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

capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

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

capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

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

capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

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

capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

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

In the result, the appeal of the assessee is allowed

94) [ITAT Ahm]\nITO v. Narasimha Reddy Duthala (174 taxmann.com 1073) [ITAT Hyd]\n8. The Ld. AR also relied on the following judicial precedents\nwherein it has been held that, there is no such condition laid down\nin Section 54/54F that the sale proceeds from sale of capital asset\nshould be directly utilized in purchase/construction of property.\nRather, as long

VENERABLE ADVERTISING PVT. LTD. ,KOLKATA vs. PCIT,KOL-1, KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawali.T.A. No.459/Kol/2023 Assessment Year: 2018-19 Venerable Advertising Pvt. Ltd....................…...……………....Appellant 6, Kali Krishna Tagore Street, Jorbagan, Kolkata- 700007. [Pan: Aaacv8673M] Vs. Pcit, Kolkata-1, Kolkata…..........................................…..…..... Respondent Appearances By: Shri Aayush Kedia, Ca, Appeared On Behalf Of The Appellant. Shri S. Datta, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : November 30, 2023 Date Of Pronouncing The Order : January 16, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Revision Order Dated 14.03.2023 Of The Principal Commissioner Of Income Tax, Kolkata [Hereinafter Referred To As ‘Pcit’] U/S 263 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Assessee In This Appeal Has Agitated Against The Action Of The Pr. Cit In Exercising His Revision Jurisdiction U/S 263 Of The Act & Thereby Directing The Assessing Officer To Frame The Assessment Afresh. 2. The Brief Facts Of The Case Are That The Assessee Vide Its Return Of Income For The Assessment Year Under Consideration I.E. A.Y 2018-19 Declared Total Income Of Rs.1,09,24,210/- Which Was Accepted By The Assessing Officer In The Assessment Carried Out U/S 143(3) Of The Act. However, Later On, The Ld. Pr. Cit In Exercising Of His Revision

section 94(7) of the Income Tax Act, 1961. Besides this, the assessee earned a short-term capital gain of Rs. 40,94

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

94,805/- u/s 56(2)(x) without applying his mind in the case in hand and such order of the Ld. PCIT is beyond his jurisdiction and liable to be struck down in appeal. 3. FOR THAT merely because the PCIT is of a different opinion, it would not justify action u/s 263 of the Act. 4. FOR THAT when

GRAPHITE INDIA LTD.,KOLKATA vs. PR.CIT-4, KOLKATA

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

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

7. We have gone through the paper book and find that the long-term capital loss of Rs. 2,28,57,325/- has already been mentioned in the computation of total income submitted by the assessee before the AO income under the head capital gain. We have also found that the long-term capital loss on sale of ZCB issued

SIDDHARTH PAHWA,KOLKATA vs. I.T.O., WARD-33(1), KOLKATA, KOLKATA

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

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

7. That your appellant submits that Indexed Cost be calculated on the basis of year of acquisition, i.e. FY 1993-94 at Rs.33,12,891.80/- [Rs.7,89,400/- x 1024/244] because the cost of acquisition of the sold flat was Rs.7,89,400/- as per Books of Accounts of your appellant in the FY 1993-94 and not Rs.2

ANIL KUMAR PAIK ,KOLKATA vs. ACIT, CIR-8(1), KOL, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 492/Kol/2023 Assessment Year: 2017-18 Anil Kumar Paik Acit, Circle-8(1), Kolkata C/O S.N. Ghosh & Associates, Advocates Vs 2, Garstin Place, 2Nd Floor Suite No. 203 Off Hare Street Kolkata - 700001 [Pan : Aflpp6567R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri B.K. Singh, Jcit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 01/12/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/02/2024 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 National Faceless Appeal Centre, Delhi (Hereinafter The “Ld. Cit(A)”) Dt. 15/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. For That The Ld. Commissioner, Of Income Tax (Appeals)- N.F.A.C. Acted Unlawfully In Impliedly Sustaining; The Purported Addition Of Rs. 1,67.44,907/- Made The Ld. Assistant Commissioner, Of Income Tax, Circle 8(1) Kolkata By Invoking The Mischief U/S. 43Ca Of The Income Tax Act, 1961 Without Satisfying The Parameters Thereof & The Adverse Conclusion Reached On That Behalf In Violation Of The Statutory Prescription Is Completely Unfounded, Unjustified & Untenable In Law. 2. For That The Specious Approach Of The Ld. Commissioner Of Income Tax (Appeals)-N.F.A,C. Of Misreading Evidence, Considering Improper Facts

