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]

house for claiming exemption u/s 54F, the assessee had purchased three storied building for Rs.47,60,000/-. Such purchase was completed on 28.07.2010. In the impugned order the AO referring to the provisions of Section 54F observed that the property was purchased beyond the prescribed period of two years and therefore denied the benefit claimed by the assessee

M/S H.C. COMMERCIAL LTD.,KOLKATA vs. ACIT, CEN.CIR.-2(1), KOLKATA

In the result, the appeal of the assessee is partly allowed

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2013-14 M/S. H. C. Commercial Ltd. Assistant Commissioner Of 5, Middleton Row, Kolkata- Vs. Income Tax, Central Circle- 700071. 2(1), Kolkata. (Pan: Aabch2665N) (Appellant) (Respondent) Present For: Appellant By : Shri Soumitra Choudhury, A.R Respondent By : Shri Biswanath Das, Addl. Cit Date Of Hearing : 11.05.2022 Date Of Pronouncement : 21.07.2022 O R D E R Per Girish Agrawal: This Appeal By The Assessee Is Directed Against The Order Of Ld. Cit(A)-20, Kolkata Vide Order No. Itba/Apl/S/250/2021- 22/1037682272(1) Dated 10.12.2021 For A.Y. 2013-14 Passed Against The Assessment Order U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) By Acit, Central Circle-2(1),Kolkata Dated 28.01.2016. 2. The Grounds Of Appeal Taken In This Appeal Are Reproduced As Under: 1. For That On The Facts Of The Case, The Order Passed By The Ld. C.I.T.(A)-20, Kolkata On 10.12.2021 Is Completely Arbitrary, Unjustified & Illegal. 2. For That On The Facts Of The Case, The Ld. C.Lt.(A) Was Wrong In Dittoing The Order Of The A.O. & Confirming The Disallowance U/S. 14A By Invoking Rule 8D(2)(Iii), 0.5% Of Average Investment Amounting To Rs.5,00,482/- (Rs.9,00,375/- Minus Rs.4,00,563/-) Which Is Completely Arbitrary, Unjustified & Illegal. 3. For That On The Facts Of The Case, The Ld. C.I.T.(A) Was Wrong In Not Considering The Facts That The A.O. Was Not Deducted The Income From Which Is Taxable During The Year & The Amount Of Rs.400,563/- Has Already Added Back To The Return Income, So, Rs.5,00,482/- Cannot Be Part For The Disallowance & Wrongly Calculated U/S. 14A By Invoking Rule 8D(2)(Iii) Which Is Completely Arbitrary, Unjustified & Illegal.

section 24 of the Act. Ld. AO held that since the assessee is allowed deduction @ 30% as expenses from the income earned from the house property, this expense is not allowable against the income from house property. Accordingly, he held that the claim of this expense is not admissible u/s. 23 and 24 of the Act as debited

ALLAHABAD BANK,KOLKATA vs. D.C.I.T CIR - 6,KOLKATA., KOLKATA

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

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

482, where Hon’ble Supreme Court has held as under : "while anticipated loss is taken into account, anticipated profit...is not brought into account as no prudent trader would care to show increased profit before its actual realization. This is the theory underlying the rule that the closing stock is to be valued at cost or market price whichever

OBEROI BUILDINGS AND INVESTMENTS PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-5, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap & Shri S.S.Viswanethra Ravi

section 143(3) of the Act, following adjustments/additions has been made by the Assessing Officer. 1. Contribution from shops given on leave and license amounting to Rs.13,90,260/- was treated by the AO under the head 'Income from house property' as against offered by the assessee under the head 'Income from business' leading to increase in assessed Income

