SEEMA SUREKA,KOLKATA vs. DCIT, CENTRAL CIRCLE - 3(3), KOLKATA

Appeal of the assessee is partly allowed

gain since the rate of\ntax prevailing for this assessment year was 30% u/s 115BBE of the Act.\nThis rate was enhanced to 60% from AY 2017-18 only. While the issue of\ntaxation would at best be a secondary consideration in deciding the merit\nof the case, it does have a certain persuasive value considering that the\nimpugned amount

ACIT(E), CIR -1, KOLKATA, KOLKATA vs. WEST BENGAL TRANSPORT WORKERS SOCIAL SECURITY SCHEME, KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Sh. P.M.Jagtap & Sh.S.S.Viswanethra Raviacit(E), Vs West Bengal Transport Workers Circle-1, 5Th Floor, Social Security Scheme, 10B, Middleton Row, 6, Church Lane, 4Th Floor, Kolkata-700071. Kolkata-700001. Pan-Aaalw0133G (Appellant) (Respondent) Appellant By Sh. Sankar Halder, Addl. Cit, Sr.Dr Respondent By Sh.S.M.Surana, Advocate Date Of Hearing 29.11.2018 Date Of Pronouncement 26.02.2019 Order Per S.S. Viswanethra Ravithis Appeal Filed By The Revenue Against The Order Dated 26.04.2016 Passed By Cit(A)-25, Kolkata For Ay 2011-12 Of The Income Tax Act, 1961 (In Short “Act”).

viib) of sub-section (2) of section 56; (xvii) any sum of money referred to in clause (ix) of sub- section (2) of section 56; 8[(xviia) any sum of money or value of property referred to in clause (x) of sub-section (2) of section 56;] Following sub-clause (xviib) shall be inserted after sub-clause (xviia) of clause

M/S EVAN VINIMAY PVT. LTD.,AGRA vs. PR, C.I.T.-4, KOLKATA

Bench: Shri P.M. Jagtap(Kz) & Shri A. T. Varkey, Jm]

gains …….. ……… xvi) any consideration received for issue of shares as exceeds the Fair Market Value of the shares referred to in clause (viib) of sub-section (2) of section 56. 26. It is noted that this amendment was made by an insertion of clause (xvi) in section 2(24) of the Act was by Finance Act 2012 with effect from

M/S BRIDHI DISTRIBUTORS PVT. LTD.,AGRA vs. PR.CIT-4, KOLKATA

Bench: Shri P.M. Jagtap(Kz) & Shri A. T. Varkey, Jm]

gains …….. ……… xvi) any consideration received for issue of shares as exceeds the Fair Market Value of the shares referred to in clause (viib) of sub-section (2) of section 56. 26. It is noted that this amendment was made by an insertion of clause (xvi) in section 2(24) of the Act was by Finance Act 2012 with effect from

AMRITRASHI INFRA(P) LTD.,KOLKATA vs. PR.C.I.T.-4, KOLKATA

Bench: Shri P.M. Jagtap(Kz) &Shri A. T. Varkey, Jm] Assessment Year: 2012-13 Amritrashi Infra Private Ltd. Vs. Principal Commissioner Of Income-Tax- (Pan: Aakca2544E) 4, Kolkata.

gains …….. ……… xvi) any consideration received for issue of shares as exceeds the Fair Market Value of the shares referred to in clause (viib) of sub-section (2) of section 56. 20 Amritrashi Infra Private Limited,AY- 2012-13 31. It is noted that this amendment was made by an insertion of clause (xvi) in section 2

M/S TCG LIFESCIENCES PRIVATE LIMITED,KOLKATA vs. DCIT, CIRCLE-11, KOLKATA, KOLKATA

In the result, appeal by the Revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri J.Sudhakar Reddy, Am] I.T.A No. 1053/Kol/2017 Assessment Year : 2010-11 A.C.I.T., Circle-11(2) -Vs.- M/S. Tcg Lifesciences Ltd. Kolkata Kolkata [Pan : Aabcc 0401 D] (Respondent) (Appellant) I.T.A No. 966/Kol/2017 Assessment Year : 2010-11 M/S. Tcg Lifesciences Pvt.Ltd. -Vs- C.I.T.(A)-22, (Formerly “Tcg Lifesciences Ltd.) Kolkata Kolkata [Pan : Aabcc 0401 D] (Respondent) (Appellant) For The Department : Shri G.Mallikarjuna, Cit(Dr) For The Assessee : Shri S.P.Singh, Irs (Rtd.) & Shri Manoneet Dalal & Ms.Gunjan Khanna, Cas Date Of Hearing : 14.09.2017. Date Of Pronouncement : 22.09.2017. Order Per N.V.Vasudevan, Jm

Gains chargeable to tax under Section 45 of the Act are, defined to be income. The amounts received on issue of share capital including the premium is undoubtedly on capital account. Share premium have been made taxable by a legal fiction under Section 56(2)(viib

