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

disallowance of short Page 4 of 74 I.T.A. Nos.: 982, 983, 984 & 2068/KOL/2018 Assessment Year: 2014-2015 M/s. Gateway Financial Services Ltd. M/s. Nishit Agarwal Beneficiary Trust Pinky Agarwal Pratik Agarwal Beneficiary Trust term capital loss, ld. AO has mentioned it as addition towards long term capital gain

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

disallowance of short Page 4 of 74 I.T.A. Nos.: 982, 983, 984 & 2068/KOL/2018 Assessment Year: 2014-2015 M/s. Gateway Financial Services Ltd. M/s. Nishit Agarwal Beneficiary Trust Pinky Agarwal Pratik Agarwal Beneficiary Trust term capital loss, ld. AO has mentioned it as addition towards long term capital gain

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

disallowance of short Page 4 of 74 I.T.A. Nos.: 982, 983, 984 & 2068/KOL/2018 Assessment Year: 2014-2015 M/s. Gateway Financial Services Ltd. M/s. Nishit Agarwal Beneficiary Trust Pinky Agarwal Pratik Agarwal Beneficiary Trust term capital loss, ld. AO has mentioned it as addition towards long term capital gain

YAMINI KHANDEL WAL,KOLKATA vs. ACIT, CIR-36, KOLKATA, KOLKATA

In the result, appeals of both the assessee are partly allowed and appeals of the revenue are dismissed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Year: 2010-11 Smt. Yamini Khandelwal Asst. Commissioner Of Income 5, Amratolla Street Vs Tax, Circle-36, Kolkata Kolkata - 700001 Pan: Afupk6167K अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

short-term capital gains and Rs.18,26,601/- as long-term capital gains, which was subjected to verification by the ld. Assessing Officer. 11. In respect of disallowance

DCIT, CIR-36, KOLKATA, KOLKATA vs. SHRI SURAJ KHANDEL, KOLKATA

In the result, appeals of both the assessee are partly allowed and appeals of the revenue are dismissed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Year: 2010-11 Smt. Yamini Khandelwal Asst. Commissioner Of Income 5, Amratolla Street Vs Tax, Circle-36, Kolkata Kolkata - 700001 Pan: Afupk6167K अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

short-term capital gains and Rs.18,26,601/- as long-term capital gains, which was subjected to verification by the ld. Assessing Officer. 11. In respect of disallowance

DCIT, CIR-36, KOLKATA, KOLKATA vs. SMT YAMINI KHANDELWAL, KOLKATA

In the result, appeals of both the assessee are partly allowed and appeals of the revenue are dismissed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Year: 2010-11 Smt. Yamini Khandelwal Asst. Commissioner Of Income 5, Amratolla Street Vs Tax, Circle-36, Kolkata Kolkata - 700001 Pan: Afupk6167K अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

short-term capital gains and Rs.18,26,601/- as long-term capital gains, which was subjected to verification by the ld. Assessing Officer. 11. In respect of disallowance

SURAJ KHANDELWAL,KOLKATA vs. JCIT, RG-36, KOLKATA, KOLKATA

In the result, appeals of both the assessee are partly allowed and appeals of the revenue are dismissed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Year: 2010-11 Smt. Yamini Khandelwal Asst. Commissioner Of Income 5, Amratolla Street Vs Tax, Circle-36, Kolkata Kolkata - 700001 Pan: Afupk6167K अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

short-term capital gains and Rs.18,26,601/- as long-term capital gains, which was subjected to verification by the ld. Assessing Officer. 11. In respect of disallowance

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

Short Term Capital Gain in terms of section 50 of the Act and, therefore, the Long Term Capital Loss could not be set off against the same. The Assessing Officer also made further disallowances

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

In the result, Ground r.w

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 of Section gains and computation of income from other sources by invoking provisions of Section 56(2)(vii)(c) of the Act. He argues that both the Sections cannot be clubbed

