FALCON VINCON PRIVATE LIMITED ,BENGALURU vs. PR.CIT-3, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am Falcon Vincon Private Limited Vs. Pr. Cit-3, Kolkata 102, Tower No.12, Shriram Sameeksha, New Gangamma Gudi Police Station Road, Naidu Layout, Bengaluru "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcf3203C (अपीलाथ" /Appellant) (""यथ" / Respondent) ..

D E R Per Dr. A. L. Saini, AM: The captioned appeal filed by the assessee, pertaining to Assessment Year 2014-15, is directed against the order passed by the ld. Principal Commissioner of Income Tax-3, Kolkata, dated 25.03.2019, u/s 263(3) of the Income Tax Act, 1961 (hereinafter referred to as the ‘Act’). 2. The grounds of appeal

SAROJ GOENKA,KOLKATA vs. I.T.O., WARD - 30(1), KOLKATA

In the result, the appeal of the assessee is allowed

D-Wing, Pune,\ntherefore, assessee is allowed to claim benefit u/s 54F of the Act. After considering the\nsame, the assessee should be owner of a residential property and as per provisions not\nmore than one house property. In the given case, the assessee was the owner of one\nhouse at the time of transfer and he became owner

LOHIA SECURITIES LTD.,KOLKATA vs. DCIT, CIRCLE - 6, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: : Shri M. Balaganeshita No. 487/Kol/2012 A.Y 2008-09 M/S. Lohia Securities Ltd Vs. Dcit, Circle-6, Kolkata Pan: Aaacl 5834A (Appellant) (Respondent)

house property”, “Capital gains” and “Income from other sources”], or a company the principal business of which is the business of banking or the granting of loans and advances) consists in the purchase and sale of shares of other companies, such company shall, for the purposes of this section, be deemed to be carrying on a speculation business

PADMALOCHANAN RADHAKRISHNAN,KOLKATA vs. A.C.I.T., CIRCLE - 62, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Boradi.T.A. No. 130/Kol/2023 Assessment Year: 2014-2015

17, 2023 O R D E R Per Dr. Manish Borad, Accountant Member:- This appeal at the instance of assessee for assessment year 2014-15 is directed against the order of ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi dated 09.01.2023, which is 1 Assessment Year: 2014-2015 Padmalochanan Radhakrishnan arising out of the order under section

DCIT, CIR-1, SILIGURI, SILIGURI vs. SMT JENNIFER CHAKRABORTY, SILIGURI

In the result, the appeal filed by the Revenue (in ITA No

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.400/Kol/2016 ("नधा"रणवष" / Assessment Year: 2011-12) Dcit, Circle-1, Siliguri Vs. Smt. Jennifer Chakraborty St. Michael’S School, 2Nd Mile, Sevoke Road, Aayakar Bhawan, Paribahan Nagar, Matigra, Siliguri, Pin-734010. Siliguri "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Acppc 9278 B (Revenue) .. (Assessee)

D E R Per Dr. A. L. Saini: The captioned two Cross-Appeals filed by the Assessee and Revenue, pertaining to Assessment Year 2011-12, are directed against an order passed by the Ld. Commissioner of Income Tax (Appeals), Siliguri, in appeal No.54/CIT(A)/SLG/2014-15,which in turn arise out of assessment order passed by the Assessing Officer

JENNIFFER CHAKRAVARTY,SILIGURI vs. DCIT, CIR-3, SILIGURI, SILIGURI

In the result, the appeal filed by the Revenue (in ITA No

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.400/Kol/2016 ("नधा"रणवष" / Assessment Year: 2011-12) Dcit, Circle-1, Siliguri Vs. Smt. Jennifer Chakraborty St. Michael’S School, 2Nd Mile, Sevoke Road, Aayakar Bhawan, Paribahan Nagar, Matigra, Siliguri, Pin-734010. Siliguri "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Acppc 9278 B (Revenue) .. (Assessee)

D E R Per Dr. A. L. Saini: The captioned two Cross-Appeals filed by the Assessee and Revenue, pertaining to Assessment Year 2011-12, are directed against an order passed by the Ld. Commissioner of Income Tax (Appeals), Siliguri, in appeal No.54/CIT(A)/SLG/2014-15,which in turn arise out of assessment order passed by the Assessing Officer

DCIT, CIR-12(1), KOLKATA, KOLKATA vs. M/S BENGAL AMBUJA HOUSING DEVELOPMENT LTD., KOLKATA

In the result, the both appeals of the Revenue are dismissed

Bench: Shri A. T. Varkey, Jm & Shri A.L.Saini, Am]

Properties (supra). As per the Hon'ble Bombay High Court, 23 I.T.A No.1514/Kol/2015 & ITA No. 1515/Kol/2015 A.Ys 2010-11 & 2011-12 M/s. Bengal Ambuja Housing Development Ltd. construction of even one building with several residential units of the prescribed size would constitute a 'housing project' for the purposes of s. 80-IB(10) of the Act. 30. From the aforesaid

E M C PROJECTS PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 7(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumari.T.A. No. 1063/Kol/2024 Assessment Year: 2014-2015 Emc Projects Pvt. Limited,………………..………Appellant 2, Robinson Street, Shakespeare Sarani, Kolkata-700017 [Pan:Aaace7218F] -Vs.- Deputy Commissioner Of Income Tax,………Respondent Circle-7(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri S.K. Tulsiyan, Advocate, Appeared On Behalf Of The Assessee Shri Jitendra Kantilal Surti, Jcit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : August 12, 2024 Date Of Pronouncing The Order : August 20, 2024 O R D E R

