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)

transfer of shares and securities. We are in agreement with the arguments of the ld AR that though this circular speaks about business income and long term capital gains, the same analogy would be equally applicable for short term capital gains also, as at the end of the day, this circular also drives home the point that the assessee would

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)

transfer of shares and securities. We are in agreement with the arguments of the ld AR that though this circular speaks about business income and long term capital gains, the same analogy would be equally applicable for short term capital gains also, as at the end of the day, this circular also drives home the point that the assessee would

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)

transfer of shares and securities. We are in agreement with the arguments of the ld AR that though this circular speaks about business income and long term capital gains, the same analogy would be equally applicable for short term capital gains also, as at the end of the day, this circular also drives home the point that the assessee would

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 at Rs. 88,98,508/- and paid tax thereof. 11. The AO as per his decision as stated in para 9 above, took the transfer price

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 at Rs. 88,98,508/- and paid tax thereof. 11. The AO as per his decision as stated in para 9 above, took the transfer price

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]

gains was incorrect. This was confirmed by the Tribunal. On appeal : Held, dismissing the appeal, that the assessee had adduced proof to show that some transactions were intended to be business transactions, some transactions were intended to be by way of investment and some transactions were by way of speculation. The Revenue had not been able to find fault from

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]

gains was incorrect. This was confirmed by the Tribunal. On appeal : Held, dismissing the appeal, that the assessee had adduced proof to show that some transactions were intended to be business transactions, some transactions were intended to be by way of investment and some transactions were by way of speculation. The Revenue had not been able to find fault from

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

In the result, Ground r.w

transfer and in exigible to capital gains. 6.5. The ld. Counsel for the assessee dispute The ld. Counsel for the assessee disputes the computation of short term capital s the computation of short term capital gains and computation of income from other sources by invoking provisions of Section gains and computation of income from other sources by invoking provisions

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

transfer of capital asset and attracts capital gain provisions, in spite of the fact that the ownership of such capital asset doesn't change by such conversion. As such, it is a trite law that sale/transfer/conversion of a Capital Asset would automatically result in Capital Gain u/s 45 of the Act and the income from such sale cannot be treated

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

price and resultant book profit or loss which forms part of the paper book filed by the assessee. We find from the said workings of short term capital gains, 11 out of the 39 scripts were sold within a period of 30 days as stated by the Learned DR. We also find that the majority of the surplus

AMBO AGRO PRODUCTS LTD.,KOLKATA vs. THE PCIT, KOLKATA-1, KOLKATA

In the result, appeal of assessee is allowed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

capital gains on such transactions.” 30. Now let us examine the MOU and the BTA entered into by the assessee and buyer M/s. K. S. Oil and reproduce the important recitals from them to have better understanding: Recital of “Transfer Price

ITO, WD-1(4), KOLKATA, KOLKATA vs. M/S COMMAND CONSTRUCTIONS PVT. LTD., KOLKATA

In the result, the appeal by the Revenue is dismissed”

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 571/Kol/2015 Assessment Year : 2006-07 Ito, Ward-1(4), Kolkata -Vs- M/S Command Constructions Private Ltd. [Pan: Aaccc5075A ] (Appellant) (Respondent)

gains for the Asst Year 2006-07. 4.1. In response thereto, the assessee replied vide submission dated 24.3.2014 and gist of those submissions as reproduced in the assessment order are as under:- i) Section 45(3) is applicable only in case of transfer of a capital asset by a partner to a firm. ii) the assessee had accounted

ITO, WD-1(4), KOLKATA, KOLKATA vs. M/S ORCHID GRIHA NIRMAN PRIVATE LTD., KOLKATA

In the result, the appeal by the Revenue is dismissed”

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A No. 569/Kol/2015 Assessment Year : 2006-07 Ito, Ward-1(4), Kolkata -Vs- M/S Orchid Griha Nirman Pvt. Ltd. [Pan: Aaaco 7148 L ] (Appellant) (Respondent)

gains for the Asst Year 2006-07. 5 M/s Orchid Griha Nirman Pvt. Ltd. A.Yr.2006-07 4.1. In response thereto, the assessee replied vide submission dated 24.3.2014 and gist of those submissions as reproduced in the assessment order are as under:- i) Section 45(3) is applicable only in case of transfer of a capital asset by a partner

ITO, WD-1(4), KOLKATA, KOLKATA vs. M/S BLUE HEAVEN GRIHA NIRMAN PVT. LTD., KOLKATA

In the result, the appeal by the Revenue is dismissed”

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 570/Kol/2015 Assessment Year : 2006-07 Ito, Ward-1(4), Kolkata -Vs- M/S Blue Heaven Griha Nirman Pvt. Ltd. [Pan: Aaccb 3287 F ] (Appellant) (Respondent)

gains for the Asst Year 2006-07. 5 M/s Blue Heaven Griha Nirman Pvt. Ltd. A.Yr.2006-07 4.1. In response thereto, the assessee replied vide submission dated 24.3.2014 and gist of those submissions as reproduced in the assessment order are as under:- i) Section 45(3) is applicable only in case of transfer of a capital asset

EMAMI INDRASTRUCTURE LIMITED,KOLKATA vs. ITO, WD-12(1), KOLKATA, KOLKATA

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

price of Rs.2100/- as share value of Zandu shares. Therefore, there is a huge difference in the aforesaid two valuations/computations. Further, the assessee company has also submitted the following explanation vide letter dated 20.03.2013 :- "The provisions of Income tax act, as applicable during the assessment year under review, did not contain any provision for taxability of deemed capital gain

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

transfer of capital assets in the form of a building should be considered as a short-term capital gain under section 50 in the current case. Accordingly, the AO is directed to compute the short-term capital gain on sale of the building in question, which is a depreciable asset, after deducting the opening written down value of the building

STEWARTS & LLOYDS OF INDIA LIMITED,KOLKATA vs. COMMISSIONER OF INCOME TAX, KOL - I, KOLKATA

In the result the appeal by the Assessee is partly allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2004-05 Stewarts & Lloyds Of India Ltd. -Versus- C.I.T., Circle-1, Kolkata Kolkata (Pan:Aaecs 0445G) (Appellant ) (Respondent)

Capital gains" in respect of any sum paid on account of securities transaction tax under Chapter VII of the Finance (No. 2) Act, 2004.".'. Explanation : For the purposes of this section,— (i) "foreign currency" and "Indian currency" shall have the meanings respectively assigned to them in section 2 of the Foreign Exchange Management

INCOME TAX OFFICER-WARD-31(3), KOLKATA, KOLKATA vs. DILIP B BESAI (HUF), KOLKATA

In the result, the appeals of the revenue are dismissed

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm]

gains was incorrect. This was confirmed by the Tribunal. On appeal : Held, dismissing the appeal, that the assessee had adduced proof to show that some transactions were intended to be business transactions, some transactions were intended to be by way of investment and some transactions were by way of speculation. The Revenue had not been able to find fault from