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) ..

house property" or it would be chargeable under the head "Profits and gains from business or profession", is the question. It may be mentioned, in the first instance, that merely because there is an entry in the object clause of the business showing a particular object, would not be the determinative factor to arrive at a conclusion that the income

ZAFAR IQBAL,SILIGURI vs. DCIT, CIRCLE - 1, SILIGURI, SILIGURI

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

house property on 29.3.2017 for a total cost of Rs.3,13,62,500/- as per details furnished herein below. The assessee had offered a long term capital gains of Rs.76,22,276/- in his return of income instead of his actual liability of Rs.44,63,518/- only as per provisions of section 54F of the Income

DCIT, CIR-6(1), KOLKATA, KOLKATA vs. M/S INDIA CITY PROPERTIES LTD., KOLKATA

In the result, the revenue’s appeal for A

house property on account of notional interest on security deposits received from tenants was not sustainable and the Ld. CIT(A) is fully justified in deleting the same. We accordingly uphold the impugned order of the Ld. CIT(A) on this issue and dismiss ground no 4 of the revenues appeal. 25. As regards the issue involved in ground

DCIT, CIR-6(1), KOLKATA, KOLKATA vs. M/S INDIA CITY PROPERTIES LTD., KOLKATA

In the result, the revenue’s appeal for A

house property on account of notional interest on security deposits received from tenants was not sustainable and the Ld. CIT(A) is fully justified in deleting the same. We accordingly uphold the impugned order of the Ld. CIT(A) on this issue and dismiss ground no 4 of the revenues appeal. 25. As regards the issue involved in ground

DCIT, CIR-6(1), KOLKATA, KOLKATA vs. M/S INDIA CITY PROPERTIES LTD., KOLKATA

In the result, the revenue’s appeal for A

house property on account of notional interest on security deposits received from tenants was not sustainable and the Ld. CIT(A) is fully justified in deleting the same. We accordingly uphold the impugned order of the Ld. CIT(A) on this issue and dismiss ground no 4 of the revenues appeal. 25. As regards the issue involved in ground

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

house property income or a business income. As far as the issue is concerned, we deem it appropriate to take note the judgment of the Hon’ble Jurisdictional High Court in the case of Shambhu Investment Pvt. Limited 9 EMC Projects Pvt. Limited reported in 263 ITR 143. Hon’ble Court, however, considering the judgment of the Hon’ble Supreme

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) ..

property. This amendment will take effect from 1st April. 2001 and will, accordingly, apply in relation to the assessment year 2001-2002 and subsequent years. 14. We note that ld A.O was fully satisfied on the explanation of the assessee in regard to the long term capital gain earned from selling of shares of M/s Benzo Chem Industries Private

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

26, 2018 Date of pronouncing the order : August 31, 2018 O R 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

SMT SAKI GUPTA,KOLKATA vs. ACIT, CIR-49, KOLKATA, KOLKATA

In the result, the appeal of both the assessee’s are partly allowed

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

property at VIP Road, Kolkata under the head ‘Long term Capital Gain’ instead of ‘Short Term Capital Gain’. 18. The second issue raised by the appellant in the matter of computation of capital gains is granting deduction for cost of improvement of Rs.14,50,000/- in the case of Smt. Sarbani Gupta. At the time of hearing before

SMT SARBANI GUPTA,KOLKATA vs. ACIT, CIR-49, KOLKATA, KOLKATA

In the result, the appeal of both the assessee’s are partly allowed

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

property at VIP Road, Kolkata under the head ‘Long term Capital Gain’ instead of ‘Short Term Capital Gain’. 18. The second issue raised by the appellant in the matter of computation of capital gains is granting deduction for cost of improvement of Rs.14,50,000/- in the case of Smt. Sarbani Gupta. At the time of hearing before

