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17 results for “capital gains”+ Section 54Eclear

Sorted by relevance

Mumbai113 Chandigarh51 Delhi25 Bangalore21 Kolkata17 Chennai11 Jaipur11 Pune9 Karnataka8 SC5 Ahmedabad5 Agra5 Indore4 Surat4 Nagpur4 Telangana3 Calcutta3 Cuttack2 Visakhapatnam1 Amritsar1 Hyderabad1 Panaji1 Patna1 Rajkot1 A.K. SIKRI N.V. RAMANA1

Key Topics

Section 14A30 Section 26314 Section 143(3)11 Disallowance11 Addition to Income10 Section 249 Section 549 Section 153A8 Deduction7 Section 143(1)

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

ITA 892/KOL/2019[2014-15]Status: DisposedITAT Kolkata19 Mar 2021AY 2014-15

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

Section 143(3)Section 2Section 263Section 50

capital gains and not the exemption provisions. Thus, the exemption under section 54E could not be denied to the assessee

EIH LIMITED,KOLKATA vs. DCIT, CIR-8(1)KOL., KOLKATA

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

ITA 117/KOL/2017[2012-13]Status: Disposed

6

Long Term Capital Gains4

ITAT Kolkata

16 May 2018

AY 2012-13

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2012-13 Eih Ltd V/S. Dcit, Circle-8(1), 4, Mangoe Lane, Aayakar Bhawan, P-7, Kolkata-700 001 Chowringhee Square, [Pan No.Aaace 6898 B] Kolkata-69 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Ravi Sharma, Ar अपीलाथ" क" ओर से/By Appellant Shri P.K. Srihari, Cit-Dr ""यथ" क" ओर से/By Respondent 27-02-2018 सुनवाई क" तार"ख/Date Of Hearing 16-05-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Assessee Is Directed Against The Order Of Dispute Resolution Panel-2, (Drp For Short) Dated 17.10.2016. Assessment Was Framed By Dcit, Circle-8(1), Kolkata U/S 144C(13)/143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 29.11.2016 For Assessment Year 2012-13 & Grounds Raised By Assessee Read As Under:- “1.0 Determination Of Arm'S Length Price For Corporate Guarantee Fees 1.1 On The Facts & In The Circumstances Of The Case & In Law, The Learned Transfer Pricing Officer (Hereinafter Referred To As "Ld, Tpo") & Accordingly Learned Assessing Officer (Hereinafter Referred To As "Ld. Ao") Erred In Treating The Corporate Guarantee Extended By The Appellant To Its Associated Enterprise (Ae) As International Transaction & Dispute Resolution Panel (Hereinafter Referred To As "Ld, Panel") Erred In Confirming The Same As An International Transaction Without Appreciating The Fact That It Does Not Fall Within The Ambit Of "International Transaction" U/S 92B Of The Act. 1.2 The Ld.Ao/Tpo & The Ld. Panel Failed To Appreciate The Fact That Corporate Guarantee Has Been Advanced By The Appellant As A Matter Of Commercial Prudence To Protect The Business Interest Of The Group By Fulfilling

Section 14Section 144C(13)Section 14ASection 14A(2)Section 92B

gains only and cannot be extended beyond that. Thirdly, Section 54E does not make any distinction between depreciable asset and non-depreciable asset and, therefore, the exemption available to the depreciable asset under Section 54E cannot be denied by referring to the fiction created under Section 50. Section 54E specifically provides that where capital

DCIT, CIR-8(1), KOLKATA, KOLKATA vs. M/S EIH LTD., KOLKATA

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

ITA 153/KOL/2016[2011-2012]Status: DisposedITAT Kolkata12 Jan 2018AY 2011-2012

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 153/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-8(1), Kolkata -Vs- M/S Eih Limited [Pan: Aaace 6898 B] (Appellant) (Respondent) I.T.A No. 110/Kol/2016 Assessment Year : 2011-12 M/S Eih Limited -Vs- Dcit, Circle-8(1), Kolkata [Pan: Aaace 6898 B] (Appellant) (Respondent) For The Appellant : Shri Kanchun Kaushal,Ar For The Department : Shri G.Mallikarjuna, Cit Dr Date Of Hearing : 26.10.2017 Date Of Pronouncement : 12.01.2018 Order Per Bench:

For Appellant: Shri Kanchun Kaushal,ARFor Respondent: Shri G.Mallikarjuna, CIT DR

Section 14ASection 14A(2)

gains only and cannot be extended beyond that. Thirdly, Section 54E does not make any distinction between depreciable asset and non-depreciable asset and, therefore, the exemption available to the depreciable asset under Section 54E cannot be denied by referring to the fiction created under Section 50. Section 12 A.Yrs.2011-12 54E specifically provides that where capital

