RAVI MODI,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(2),, KOLKATA

Appeals of the assessee are allowed

disallowed. The Ld. PCIT observed that the AO has not examined and verified the issue in the assessment proceedings thereby rendering the assessment framed to be the erroneous and prejudicial to the interest of the revenue and consequently, show cause notice u/s 263 of the Act was issued u/s 263 of the Act on 28.03.2025 which was replied

SHILPI MODI,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(2),, KOLKATA

Appeals of the assessee are allowed

disallowed. The Ld. PCIT observed that the AO has not examined and verified the issue in the assessment proceedings thereby rendering the assessment framed to be the erroneous and prejudicial to the interest of the revenue and consequently, show cause notice u/s 263 of the Act was issued u/s 263 of the Act on 28.03.2025 which was replied

RITA GUPTA,KOLKATA vs. DCIT, CEN. CIR.2(2), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

54G and 54H, be chargeable to income tax under the head capital gain and shall be deemed to be the income of the previous year in which the transfer took place. The ld. A.R has referred to provisions of Section 47 which enumerate certain transactions not to be regarded as transfer and consequently the provisions as contained in section

SHUVRO CHATTARAJ,KOLKATA vs. PCIT , BURDWAN

In the result, the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2015-16

54G and 54H, be chargeable to income-tax under the head "Capital gains", and shall be deemed to be the income of the previous year in which the transfer took place. The transfer is defined under section 2(47) of the Act as under: 2(47) "transfer", in relation to a capital asset, includes,— (i) the sale, exchange or relinquishment

D.C.I.T. CIR - 8,KOLKATA, KOLKATA vs. M/S PATTON DEVELOPERS PVT LTD, KOLKATA

In the result, appeal filed by Revenue is dismissed

Bench: Shri N.V. Vasudevan & Shri Waseem Ahmedassessment Year :2009-10 Dcit, Circle-8, Aayakar V/S. Patton Developers Pvt. Bhawan, 5Th Floor, P-7, Ltd., 3C, Camac Street, Chowringhee Square, Kolkata – 700 016 Kolkata-69 [Pan No.Aabct 2076 H] .. अपीलाथ" /Appellant ""यथ"/Respondent

disallowed the conversion of the capital asset into stock-in-trade on the ground that there was no business activities carried on by assessee-company during the relevant previous year and Ld. CIT(A) has rejected the claim of the AO on the ground ITA No.90/Kol/2013 A.Y. 2009-10 DCIT Cir-8, Kol. V. M/s Patton Developers Pvt. Ltd. Page

ACIT,CIRCLE-8(2), KOLKATA, KOLKATA vs. M/S PATTON DEVELOPERS PVT. LTD., KOLKATA

In the result the appeal of the revenue is dismissed

Bench: Hon’Ble Shri P.M.Jagtap, Am & Shri S.S.Viswanethra Ravi, Jm ] Assessment Year : 2011-12

disallowed the conversion of the capital asset into stock-in-trade on the ground that there was no business activities carried on by assessee-company during the relevant previous year and Ld. CIT(A) has rejected the claim of the AO on the ground that Sec.45(2) of the Act provides the assessee to convert the capital asset into stock