MISRILALL MINES PVT LTD,KOLKATA vs. D.C.I.T CC - XI,KOLKATA, KOLKATA

In the result, assessee’s appeal is partly allowed

Bench: Shri A.T.Varkey & Shri Waseem Ahmed

short term capital loss depending upon the period of holding. It was explained to the assessment stage that the appellant had parked its surplus fund in PMS with a view to maximize the profit on such investment; and, the same was shown as investment in the balance sheet. The AO did not accept the explanation. The AO noted that

PRESSMAN REALTY PRIVATE LIMITED,KOLKATA vs. ACIT, CIR. 12(2), KOLKATA

In the result, appeal of the assessee is partly allowed

short term capital loss was adjudicated upon in the light of the appellate order of CIT(A) dated 19.11.2013 for AY 2009-10. This order of CIT(A) for AY 2009-10 was the subject matter of appeal by the Revenue before the Co-ordinate bench of ITAT Kolkata for AY 2009-10 (supra). In this order

JAMSHED ALI MOLLA,KOLKATA vs. ACIT, CIRCLE-30, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 2233/Kol/2016 Assessment Year : 2008-09 Jamshed Ali Molla -Vs- Dcit, Circle-30, Kolkata [Pan: Aevpm 4145 H ] (Appellant) (Respondent)

charitable trust. It was also strongly indicated by the trust to the assessee in the very same letter that the assessee should sell the flat at Gurgoan and buy some property at Kolkata in the name of the trust and final time of one year to complete the said deal was allowed to the assessee by the trust. The assessee

DCIT(EXAMPTION), CIRCLE - 1(1), KOLKATA, KOLKATA vs. MAA SARASWATI GYAN MANDIR EDUCATION SOCIETY , KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri A.T. Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.2002/Kol/2017 (िनधा"रणवष" / Assessment Year: 2012-13) Dcit(Exemption), Circle- Vs. Maa Saraswati Gyan Mandir 1(1), Kolkata

short the ‘Act’) dated 27/03/2015. 2. The grounds of appeal raised by the revenue are as follows: 1. That on the facts and circumstances of the case as well as law, the Ld. CIT(A) has erred in granting relief to the assessee on account of Depreciation amounting to Rs. 2,84,67,351/-. 2 Maa Saraswati Gyan Mandir Education

PRAMOD LAKRA, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 11(1), KOLKATA, KOLKATA vs. PHILLIPS CARBON BLACK LTD, KOLKATA

In the result, all the appeals of the revenue are dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Pradip Kumar Choubey&Shri Sanjay Awasthi]

Short-Term Capital Gain taxable at normal rates of Rs.2,92,64,030/-. In this context a question which was put up for consideration before the Hon'ble Apex Court, whether the quantum of deduction u/s 801A has to be restricted by treating 'eligible business' as the only source of income' or whether it can be allowed against any source

PRAMOD LAKRA, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. PHILLIPS CARBON BLACK LTD, KOLKATA

In the result, all the appeals of the revenue are dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Pradip Kumar Choubey&Shri Sanjay Awasthi]

Short-Term Capital Gain taxable at normal rates of Rs.2,92,64,030/-. In this context a question which was put up for consideration before the Hon'ble Apex Court, whether the quantum of deduction u/s 801A has to be restricted by treating 'eligible business' as the only source of income' or whether it can be allowed against any source

PRAMOD LAKRA,DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE -11(1), KOLKATA, KOLKATA vs. PHILIPS CARBON BLACK LTD , KOLKATA

In the result, all the appeals of the revenue are dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Pradip Kumar Choubey&Shri Sanjay Awasthi]

Short-Term Capital Gain taxable at normal rates of Rs.2,92,64,030/-. In this context a question which was put up for consideration before the Hon'ble Apex Court, whether the quantum of deduction u/s 801A has to be restricted by treating 'eligible business' as the only source of income' or whether it can be allowed against any source

PRAMOD LAKRA,DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 11(1), KOLKATA, KOLKATA vs. PHILLIPS CARBON BLACK LTD., KOLKATA

In the result, all the appeals of the revenue are dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Pradip Kumar Choubey&Shri Sanjay Awasthi]

Short-Term Capital Gain taxable at normal rates of Rs.2,92,64,030/-. In this context a question which was put up for consideration before the Hon'ble Apex Court, whether the quantum of deduction u/s 801A has to be restricted by treating 'eligible business' as the only source of income' or whether it can be allowed against any source

PCBL LIMITED,KOLKATA vs. A.C.I.T., CIRCLE - 11(1),, KOLKATA

In the result, all the appeals of the revenue are dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Pradip Kumar Choubey&Shri Sanjay Awasthi]

Short-Term Capital Gain taxable at normal rates of Rs.2,92,64,030/-. In this context a question which was put up for consideration before the Hon'ble Apex Court, whether the quantum of deduction u/s 801A has to be restricted by treating 'eligible business' as the only source of income' or whether it can be allowed against any source