EIH LTD.,KOLKATA vs. THE DCIT, CIR-8(1), KOLKATA, KOLKATA

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

ITA 110/KOL/2016[2011-2012]Status: DisposedITAT Kolkata12 Jan 2018AY 2011-2012

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 153/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-8(1), Kolkata -Vs- M/S Eih Limited [Pan: Aaace 6898 B] (Appellant) (Respondent) I.T.A No. 110/Kol/2016 Assessment Year : 2011-12 M/S Eih Limited -Vs- Dcit, Circle-8(1), Kolkata [Pan: Aaace 6898 B] (Appellant) (Respondent) For The Appellant : Shri Kanchun Kaushal,Ar For The Department : Shri G.Mallikarjuna, Cit Dr Date Of Hearing : 26.10.2017 Date Of Pronouncement : 12.01.2018 Order Per Bench:

For Appellant: Shri Kanchun Kaushal,ARFor Respondent: Shri G.Mallikarjuna, CIT DR

Section 14ASection 14A(2)

gains only and cannot be extended beyond that. Thirdly, Section 54E does not make any distinction between depreciable asset and non-depreciable asset and, therefore, the exemption available to the depreciable asset under Section 54E cannot be denied by referring to the fiction created under Section 50. Section 12 A.Yrs.2011-12 54E specifically provides that where capital

SHUVRO CHATTARAJ,KOLKATA vs. PCIT , BURDWAN

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

ITA 226/KOL/2022[2015-16]Status: DisposedITAT Kolkata28 Aug 2024AY 2015-16

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2015-16

For Appellant: Shri Vinod Kumar Jain, FCAFor Respondent: Shri Subhendu Datta, CIT, DR

Section 143(3)Section 263Section 54E

gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54, 54B, 54D,54E

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

In the result, the appeal of the assessee is allowed

ITA 46/KOL/2024[2014-15]Status: DisposedITAT Kolkata06 Jun 2024AY 2014-15

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 10(38)Section 132Section 2(14)Section 45Section 45(1)Section 47

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

D.C.I.T CIR - 6,KOLKATA, KOLKATA vs. M/S KILBURN ENGINEERING LTD, KOLKATA

In the result, appeal by the revenue is dismissed

ITA 1987/KOL/2013[2009-10]Status: DisposedITAT Kolkata01 Mar 2017AY 2009-10

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

For Appellant: Shri R.S.Biswas, CITFor Respondent: Shri Sunil Singhi, AR

Section 45Section 54GSection 54G(2)

capital gains tax, we have to take similar approach in deciding the issue in hand i.e. the claim of assessee for exemption u/s. 54EC of the Act because this is exactly similar to section 54E

D.C.I.T. CIR - 8,KOLKATA, KOLKATA vs. M/S PATTON DEVELOPERS PVT LTD, KOLKATA

In the result, appeal filed by Revenue is dismissed

ITA 90/KOL/2013[2009-10]Status: DisposedITAT Kolkata24 Nov 2015AY 2009-10

Bench: Shri N.V. Vasudevan & Shri Waseem Ahmedassessment Year :2009-10 Dcit, Circle-8, Aayakar V/S. Patton Developers Pvt. Bhawan, 5Th Floor, P-7, Ltd., 3C, Camac Street, Chowringhee Square, Kolkata – 700 016 Kolkata-69 [Pan No.Aabct 2076 H] .. अपीलाथ" /Appellant ""यथ"/Respondent

Section 143(3)Section 24Section 24(1)(vi)

gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections [***] [54, 54B, [***] [54D, [54E

ACIT,CIRCLE-8(2), KOLKATA, KOLKATA vs. M/S PATTON DEVELOPERS PVT. LTD., KOLKATA

In the result the appeal of the revenue is dismissed

ITA 1945/KOL/2016[2011-12]Status: DisposedITAT Kolkata04 Apr 2018AY 2011-12

Bench: Hon’Ble Shri P.M.Jagtap, Am & Shri S.S.Viswanethra Ravi, Jm ] Assessment Year : 2011-12

For Appellant: Shri Arindam Bhattcharjee, Addl. CITFor Respondent: Shri Lokesh Kumar Mishra, AR

Section 10(38)Section 24

gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections [***] [54, 54B, [***] [54D, [54E

ACIT, CIR-11(2), KOLKATA, KOLKATA vs. M/S SREI INFRASTRUCTURE FINANCE LTD., KOLKATA

In the result, the appeal filed by the assessee and Revenue are allowed to the extent indicated above

