EQUITABLE MARKETING ASSOCIATION,KOLKATA vs. ACIT, CIR-30, KOLKATA. , KOLKATA
The appeal of the assessee is treated as allowed for statistical purposes
ITA 1226/KOL/2023[2015-16]Status: DisposedITAT Kolkata07 Aug 2024AY 2015-16
Bench: Shri Sanjay Garg & Rajesh Kumari.T.A No.1226/Kol/2023 Assessment Year: 2015-16 Equitable Marketing Association…………………… ........................……Appellant 82, Baburam Ghosh Road, Tollygunge, Kolkata – 700040. [Pan: Aaaae0345D] Vs. Acit, Circle-30, Kolkata…...................…................…........……...…..…..Respondent Appearances By: Shri S. S. Gupta, Ar, Appeared On Behalf Of The Appellant. Shri P. P. Barman, Addl. Cit-Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : June 10, 2024 Date Of Pronouncing The Order : August 07, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 22.09.2023 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Assessee In This Appeal Has Taken The Following Grounds Of Appeal: “1. That The Order Passed By The Ld. Assessing Officer U/S 143(3) Is Arbitrary, Bad In Law & Facts & The Ld. Cit(A), Erred In Confirming The Same In Part. 2. That The Ld. A.O Erred In Making An Addition Of Rs.1,36,67,806/- By Invoking Sec. 50C Of The Income Tax Act, 1961 & The Ld. Cit(A) Erred In Confirming The Same In As Much As In View Of The Facts & Circumstances Of The Case No Such Addition U/S 50C Was At All Called For.
Section 143(3)Section 2(14)Section 234BSection 234DSection 250Section 271(1)(c)Section 50CSection 54D
section 50C of the Act and calculated the capital gains on the said sale of land at Rs.1,36,67,806/-.
I.T.A No.1226/Kol/2023
Assessment Year: 2015-16
Equitable Marketing Association
The Assessing Officer further observed that the assessee had claimed deduction to the tune of Rs.90,44,500/- on the said capital gains u/s 54D
