DCIT CIR - 6,KOLKATA., KOLKATA vs. M/S K.B. CAPITAL MARKETS LTD., KOLKATA

In the result, the appeal by the Assessee is partly allowed, while the appeal by the revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 1882/Kol/2012 Assessment Year : 2008-09

Capital Gain” as declared by the Assessee. Gr.No.1 & 2 raised by the Assessee are accordingly allowed. In view of the decision on ground No.1 & 2, we are of the view that the other connected grounds of appeal No.3 to 6 are either consequential or do not call for any adjudication. 21. Ground No.7 raised by the assessee and ground

A.C.I.T.,CENTRAL CIRCLE-1(2), KOLKATA vs. M/S ESTIN TIE UP PVT. LTD., KOLKATA

In the result, the two cross appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

Bench: Shri Duvvuru Rl Reddy & Shri Rakesh Mishra

56. (1) Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to Income-tax under the head "Income from other sources", if It Is not chargeable to income-tax under any of the heads specified in section 14, Items A to E. Since the amounts received by the assesseee

M/S ESTIN TIE UP PVT. LTD.,KOLKATA vs. A.C.I.T., CENTRAL CIRCLE-1(2), KOLKATA

In the result, the two cross appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

Bench: Shri Duvvuru Rl Reddy & Shri Rakesh Mishra

56. (1) Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to Income-tax under the head "Income from other sources", if It Is not chargeable to income-tax under any of the heads specified in section 14, Items A to E. Since the amounts received by the assesseee

DCIT, CIRCLE - 10, KOLKATA, KOLKATA vs. M/S. VEDA COMMERCIAL PVT. LTD., KOLKATA

Appeal is partly allowed for statistical purposes

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

capital gains. Accordingly the ground raised by the revenue in this regard for the Asst Years 2006-07 and 2007-08 is dismissed. 6. ADDITION TOWARDS UNVERIFIED PURCHASES – Rs. 55,50,937/- GROUND NO. 2 IN ITA NO. 1064/Kol/2010 FOR AY 2006-07 The brief facts of this issue is that the assessee made purchases from the following parties :- Mayur

DCIT, CIRCLE - 10, KOLKATA, KOLKATA vs. M/S. VEDA COMMERCIAL PVT. LTD., KOLKATA

Appeal is partly allowed for statistical purposes

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

capital gains. Accordingly the ground raised by the revenue in this regard for the Asst Years 2006-07 and 2007-08 is dismissed. 6. ADDITION TOWARDS UNVERIFIED PURCHASES – Rs. 55,50,937/- GROUND NO. 2 IN ITA NO. 1064/Kol/2010 FOR AY 2006-07 The brief facts of this issue is that the assessee made purchases from the following parties :- Mayur

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

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

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

gain for all other provisions and is eligible for set off u/s 74 against brought forward loss from long term capital asset. 6.3 On the facts and in the circumstances of the case & in law, the Ld. Panel while confirming the action of Ld. AO grossly erred in not applying the ratio decidendi laid down in the decision

DCIT, CENTRAL CIRCLE - 1(4), KOLKATA , KOLKATA vs. M/S. HINDUSTAN URBAN INFRASTRUCTURE LTD.(HINDUSTAN VIDYUT PRODUCT LTD.,), NEW DELHI

Bench: Shri S.S.Godara & Shri, M. Balaganesh

gains of business or profession. 7.2 Section 40(a)(i) of the Act deals with interest and other sums payable outside India. The provisions of this sub-clause made applicable to interest have been extended to payment of royalty, technical fees and any other sum chargeable under this Act. The section provides that the sums covered by the sub-clause

DCIT, CENTRAL CIRCLE - 1(4), KOLKATA , KOLKATA vs. M/S. HINDUSTAN URBAN INFRASTRUCTURE LTD.(HINDUSTAN VIDYUT PRODUCT LTD.,), NEW DELHI

Bench: Shri S.S.Godara & Shri, M. Balaganesh

gains of business or profession. 7.2 Section 40(a)(i) of the Act deals with interest and other sums payable outside India. The provisions of this sub-clause made applicable to interest have been extended to payment of royalty, technical fees and any other sum chargeable under this Act. The section provides that the sums covered by the sub-clause

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

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:

56,751/- Depreciation claimed u/s 32 of the Act 4,06,46,462/- Total 6,82,03,213/- 10% proportionate disallowance thereon 68,20,321/- This action of the ld AO was upheld by the ld DRP. Aggrieved, the assessee is in appeal before us on the following ground:- 4.1 On facts and circumstances of the case

