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

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]

1) of Section 54EC of the Act, a second proviso, which reads as under: "Provided further that the investment made by an assessee in the long-term specified asset, from capital gains arising from transfer of one or more original assets, during the 5 I.T.A. No. 207/Kol/2025 Assessment Year: 2013-14 Sweta Sonthalia financial year in which the original asset

RAI BHAGWAN DAS BAGLA BAHADURS MARWARI HINDU HOSPITAL,KOLKATA vs. I.T.O., WARD - 49(3) NOW, I.T.O., WARD - 44(2), KOLKATA, KOLKATA

In the result, the appeal of assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Rai Bhagwan Das Bagla Ito, Ward-49(3), Bahadurs Marwari Hindu 3, Govt. Place (West), Hospital Kolkata-700001, Vs. 1, R.N. Mukherjee Road, Martin West Bengal Burn House, Kolkata-700001 (Appellant) (Respondent) Pan No. Aactr1297C Assessee By : Shri Soumitra Choudhary, Ar Revenue By : Shri Prabhakar Prakash Ranjan, Dr Date Of Hearing: 05.12.2024 Date Of Pronouncement : 19.12.2024

9 Cottah 18 sq. ft was taken at Rs. 1,84,420/- per Cottah which comes to ₹16,63,488/- and the cost of acquisition of the building comes to ₹18,95,122/- for the purpose of Long-Term Capital Gain. Thereafter the ld. AO computed the Long-Term Capital Gain of the property at ₹5,18,74,075/-. Thereafter

ZAFAR IQBAL,SILIGURI vs. DCIT, CIRCLE - 1, SILIGURI, SILIGURI

In the result, the appeal filed by the assessee is partly allowed for\nstatistical purposes

1 and 9 are general in nature and do not require\nany separate adjudication.\n6.1 Ground Nos. 2, 3 and 4 relate to the Ld. CIT (A) erring in denying\nthe deduction u/s 54F of the Act on the ground that the assessee did\nnot deposit the sale proceeds of his old property in Capital Gains\nAccount Scheme

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

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

capital gain resulting from sale of shares/securities which was granted exemption u/s 10(38) subject to the fulfillment of certain conditions and not the entire source which was excluded from the aforesaid sections . Therefore we are of the considered view that when the entire source is not excluded from the charging section and only special type of income is excluded

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

gains should be made to acquire another capital asset. 4. That in the facts and circumstances of the case, the Ld. CIT (Exemption), Kolkata has erred in coming to conclusion that utilization of corpus fund of Rs.8,71,03,846/- towards charitable activities is in contravention of section 11(1)(d) of the Act although the corpus fund was utilized

SAROJ GOENKA,KOLKATA vs. I.T.O., WARD - 30(1), KOLKATA

In the result, the appeal of the assessee is allowed

capital gain derived from sale of shares was\nclaimed exempt u/s 54F of the Act. The AO however denied the\nexemption on three grounds. The first and foremost reason given by\nthe AO is applicability of proviso to Section 54F(1) of the Act. The\nproviso below sub-section (1) of Section 54F lays down certain\ndisqualification for claiming exemption

M/S PREMIER IRRIGATION ADRITEC (P) LTD.,KOLKATA vs. ACIT, CIR-11(1), KOLKATA , KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawal

gains of business or profession’. The interest on late payment of TDS, is not covered either under the provision of sections 30 to 36 of the Act, nor it qualifies as expenditure wholly and exclusively incurred for the purpose of business or profession u/s 37 of the Act. Even u/s 36(1) (iii) of the Act, the amount of interest

RAMAUTAR SARAF (HUF),KOLKATA vs. ITO, WARD 59(3),, KOLKATA

In the result, the appeal of the assessee is allowed

1,88,317/- was\noffered to tax. The Id. AO noted that the said capital gain was utilized\nby purchase of land amounting to ₹2,80,70,000/- for construction of\nresidential house. The said amounts utilized out of capital gain are as\nunder:-\nSL No.\n1.\n2.\n3.\n4.\nAmount Invested\nPurchased of Land\nArchitect Fees\nDeposit in Capital

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

1.e. whether the same is in the nature of capital gain or business income), CBDT realizing that major part of shares/securities transactions takes place in respect of the listed ones and with a view to reduce litigation and uncertainty in the matter, in partial modification to the aforesaid Circulars, further instructs that the Assessing Officers in holding whether

DALMIA LAMINATORS LTD.,KOLKATA vs. ACIT, CIR. 7(1), KOLKATA

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

1) [or sub- section (3)) of section 74 [or sub-section (3) of section 74A]. 9. A bare perusal of the above provision goes to show that a loss sustained during the year by an assessee under the head Business Profits & Gains, Capital

BIMLA DEVI AGRAWAL,KOLKATA vs. A.C.I.T./D.C.I.T., CIRCLE - 34, KOLKATA, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

9[(1B) Notwithstanding anything in sub-section (1), where a return is furnished in consequence of an order under clause (b) of sub-section (2) of section 119, an order of assessment under section 143 or section 144 may be made at any time before the expiry of twelve months from the end of the financial year in which such

SHRI RAGHVENDRA MOHTA,KOLKATA vs. ACIT, CIRCLE - 36, KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2014-15

gain from sale of shares of Ashika Credit Capital Ltd. of Rs.29,73,500/- for sale of Rs.42,27,500/- which has been claimed as exempt u/s. 10(38) of the Act. Several other disallowance/additions were made towards bogus interest u/s. 69C, interest expenditure attributable to negative capital, u/s. 14A read with Rule 8D and on account of dividend stripping

M/S. NISHIT AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

1) of the Act. The reason for selecting the case for scrutiny was for verifying suspicious transaction relating to long term capital gain on share, low net profit from share broking business, Large value sale of option in securities (derivatives) in a recognised stock exchange, Large value sale of futures (derivatives) in a recognized stock exchange and Suspicious transactions relating

M/S. GATEWAY FINANCIAL SERVICES LTD., ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

1) of the Act. The reason for selecting the case for scrutiny was for verifying suspicious transaction relating to long term capital gain on share, low net profit from share broking business, Large value sale of option in securities (derivatives) in a recognised stock exchange, Large value sale of futures (derivatives) in a recognized stock exchange and Suspicious transactions relating

PRATIK AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, C.C.-3(1), , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

1) of the Act. The reason for selecting the case for scrutiny was for verifying suspicious transaction relating to long term capital gain on share, low net profit from share broking business, Large value sale of option in securities (derivatives) in a recognised stock exchange, Large value sale of futures (derivatives) in a recognized stock exchange and Suspicious transactions relating

PINKY AGARWAL ,KOLKATA vs. ACIT, CC-3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

1) of the Act. The reason for selecting the case for scrutiny was for verifying suspicious transaction relating to long term capital gain on share, low net profit from share broking business, Large value sale of option in securities (derivatives) in a recognised stock exchange, Large value sale of futures (derivatives) in a recognized stock exchange and Suspicious transactions relating

SAROJ BAID,KOLKATA vs. ITO, WARD 36(3), KOLKATA, KOLKATA

In the result, both the appeals of the assessee are dismissed

Bench: Shri Sanjay Garg, J & Dr. Manish Borad

9) Ld.CIT (Appeals) has erred is denying exemption of Long Term Capital gain u/s 10(38) of I.T. Act, 1961 using the circumstantial evidence and completely ignoring the documentary evidence produced by your appellant in regard to earning of long term capital gain without rebuttal of the same. (10) Ld. CIT (Appeals) has erred in drawing the conclusion that reliance