gain difference between the stamp valuation and the sale price of a capital asset. For obvious reasons, this provision would not apply in case of a builder for whom such immovable property is in nature of stock in trade and not capital asset. To overcome this difficulty the legislature had inserted Section 43CA under Finance Act, 2013 w.e.f 1.4.2014. This

ANIL KUMAR PAIK,KOLKATA vs. ACIT, KOLKATA

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

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 468/Kol/2023 Assessment Year: 2016-17 Anil Kumar Paik Acit, Circle-8(1), Kolkata C/O S.N. Ghosh & Associates, Advocates Vs 2, Garstin Place, 2Nd Floor Suite No. 203 Off Hare Street Kolkata - 700001 [Pan : Aflpp6567R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri P.P. Barman, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 21/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/11/2023 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 National Faceless Appeal Centre, Delhi (Hereinafter The “Ld. Cit(A)”) Dt. 15/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2016-17. 2. The Assessee Has Raised The Following Grounds Of Appeal:-

7 I.T.A. No. 468/Kol/2023 Assessment Year: 2016-17 Anil Kumar Paik audited balance sheet are arrived at which is the final picture of the transactions carried out during the year. It is also judicially settled that the manner of carrying out of the business activity is a prerogative of the business as to in what manner he carries

SRI NIRMALENDU NAG,PURBA MIDNAPORE vs. ITO WD. 27(2), HALDIA, HALDIA

In the result, appeal of the assessee is allowed

Bench: the Ld Valuation Officer U/S 50C(2) of the IT Act, 961. 4 For that the Ld. CIT(A)NFAC failed to consider the order of Ld, CIT(A)NFAC in the matter of appellant's wife, Smt. Purnima Nag, who was the joint owner (50% share) of the said immoveable property sold to same purchaser jointly at a sale consideration of Rs.14,90,000/-

Section 144/147 of the Act. I.T.A. No. 115/Kol/2024 Sri Nirmalendu Nag 2. The assessee has raised the following grounds of appeal: “1. For that on the facts and in the circumstances of the case and in law the Ld CIT(A) NFAC grossly erred in law in confirming the order of Ld AO 2 For that

SITARAM BHARTIA INSTITUTE OF SCIENCE & RESEARCH,KOLKATA vs. D.C.I.T.(EXEMPTION), CIRCLE-11(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

94,071/-. The assessee computed the capital gain at Rs. 4,14,577/- and the same was offered as income through income and expenditure account. According to the AO, the assessee was registered u/s 12AA of the Act and the entire expenditure incurred for acquisition of capital assets has been treated as application of income for charitable purposes

MADHUR COAL MINING PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(1),, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

7. We have considered the submissions made. The provisions of section 56(2)(viia) of the Act are reproduced as under: ITA No.: 1784/KOL/2025 Assessment Year: 2015-16 Madhur Coal Mining Pvt. Ltd. “56. (2) In particular, and without prejudice to the generality of the provisions of sub-section (1), the following incomes, shall be chargeable to income-tax under

SHREE GOVIND PROPERTY & INVESTMENTS PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 5(1),, KOLKATA

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

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

94,079/- being gross interest received and had also incurred current year’s loss amounting to ₹96,08,371/- under the head Profits and gains of business or profession. The set-off of business loss had been accepted and the assessment order u/s 143(3) r.w.s. 143(3A) and 143(3B) of the Act was passed accepting the returned income

