RAJATGIRI OIL INDUSTRIES,KOLKATA vs. ACIT, KOLKATA

In the result, all the appeals of the assessee are dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawal

reassessment proceeding is valid or otherwise, it is only to be seen that there was prima facie some material on record on the basis of which AO can reopen the case. The sufficiency or correctness of the material is not a thing to be considered or questioned at this stage. Accordingly, we do not find any infirmity in the proceedings

RAJATGIRI OIL INDUSTRIES,KOLKATA vs. ACIT, KOLKATA

In the result, all the appeals of the assessee are dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawal

reassessment proceeding is valid or otherwise, it is only to be seen that there was prima facie some material on record on the basis of which AO can reopen the case. The sufficiency or correctness of the material is not a thing to be considered or questioned at this stage. Accordingly, we do not find any infirmity in the proceedings

JKS INFRASTRUCTURE PVT. LTD.,KOLKATA vs. PR.CIT, CENTRAL - 1, KOLKATA , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1073/Kol/2018 ("नधा"रणवष" / Assessment Year:2011-12)

house property”. Therefore, AO has examined the issue relating to income from commercial go- down and then took a possible view, hence order passed by AO u/s 153A/143(3) of the Act, dated 31.03.2016 is not erroneous. Apart from this, the ld. Counsel also pointed out that in assessee`s case a search and seizure operation was conducted under section

RAJATGIRI OIL INDUSTRIES,KOLKATA vs. ACIT, CIR-28/KOL, KOLKATA

In the result, appeal of the assessee is dismissed

Bench: Shri Sanjay Garg & Dr. Manish Borad

reassessment proceeding is valid or otherwise, it is only to be seen that there was prima facie some material on record on the basis of which AO can reopen the case. The sufficiency or correctness of the material is not a thing to be considered or questioned at this stage. Accordingly, we do not find any infirmity in the proceedings

VEERPRABHU AUTO PVT. LTD.,KOLKATA vs. A.C.I.T., CC - 2(4), KOL, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

House property' has been upheld. All the expenses allowable has already been considered by the AO by allowing deductions u/s 24(a) and administrative expenses and financial charges ITA No.:1218/KOL/2024 Assessment Year: 2016-17 Veerprabhu Auto Pvt. Ltd. and therefore, no other expense is allowable. Therefore, the appeal on this ground is dismissed. In the result, the appeal

KUSUMLATA SONTHALIA ,KOLKATA vs. PRINCIPAL CIT, CENTRAL - 1, KOLKATA , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1151/Kol/2018 ("नधा"रणवष" / Assessment Year:2010-11)

property and shares and accordingly, claim of deduction u/s.54 and 54F has been justified. Kusumlata Sonthalia Assessment Year:2010-11 5.4 Considering the above facts as available in assessment record, I find that the contention of the Ld. AR that the issue of eligibility u/s.54 /54F was examined by the AO is only with respect to examination of "date

ACIT, CIR-35, KOLKATA, KOLKATA vs. SMT MADHU DEVI SARAF, KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 1325/Kol/2015 Assessment Year : 2010-11 Acit, Circle-35, Kolkata -Vs- Smt. Madhu Devi Saraf [Pan: Alips 0989 F] (Appellant) (Respondent)

reassessment proceedings observed, that the assessee is the owner of five shops at Satyanarayan Park, AC market and since there was no rental income offered by the assessee under the head income from house property

WEST BENGAL ELECTRONICS INDUSTRY DEVELOPMENT CORPORATION LIMITED,KOLKATA vs. DCIT/ACIT, CIRCLE - 2(1), KOLKATA, KOLKATA

Appeals of the assessee are allowed

House property. Net Annual Value is Gross\nAnnual Value less Municipal Taxes paid. In case the property is let out, its rent\nreceived is Gross Annual Value,\nIn view of the above, it is clear that standard deduction@ 30% is available u/s\n24 of the IT Act, 1961 only on Rent received and not on Electricity Recovery.\nService Charges

WEST BENGAL ELECTRONICS INDUSTRY DEVELOPMENT CORPORATION LIMITED,KOLKATA vs. D.C.I.T./A.C.I.T., CIRCLE - 2(1), KOLKATA, KOLKATA

Appeals of the assessee are allowed

House property. Net Annual Value is Gross\nAnnual Value less Municipal Taxes paid. In case the property is let out, its rent\nreceived is Gross Annual Value,\nIn view of the above, it is clear that standard deduction@ 30% is available u/s\n24 of the IT Act, 1961 only on Rent received and not on Electricity Recovery.\nService Charges

A.C.I.T.,CIRCLE-3(2), KOLKATA vs. M/S SATTVA DEVELOPERS PVT. LTD., KOLKATA

In the result, the appeal filed by the Revenue is dismissed

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey)

house property in the hands of the assessee. This resulted in under assessment of income amounting to Rs. 2,01,10,040/-. Hence, Rs. 2,01,10,040/- has escaped assessment which may be brought under taxation by invoking the provisions of section 147 of the Income Tax Act.” 4.2. The ld. CIT(A) at page-12 of his order

ANJAN KUMAR NAHA,KOLKATA vs. I.T.O., WARD - 44(1), KOLKATA , KOLKATA

Appeals are allowed

Bench: Shri S.S.Godara & Dr. A.L. Saini

house property and business income from Novelty Cinema. It is stated that the Assessee firm, at various stages before the AO in the reassessment

ANJAN KUMAR NAHA,KOLKATA vs. I.T.O., WARD - 44(1), KOLKATA , KOLKATA

Appeals are allowed

Bench: Shri S.S.Godara & Dr. A.L. Saini

house property and business income from Novelty Cinema. It is stated that the Assessee firm, at various stages before the AO in the reassessment