ACIT, CIRCLE - 2(1), , KOLKATA vs. TCG URBAN INFRASTRUCTURE HOLDINGS PVT LTD.,, KOLKATA

Accordingly, the same is dismissed

Bench: Shri Sanjay Garg & Dr. M.L.Meenaआयकर अपील सं.य/

482/­ .(4) Payment to studio Praxis for Architectural Consultancy fees and (5) Rs.43,200/­ Brokerage paid to Knight Frank India Pvt. Ltd Rs.3,24,000/­. I observe that all these expenses were incurred in the setting up and maintenance of the Mumbai Office, and they cannot be rejected merely as the business was not bringing positive incomes. Here I observe

DCIT, CIRCLE - 8(2), KOLKATA , KOLKATA vs. M/S. OBEROI HOTELS PVT. LTD., , KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri P.M. Jagtap, Vice- & Shri Satbeer Singh Godara

482/- was not found acceptable by the Assessing Officer. He invoked Rule 8D to work out the expenses incurred by the assessee in relation to the earning of the exempt income at Rs.2,71,81,828/- and made a further disallowance of Rs.2,61,46,846/- under section 14A. 4. The disallowance of Rs.2,61,46,846/- made

ALMATIS ALUMINA PRIVATE LTD,KOLKATA vs. DCIT, CIRCLE-8(1), KOLKATA, KOLKATA

In the result, boththe appeals of the assessee in ITA No

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.726&2361/Kol/2017 ("नधा"रणवष" / Assessment Years: 2012-13& 2013-14)

482 provide and discuss the concept of transfer pricing. Section 1.482-5 of the US transfer pricing regulations state that "the tested party will be the participant in the controlled transaction whose operating profit attributable to the controlled transactions can be verified using the most reliable data and requiring the fewest and most reliable data and requiring (he fewest

ALMATIS ALUMINA PRIVATE LTD,KOLKATA vs. DCIT, CIRCLE-8(1), KOLKATA, KOLKATA

In the result, boththe appeals of the assessee in ITA No

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.726&2361/Kol/2017 ("नधा"रणवष" / Assessment Years: 2012-13& 2013-14)

482 provide and discuss the concept of transfer pricing. Section 1.482-5 of the US transfer pricing regulations state that "the tested party will be the participant in the controlled transaction whose operating profit attributable to the controlled transactions can be verified using the most reliable data and requiring the fewest and most reliable data and requiring (he fewest

M/S INSTRUMENTARIUM CORPORATION LTD.,KOLKATA vs. DDIT (IT)-1(1), KOLKATA, KOLKATA

Bench: The Special Bench:

property. It follows that the Authority cannot pronounce any ruling on the applicability of sub-section (3) of section 92 of the Act. 14. In the light of the above discussion, the applicant has no option but to comply with the provisions of the Act including the legislation relating to transfer pricing, namely, sections

INCOME TAX OFFICER, KOLKATA vs. MILESTONE FINSTOCK PVT. LTD., KOLKATA

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

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyassessment Year: 2012-13 Ito, Ward-12(1), Kolkata…..…………..………….……….……….……Appellant Vs. Milestone Finstock Pvt. Ltd..……...…………………….....……...…..…..Respondent 62A, Hazra Road, Kol-700019. [Pan: Aaccm0280B] Appearances By: Shri Mohit Mrinal, Cit-Dr, Appeared On Behalf Of The Appellant. Shri N S Saini, Ar & Priyanka Salarpuria, Ar, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : January 07, 2026 Date Of Pronouncing The Order : February 24, 2026 Order Per Pradip Kumar Choubey: This Appeal Filed By The Revenue Is Directed Against The Order Dated 24.09.2020 Of The Cit(Appeals)-4, Kolkata (Hereinafter Referred To As The “Cit(A)”) Passed U/S 250 Of The Income-Tax Act, 1961 (Hereinafter Referred To As “The Act”) For The Assessment Year 2012–13. 2. The Appeal Has Been Filed By The Revenue With A Delay Of 1075 Days & The Revenue Has Filed An Affidavit For Condonation Of The Delay. The Contents Of The Said Affidavit Are As Under: Milestone Finstock Pvt. Ltd

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

DCIT, CIR-10, KOLKATA, KOLKATA vs. M/S AKZO NOBEL INDIA LTD., KOLKATA

In the result appeal by the Revenue is dismissed

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

property, or provision of services, or lending or borrowing money, or any other transaction having a bearing on the profits, income, losses or assets of such enterprises, and shall include a mutual agreement or arrangement between two or more associated enterprises for the allocation or apportionment of, or any contribution to, any cost or expense incurred or to be incurred

M/S AKZO NOBEL INDIA LTD.,KOLKATA vs. DCIT, CIR-10, KOLKATA, KOLKATA

In the result appeal by the Revenue is dismissed

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

property, or provision of services, or lending or borrowing money, or any other transaction having a bearing on the profits, income, losses or assets of such enterprises, and shall include a mutual agreement or arrangement between two or more associated enterprises for the allocation or apportionment of, or any contribution to, any cost or expense incurred or to be incurred

M/S CREDAI BENGAL,KOLKATA vs. CIT, (EXEMPTIONS), KOLKATA, KOLKATA

In the result, assessee’s appeal allowed

Bench: Shri Waseem Ahmed & Shri K.Narasimha Charyassessment Years:2011-12

housing industry. The assessee is not providing assistance/ support services to any specified individual but to a section of the people, i.e. entrepreneurs/ investors in real estate industry. Therefore, in the circumstances of the case, the object of the assessee is for the benefit of a section of the community or a class identifiable by some common quality of public

DCIT, CIRCLE - 10, KOLKATA, KOLKATA vs. M/S. ICI INDIA LTD., KOLKATA

In the result, Revenue’s appeal is partly allowed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

House at Chowringhee, Kolkata consisting of total area of the property 35.60 kottah. The assessee has sold its property for a composite consideration of Rs. 21 crores on dated 28th June 2001 to M/s Reliance Industries Limited. The sale price for the land was considered at Rs. 17,92,41,908/- and balance

ACIT, CIRCLE - 10, KOLKATA, KOLKATA vs. M/S. ICI INDIA LTD., KOLKATA

In the result, Revenue’s appeal is partly allowed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

House at Chowringhee, Kolkata consisting of total area of the property 35.60 kottah. The assessee has sold its property for a composite consideration of Rs. 21 crores on dated 28th June 2001 to M/s Reliance Industries Limited. The sale price for the land was considered at Rs. 17,92,41,908/- and balance

M/S. ICI INDIA LIMITED,KOLKATA vs. DCIT, CIRCLE - 10, KOLKATA, KOLKATA

In the result, Revenue’s appeal is partly allowed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

House at Chowringhee, Kolkata consisting of total area of the property 35.60 kottah. The assessee has sold its property for a composite consideration of Rs. 21 crores on dated 28th June 2001 to M/s Reliance Industries Limited. The sale price for the land was considered at Rs. 17,92,41,908/- and balance

M/S. ICI INDIA LIMITED,KOLKATA vs. DCIT, CIRCLE - 10, KOLKATA, KOLKATA

In the result, Revenue’s appeal is partly allowed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

House at Chowringhee, Kolkata consisting of total area of the property 35.60 kottah. The assessee has sold its property for a composite consideration of Rs. 21 crores on dated 28th June 2001 to M/s Reliance Industries Limited. The sale price for the land was considered at Rs. 17,92,41,908/- and balance

TRUE-MAN CONSULTANTS PVT. LTD. ,KOLKATA vs. ITO,WARD-7(2),KOLKATA. , KOLKATA

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

Bench: Sri Rajpal Yadav & Dr. Manish Borad

Properties Private Limited (Page no. 428 of the Balance Sheet (428), Bank statement, AACCL1422A paper book) (439), Incorporation certificate (440), Income Tax Return Acknowledgement (441), Master data as appearing on MCA (442), details of directors as appearing on MCA (442),- Memotandum and Articles of Association (443),. Copy of PAN Card (465) copy of share application (466), Copy of confirmation