cit(A)”) Dt. 17/07/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2013-14. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. For That The Ld. Cit(A) Erred In Confirming The Order Of The Ao Passed U/S 154 When In Fact The Entire Sold Lands Were Rural Agriculture Lands & Thus The Said Lands Do Not Come Under The Purview Of The Definition Of Capital Asset As Provided Under Section 2(14)(Iii) & Thus The Entire Calculation Of Capital Gain On Sale Of Rural Agriculture Land Was Illegal, Wrong & Without Any Sanction Of Law. 2. For That The Ld. Cit(A) Erred In Confirming The Action Of Ao By Invoking The Provision Of Section 154 Of The Income Tax Act Since The Mistake, Which Was Sought To Be Rectified By The Ao, Was Not A Mistake Apparent From The Record As Prescribed Under Section 154. 2

section 154/143(3) of the Act and during the course of proceedings carried out u/s 154 of the Act, the assessee claimed that the lands sold during the year where agricultural land and they do not fall under the category of capital asset and the gain arising from the sale thereto is exempt from income taxes. The ld. Assessing Officer

PARASHNATH VINIMAY PVT. LTD.,KOLKATA vs. ADIT, CPC, BANGALORE/ ACIT, CIRCLE-2(1), KOLKATA, KOLKATA

In the result appeal of the assessee is allowed

Bench: Dr. Manish Borad, Hon’Ble

capital gain as envisaged in section 2(14) of the I.T. Act. 7. For that on the facts of the case, the Ld. CIT(A) was wrong by confirming the charging of interest u/s. 234B and 234C amounting to Rs.303,672/- and Rs.63,899/- which are completely arbitrary, unjustified and illegal. 8. For that the appellant reserves the right

ANIL KUMAR PAIK ,KOLKATA vs. ACIT, CIR-8(1), KOL, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 492/Kol/2023 Assessment Year: 2017-18 Anil Kumar Paik Acit, Circle-8(1), Kolkata C/O S.N. Ghosh & Associates, Advocates Vs 2, Garstin Place, 2Nd Floor Suite No. 203 Off Hare Street Kolkata - 700001 [Pan : Aflpp6567R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri B.K. Singh, Jcit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 01/12/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/02/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi (Hereinafter The “Ld. Cit(A)”) Dt. 15/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. For That The Ld. Commissioner, Of Income Tax (Appeals)- N.F.A.C. Acted Unlawfully In Impliedly Sustaining; The Purported Addition Of Rs. 1,67.44,907/- Made The Ld. Assistant Commissioner, Of Income Tax, Circle 8(1) Kolkata By Invoking The Mischief U/S. 43Ca Of The Income Tax Act, 1961 Without Satisfying The Parameters Thereof & The Adverse Conclusion Reached On That Behalf In Violation Of The Statutory Prescription Is Completely Unfounded, Unjustified & Untenable In Law. 2. For That The Specious Approach Of The Ld. Commissioner Of Income Tax (Appeals)-N.F.A,C. Of Misreading Evidence, Considering Improper Facts

51,05,760/- declared in the e-return for Assessment Year 2017-18 filed on 28/03/2018. Case selected for scrutiny through CASS followed by service of notice u/s 143(2) and 142(1) of the Act. The ld. Assessing Officer observed that the assessee is into the construction business. The ld. Assessing Officer noticed that during the year certain flats

ANIL KUMAR PAIK,KOLKATA vs. ACIT, KOLKATA

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

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 468/Kol/2023 Assessment Year: 2016-17 Anil Kumar Paik Acit, Circle-8(1), Kolkata C/O S.N. Ghosh & Associates, Advocates Vs 2, Garstin Place, 2Nd Floor Suite No. 203 Off Hare Street Kolkata - 700001 [Pan : Aflpp6567R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri P.P. Barman, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 21/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/11/2023 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi (Hereinafter The “Ld. Cit(A)”) Dt. 15/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2016-17. 2. The Assessee Has Raised The Following Grounds Of Appeal:-

51,06,063/-( Rs.2,61,06,063/- - Rs.1,10,00,000/-) only. In view of the discussion held in Para 2.4, total sundry creditors should be at Rs.1,46,07,923/-(Rs.2,56,06,063/- - Rs.1,10,00,000/-) and accordingly, excess liability on account of sundry creditors for raw 6 I.T.A. No. 468/Kol/2023 Assessment Year: 2016-17 Anil Kumar

MADHUR COAL MINING PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(1),, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

section 50D of the Act and confirmed by the Ld. CIT(A) on account of capital gains arising from the transfer of shares of the group companies to the related parties. The Ld. CIT(A) has decided the issue as under: “8.6 Grounds of Appeal No. 2: 8.6.1 Vide above ground of appeal, the appellant has challenged the addition

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(1), KOLKATA, KOLKATA vs. TIRUPATI NIRYAT PVT. LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri Pradip Kumar Choubey, Jm & Shri Rakesh Mishra, Am Dcit, Central Circle-1(1), O/O The Dcit, Central Circle 1(1) Tirupati Niryat Pvt. Ltd. Kolkata, Aaykar Bhavan Poorva, 145, Rash Behari Avenue, Vs. 110, Shantipally, Em By Pass Kolkata-700029, West Bengal Pin-700107, West Bengal (Appellant) (Respondent) Pan No. Aabct4058P Assessee By : Shri Siddarth Agarwal, Ar Revenue By : Shri S.B. Chakraborty, Dr Date Of Hearing: 11.06.2025 Date Of Pronouncement: 23.06.2025

capital gain in this disregard to the provisions of Section 50 of the Act. The ld. AR further submits that property in question was sold in F.Y. 2011-12, relating to A.Y. 2012-13 at a sale consideration of ₹11,51

SHUBH KARAN BAID. ,KOLKATA vs. ITO,WD-4(3), KOLKATA. , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubey]

capital gain from the sale of penny stock of CCL International Ltd. The assessee offered sum as income from other source and accordingly assessment was completed in the assessment proceedings. The AO noted that considering these facts Rs. 52,51,973/- was constituted as unexplained cash credit u/s 68 of the Act by ignoring the fact that the assessee