ITA 2003/KOL/2016[2011-12]Status: DisposedITAT Kolkata31 Dec 2019AY 2011-12

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am Srei Infrastructure Finance Ltd. Vs. Addl. Cit, Range-9, New Delhi D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Assessee) .. (Revenue/Department) Addl. Cit, Range-9, New Delhi Vs. Srei Infrastructure Finance Ltd. D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant) Srei Infrastructure Finance Ltd. Vs. Dcit, Circle-11(2), Kolkata 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Appellant) .. (Respondent) Acit, Circle-11(2), Kolkata Vs. Srei Infrastructure Finance Ltd. 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant)

For Appellant: Shri Vijay Shah & Amit Agarwal, ARFor Respondent: Shri Radhey Shyam, CIT

Section 143(3)Section 14A

capital gains exempt u/s 54E) followed}; (iv) The argument that as s. 115JB (4) provides that “save as otherwise provided in this section

SREI INFRASTRUCTURE FINANCE LIMITED,KOLKATA vs. DCIT, CIRCLE-11(2), KOLKATA, KOLKATA

In the result, the appeal filed by the assessee and Revenue are allowed to the extent indicated above

ITA 1821/KOL/2016[2011-12]Status: DisposedITAT Kolkata31 Dec 2019AY 2011-12

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am Srei Infrastructure Finance Ltd. Vs. Addl. Cit, Range-9, New Delhi D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Assessee) .. (Revenue/Department) Addl. Cit, Range-9, New Delhi Vs. Srei Infrastructure Finance Ltd. D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant) Srei Infrastructure Finance Ltd. Vs. Dcit, Circle-11(2), Kolkata 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Appellant) .. (Respondent) Acit, Circle-11(2), Kolkata Vs. Srei Infrastructure Finance Ltd. 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant)

For Appellant: Shri Vijay Shah & Amit Agarwal, ARFor Respondent: Shri Radhey Shyam, CIT

Section 143(3)Section 14A

capital gains exempt u/s 54E) followed}; (iv) The argument that as s. 115JB (4) provides that “save as otherwise provided in this section

KUSUMLATA SONTHALIA ,KOLKATA vs. PRINCIPAL CIT, CENTRAL - 1, KOLKATA , KOLKATA

In the result, the appeal of the assessee is allowed

ITA 1151/KOL/2018[2010-11]Status: DisposedITAT Kolkata17 Jun 2020AY 2010-11

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1151/Kol/2018 ("नधा"रणवष" / Assessment Year:2010-11)

For Appellant: NoneFor Respondent: Shri RadheyShyam, CIT DR

Section 132Section 153ASection 263Section 54Section 54F

section 263 of the Act, vide ITA No.1164/Kol/2018, in case of NityanaandSonthalia, for A.Y. 2010-11, the findings of the tribunal is given below: “2.It transpires during the course of hearing that the PCIT has assumed his revision jurisdiction whilst setting aside the assessment in question dated 25.12.16 as under: “5. As per details available on record, the assessee

MR. ASHWIN KR. TULSIDAS & JAYANT KR. TULSIDAS,KOLKATA vs. THE ITO, WARD-43(1), KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed in part

ITA 1816/KOL/2016[2005-06]Status: DisposedITAT Kolkata20 Feb 2019AY 2005-06

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi) Assessment Year: 2005-06 Mr. Ashwin Kr. Tulsidas & Jayant Kr. Tulsidas……............…………………………………….…..Appellant Executor To The Estate Of Latetulsidas Khatau C/O Jethabhai Khatau & Co. 176, Jamnalal Bajaj Street Kolkata – 700 007 [Pan : Aaaba 0406 G] Income Tax Officer, Ward-43(1), Kolkata………………….............................…………………..Respondent Appearances By: Shri P.J. Bhide, Ca, Appeared On Behalf Of The Assessee. Shri Saurav Kumar, Addl. Cit D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : January 8Th, 2019 Date Of Pronouncing The Order : February 20Th , 2019 Order Per J. Sudhakar Reddy, Am :-

Section 148Section 168Section 250Section 54Section 54E

section 168/4 were not applicable. 5. That the Order passed by the authorities below is bad in law. 6. That the appellant craves leave to urge further grounds of appeal at the time of hearing.” 2. The ld. Counsel for the assessee, Shri P.J. Bhide, submitted that the notice u/s 148 of the Act, was issued on the Estate