EIH LIMITED,KOLKATA vs. DCIT, CIR-8(1)KOL., KOLKATA

In the result, assessee’s appeal stands partly allowed for statistical purpose

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2012-13 Eih Ltd V/S. Dcit, Circle-8(1), 4, Mangoe Lane, Aayakar Bhawan, P-7, Kolkata-700 001 Chowringhee Square, [Pan No.Aaace 6898 B] Kolkata-69 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Ravi Sharma, Ar अपीलाथ" क" ओर से/By Appellant Shri P.K. Srihari, Cit-Dr ""यथ" क" ओर से/By Respondent 27-02-2018 सुनवाई क" तार"ख/Date Of Hearing 16-05-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Assessee Is Directed Against The Order Of Dispute Resolution Panel-2, (Drp For Short) Dated 17.10.2016. Assessment Was Framed By Dcit, Circle-8(1), Kolkata U/S 144C(13)/143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 29.11.2016 For Assessment Year 2012-13 & Grounds Raised By Assessee Read As Under:- “1.0 Determination Of Arm'S Length Price For Corporate Guarantee Fees 1.1 On The Facts & In The Circumstances Of The Case & In Law, The Learned Transfer Pricing Officer (Hereinafter Referred To As "Ld, Tpo") & Accordingly Learned Assessing Officer (Hereinafter Referred To As "Ld. Ao") Erred In Treating The Corporate Guarantee Extended By The Appellant To Its Associated Enterprise (Ae) As International Transaction & Dispute Resolution Panel (Hereinafter Referred To As "Ld, Panel") Erred In Confirming The Same As An International Transaction Without Appreciating The Fact That It Does Not Fall Within The Ambit Of "International Transaction" U/S 92B Of The Act. 1.2 The Ld.Ao/Tpo & The Ld. Panel Failed To Appreciate The Fact That Corporate Guarantee Has Been Advanced By The Appellant As A Matter Of Commercial Prudence To Protect The Business Interest Of The Group By Fulfilling

Gains (STCG for short) u/s 74 of the Act. 28. The assessee during the year earned STCG u/s 50 of the Act which was set off by an amount of ₹1,40,51,830/- against the brought forward Long Term Capital Loss. However, AO was of the view that such brought forward long term capital loss cannot

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)

short term capital gains / long term capital gains does not warrant any disturbance and deserves to be accepted. Accordingly, the Grounds 1 to 3 raised by the assessee for the Asst Years 2005-06 , 2006-07 , 2007-08 and 2008-09 are allowed. 7. The Ground No. 4 raised by the assessee for the Asst Year 2005-06 was stated

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)

short term capital gains / long term capital gains does not warrant any disturbance and deserves to be accepted. Accordingly, the Grounds 1 to 3 raised by the assessee for the Asst Years 2005-06 , 2006-07 , 2007-08 and 2008-09 are allowed. 7. The Ground No. 4 raised by the assessee for the Asst Year 2005-06 was stated

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)

short term capital gains / long term capital gains does not warrant any disturbance and deserves to be accepted. Accordingly, the Grounds 1 to 3 raised by the assessee for the Asst Years 2005-06 , 2006-07 , 2007-08 and 2008-09 are allowed. 7. The Ground No. 4 raised by the assessee for the Asst Year 2005-06 was stated

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)

short term capital gains / long term capital gains does not warrant any disturbance and deserves to be accepted. Accordingly, the Grounds 1 to 3 raised by the assessee for the Asst Years 2005-06 , 2006-07 , 2007-08 and 2008-09 are allowed. 7. The Ground No. 4 raised by the assessee for the Asst Year 2005-06 was stated