THE SATURDAY CLUB LIMITED,KOLKATA vs. DCIT, CIRCLE - 8(2), KOLKATA, KOLKATA

In the result, the appeals of the Revenue for A

Bench: Shri Rajpal Yadav, Vice- & Dr. Manish Borad

house property let to its members and their guests is not chargeable to tax. ” Cricket Club of India: Whether the income from the property held by the assessee could not be brought charge under the provisions of Sec. 22 to 26 of the Act. India Motion Pictures Association (180 ITR 160): “Whether the principle of mutuality is applicable

DCIT,CIRCLE-8, KOLKATA, KOLKATA vs. M/S. THE SATURDAY CLUB LTD, KOLKATA

In the result, the appeals of the Revenue for A

Bench: Shri Rajpal Yadav, Vice- & Dr. Manish Borad

house property let to its members and their guests is not chargeable to tax. ” Cricket Club of India: Whether the income from the property held by the assessee could not be brought charge under the provisions of Sec. 22 to 26 of the Act. India Motion Pictures Association (180 ITR 160): “Whether the principle of mutuality is applicable

THE SATURDAY CLUB LIMITED,KOLKATA vs. DCIT, CIR-8(2), KOLKATA, KOLKATA

In the result, the appeals of the Revenue for A

Bench: Shri Rajpal Yadav, Vice- & Dr. Manish Borad

house property let to its members and their guests is not chargeable to tax. ” Cricket Club of India: Whether the income from the property held by the assessee could not be brought charge under the provisions of Sec. 22 to 26 of the Act. India Motion Pictures Association (180 ITR 160): “Whether the principle of mutuality is applicable

GAUTAM KUMAR MITRA,KOLKATA vs. DCIT, CIRCLE - 54, KOLKATA, KOLKATA

In the result, the appeal by the Assessee is allowed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 07/Kol/2012 Assessment Year : 2006-07

house property has to be offered to tax on receipt basis only and not on the basis of accrual. The stand taken by the Assessee in this regard is not legally correct in the light of the provisions of Sec.22 and 23 of the Act, which we have discussed in the earlier part of this order. This is claim made

I.T.O WD - 56(2),KOLKATA, KOLKATA vs. SALARPURIA SOFT ZONE, KOLKATA

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

Bench: Shri Mahavir Singh, Jm & Shri Wasim Ahmed, Am]

house property. In view of such facts, Ld. CIT, DR supported the orders of the lower authorities. 16. We have heard rival contentions and gone through facts and circumstances of the case. The above facts are undisputed in respect to cash flow statement filed by the assessee as well as availability of funds. We find that neither

M/S SALARPURIA SOFT ZONE,KOLKATA vs. J.C.I.T RG - 56,KOLKATA, KOLKATA

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

Bench: Shri Mahavir Singh, Jm & Shri Wasim Ahmed, Am]

house property. In view of such facts, Ld. CIT, DR supported the orders of the lower authorities. 16. We have heard rival contentions and gone through facts and circumstances of the case. The above facts are undisputed in respect to cash flow statement filed by the assessee as well as availability of funds. We find that neither

M/S SALARPURIA SOFT ZONE,KOLKATA vs. J.C.I.T RG - 56,KOLKATA, KOLKATA

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

Bench: Shri Mahavir Singh, Jm & Shri Wasim Ahmed, Am]

house property. In view of such facts, Ld. CIT, DR supported the orders of the lower authorities. 16. We have heard rival contentions and gone through facts and circumstances of the case. The above facts are undisputed in respect to cash flow statement filed by the assessee as well as availability of funds. We find that neither

I.T.O WD - 56(2),KOLKATA, KOLKATA vs. SALARPURIA SOFT ZONE, KOLKATA

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

Bench: Shri Mahavir Singh, Jm & Shri Wasim Ahmed, Am]

house property. In view of such facts, Ld. CIT, DR supported the orders of the lower authorities. 16. We have heard rival contentions and gone through facts and circumstances of the case. The above facts are undisputed in respect to cash flow statement filed by the assessee as well as availability of funds. We find that neither