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) ..

5 Falcon Vincon Private Limited from House Property” or under the head “Income from business or profession”? The stand of the ld PCIT is that rental income should be assessable under the head “Income from business or profession” whereas the stand of the assessee is that it should be assessable under the head ““Income from House Property”. First

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

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

5. Rival contentions were heard and the submissions made have been examined. 6. Ground Nos. 1 and 9 are general in nature and do not require any separate adjudication. 6.1 Ground Nos. 2, 3 and 4 relate to the Ld. CIT (A) erring in denying the deduction u/s 54F of the Act on the ground that the assessee

SUGAM REALTY LTD,KOLKATA vs. DCIT, KOLKATA

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

Bench: Sri Sanjay Garg & Dr. Manish Borad

section (1) as if such house or houses had been let. (5) Where the property consisting of any building or land

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)

section 54 of the Act. Besides, on the date of transfer or relinquishment, the assessee was owner of more than two existing house property, therefore, the assessee is not Smt. Jennifer Chakraborty ITA No.400/Kol/2016 & Assessment Year: 2011-12 entitled to exemption u/s 54F of the Act. Therefore, the Assessing Officer disallowed the exemption claimed by the assessee

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)

section 54 of the Act. Besides, on the date of transfer or relinquishment, the assessee was owner of more than two existing house property, therefore, the assessee is not Smt. Jennifer Chakraborty ITA No.400/Kol/2016 & Assessment Year: 2011-12 entitled to exemption u/s 54F of the Act. Therefore, the Assessing Officer disallowed the exemption claimed by the assessee

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”. The AO is accordingly directed to assess the service charges as business income and allow the expenses as claimed by the appellant against it. Ground Nos. 1 & 2 are therefore allowed.” 5 I.T.A. No. 1183 to 1185/Kol/2015 Assessment Years: 2009-10, 2010-11 & 2011-12 M/s. Indian City Properties Ltd.. 5. The learned DR strongly relied

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”. The AO is accordingly directed to assess the service charges as business income and allow the expenses as claimed by the appellant against it. Ground Nos. 1 & 2 are therefore allowed.” 5 I.T.A. No. 1183 to 1185/Kol/2015 Assessment Years: 2009-10, 2010-11 & 2011-12 M/s. Indian City Properties Ltd.. 5. The learned DR strongly relied

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”. The AO is accordingly directed to assess the service charges as business income and allow the expenses as claimed by the appellant against it. Ground Nos. 1 & 2 are therefore allowed.” 5 I.T.A. No. 1183 to 1185/Kol/2015 Assessment Years: 2009-10, 2010-11 & 2011-12 M/s. Indian City Properties Ltd.. 5. The learned DR strongly relied

SMT TARAMONI JALAN,KOLKATA vs. ITO, WD-43(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap

5. The ld. D.R., on the other hand, invited my attention to the provisions of section 22 of the Act to point out that the annual value of property consisting of any building or land appurtenant thereto of which the assessee is owner is chargeable to tax under the head “income from house

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 ought to have been 2 EMC Projects Pvt. Limited assessed as a business income and he took action under section 263 of the Income Tax Act. After hearing the assessee, he passed an order under section 263 on 15.03.2019, copy of this order is available on pages no. 20 to 25 of the paper book

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

section 24(b) of the Income 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 4 of 11 Tax Act, 1961 when the rental receipts are assessable to tax under the head "Income from House Property". 5

OBEROI INVESTMENTS PVT. LTD.,KOLKATA vs. ACIT CIR-5, KOLKATA, KOLKATA

In the result, the appeal filed by the assessee (Ground No

Bench: Shri A. T Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1204/Kol/2014 (िनधा"रणवष" / Assessment Year: 2007-08 Vs. A.C.I.T, Circle – 5, Kolkata Oberoi Investments Pvt. Ltd. 4, Mangoe Lane, 6Th Floor, Kolkata – 700 001. "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Aaaco 2859E (Assessee) .. (Respondent) & आयकरअपीलसं./Ita No.1205/Kol/2014 (िनधा"रणवष" / Assessment Year: 2007-08 Oberoi Buildings & Investments Vs. A.C.I.T, Circle – 5, Kolkata Pvt. Ltd. 4, Mangoe Lane, 6Th Floor, Kolkata – 700 001. "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Aaaco 2860 R (Assessee) .. (Respondent) Assesseeby : Shri A. K. Gupta, Fca Respondent By :Shri Kalyannath, Acit(Dr) सुनवाईकीतारीख/ Date Of Hearing : 07/09/2017 घोषणाकीतारीख/Date Of Pronouncement : 04/10/2017 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: The Captioned Two Appeals Filed By The Assessee(Group Companies` Appeals), Pertaining To Assessment Year 2007-08, In Respect Of M/S Oberoi Investments Pvt. