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

unexplained cash credit towards bogus long term capital gain and undisclosed brokerage expenses. 8. Aggrieved, all the four assessees preferred appeal before ld. CIT(A) against the action of ld. AO but failed to succeed as ld. CIT(A)s have given almost identical finding in the instant appeals confirming the action of ld. AOs holding that bogus loss

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

unexplained cash credit towards bogus long term capital gain and undisclosed brokerage expenses. 8. Aggrieved, all the four assessees preferred appeal before ld. CIT(A) against the action of ld. AO but failed to succeed as ld. CIT(A)s have given almost identical finding in the instant appeals confirming the action of ld. AOs holding that bogus loss

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

unexplained cash credit towards bogus long term capital gain and undisclosed brokerage expenses. 8. Aggrieved, all the four assessees preferred appeal before ld. CIT(A) against the action of ld. AO but failed to succeed as ld. CIT(A)s have given almost identical finding in the instant appeals confirming the action of ld. AOs holding that bogus loss

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

unexplained cash credit towards bogus long term capital gain and undisclosed brokerage expenses. 8. Aggrieved, all the four assessees preferred appeal before ld. CIT(A) against the action of ld. AO but failed to succeed as ld. CIT(A)s have given almost identical finding in the instant appeals confirming the action of ld. AOs holding that bogus loss

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

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

unexplained investments.\nIn view of the facts discussed above, the contention of the appellant is\nrejected and the addition made by the AO of Rs.1,10,10,000/- as\nunexplained investments is confirmed. Accordingly, Ground No. 5 is\ndismissed.\"\n8.2 The assessee regarding this issue has submitted as under:\n“GROUND NO. 8 - B/f credits from last year for Rs.99

CHAINROOP BOHRA.,KOLKATA vs. DCIT CC - XXVII/CAL., KOLKATA

In the result, all these four appeals of the assessees are allowed

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

investment in the said shares even after having earned astronomical returns by way of long term capital gain. 3. Based on his findings/observations as noted above, the Assessing Officer required the assessees to explain as to why their claim of long term capital gain arising from the sale of shares of the two Companies should not be treated as bogus

SOUMITRA CHOUDHURY ,KOLKATA vs. ACIT, CIRCLE - 22 , KOLKATA

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Years :2012-13 Soumitra Choudhury V/S. Acit, Circle-12 28C, Satish Mukherjee 54/1, Rafi Ahmed Road, Kolkata-700026 Kidwai Road, [Pan No.Acnpc 4627 Q] Kolkarta-16 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Miraj D Shah, Advocate अपीलाथ" क" ओर से/By Appellant Shri Sankar Halder, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 13-03-2019 सुनवाई क" तार"ख/Date Of Hearing Assessment Year :2015-16 Purushottam Das Agarwal V/S. Income Tax Officer, C/O Balaji Enterprises, Ward-35(1), Aayakar 83/85 N.S. Road, Ground Bhawan Porva, 110, Floor, Kolkata Shantipally, Kokata- [Pan No.Actpa 9138 Q] 107 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Subash Agarwal Advocate अपीलाथ" क" ओर से/By Appellant Shri Sankar Halder, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 14-03-2019 सुनवाई क" तार"ख/Date Of Hearing 15-03-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- These Two Assessees Have Filed Their Instant Appeal(S) For Assessment Year(S) 2012-13 & 2015-16 Against The Commissioner Of Income Tax

unexplained cash receipts'. 5.M.K. Rajeshwari vs. ITO (2018) 99 TAXMANN.COM 339 (Bang) Where assessee claimed exemption under section 10(38) in respect of capital gain arising from sale of shares, in view of fact that financial worth of said company was meagre and, moreover, there was abnormal rise in price of shares, it could be concluded that assessee introduced

PURUSHOTTAM DAS AGARWAL ,KOLKATA vs. ITO, WARD - 35(1) , KOLKATA

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Years :2012-13 Soumitra Choudhury V/S. Acit, Circle-12 28C, Satish Mukherjee 54/1, Rafi Ahmed Road, Kolkata-700026 Kidwai Road, [Pan No.Acnpc 4627 Q] Kolkarta-16 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Miraj D Shah, Advocate अपीलाथ" क" ओर से/By Appellant Shri Sankar Halder, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 13-03-2019 सुनवाई क" तार"ख/Date Of Hearing Assessment Year :2015-16 Purushottam Das Agarwal V/S. Income Tax Officer, C/O Balaji Enterprises, Ward-35(1), Aayakar 83/85 N.S. Road, Ground Bhawan Porva, 110, Floor, Kolkata Shantipally, Kokata- [Pan No.Actpa 9138 Q] 107 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Subash Agarwal Advocate अपीलाथ" क" ओर से/By Appellant Shri Sankar Halder, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 14-03-2019 सुनवाई क" तार"ख/Date Of Hearing 15-03-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- These Two Assessees Have Filed Their Instant Appeal(S) For Assessment Year(S) 2012-13 & 2015-16 Against The Commissioner Of Income Tax

unexplained cash receipts'. 5.M.K. Rajeshwari vs. ITO (2018) 99 TAXMANN.COM 339 (Bang) Where assessee claimed exemption under section 10(38) in respect of capital gain arising from sale of shares, in view of fact that financial worth of said company was meagre and, moreover, there was abnormal rise in price of shares, it could be concluded that assessee introduced

