RAM NIRANJAN BANKA,KOLKATA vs. A.C.I.T., CIRCLE - 40,, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shripradip Kumar Choubey, Jm Ram Niranjan Banka Acit, Circle-40 1, Surti Bagan Street, Jorasanko, 3, Govt. Place (West), Vs. Kolkata-700073, West Bengal Kolkata-700001, West Bengal (Respondent) (Appellant) Pan No. Aedpb5273P Assessee By : Shri Manish Tiwari, Ar Revenue By : Shri Sanat Kumar Raha, Dr Date Of Hearing: 14.08.2025 Date Of Pronouncement: 21.11.2025

81,04,250 Deduct: cost of construction paid to Developer for area set apart for Original Lessor (44,26,906) & indexed cost of land 60,22,089 not considered (15,95,183) Long term Capital gain on transfer of land proportionate to Developer’s allocation 4,65,63,334 5,42,02,854 3.3. As regards computation of capital gains

RUSSEL CREDIT LIMITED,KOLKATA vs. PCIT, KOL, KOLKATA

The appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Sanjay Awasthiassessment Year: 2018-19

81,330/-: (a) That on the facts and in the circumstances of the case, the Ld. PCIT erred in making the set off of Long-Term Capital Gain of Rs. 12,10,75,318/- with assessed brought forward Long- Term Capital Loss of Rs. 12,10,75,318/- of AY 2012-13 instead of returned brought forward Long-Term Capital

BANI BROTO BANERJEE ,KOLKATA vs. CIT(A), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumari.T.A. No. 520/Kol/2023 Assessment Year: 2014-2015 Bani Broto Banerjee,…………………..…………Appellant Sanskriti, Flat – 3A, 148, Rashbehari Avenue, Near Deshapriya Park, Kolkata-700029 [Pan:Abppb0424P] -Vs.- Commissioner Of Income Tax (Appeals),……Respondent Aayakar Bhawan Dakshin, 2, Gariahat Road (South), Kolkata-700031 Appearances By: Shri Akshay Ringasia, C.A., Appeared On Behalf Of The Assessee Smt. Ranu Bisws, Addl. Cit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : September 24, 2024 Date Of Pronouncing The Order : November 18, 2024 O R D E R

81,426/- improvement Less: Brokerage @ 1% 16,39,394/- Less: legal charges 97,239/- Less: Miscellaneous 2,715/- 6,50,51,565/- Add: Unexplained 2,12,857/- adjustment of interest (refer para 2 above) Long Term Capital Gains 9,91,00,694/- 3 Bani Broto Banerjee 5. Dissatisfied with this working, the assessee carried the matter in appeal before

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

capital gains exemption has to be made in accordance with the provisions of section 11(lA). However, the assessee has not computed income in this manner. In the case of institutions covered by Section 11, the amount kept under corpus fund has been exempted in the year of receipt. Since investment in mutual fund is a valid mode of investment

DCIT, CIRCLE - 11(1), KOLKATA, KOLKATA vs. M/S. GRAPHITE INDIA LTD., KOLKATA

In the result, considering the discussions made above, the appeal filed by the Revenue is partly allowed and the cross objection filed by the assessee are dismissed

Bench: Sri Sanjay Garg & Sri Sanjay Awasthi

capital gain on transfer of land. For this issue, the ld. AO has recorded a finding that during the year under consideration the assessee sold part of its land measuring 41.5 acres (approximately) situated at Bangalore to one Prestige White Field Investments and Bright Enterprises Pvt. Ltd. for a total consideration of Rs. 111 Crore. The said land was allotted

NIKUNJ DHANUKA,KOLKATA vs. DCIT, CIR. 32, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Hon’Ble & Dr. Manish Borad, Hon’Ble

Section 147 of the Act specifically deals with the case where assessment u/s 143(3) of the Act has already been carried out and it provides that no action shall be taken in the case after expiry of four years from the end of the relevant Assessment Year unless any income chargeable to tax has escaped assessment for such Assessment

