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]

condone the delay in filing of cross objections by the assessee for both the years under appeal and admit the same for adjudication. CO No. 153/Kol/2010 – Asst Year 2006-07 – Assessee CO CO No. 154/Kol/2010 – Asst Year 2007-08 – Assessee CO & CO Nos. 153 & 154/Kol/2010 Veda Commercial Pvt. Ltd., AY 2006-07 & 2007-08 3. The only issue

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]

condone the delay in filing of cross objections by the assessee for both the years under appeal and admit the same for adjudication. CO No. 153/Kol/2010 – Asst Year 2006-07 – Assessee CO CO No. 154/Kol/2010 – Asst Year 2007-08 – Assessee CO & CO Nos. 153 & 154/Kol/2010 Veda Commercial Pvt. Ltd., AY 2006-07 & 2007-08 3. The only issue

SMT. ROMI LAHIRI,KOLKATA vs. DCIT, CIR-51, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri M. Balaganesh, Am & Shri K. Narasimha Chary, Jm]

condone the delay and admit the appeal of the assessee for adjudication. 3. Brief facts of the case are that, the assessee purchased a plot of land on 5.2.2004 for Rs. 3,72,140/- and sold it away on 7.12.2005 for Rs.9,93,700/-, but claimed both long term capital gains

DCIT, CIRCLE - 6 KOLKATA, KOLKATA vs. LOKENATH SARAF SECURITIES LTD., KOLKATA

In the result, the appeal of the revenue is dismissed as not maintainable and the appeal of the assessee is partly allowed

Bench: Shri N. V. Vasudevan, Jm & Shri M. Balaganesh, Am]

condone the delay and admit the appeal of revenue for hearing. 2 ITA No.300-418/Kol/2011, AY 2006-07 Lokenath Saraf Securities Ltd. 3. We find from the quantum involved in the grounds of appeal raised by the revenue is having tax effect of less than Rs 10 lacs. The CBDT in its recent Circular No. 21 / 2015 dated 10.12.2015 had categorically

M/S. LOKNATH SARAF SECURITIES PVT. LTD.,KOLKATA vs. ACIT, CIRCLE - 6, KOLKATA, KOLKATA

In the result, the appeal of the revenue is dismissed as not maintainable and the appeal of the assessee is partly allowed

Bench: Shri N. V. Vasudevan, Jm & Shri M. Balaganesh, Am]

condone the delay and admit the appeal of revenue for hearing. 2 ITA No.300-418/Kol/2011, AY 2006-07 Lokenath Saraf Securities Ltd. 3. We find from the quantum involved in the grounds of appeal raised by the revenue is having tax effect of less than Rs 10 lacs. The CBDT in its recent Circular No. 21 / 2015 dated 10.12.2015 had categorically

ACIT, CIRCLE - 7, KOLKATA, KOLKATA vs. C.D. EQUIFINANCE PVT. LTD., KOLKATA

In the result, all the appeals filed by the Revenue are dismissed, while the appeal of the assessee is allowed

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

condone the said delay and proceed to dispose of this appeal of the Revenue on merit. 4. In Ground No 1 raised in this appeal, the Revenue has challenged the action of the ld. CIT(Appeals) in accepting the treatment given by the assessee to the profit from sale of certain shares as business income instead of short-term capital

DCIT, CIRCLE-3(1), KOLKATA, KOLKATA vs. THE PEERLESS GEN. FIN. & INV. CO. LTD., KOLKATA

Appeal is dismissed

Bench: Shri J.Sudhakar Reddy & Shri S.S.Godaraassessment Year: 2014-15

condone the impugned delay of 30 days in filing. The case is now taken up for adjudication on merits. 3. The Revenue pleads the following substantive grounds in its instant appeal:- “1. The Ld. CIT(A) erred in law in allowing Long Term Capital Loss of Rs.109,80,30,873/- on transfer of Government Securities after applying Cost Inflation Index

EXIM SCRIPS DEALERS PVT LTD,KOLKATA vs. ITO WARD-5(3), KOLKATA

In the result, appeal of the assessee is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Shri Manish Borad, Hon’Blei.T.A. No. 502/Kol/2020 Assessment Year: 2015-16 Exim Scrips Dealers Pvt. Ltd. Income Tax Officer, Ward-5(3), 412, Mukti Chambers Kolkata Vs 4Th Floor 4, Clive Row Kolkata - 700001 [Pan : Aaace6906E] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Girish Sharma, Fca Revenue By : Shri Biswanath Das, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 27/09/2022 घोषणा क" तारीख/Date Of Pronouncement : 23/11/2022 आदेश/O R D E R Per Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Learned Principal Commissioner Of Income Tax (Appeals) - 2, Kolkata (Hereinafter The “Ld. Pr. Cit”) Dt. 10/06/2020, Passed U/S 263 Of The Income Tax Act, 1961 (“The Act’), For Assessment Year 2015-16. 2. This Assessee’S Appeal Is Time Barred By 43 Days. Petition For Condonation Of Delay Has Been Filed. We Have Heard Both The Sides & Find That There Is Reasonable Cause For Delay In Filing Of The Appeal On Time. Hence We Condone The Delay & Admit The Appeal For Hearing.

