RITA GUPTA,KOLKATA vs. DCIT, CEN. CIR.2(2), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

gain arising from the transfer of a capital asset effected in the previous year shall ,save as otherwise provided in Sections 54

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

gains under section 48 of the Act. Sub-clause (i) of that Section states that expenditure incurred wholly and exclusively in connection with the transfer of capital asset has to be deducted from full value consideration received or accruing. Preamble of the Conveyance Deed executed by the assessee along with Shri Nita Basu reads as under :— 'THIS INDENTURE made this

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 54(2) of the Act\nby not depositing the unappropriated amount of capital gain in the capital\ngain deposit

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

In the result, the appeal of the assessee is allowed

gains of the previous\nyear in which the period of three years expires. The provisions of section 54 are\nreproduced hereunder for clarity:\n\"54. Profit on sale of property used for residence.-(1) Subject to the provisions\nof sub-section (2), where, in the case of an assessee being an individual or a\nHindu undivided family, the capital

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

In the result, the appeal of the assessee is allowed

54 that construction could not have commenced prior to the date of transfer of\nthe asset resulting in capital gain. If the amount of capital gain is greater than the cost of\nthe new house, the difference between the amount of capital gain and the cost of the new\nasset is to be charged under Section

MAYURA MOHTA,MUMBAI vs. D.C.I.T., CIRCLE - 29,, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Dcit, Circle-29 Mayura Mohta Aaykar Bhavan Dakshin, 2, Sumer Trinity Towers 202, Tower-I, New Prabhadevi Road, Gariahat Road (South), Vs. Prabha Devi, Mumbai-400 025 Kolkata-700031, West Bengal (Appellant) (Respondent) Pan No. Aevpm3232R Assessee By : Shri Sunil Surana, Ar Revenue By : Shri Monalisha Pal Mukherjee, Dr Date Of Hearing: 16.12.2024 Date Of Pronouncement : 21.01.2025

capital gain, relevant observation of their Lordships reads as under: - “22. In addition to the fact that the term "transfer" has been defined under section 2(47) of the Act, even if looked at the provisions of section 54

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

54,31,166/- made by the AO for the long term capital gain claimed by the assessee folding the same to be bogus. The addition, being based on the surmises & conjectures, need to be deleted. 2) That the assessee craves leave to add, alter, amend or withdraw any ground or grounds of appeal before or at the time of hearing

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

54,31,166/- made by the AO for the long term capital gain claimed by the assessee folding the same to be bogus. The addition, being based on the surmises & conjectures, need to be deleted. 2) That the assessee craves leave to add, alter, amend or withdraw any ground or grounds of appeal before or at the time of hearing

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

54,31,166/- made by the AO for the long term capital gain claimed by the assessee folding the same to be bogus. The addition, being based on the surmises & conjectures, need to be deleted. 2) That the assessee craves leave to add, alter, amend or withdraw any ground or grounds of appeal before or at the time of hearing

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

54,31,166/- made by the AO for the long term capital gain claimed by the assessee folding the same to be bogus. The addition, being based on the surmises & conjectures, need to be deleted. 2) That the assessee craves leave to add, alter, amend or withdraw any ground or grounds of appeal before or at the time of hearing

RAJIB CHAKRABORTY,KOLKATA vs. ITO- WARD-30(3), KOLKATA. , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

section 54(1) of the Act. Only because the capital gain was not deposited in the capital gain account scheme

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

54,491/- and Short Term Capital Gain of ₹1,79,400/- on the transactions of shares through Sulbha Engineering. The ld. AO noted as the assessee failed to disclose the Long Term Capital Gain / Short Term Capital Gain while filing the return of income for the impugned assessment year. Therefore, he had reason to believe that the total income under

ORIENTAL CHARITABLE FOUNDATION,KOLKATA vs. CIT(EXEMPTIONS), KOLKATA

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

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2017-18

gains should be made to acquire another capital asset. 4. That in the facts and circumstances of the case, the Ld. CIT (Exemption), Kolkata has erred in coming to conclusion that utilization of corpus fund of Rs.8,71,03,846/- towards charitable activities is in contravention of section 11(1)(d) of the Act although the corpus fund was utilized

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]

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 the sale of flat as stated supra. We have also perused

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

54,348.28 sqm. for a total sales consideration of Rs.5,50,00,000/-. As the Deed of Sale of the said Land was executed during the F.Y. 2006-07, the same was considered by the A.O. in the assessment for the Assessment Year 2007-08. Thus in the assessment for the Assessment Year 2007-08 the effects of both

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

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 of Rs.1,87,25,176/-. The above STCG was set off against

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

54 of the Act but this Section relates to profit on sale of property used for residence and cannot apply on the case of the assessee where agricultural land has been sold. The ld. Assessing Officer also observed that even Section 54F of the Act cannot be applied because the same pertains to capital gain

MEGAPODE VYAPAAR PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 1(2), KOLKATA, KOLKATA

In the result, both the appeals of the assessee in ITA Nos

Bench: Dr. Manish Borad, Am & Shri Sonjoy Sarma, Jm

Section 143(3) of the Income-tax Act, 1961 (the Act) dated 10th February, 2016 for 1y 2013-14 & 20th October, 2016 for A.Y. 2014-15. 02. As the issue raised are common and pertains to same assessee, these appeals have been heard together and being disposed of by this common order for sake of convenience and brevity