S.K.DEVELOPMENT PVT. LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-5(1), KOLKATA

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

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2013-14 S. K. Development Private Deputycommissioner Of Limited. Income-Tax,Circle- 5(1), Vs. 23A, N. S. Road, 10Th Floor, Kolkata. Kolkata-700001. (Pan: Aadcs7398K) (Appellant) (Respondent)

house property income. 3 S.K. Development Private Limited AY: 2013-14 For the other component of Rs.3,65,700/-, Ld. Counsel referred to the details of its dealings in immovable properties during the year for which brokerage expenses were incurred. The details are tabulated as under: Brokerage charges against sale of space 01­Apr­2012 to 31­Mar­2013

ESJAY COMMERCE LIMITED,KOLKATA vs. ADIT, CPC, BENGALURU, BENGALURU

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2020-21

house property as reported in the return. However, while computing the income from business and profession instead of reducing the rental income of Rs.72,30,427/-, CPC, Bengaluru reduced the amount of Rs.62,14,211/- from the net profit which has resulted in the increase in income from the business and profession by Rs.10,16,216/-. Aggrieved, assessee went

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

Property & Investment Private Limited is in the nature of loan which was taken for business on various dates and the same have been made through proper banking channels. Further, it is also stated by the appellant that the said loan was taken for very short duration and hence the same was also repaid in the next financial year

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

Property & Investment Private Limited is in the nature of loan which was taken for business on various dates and the same have been made through proper banking channels. Further, it is also stated by the appellant that the said loan was taken for very short duration and hence the same was also repaid in the next financial year

APEEJAY PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(1), KOLKATA, KOLKATA

In the result, appeals of the assessee for Assessment Year 2013-14

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 116/Kol/2023 Assessment Year: 2013-14

Properties (P) Ltd. dated 08.05.2017 reported in 403 ITR 234 wherein it was held that Revenue was not justified in treating sums reflected in books of assessee as loan from a company as deemed dividend in assessee’s hands as same was to be taxed in hands of common shareholder as per section 2(22)(e). Based on the aforesaid

APEEJAY PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(1), KOLKATA, KOLKATA

In the result, appeals of the assessee for Assessment Year 2013-14

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 116/Kol/2023 Assessment Year: 2013-14

Properties (P) Ltd. dated 08.05.2017 reported in 403 ITR 234 wherein it was held that Revenue was not justified in treating sums reflected in books of assessee as loan from a company as deemed dividend in assessee’s hands as same was to be taxed in hands of common shareholder as per section 2(22)(e). Based on the aforesaid

APEEJAY PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(1), KOLKATA, KOLKATA

In the result, appeals of the assessee for Assessment Year 2013-14

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 116/Kol/2023 Assessment Year: 2013-14

Properties (P) Ltd. dated 08.05.2017 reported in 403 ITR 234 wherein it was held that Revenue was not justified in treating sums reflected in books of assessee as loan from a company as deemed dividend in assessee’s hands as same was to be taxed in hands of common shareholder as per section 2(22)(e). Based on the aforesaid

APEEJAY PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(1), KOLKATA, KOLKATA

In the result, appeals of the assessee for Assessment Year 2013-14

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 116/Kol/2023 Assessment Year: 2013-14

Properties (P) Ltd. dated 08.05.2017 reported in 403 ITR 234 wherein it was held that Revenue was not justified in treating sums reflected in books of assessee as loan from a company as deemed dividend in assessee’s hands as same was to be taxed in hands of common shareholder as per section 2(22)(e). Based on the aforesaid

INDIAN CHAMBER OF COMMERCE,KOLKATA vs. DCIT,CIR-1(1), (EXEMPTION), KOLKATA. , KOLKATA

In the result, both the appeals of the assessee are allowed

Bench: Shri Rajpalyadav, Vice-(Kz) & Shri Rajesh Kumar]

houses within country and abroad. The ICC was set up with the sole purpose of promotion and protection of Indian business and industry and was duly registered u/s 12A of the Act as a charitable association with the main objects as set out in Clause 3 of MAA of the assessee company as “to promote and protect the trade, commerce

INDIAN CHAMBER OF COMMERCE. ,KOLKATA vs. DCIT, CIR-1(1), (EXEMPTION), KOLKATA

In the result, both the appeals of the assessee are allowed

Bench: Shri Rajpalyadav, Vice-(Kz) & Shri Rajesh Kumar]

houses within country and abroad. The ICC was set up with the sole purpose of promotion and protection of Indian business and industry and was duly registered u/s 12A of the Act as a charitable association with the main objects as set out in Clause 3 of MAA of the assessee company as “to promote and protect the trade, commerce

AMITABHA SANYAL,KOLKATA vs. ITO, WARD-58(4), KOLKATA, KOLKATA

In the result, the appeal of the assessee is partly allowed and the penalty levied is hereby deleted

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishraassessment Years: 2011-12 Amitabha Sanyal, Income Tax Officer, 108B, Block-F, New Alipore, Ward – 58(4), Kolkata, Kolkata – 700053 Vs Aayakar Bhawan, (Pan: Aleps2352J) Bamboo Villa, 169, A.J.C. Bose Road, Kolkata - 700014 (Appellant) (Respondent)

house when the building went for re-development. Now the question before is whether the compensation upon re-development of property towards hardship, rehabilitation and shifting received by the assessee is taxable if the potential TDR/FSI is available to the land owner or society which owns the land depending upon the terms of the re-development agreement without transferring

GARUD CREDIT & HOLDING PVT LTD,KOLKATA vs. I.T.O WD - 9(2),KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A. No. 1270/Kol/2013 Assessment Year: 2009-2010 Garud Credit & Holding Pvt. Limited,.........Appellant D.J. Shah & Co., 2, Elgin Road, Kolkata-700020 [Pan: Aaacg9791P] -Vs.- Income Tax Officer,.................................Respondent Ward-9(2), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri Veekaas S. Sharma, Ca, Appeared On Behalf Of The Assessee Shri P.P. Barman, Addl. Cit, Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : February 06, 2023 Date Of Pronouncing The Order : May 01, 2023 O R D E R

section 263 of the Act. The assesese placed reliance on plethora of judgments and the same are referred below:- S.No. Title CITATION AUTHORITY Following Page No. of LPP Argument:- Mandatory to issue notice u/s 143(2) CBDT Circular No.549 dated -- 1 31.10.1989 PCIT vs. Oberoi (2018) 409 ITR 132 The Hon’ble High Court of 2 – 6 Hotels

KIRAN AGARWAL,KOLKATA vs. ITO, WARD 46(1), KOLKATA

In the result, the appeal of the assessee is partly allowed for statistical\npurposes

house during the\nrelevant assessment year. The assessee is also having income from other\nsources being business in equities quoted and unquoted shares, mutual\nfunds etc. It was the submission that the return filed by the assessee came\nto be processed and the return came to be selected for scrutiny on account\nof the reason of large cash deposits