condone the delay and admit the appeal for hearing. 3. The assessee has raised the following grounds of appeal:- “1. On the facts and circumstances of the case the Ld. Pr.CIT-2, Kolkata erred in initiating proceedings u/s 263 of the Income Tax Act, 1961 (the Act) as there was no case of erroneous order and/or order prejudicial

SHRI PRADIP KUMAR BASU,KOLKATA vs. I.T.O.,WARD-26(2), KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri P.M. Jagtap, Vice-

long-term capital gain. 2. At the outset, it is noted that there is a delay of 484 days on the part of the assessee in filing this appeal before the Tribunal. In this regard, the assessee has filed an application seeking condonation

ACIT, CIRCLE-32, KOLKATA, KOLKATA vs. MRS. ISHITA MOHATTA, KOLKATA

In the result the Cross Objection, No

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am Acit, Cir-32, Kolkata Vs. Mrs. Ishita Mohatta 10B, Middleton Row, 3Rd Floor, Kolkata – 24, Park Street, Magma House, 9Th Floor, Kolkata – 700 071. 700 016. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Ajfpk 3943 P (अपीलाथ" /Assessee) (""यथ" / Respondent) .. & Co No.45/Kol/2018 (Assessment Year: 2013-14) Vs. Acit, Cir-32, Kolkata Mrs. Ishita Mohatta 24, Park Street, Magma House, 9Th 10B, Middleton Row, 3Rd Floor, Floor, Kolkata – 700 016. Kolkata – 700 071. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Ajfpk 3943 P (अपीलाथ" /Assessee) (""यथ" / Respondent) ..

condone the delay and admit the appeal for hearing. 3. The grievances raised by the Revenue are as follows: In the fact and circumstance of the case the ld CIT(A)-9, Kolkata has erred in deleting the disallowance made by the AO on account of and deduction U/s 54F of the I.T. Act,61. 4. The facts

ITO, WARD - 6(1), KOLKATA, KOLKATA vs. M/S. DEEPLOK FINANCIAL SERVICES LTD., KOLKATA

In the result, the appeal of the Revenue is allowed, while the C

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

long-term capital gain as held by the ld. CIT(Appeals). We, therefore, set aside the impugned order of the ld. CIT(Appeals) on this issue and restore that of the Assessing Officer. The appeal of the Revenue is accordingly allowed. 7. As regards the Cross Objection filed by the assessee, it is observed that there is a delay

HILL QUEEN INVESTMENT PVT. LTD,KOLKATA vs. PCIT-2, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy, Hon’Ble & Sri Aby T. Varkey, Hon’Ble) Assessment Year: 2015-16 Hill Queen Investment (P) Ltd...……………………....................................……………..…….............Appellant Surobala Apartments Flat No. 202 3Rd Floor Block-B Rekhjuani, Bhatinda Rajarhat Kolkata – 700 135 [Pan : Aaacj 2324 P] Vs. Pr. Commissioner Of Income Tax -2, Kolkata..................…………...............................…......Respondent Appearances By: Shri S.M. Surana, Advocate, Appeared On Behalf Of The Assessee. Shri Devi Sharan Singh, Cit, D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : April 6Th, 2021 Date Of Pronouncing The Order : April 21St, 2021 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Principal Commissioner Of Income Tax (Appeals) - 2, (Hereinafter The “Ld. Cit(A)”), Passed U/S. 263 Of The Income Tax Act, 1961 (The ‘Act’), Dt. 20/03/2020, For The Assessment Year 2015-16. 2. There Is A Delay Of 223 (Two Hundred Twenty Three) Days In Filing Of This Appeal By The Assessee. After Perusing The Petition For Condonation For Delay, We Are Convinced That The Assessee Was Prevented By Sufficient Cause In Filing The Appeal In Time. Hence, We Condone The Delay & Admit The Appeal. 3. The Assessee Is A Company & Filed Its Return Of Income For The Assessment Year 2015-16, Disclosing Total Income Of Rs.20,40,470/- On 28/09/2015. The Case Was Selected For Limited Scrutiny For The Following Reasons:- “(I) Mismatch In Sales Turnover Reported In Audit Report & Itr (Ii) Mismatch In Amount Paid To Related Persons U/S 40A(2)(B) Reported In Audit Report & Itr (Iii) Suspicious Sale Transaction In Shares (Penny Stock Tab In Its)”

condone the delay and admit the appeal. 3. The assessee is a company and filed its return of income for the Assessment Year 2015-16, disclosing total income of Rs.20,40,470/- on 28/09/2015. The case was selected for limited scrutiny for the following reasons:- “(i) Mismatch in sales turnover reported in Audit Report and ITR (ii) Mismatch in amount

ACIT, CIRCLE - 7(1) , KOLKATA vs. M/S. BRITANNIA INDUSTRIES LTD., , KOLKATA

In the result, appeal of the revenue in ITA No

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Ble

condone the delay and proceed to admit the cross objection for hearing. 3. The revenue has raised the following grounds of appeal:- “1. Whether on the facts and circumstance of the case, the Ld. CIT(A) has erred in law as well as in ( facts in deleting the adjustment made by the AO/TPQ amounting

SATISH KUMAR LAKHMANI,KOLKATA vs. PR.CIT-10, KOLKATA, KOLKATA

In the result, the appeal of assessee is allowed

Bench: "ी जे. सुधाकर रे"ी, लेखा सद"य एवं/And "ी ऐ. टी. वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Long Term Capital Gains (hereinafter ‘LTCG’) (with STT) and had claimed exemption u/s 10(38) of the Act. These assessees had entered into share transactions through M/s. JRK Stock Broking Pvt. Ltd. The AO passed an order u/s 143(3) of the Act in all these cases and accepted the claim of the assessees for exemption

SKYBRIDGE REAL ESTATES LLP,KOLKATA vs. D.C.I.T., CIRCLE - 34, KOLKATA, KOLKATA

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

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Skybridge Real Estates Llp Dcit, Circle -34, 24, Hemant Basu Sarani, Aaykar Bhavan Poorva, 110, Mangalam-A, 5Th Floor, Room Shanti Pally, E.M. Bypass, Vs. No.507, Kolkata-700001, Kolkata-700107, West Bengal West Bengal (Appellant) (Respondent) Pan No. Acvfs7139R Assessee By : Shri N.S. Saini, Ar Revenue By : Ms. Ruchika Sharma, Dr Date Of Hearing: 21.11.2024 Date Of Pronouncement : 02.12.2024

long- Skybridge Real Estates LLp; A.Y. 2018-19 term capital gains was declared. He observed that statute did not reject or frown upon conversion of stock in trade into investment and the said conversion was permissible. Commissioner (Appeals) referred to the Circular No. 4/2007 dated 15th June, 2007 issued by the Central Board of Direct Taxes, which stipulates that

D.C.I.T.,CIRCLE-3(1), KOLKATA vs. SMT. SHIKHA ROY, KOLKATA

In the result, appeal of the revenue is dismissed

condone the delay and admit this appeal. 3. The assessee is an individual and filed her return of income for the Assessment Year 2016-17 on 28/06/2016, declaring total income of Rs.6,21,37,340/-. In this return of income, she declared income from rent from house property and long term capital gains

THE PEERLESS GENERAL FINANCE & INVESTMENT CO. LTD.,,KOLKATA vs. DCIT, CIRCLE - 3(1), KOLKATA, KOLKATA

In the result, appeal of the assessee in ITA No

Bench: Shri A.T. Varkey, J.M. & Dr.A.L.Saini, A.M.)

condone the delay and admit the appeal of Revenue for hearing. ITA No. 937/K/18 ITA No. 938/K/18 ITA No. 1439/K/18 A.Y 2010­11 The Peerless General Finance & Investment Co.Ltd 3 6. We shall take summarized and concise ground No.1, which reads as follows: (1). Ground No. 1 raised by the assessee in ITA No. 937/Kol/2018, for A.Y 2010­11 and Ground

THE PEERLESS GENERAL FINANCE & INVESTMENT CO. LTD.,,KOLKATA vs. DCIT, CIRCLE - 3(1), KOLKATA, KOLKATA

In the result, appeal of the assessee in ITA No

Bench: Shri A.T. Varkey, J.M. & Dr.A.L.Saini, A.M.)

condone the delay and admit the appeal of Revenue for hearing. ITA No. 937/K/18 ITA No. 938/K/18 ITA No. 1439/K/18 A.Y 2010­11 The Peerless General Finance & Investment Co.Ltd 3 6. We shall take summarized and concise ground No.1, which reads as follows: (1). Ground No. 1 raised by the assessee in ITA No. 937/Kol/2018, for A.Y 2010­11 and Ground