ANJAN KUMAR NAHA,KOLKATA vs. I.T.O., WARD - 44(1), KOLKATA , KOLKATA

Appeals are allowed

Bench: Shri S.S.Godara & Dr. A.L. Saini

house property and business income from Novelty Cinema. It is stated that the Assessee firm, at various stages before the AO in the reassessment

SHRI JNANENDRA NATH BANERJEE,KOLKATA vs. ITO, WD-24(3), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

reassessment was completed by the ld AO on 30.4.2009 by observing as under :- 2 Jnanendra Nath Banerjee., AY 2005-06 “The AIR information reported for the sale of Delhi Property for Rs. 33,00,000/- during the FY 2004-05. As requisitioned the assessee produced copy of bank account, copy of conveyance deed both for purchase and sales

CHANDRA BROS.,KOLKATA vs. I.T.O., WARD - 37(1), KOLKATA, KOLKATA

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

Bench: Sri Pradip Kumar Choubey & Sri Rakesh Mishra

house properties' on the dissolution of the firm on 13-3-1961. In the memo of Page 8 of 18 I.T.A. No.: 1572/KOL/2024 Assessment Year: 2022-23 Chandra Bros. adjustment for income-tax purposes, however, the above sum was deducted on the ground that it was not assessable either as revenue or capital. The ITO issued a notice under section

NEETU AGARWAL,KOLKATA vs. INCOME TAX OFFICER - WARD 7(1), KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2020-21

house property which was carried forward has also been denied. 6. Aggrieved with the order of the Ld. AO, the assessee filed an appeal before the Ld. CIT(A) on the ground of not granting tax credit in respect of taxes withheld on the foreign income earned by the assessee and credit claimed in accordance with section

ACIT, CIRCLE - 6(2), KOLKATA vs. M/S. NAGREEKA SYNTHETICS PVT. LTD., KOLKATA

In the result, the appeal of the revenue is allowed for statistical purposes and the cross-objection by the assessee are dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 427/Kol/2019 Assessment Year: 2009-10 Asst. Commissioner Of Income Tax, M/S. Nagreeka Synthetics Pvt. Ltd. Circle-6(2), Kolkata Vs 6Th Floor, Jain Chamber 18, R.N. Mukherjee Road Kolkata - 700001 [Pan : Aaacn8691D] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) C.O. No. 19/Kol/2021 Assessment Year: 2009-10 M/S. Nagreeka Synthetics Pvt. Ltd. Asst. Commissioner Of Income 6Th Floor, Jain Chamber Vs Tax, Circle-6(2), Kolkata 18, R.N. Mukherjee Road Kolkata - 700001 [Pan : Aaacn8691D] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S.D. Verma, Advocate Revenue By : Shri Abhijit Kundu, Cit D/R सुनवाई क" तारीख/Date Of Hearing : 05/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 09/11/2023 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals)- 4, Kolkata (Hereinafter The “Ld. Cit(A)”) Dt. 21/06/2018, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2009- 10. The Assessee Has Filed A Cross-Objection Being C.O. No. 19/Kol/2021. 2. The Registry Has Pointed Out That There Is A Delay Of 965 Days In Filing The Cross-Objection By The Assessee. The Assessee Has Filed A 2

reassessment order the AO has treated the entire loss suffered from Derivative transaction as speculative in nature by invoking explanation to Sec, 73 of the Act. I have gone through the submission of the appellant and order passed by the AO. All the transactions in which the appellant has incurred loss is in relation to derivative transactions. Derivative transactions

ANANDA PAUL,KOLKATA vs. ACIT, CIRCLE-50, KOLKATA, KOLKATA

In the result, assessee’s appeal stands are allowed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2007-08 Ananda Paul V/S. Acit, Circle-50, Cf-125, Salt Lake City, Manicktala Civic Centre, Kolkata-64 Uttarpan Complex, Ds- [Pan No.Afkpp 2201 D] 2&3, Kolkata-54 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri S.K. Tulsiyan, Advocate अपीलाथ" क" ओर से/By Appellant Shri S. Dasagupta, Addl. Cit-Dr ""यथ" क" ओर से/By Respondent 12-02-2018 सुनवाई क" तार"ख/Date Of Hearing 20-04-2018 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 Commissioner Of Income Tax (Appeals)-Xxxii, Kolkata Dated 05.11.2014. Assessment Was Framed By Acit, Circle-50 Kolkata U/S 147/143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 30.12.2011 For Assessment Year 2007-08. Shri, S.K. Tulsiyan, Ld. Advocate Appeared On Behalf Of Assessee & Shri S. Dasgupta, Ld. Departmental Representative Appeared On Behalf Of Revenue. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1) That On The Fats & In The Circumstances Of The Case, The Ld. Cit(A) Erred In Not Treating The Re-Assessment Proceeding U/S 143(3)/147 Of The It Act, 1961 As Invalid, Bad In Law, Unjust & Contrary To The Facts & Law. 2) That On The Facts & In Respect To The Circumstances Of Thee Case, The Ld. Cit(A) Erred In Confirming The Assessment Order Passed U/S. 143(3)/147 Of The It Act, 1961 By The Ld. Ao As Proper & Valid Without Considering The

House property 2,21,970/- 6. Long term C.G. (exempted) (22,78,940/-) 7. Share profit fro firm (exempted) (33,30,028/-) 8. Short term C.G. 57,941/- The relevant extract of the reply placed on page 10A of the paper book is reproduced below. “the calculation of capital gains is enclosed.” We also note that the assessee has furnished