RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

section 143(3) that the Assessing Officer had accepted the claim of short-term capital gains and long-term capital gains of the assessee. Hence the principles of consistency should be followed in the instant case. Though the principle of res judicata does not apply to income-tax proceedings, the principle of consistency cannot be given ago by. [Para

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

section 143(3) that the Assessing Officer had accepted the claim of short-term capital gains and long-term capital gains of the assessee. Hence the principles of consistency should be followed in the instant case. Though the principle of res judicata does not apply to income-tax proceedings, the principle of consistency cannot be given ago by. [Para

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

section 143(3) that the Assessing Officer had accepted the claim of short-term capital gains and long-term capital gains of the assessee. Hence the principles of consistency should be followed in the instant case. Though the principle of res judicata does not apply to income-tax proceedings, the principle of consistency cannot be given ago by. [Para

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

section 143(3) that the Assessing Officer had accepted the claim of short-term capital gains and long-term capital gains of the assessee. Hence the principles of consistency should be followed in the instant case. Though the principle of res judicata does not apply to income-tax proceedings, the principle of consistency cannot be given ago by. [Para

RAVI JALAN,KOLKATA vs. ITO, WARD - 36(1), KOLKATA , KOLKATA

In the result, Ground r.w

Section 56(2)(vii)(c) of the Act. He computed short term capital ) of the Act. He computed short term capital gains at Rs.1,24,54,080/- and while doing so, the consideration was computed as and while doing so, the consideration was computed as and while doing so, the consideration was computed as under:- (A) FMV of shares

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

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

capital gains may be deleted. 9. As regards the contentions raised by the Revenue, the same relate to the Ld. CIT(A) merely relying upon the assessee’s submission without appreciating the fact that the actual intention of the assessee was to increase the value of the property from ₹8.50 crore to ₹90 Crore with subsequent act of counter balancing

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

capital gains may be deleted. 9. As regards the contentions raised by the Revenue, the same relate to the Ld. CIT(A) merely relying upon the assessee’s submission without appreciating the fact that the actual intention of the assessee was to increase the value of the property from ₹8.50 crore to ₹90 Crore with subsequent act of counter balancing

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:

9,77,54,843/- arising on sale of land, against the deemed short term capital gain of Rs 7,18,74,000/- arising out of sale of residential property (being a long term capital asset as the holding period of them exceeded 36 months). Based on the provisions of section

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:

9,77,54,843/- arising on sale of land, against the deemed short term capital gain of Rs 7,18,74,000/- arising out of sale of residential property (being a long term capital asset as the holding period of them exceeded 36 months). Based on the provisions of section

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

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

section 263:- “6. I have considered the facts of the case and submissions of the assessee. These observations were raised in the show cause notice, which is discussed hereunder:- (i) Long term capital gain(without STT):- The assessee claimed long term capital loss (without STT) of Rs.109,80,30,873/-on account of loss suffered from government securities(Rs.111

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

9,77,54,843/- against the deemed short term capital gain of Rs 7,18,74,000/- in the facts of the case. The ld AO is accordingly directed to give benefit of the same to the assessee based on the correctness of the claim of brought forward loss figure made by the assessee. Accordingly, the Ground

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

In the result, appeal of the revenue is dismissed

Section 2(47) of the Ac of the Act and on various case-law for the proposition that law for the proposition that transfer of tenancy rights would tantamount to transfer of capital asset. He submitted transfer of tenancy rights would tantamount to transfer of capital asset. He submitted transfer of tenancy rights would tantamount to transfer of capital asset

ACIT, CIRCLE - 31, KOLKATA, KOLKATA vs. PRADYUMNA DALMIA, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: : Shri Mahavir Singh & Shri M. Balaganesh

section 111A of the Act. With regard to the comments of the Learned AO on the holding period of shares and frequency of transactions, the Learned AR argued that it is for the assessee to decide when to invest and when to exit from the respective shares. The Learned AR informed that the part of the shares of M/s Texmaco

SHUVRO CHATTARAJ,KOLKATA vs. PCIT , BURDWAN

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

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

section 49(1), the cost of acquisition and period of holding of the donor are considered in the hands of donee. Thus the Ld. PCIT erred on fact that the property is not a long term asset when the same was acquired in 1998. The Ld. PCIT erred on law that the capital gains arising on such long term capital

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