GOUTAM GHOSH,HOWRAH vs. P.C.I.T., KOLKATA - 13, KOLKATA

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

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

81 (SC). However, a more compelling reason to decide the issued in favour of the appellant would be the provisions of Section 45(5A) of the Act, which was brought into the statute books by the Finance Act, 2017 to hold as under: “[(5A) Notwithstanding anything contained in sub-section (1), where the capital gain

SHYAMSREE PROMOTERS PVT. LTD. ,KOLKATA vs. PCIT-1, KOLKATA, KOLKATA

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

Bench: Sri Rajesh Kumar & Sonjoy Sarma

section 50C. The ld. Counsel for the assessee has also invited our attention to the letter dated 23.12.2016 (copy placed at page 18 of the paper book), wherein the following explanation was offered by the assessee in this regard:- “4. In the computation of the short term capital gain on the sale of the flat at 5, Lala Lajpat

NIRMAL SANTRA,KOLKATA vs. I.T.O., WARD - 44(3), KOLKATA, KOLKATA

Bench: Sri Sanjay Garg & Dr. Manish Borad

81,810/- by invoking the deeming provisions of Section 50C of the Act. We notice that the assessee is an individual and filed ITR Form No. 3 on 01.11.2019. In the column of computation of capital gain

PRAMOD LAKRA, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. MEENAKSHI MERCANTILES LIMITED, KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Dcit, Circle-11(1), Meenakshi Mercantiles Limited Kolkata Room No 504, Woodburn Aayakar Bhawan, 6Thfloor, P-7, Central, 5A,Bibhabati Bose, Vs. Chowringhee Square, Kolkata, Sarani Kolkata, West Bengal, 700069 Westbengal-700020 (Appellant) (Respondent) Pan No. Aadcm1113E Assessee By : Shri S.K. Tulsiyan & Smt. Lata Goyal, Ars Revenue By : Shri Sailen Samadder, Dr Date Of Hearing: 19.03.2025 Date Of Pronouncement : 02.04.2025

81 of the paper book. On page no. 78, the non-banking financial institutions and their activities have been defined under section 45-I Chapter IIIB of RBI Act, 1934. The business of non-banking company has been defined as carrying on business of financial institutions referred to in clause (c) and includes business of a non-banking financial company

UTTAM DAS,KOLKATA vs. I.T.O., WARD - 2(3), KOLKATA, KOLKATA

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

Bench: Sri Rajpal Yadav & Sri Rakesh Mishra

Gain or Short-Term Capital Loss is baseless and devoid of any application of mind. The only transaction that the assessee had in the scrip of Global Capital Markets Limited was that of purchase of 5,000 shares on 28.03.2011 and another 5000 shares on 29.03.2011. The same may be verified from the Contract Note issued by the broker - Motilal

HIRAK SARKAR,HOOGHLY vs. ACIT, CIR. 23(1), HOOGHLY

In the result, appeal of the assessee is allowed for statistical purposes

Bench: The Ld Cit(Appeals) As His Mother Was Not Well Because Of Prolonged Disease Was Going Under Medical Supervision And

capital gain of Rs. 40,162/-. The reported sale value of the property was Rs. 2,75,000/- and the indexed cost of acquisition was Rs. 2,34,838/-. According to details from the AR and the ITS database, the property was registered at a market value of Rs. 1,40,000/-, as confirmed by the registration deed dated

BRITANNIA INDUSTRIES LTD,KOLKATA vs. DCIT, CIR-7(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 461/Kol/2023 Assessment Year: 2018-19 Britannia Industries Ltd. Dy. Cit, Circle-7(1), Kolkata 5/1A, Hungerford Street Vs Shakespeare Sarani Kolkata - 700017 [Pan: Aabcb2066P] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Kush Kanodia, A/R Revenue By : Shri Subhendu Datta, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 19/10/2023 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. 24/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2018-19. 2. The Assessee Has Raised The Following Grounds Of Appeal :- “1. For That On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Failed To Appreciate That The Appellant Had Suo Moto Computed & Disallowed Sum Of Rs.14,10,610/- Which Inter Alia Included Sum Of Rs.14,19,009/- Computed In Terms Of Rule 8D(2)(Ii) Being 1% Of The Value Of Tax Free Investments & Therefore The Ao Had Factually Erred In Holding That The Aforesaid Voluntary Disallowance Represented Disallowance Offered By Way Of Direct Expenditure U/S 14A Read With Rule 8D(2)(I) & Thereby Wrongly Computed Further Disallowance Of Rs.13,32,000/- In Terms Of Rule 8D(2)(Ii).