THE BARANAGAR JUTE FACTORY PLC,KOLKATA vs. PRINCIPAL CIT - 1, KOLKATA , KOLKATA

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 1149/Kol/2018 Assessment Year: 2013-14 The Baranagar Jute Factory Plc Principal Cit-1, Kolkata C/O Subash Agarwal & Associates Vs Siddha Gibson 1, Gibson Lane Suite-213, 2Nd Floor Kolkata - 700069 [Pan : Aabct0134C] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Siddharth Agarwal, A/R Revenue By : Shri G.H. Sema, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 20/04/2023 घोषणा क" तारीख /Date Of Pronouncement: 16/06/2023 आदेश/O R D E R Per Rajesh Kumar: This Is The Appeal Preferred By The Assessee Against The Order Of The Learned Principal Commissioner Of Income Tax - 1, Kolkata (Hereinafter Referred To As The Ld. Pr. Cit”], Passed U/S 263 Of The Income-Tax Act, 1961 (Hereinafter The ‘Act’), Dated 28/03/2018 For The Assessment Year 2013-14. The Assessee Has Challenged The Order Of The Ld. Pr. Cit U/S 263 Of The Act Through The Various Grounds Of Appeal. 2. Facts In Brief Are That The Assessment Was Framed U/S 143(3) Of The Act Vide Order Dt. 31/03/2016. The Ld. Pr. Cit, Upon Perusal Of The Assessment Records, Observed That The Assessing Officer Has Not Examined The Four Issues Which Were Discussed By The Ld. Pr. Cit In The Revisionary Order Which Are Extracted Below:- “2. On A Perusal Of The Assessment Record Of The Assessee, It Was Observed As Under:

Section 145A(b) of the Act, is not correct. 4.2. The ld. A/R submitted that nature of interest on enhanced compensation of land partook the character of long term capital gain and not income from other sources as has been held by the Hon’ble Supreme Court in the case of CIT vs. Ghanshyam (HUF) reported in 128 Taxman

SHYAM GREENFIELD DEVELOPER PRIVATE LIMITED,KOLKATA vs. ITO, WARD 2(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

gained in any manner whatsoever, by not filing the application within the period of limitation Further, the Hon'ble Supreme Court in the case of Collector, Land Acquisition vs. Mst. Katiji (1987) 1987 taxmann.com 1072 (SC) also deliberated on the expression "sufficient cause" and held that ...The expression 'sufficient cause' employed by the Legislature is adequately elastic to enable

RAM AWATAR DHOOT,KOLKATA vs. WARD 22(4) KOLKATA, KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Shri Sanjay Awasthii.T.A. No.91/Kol/2024 Assessment Year: 2015-16 Ram Awatar Dhoot…...…………….....……………………....………....Appellant 29B, Rabindra Sarani Floor, Room No.10E, Kolkata-700073. [Pan: Adepd7419F] Vs. Ito, Ward-22(4), Kolkata…...................................................…..…..... Respondent Appearances By: Shri Ram Awatar Dhoot, Self, Appeared On Behalf Of The Appellant. Shri P. P. Barman, Addl. Cit- Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : August 27, 2024 Date Of Pronouncing The Order : August 29, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 26.12.2023 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Assessee In This Appeal Has Agitated Against The Levy/Confirmation Of Penalty U/S 271(1)(C) Of The Act. 3. The Brief Facts Of The Case Are That The Assessee Had Claimed Long- Term Capital Gains On Account Of Sale Of Shares At Rs.14,94,407/-. During The Assessment Proceedings, The Assessee Produced Relevant Documents To Substantiate His Claim, However, The Assessing Officer Held That As Per The Report Received From The Investigation Wing, There

94,407/-. During the assessment proceedings, the assessee produced relevant documents to substantiate his claim, however, the Assessing Officer held that as per the report received from the Investigation Wing, there I.T.A. No.91/Kol/2024 Assessment Year: 2015-16 Ram Awatar Dhoot was large scale price rigging of certain scrips, whereby, the bogus long- term capital gains/losses have been claimed by various