NITYANAND SONTHALIA ,KOLKATA vs. PRINCIPAL CIT, CENTRAL - 1, KOLKATA , KOLKATA

Appeal is allowed

ITA 1164/KOL/2018[2010-11]Status: DisposedITAT Kolkata31 Dec 2019AY 2010-11

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकर अपीलसं./I.T.A No.1164/Kol/2018 ("नधा"रण वष" / Assessment Year: 2010-11) Nityanand Sonthalia Vs. Pr. Cit, Central-1, Kolkata 34, Pankaj Mallick Lane, Jayantika Apartment, 1St Floor, Ballygunge, Kolkata – 700019. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aldps5358M (Appellant) .. (Respondent)

For Appellant: Shri Nirav Sheth, FCAFor Respondent: Shri Radhey Shyam, CIT

Section 143(3)Section 153ASection 263Section 54

54E, was wrongly allowed by AO without examining the detail of nature of acquisition made by the assessee of a flat from Bengal Unitech. Considering the above facts and circumstances of the case, as discussed above and taking Into account the fact that no submission has been made by the assessee against my notice u/s 263, I set aside

ITO, WD-44(2), KOLKATA, KOLKATA vs. M/S M. PRASAD & CO. LTD., KOLKATA

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

ITA 1159/KOL/2015[2010-2011]Status: DisposedITAT Kolkata08 Aug 2018AY 2010-2011

Bench: He Ao In Assessment Proceedings & Filed Books Of Account, Relevant Bills, Vouchers & Bank Statement. The Ao Determined The Assessed Income At Rs.65,85,920/- By Making The Following Additions Vide Order Passed U/S.143(3) Of The Act Dt. 23-03-2013:-

For Appellant: Shri A.Bhattacharjee, Addl.CIT, ld.Sr.DRFor Respondent: Shri P.J Bhide, FCA, ld.AR

Section 143(2)Section 143(3)Section 14A

capital gain and claimed deduction u/s. 54E of the Act against purchase of said flat. Further, the said investment in the flat was made out from sale proceeds of shares and office premises. The AO held that claim of assesse regarding the purchase of shares was bogus and no such shares was purchased by the assesse. Consequently, sale of shares

NEETU AGARWAL,KOLKATA vs. INCOME TAX OFFICER, KOLKATA

The appeal of the assessee is allowed

ITA 1898/KOL/2024[2021-22]Status: DisposedITAT Kolkata18 Nov 2024AY 2021-22

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarmai.T.A. No.1898/Kol/2024 Assessment Year: 2021-22 Neetu Agarwal………………………………………………………….…..……Appellant Flat 6C, Block 2, Shree Ramnagar Residential Complex, Vip Road, Tegharia, W.B – 700052. [Pan: Actpa2426P] Vs. Ito, Kolkata……………..............…..….…..….........……........……...…..…..Respondent Appearances By: Shri Puja Agarwal, A.R, Appeared On Behalf Of The Appellant. Shri Pradip Biswas, Addl. Cit- Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : October 30, 2024 Date Of Pronouncing The Order : November 18, 2024 Order Per Sonjoy Sarma: The Present Appeal Is Filed By The Assessee Against The Order Dated 11.07.2024 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 Is A Resident Individual, Who Filed Her Return Of Income On 29.12.2021 For The Financial Year 2020-21 Relevant To Assessment Year 2021-22 Reporting A Total Income Of Rs.25,58,440/-. The Assessee Discharged Her Tax Liability By Way Of Tax Deducted At Source Amounting To Rs.2,80,028/-, Self-Assessment Tax Of Rs.22,740/- & Foreign Tax Credit (‘Ftc’) Of Rs.2,25,936/-. The Assessee Also Filed Form.67 Which Was Filed On 25.01.2022. An Intimation U/S 143(1) Of The Act Was Issued On 28.10.2022 In Which The Ftc Was Not Provided To The Assessee. This Disallowance Resulted In Tax Demand Of Rs.2,79,130/-.

Section 139(1)Section 143(1)Section 154Section 250Section 90

gains from sources within India (excluding in the case of a dividend, tax payable in respect of the profits out of which the dividend is paid) or capital in India shall be allowed as a credit against any Sri Lanka tax computed by reference to the same items of income or capital by reference to which the Sri Lanka

NEETU AGARWAL,KOLKATA vs. INCOME TAX OFFICER - WARD 7(1), KOLKATA

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

ITA 67/KOL/2024[2020-21]Status: DisposedITAT Kolkata13 Sept 2024AY 2020-21

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2020-21

For Appellant: Puja Agarwal, C.AFor Respondent: Abhishek Kumar, JCIT, Sr. DR

Section 143(1)Section 154Section 234BSection 250Section 90

gains from sources within India (excluding in the case of a dividend, tax payable in respect of the profits out of which the dividend is paid) or capital in India shall be allowed as a credit against any Sri Lanka tax computed by reference to the same items of income or capital by reference to which the Sri Lanka