K.B. CAPITAL MARKETS (P) LTD.,,KOLKATA vs. DCIT, CIRCLE - 6, KOLKATA, KOLKATA

In the result, the appeal of revenue as well as that of the assessee, both are partly allowed

Bench: Shri Mahavir Singh, Jm & Shri Waseem Ahmed, Am]

term capital gain of Rs.5,62,20,229/- in AY 2007-08. Rule 8D of the Rules is not applicable in this assessment year in the assessee’s case as held by Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd. (Supra) being prospective. We are of the view that the CIT(A) has rightly

DCIT, CIRCLE - 6, KOLKATA, KOLKATA vs. M/S. K. B. CAPITAL LTD., KOLKATA

In the result, the appeal of revenue as well as that of the assessee, both are partly allowed

Bench: Shri Mahavir Singh, Jm & Shri Waseem Ahmed, Am]

term capital gain of Rs.5,62,20,229/- in AY 2007-08. Rule 8D of the Rules is not applicable in this assessment year in the assessee’s case as held by Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd. (Supra) being prospective. We are of the view that the CIT(A) has rightly

M/S. TEGA INDUSTRIES LIMITED,KOLKATA vs. D.C.I.T., CIRCLE - 11(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

short-term borrowings, purchase or sale of marketable securities or any type of advance, payments or deferred payment or receivable or any other debt arising during the course of business. Since inclusive definition of international transaction includes the activities relating to capital financing and borrowings, in our view now corporate guarantee transaction also falls under the category of international transactions

ITO(E), WD-1(4), KOLKATA, KOLKATA vs. PANCHAJANYA TRUST, KOLKATA

In the result, the appeal of the Assessee is allowed and the appeal of the Revenue is dismissed

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1841/Kol/2017 ("नधा"रणवष" / Assessment Year: 2014-15)

short the ‘Act’) dated 30.11.2016. 2. Since these appeals relate to the same assessee, identical and common issues are involved, therefore these have been clubbed and heard together and a consolidated order is being passed for the sake of convenience and brevity. 3. First we shall take assessee’s case in I.T.A. No. 1841/Kol/2017,for A.Y. 2014- 15.The grounds

PANCHAJANYA TRUST,KOLKATA vs. ITO, (EXEMPTION), WARD-1(4), KOKLATA, KOLKATA

In the result, the appeal of the Assessee is allowed and the appeal of the Revenue is dismissed

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1841/Kol/2017 ("नधा"रणवष" / Assessment Year: 2014-15)

short the ‘Act’) dated 30.11.2016. 2. Since these appeals relate to the same assessee, identical and common issues are involved, therefore these have been clubbed and heard together and a consolidated order is being passed for the sake of convenience and brevity. 3. First we shall take assessee’s case in I.T.A. No. 1841/Kol/2017,for A.Y. 2014- 15.The grounds

INDIAN LEATHER TECHNOLOGISTS' ASSOCIATION,KOLKATA vs. CIT(EXEMPTION), KOLKATA , KOLKATA

In the result, the appeal of assessee is allowed

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी एम .बालागणेश, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri M.Balaganesh, Am]

capital gains in subsequent year, whereas the present assessee is a charitable institution registered u/s. 12A of the Act. The Ld. CIT(E) after considering the assessee’s submission and on perusal of books of account of the assessee found that trust failed in making expenditure to the extent of 85% of its income, which according to the authority

M/S SUDERA SERVICES (P) LTD.,KOLKATA vs. THE ITO, WD-8(4), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

short time and these were sold to the associated parties. Commissioner of Income-tax (Appeals) also confirmed the same. However on perusal of ITA No. 724/Kol/15 M/s. Sudera Services Pvt.Ltd records we find that the lower authorities have not pointed out any defect in the documents for the purchase & sale of shares. The shares were sold to other companies which

AVIS TIE UP PVT LTD,KOLKATA vs. D.C.I.T CIR - 11,KOLKATA, KOLKATA

In the result, assessee’s appeal is allowed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

short) of ₹60,47,303/-. The AO during the course of assessment proceedings observed that no expenditure has been disallowed by assessee in its books of account under section 14A of the Act in relation to the exempted income. Accordingly, AO issued show cause notice to assessee for invoking the provision of Sec. 14A r.w.s. Rule 8D of IT Rule

AVIS TIE UP PVT LTD,KOLKATA vs. D.C.I.T CIR - 11,KOLKATA, KOLKATA

In the result, assessee’s appeal is allowed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

short) of ₹60,47,303/-. The AO during the course of assessment proceedings observed that no expenditure has been disallowed by assessee in its books of account under section 14A of the Act in relation to the exempted income. Accordingly, AO issued show cause notice to assessee for invoking the provision of Sec. 14A r.w.s. Rule 8D of IT Rule