gain by taking the value of the cost of investments sold in accordance with FIFO Method, as mandated by Section 45(2A) of the Act. 7. For that on the facts and in the circumstances of the case and in law, the Ld. CIT(A) was wholly unjustified on facts and in law in denying the deduction of Rs.11.07 crores

NAVANSH VINIMAY PVT. LTD.,KOLKATA vs. I.T.O., WARD - 8(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri George Mathan & Shri Rakesh Mishra

Capital Gains. The Exit Providers were not able to provide any logical explanation of the source of funds they have invested in the scrip when they purchased the I.T.A. No.: 724/KOL/2022 Assessment Year: 2012-13 Navansh Vinimay Pvt. Ltd. scrip when the price was at its peak. They also clearly mentioned that the trades were not done by them

BRITANNIA INDUSTRIES LTD,KOLKATA vs. DCIT, CIR-7(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

section 50C. The Id. Counsel for the assessee has also invited our attention to the letter dated 23-12-2016 (copy placed at page 18 of the paper book), wherein the following explanation was offered by the assessee in this regard:- "4. In the computation of the short-term capital gain on the sale of the flat at 5, Lala

VISH REALTY SOLUTIONS PRIVATE LIMITED ,KOLKATA vs. I.T.O.,WARD-5(3), KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 250/Kol/2020 Assessment Year: 2012-13 Vish Realty Solutions Private Limited Income Tax Officer, Ward-5(3), 55, Ezra Street Vs Kolkata 2Nd Floor Kolkata - 700001 [Pan : Aadcv9938N] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S. Jhajharia, A/R Revenue By : Shri Vineet Kumar, Addl. Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 16/01/2024 घोषणा क" तारीख /Date Of Pronouncement: 21/02/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Commissioner Of Income Tax (Appeals) -10 (Hereinafter The “Ld. Cit(E)”) Dt. 02/12/2019, Passed U/S 263 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2012-13. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. That The Learned Commissioner Of Income Tax (Appeals)-Io, Kolkata Erred In Passing An Order Dated 2Nd Of December, 2019 Under Section 143(3) Of The Income Tax Act, 1961 Dismissing The Appeal Of The Appellant Without Allowing Reasonable Opportunity Of Being Heard. 2. That The Learned Commissioner Of Income Tax (Appeals) - 10, Kolkata Erred In Confirming The Addition Of Share Application Money Ofrs. 5,86,00,000/- Made By The Assessing Officer Under Section 68 Of The Income Tax Act, 1961 On Irrelevant Considerations & Arbitrary Grounds.

gain. 10.1. In the paper book, the assessee had filed the confirmation letters and all the share subscribers have stated to have given the share application money and the source of such share application money in the confirmation letter which the share applicants received before making the investment in the assessee company. In other words, source of source has been

M/S COAL INDIA LTD.,KOLKATA vs. DCIT, CIR-5(1), , KOLKATA

Capital gains, (F).-Income\nfrom other sources.'\nAs per section 56 of the Act, 'Income' would be 'Income from other\nsources' as per the provision of Section 56, which reads as follows.\n'Section 56. Income from other sources\n'Income of every kind which is not to be excluded from the total\nincome under this Act shall be chargeable

M/S TATA GLOBAL BEVERAGES LIMITED,KOLKATA vs. THE DCIT, CIRCLE-4(2), KOLKATA, KOLKATA

In the result, the appeals filed by the assessee for AY 2012-

Bench: Dr. Manish Borad & Sonjoy Sarma

capital gains being computed twice in the computation made in the assessment order. However, the said issue has been addressed by the rectification order dated December 29, 2017 and as such the said issue is not being pressed. 9. The next issue pertaining to assessment year 2013-14 is denial of deduction under section