DCIT, CIR-1, SILIGURI, SILIGURI vs. SMT JENNIFER CHAKRABORTY, SILIGURI

In the result, the appeal filed by the Revenue (in ITA No

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.400/Kol/2016 ("नधा"रणवष" / Assessment Year: 2011-12) Dcit, Circle-1, Siliguri Vs. Smt. Jennifer Chakraborty St. Michael’S School, 2Nd Mile, Sevoke Road, Aayakar Bhawan, Paribahan Nagar, Matigra, Siliguri, Pin-734010. Siliguri "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Acppc 9278 B (Revenue) .. (Assessee)

invested the long term capital gain arising out of sale of these apartments in the new residential house, therefore, the assessee is entitled to claim exemption under section 54 of the Act.Hence, the addition made by the Assessing Officer and confirmed by the ld. CIT(A) needs to be deleted. Accordingly, we delete the addition of Rs.22

JENNIFFER CHAKRAVARTY,SILIGURI vs. DCIT, CIR-3, SILIGURI, SILIGURI

In the result, the appeal filed by the Revenue (in ITA No

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.400/Kol/2016 ("नधा"रणवष" / Assessment Year: 2011-12) Dcit, Circle-1, Siliguri Vs. Smt. Jennifer Chakraborty St. Michael’S School, 2Nd Mile, Sevoke Road, Aayakar Bhawan, Paribahan Nagar, Matigra, Siliguri, Pin-734010. Siliguri "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Acppc 9278 B (Revenue) .. (Assessee)

invested the long term capital gain arising out of sale of these apartments in the new residential house, therefore, the assessee is entitled to claim exemption under section 54 of the Act.Hence, the addition made by the Assessing Officer and confirmed by the ld. CIT(A) needs to be deleted. Accordingly, we delete the addition of Rs.22

SRI SUBRATA BANERJEE ,KOLKATA vs. ACIT, CIRCLE - 51(1) , KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

capital gain. " In this regard I may gainfully refer to the decision of Hon 'ble jurisdictional High Court in the case of Major Metals Ltd. vs Union of India and others in w.P. No.397 of 2011 vide order dated 22.02.2012 where it was held that a company cannot command disproportionate and huge share premium and such receipt of bogus share

ITO, WARD - 4(1), KOLKATA, KOLKATA vs. M/S. TRIBUTE TRADING AND FINANCE LTD.,, KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

capital gain. " In this regard I may gainfully refer to the decision of Hon 'ble jurisdictional High Court in the case of Major Metals Ltd. vs Union of India and others in w.P. No.397 of 2011 vide order dated 22.02.2012 where it was held that a company cannot command disproportionate and huge share premium and such receipt of bogus share

ITO, WARD - 4(1), KOLKATA, KOLKATA vs. M/S. TRIBUTE TRADING AND FINANCE LTD.,, KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganesh

capital gain. " In this regard I may gainfully refer to the decision of Hon 'ble jurisdictional High Court in the case of Major Metals Ltd. vs Union of India and others in w.P. No.397 of 2011 vide order dated 22.02.2012 where it was held that a company cannot command disproportionate and huge share premium and such receipt of bogus share

ITO, WARD - 12(4), KOLKATA vs. M/S. MANIMAYA HOLDINGS PVT. LTD., KOLKATA

In the result the appeal of the revenue is partly allowed for statistical purpose

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2005-06

investment in comparison to the share capital of the Assessee is not very high. ITA No.439/Kol/2009-M/s. Manimaya Holdings Pvt. Ltd. A.Y.2005-06 11. In the light of the above circumstances prevailing in the case of the assessee, we are of the view that the conclusion of the CIT(A) that the income from sale of shares declared by the assessee

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

SMT. NITA JHUNJHUNWALA ,HOWRAH vs. ITO, WARD - 47(2), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

investment in shares of listed companies. The appellant has earned income- under the head other sources' only during the relevant year besides impugned long-term capital gains. The AO further notes that in the absence of such expertise and experience, the move to acquire the shares of M/s Baviscon Vincom Pvt. Ltd.(since merged with M/s Unno Industries

SRI ASHOK JHUNJHUNWALA ,HOWRAH vs. ITO, WARD - 34(2), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

investment in shares of listed companies. The appellant has earned income- under the head other sources' only during the relevant year besides impugned long-term capital gains. The AO further notes that in the absence of such expertise and experience, the move to acquire the shares of M/s Baviscon Vincom Pvt. Ltd.(since merged with M/s Unno Industries

SRI SANJEEV JHUNJHUNWALA,HOWRAH vs. ITO, WARD - 36(3), KOLKATA , KOLKATA

Bench: Shri S.S, Godaraassessment Year:2014-15 Smt. Sangita Jhunjhunwala, Income Tax Officer, बनाम / 77/79 Sri Arobinda Road, Ward-47(2), 3, Govt. V/S. Salkia, Howrah-711106 Place (West), Kolkata- [Pan No.Aeypj 0474 M] 700 106 .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala, Income Tax Officer, बनाम / 61 Ashutosh Mukherjee Ward-36(3), Aayakar V/S. Lane, Salkia, Bhawan Poorva, Howrah-711106 Kolkata-700 106 [Pan No.Acppj 8989 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Sanjeev Jhunjhunwala Income Tax Officer, बनाम / (Huf), 77/79 Sri Arobinda Ward-48(4), 3, Govt. V/S. Road, Salkia, Howrah- Place (West), Kolkata- 711106 700 101 [Pan No.Aaehs 5311 Q] .. अपीलाथ" /Appellant ""यथ" /Respondent Assessment Year: 2014-15 Shri Ashok Jhunjhunwala, Income Tax Officer, बनाम / 109, Netaji Subhas Road, Ward-34(2), Aayakar V/S. Goyee House, Kolkata-001 Bhawan, Poorva, [Pan No.Acppj 8990 D] Kolkata-700 107

investment in shares of listed companies. The appellant has earned income- under the head other sources' only during the relevant year besides impugned long-term capital gains. The AO further notes that in the absence of such expertise and experience, the move to acquire the shares of M/s Baviscon Vincom Pvt. Ltd.(since merged with M/s Unno Industries