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

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:

56,751/- Depreciation claimed u/s 32 of the Act 4,06,46,462/- Total 6,82,03,213/- 10% proportionate disallowance thereon 68,20,321/- This action of the ld AO was upheld by the ld DRP. Aggrieved, the assessee is in appeal before us on the following ground:- 4.1 On facts and circumstances of the case

D.C.I.T.,CIRCLE-3(1), KOLKATA vs. SMT. SHIKHA ROY, KOLKATA

In the result, appeal of the revenue is dismissed

56 read with section 10(3) - On appeal, Commissioner (Appeals) held that On appeal, Commissioner (Appeals) held that assessee was liable to pay capital gains on amount received after deducting certain assessee was liable to pay capital gains on amount received after deducting certain assessee was liable to pay capital gains on amount received after deducting certain amount as cost

D.C.I.T.,CIRCLE-6(1), KOLKATA vs. SHRI SAROJ KUMAR PODDAR, KOLKATA

In the result, the appeal of the Revenue is dismissed as not maintainable

Bench: Shri J. Sudhakar Reddy, Hon’Ble & Shri Aby T. Varkey, Hon’Ble]

Section 56. Any payment received by Assessee without consideration in excess of Rs.50,000/ Any payment received by Assessee without consideration in excess of Rs.50,000/ Any payment received by Assessee without consideration in excess of Rs.50,000/- is taxable u/s 56(2)(vii).” 5.1 Thereafter, the AO at Para 71 of the assessment order su Thereafter

SWETA SONTHALIA,KOLKATA vs. ITO, WARD 7(1), KOLKATA

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

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

56 taxmann.com 209 ( Mad) dated 16.12.2024 (Madras High Court) ii) Saurabh Prasannavadan Vakil vs. ITO Ward-1(2)(4) (Now DCIT 1(1)(1), Vadodara in ITA NO. 975/Ahd/2024 dated of order 15.10.2024 (Ahmedabad ITAT). 3 I.T.A. No. 207/Kol/2025 Assessment Year: 2013-14 Sweta Sonthalia iii) CIT vs. Smt. Neena Krishna Menon [2021] 123 taxmann.com 205 (Karnataka) dated of order

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]

56,760/- revised computation) 1,64,80,407/- Less: Registration Expenses (As per Assessee’s 75,000/- computation) Long Term Capital Gains 1,64,05,407/- Less: Deduction u/s. 54EC (as discussed above) 50,00,000/- Total: 1,14,05,407/- 9. Therefore, the AO computed the total Long Term Capital Gain at Rs.1,14,05,407/- instead of Rs.69

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]

56,760/- revised computation) 1,64,80,407/- Less: Registration Expenses (As per Assessee’s 75,000/- computation) Long Term Capital Gains 1,64,05,407/- Less: Deduction u/s. 54EC (as discussed above) 50,00,000/- Total: 1,14,05,407/- 9. Therefore, the AO computed the total Long Term Capital Gain at Rs.1,14,05,407/- instead of Rs.69

ALOKE RAY,KOLKATA vs. ACIT(INTT.TAXATION), CIR.-1(1), KOLKATA

In the result, the appeal of the assessee is allowed

Capital Gain Rs. 2,09,93,762/- 6 LTCG shown in the ROI Rs. 1,52,99,100/- 7 Shortfall in respect of LTCG Rs. 56,94,662/- 8 Addition already been made in the assessment Rs. 7,00,000/- order 5 Aloke Ray A.Y. 2015-16 9 Net shortfall in LTCG in the assessment year

VIKASH SOLVEXTRACTS PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-5, KOLKATA, KOLKATA

In the result, ground Nos

Bench: Shri Aby. T. Varkey, Jm & Dr.A.L. Saini, Am]

section 45(2) stipulates that capital gain on conversion of the land into stock in trade should also be charged in the year in which corresponding sale takes place. Therefore, capital gain chargeable to tax in a year shall be that proportion of total capital gain on conversion of total land into stock in trade, which is the proportion

VIKASH SOLVEXTRACTS PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-5, KOLKATA, KOLKATA

In the result, ground Nos

Bench: Shri Aby. T. Varkey, Jm & Dr.A.L. Saini, Am]

section 45(2) stipulates that capital gain on conversion of the land into stock in trade should also be charged in the year in which corresponding sale takes place. Therefore, capital gain chargeable to tax in a year shall be that proportion of total capital gain on conversion of total land into stock in trade, which is the proportion