ACIT, CIRCLE-11(2), KOLKATA, KOLKATA vs. M/S. TCG LIFESCIENCES LIMITED., KOLKATA

In the result, appeal by the Revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri J.Sudhakar Reddy, Am] I.T.A No. 1053/Kol/2017 Assessment Year : 2010-11 A.C.I.T., Circle-11(2) -Vs.- M/S. Tcg Lifesciences Ltd. Kolkata Kolkata [Pan : Aabcc 0401 D] (Respondent) (Appellant) I.T.A No. 966/Kol/2017 Assessment Year : 2010-11 M/S. Tcg Lifesciences Pvt.Ltd. -Vs- C.I.T.(A)-22, (Formerly “Tcg Lifesciences Ltd.) Kolkata Kolkata [Pan : Aabcc 0401 D] (Respondent) (Appellant) For The Department : Shri G.Mallikarjuna, Cit(Dr) For The Assessee : Shri S.P.Singh, Irs (Rtd.) & Shri Manoneet Dalal & Ms.Gunjan Khanna, Cas Date Of Hearing : 14.09.2017. Date Of Pronouncement : 22.09.2017. Order Per N.V.Vasudevan, Jm

Gains chargeable to tax under Section 45 of the Act are, defined to be income. The amounts received on issue of share capital including the premium is undoubtedly on capital account. Share premium have been made taxable by a legal fiction under Section 56(2)(viib

M/S GOODPOINT STOCKIST PVT LTD,KOLKATA vs. PCIT-4, KOLKATA

Bench: Shri A. T. Varkey, Jm &Shrigirishagrawal, Am]

gains …….. ……… xvi) any consideration received for issue of shares as exceeds the Fair Market Value of the shares referred to in clause (viib) of sub-section (2) of section 56. 25. It is noted that this amendment was made by an insertion of clause (xvi) in section 2(24) of the Act was by Finance Act 2012 with effect from

M/S. ARMAN ADVISORY PVT. LTD.,KOLKATA vs. PR. CIT-4, KOLKATA

Bench: Shri A. T. Varkey, Jm & Shri Girish Agrawal, Am]

gains …….. ……… xvi) any consideration received for issue of shares as exceeds the Fair Market Value of the shares referred to in clause (viib) of sub-section (2) of section 56. 25. It is noted that this amendment was made by an insertion of clause (xvi) in section 2(24) of the Act was by Finance Act 2012 with effect from

MADHU SUDAN SHARIVASTAVA,KOLKATA vs. P.C.I.T.,KOLKATA-17, KOLKATA

In the result, the appeal of the assessee is allowed

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

capital gain has correctly been computed by subtracting the payments made to confirming parties of Rs. 13,78,43,169/- and the balance of Rs. 2,26,00,000/- were received by 28 persons including the assessee and thus the net consideration falling to the assesse’s share worked out to Rs. 5,65,725/- and after reducing the cost

M/S. TCG LIFESCIENCES PRIVATE LIMITED.,KOLKATA vs. ACIT, CIRCLE-11(2), KOLKATA, KOLKATA

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

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri S.S. Viswanethra Ravi

gains tax accruing on the account of income arising due to disposal of such shares of AE during the year. 3. Erroneous transfer pricing adjustment on account of the guarantee fees charged to the associated enterprise- 3.1. The Hon'ble DRP and the Ld. TPO/ AO erred in making a transfer pricing adjustment on account of the guarantee fees charged

M/S. EARNEST TOWERS PRIVATE LIMITED ,KOLKATA vs. ACIT, CIRCLE - 2(1), KOLKATA , KOLKATA

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

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravii.T.A. No. 2530/Kol/2017 Assessment Year: 2013-14 M/S. Earnest Towers Private Limited……….………....………………...…………………….….Appellant [Pan : Aabce 8612 N] Vs. Acit, Circle-2(1), Kolkata………............................................................…....….…………..…...Respondent Appearances By: Shri Ajit Kumar Jain & Siddhesh Chaugule, C.A Appearing On Behalf Of The Appellant. Shri P. K. Srihari, Cit- Dr, Appearing On Behalf Of The Respondent.

gains. He relied on the reasoning given by the DRP at Pages 8 to 28 of its order and supported the valuation of equity shares made by the TPO. He also relied on the order in the case of Cheil India (P) Ltd. vs. DCIT, 2014 46 taxmann.com 90 (Delhi Tribunal) for the proposition that inter-company receivables are unsecured

M/S. BARDHAMAN DHARMARAJ PAPER MILL PVT. LTD.,BURDWAN vs. ACIT, CIRCLE-2, BURDWAN

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year : 2015-16

capital gains in the returns of income of the assessee how these shares more so the current assets were cleaned form the balance sheet. These are cases of clear human ingenuinity with the clear and contumacious intention to defraud the revenue. It is not the handiwork of one person alone. One person has created the shell another has funded

ACIT, CIRCLE-1, BURDWAN, BURDWAN vs. M/S. BARDHAMAN DHARMARAJ PAPER MILL PVT. LTD., BURDWAN

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year : 2015-16

capital gains in the returns of income of the assessee how these shares more so the current assets were cleaned form the balance sheet. These are cases of clear human ingenuinity with the clear and contumacious intention to defraud the revenue. It is not the handiwork of one person alone. One person has created the shell another has funded