D E R Per Rajpal Yadav, Vice-President (KZ):- The present appeal is directed at the instance of assessee against the order of ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi dated 20th March, 2024 passed for Assessment Year 2014-15. 1 EMC Projects Pvt. Limited 2. The assessee has taken seven grounds of appeal, which

TATA GLOBAL BEVERAGE LIMITED,KOLKATA vs. ACIT, CIR-4, KOLKATA, KOLKATA

In the result ITA No.1869/Kol/2014 is allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

5) of section 10 of the Income-tax Act. Accordingly, it would not be liable to FBT. However, if the leave travel concession/assistance is not included in 'salary' as defined in section 17 will be classified as an expense for the purposes referred to clause (F) of sub-section (2) of section 115WB and will accordingly be liable

TATA GLOBAL BEVERAGE LIMITED,KOLKATA vs. ACIT, CIR-4, KOLKATA, KOLKATA

In the result ITA No.1869/Kol/2014 is allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

5) of section 10 of the Income-tax Act. Accordingly, it would not be liable to FBT. However, if the leave travel concession/assistance is not included in 'salary' as defined in section 17 will be classified as an expense for the purposes referred to clause (F) of sub-section (2) of section 115WB and will accordingly be liable

TATA GLOBAL BEVERAGE LIMITED,KOLKATA vs. ACIT, CIR-4, KOLKATA, KOLKATA

In the result ITA No.1869/Kol/2014 is allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

5) of section 10 of the Income-tax Act. Accordingly, it would not be liable to FBT. However, if the leave travel concession/assistance is not included in 'salary' as defined in section 17 will be classified as an expense for the purposes referred to clause (F) of sub-section (2) of section 115WB and will accordingly be liable

TATA GLOBAL BEVERAGE LIMITED,KOLKATA vs. ACIT, CIR-4, KOLKATA, KOLKATA

In the result ITA No.1869/Kol/2014 is allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

5) of section 10 of the Income-tax Act. Accordingly, it would not be liable to FBT. However, if the leave travel concession/assistance is not included in 'salary' as defined in section 17 will be classified as an expense for the purposes referred to clause (F) of sub-section (2) of section 115WB and will accordingly be liable

TATA GLOBAL BEVERAGE LIMITED,KOLKATA vs. ACIT, CIR-4, KOLKATA, KOLKATA

In the result ITA No.1869/Kol/2014 is allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

5) of section 10 of the Income-tax Act. Accordingly, it would not be liable to FBT. However, if the leave travel concession/assistance is not included in 'salary' as defined in section 17 will be classified as an expense for the purposes referred to clause (F) of sub-section (2) of section 115WB and will accordingly be liable

DCIT, CC-1(3), KOLKATA, KOLKATA vs. M/S. A R SULPHONATES PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Sonjoy Sarma & Shri Girish Agrawalassessment Year: 2017-18

housing or real estate land and property authorities. authorities. 24 Capital Investment Leasehold properties Purchasing a freehold may require less initial property requires a capital investment larger upfront capital compared to investment. purchasing a freehold property. 25 Flexibility Leasehold properties Freehold properties offer less flexibility as provide more flexibility the lessee is bound by as the owner has the terms

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) ..

d) The assessee must not own more than one residential house other than the new asset on the date of transfer of the original asset (e) The assessee shall not purchase any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset or construct any residential house, other

BIP DEVELOPERS PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-2(1), KOLKATA, KOLKATA

In the result, all the appeals of the assessee as well as Revenue are partly allowed as indicated above

Bench: Shri P.M. Jagtap & Shri Satbeer Singh Godara

D E R Per Shri P.M. Jagtap, A.M.: These six appeals, three filed by the assessee and three filed by the Revenue, are cross appeals, which are directed against three separate I.T.A. Nos 1214, 1215, 1216/KOL/2017 Assessment years 2006-07, 2008-09 & 2009-10 & I.T.A. Nos. 1357, 1358 & 1359/KOL/2017 Assessment years 2006-07, 2008-09 & 2009-10 Page

BOMBAY PLAZA PVT. LTD.,KOLKATA vs. ACIT, CIR-5, KOLKATA, KOLKATA

In the result the appeals of the assessee are allowed

Bench: Hon’Ble Shri P.M.Jagtap, Am & Sri N.V.Vasudevan, Jm ]

section 27(iiib) of the Act does not arise at all. 6. Without prejudice to our above claim that the assessee is not assessable to 'Income from house property' as it is neither an owner nor a deemed owner, the Assessee further submitted that the Assessee was formed with the main objectives of carrying on the business of an investment

M/S BENGAL SHRISTI INFRASTRUCTURE DEVELOPMENT LIMITED,DURGAPUR vs. ACIT, CIRCLE-2, DURGAPUR, DURGAPUR

In the result, appeal of the assessee is allowed in part

d) of the Act are violated. Hence we decide this issue in favour of the assessee. 8. The second issue is whether separate books of account are required to be maintained by the assessee for each housing projects Poorvi and Triveni. There is no provision in the Act prescribing that separate books of account have to be maintained for each