EIH LTD.,KOLKATA vs. THE DCIT, CIR-8(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is partly allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 153/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-8(1), Kolkata -Vs- M/S Eih Limited [Pan: Aaace 6898 B] (Appellant) (Respondent) I.T.A No. 110/Kol/2016 Assessment Year : 2011-12 M/S Eih Limited -Vs- Dcit, Circle-8(1), Kolkata [Pan: Aaace 6898 B] (Appellant) (Respondent) For The Appellant : Shri Kanchun Kaushal,Ar For The Department : Shri G.Mallikarjuna, Cit Dr Date Of Hearing : 26.10.2017 Date Of Pronouncement : 12.01.2018 Order Per Bench:

disallowance could be made on an estimated basis towards running, repairs & maintenance of aircrafts including depreciation thereon. Accordingly, the Ground No. 4.1 raised by the assessee is allowed. 5. NON-GRANTING OF SET OFF OF LONG TERM CAPITAL LOSS AGAINST DEEMED SHORT TERM CAPITAL GAIN

DCIT, CIR-8(1), KOLKATA, KOLKATA vs. M/S EIH LTD., KOLKATA

In the result, the appeal of the assessee is partly allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 153/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-8(1), Kolkata -Vs- M/S Eih Limited [Pan: Aaace 6898 B] (Appellant) (Respondent) I.T.A No. 110/Kol/2016 Assessment Year : 2011-12 M/S Eih Limited -Vs- Dcit, Circle-8(1), Kolkata [Pan: Aaace 6898 B] (Appellant) (Respondent) For The Appellant : Shri Kanchun Kaushal,Ar For The Department : Shri G.Mallikarjuna, Cit Dr Date Of Hearing : 26.10.2017 Date Of Pronouncement : 12.01.2018 Order Per Bench:

disallowance could be made on an estimated basis towards running, repairs & maintenance of aircrafts including depreciation thereon. Accordingly, the Ground No. 4.1 raised by the assessee is allowed. 5. NON-GRANTING OF SET OFF OF LONG TERM CAPITAL LOSS AGAINST DEEMED SHORT TERM CAPITAL GAIN

EVEREST FINANCE & INVESTMENT COMPANY,KOLKATA vs. JCIT, RANGE-34, KOLKATA, KOLKATA

In the result, the appeals filed by the assessee (Ground No

Bench: Shri N.V. Vasudevan, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.2056/Kol/2014 (िनधा"रणवष" / Assessment Year: 2011-12 Everest Finance & Investment Vs. J.C.I.T, Range - 34,Kolkata Co. M/S. G.P. Agarwal & Associates, 7A, K.S.Ray Road, 2Nd Floor, Kol - 1. "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Aabfe7233Q (Appellant) .. (Respondent) Appellantby :Shri S.S Gupta & Arvind Agarwal, Advocate Respondentby :Shri G. Mallikarjuna, Cit Dr सुनवाईकीतारीख/ Date Of Hearing : 12/07/2017 घोषणाकीतारीख/Date Of Pronouncement : 11/10/2017 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: The Captioned Appeal Filed By The Assessee, Pertaining To Assessment Year 2011-12, Is Directed Against The Order Passed By The Ld. Commissioner Of Income Tax (Appeals)-Xx, Kolkata, In Appeal No.232/Cit(A)-Xx/Range-34/2013-14/Kol, Dated 10.07.2014, Which In Turn Arises Out Of An Order Passed By The Assessing Officer U/S.143(3) Of The Income Tax Act 1961, (Hereinafter Referred To As The ‘Act’), Dated 24.01.2014. 2. The Grounds Of Appeal Raised By The Assessee Reads As Under:

short-term capital gain / long-term capital gain as income under the head capital gain and treat the assessee as an Investor. 9. In the result, the appeal filed by the assessee( Ground No.1 to 4), is allowed. 10. The Ground Nos. 5, 6 and 7 raised by the assessee relate to the issue of disallowance

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]

term and capital gains depending upon the period of holding. Accordingly, we hold that the ld CITA had rightly treated the gains as income from capital gains. Accordingly the ground raised by the revenue in this regard for the Asst Years 2006-07 and 2007-08 is dismissed. 6. ADDITION TOWARDS UNVERIFIED PURCHASES – Rs. 55,50,937/- GROUND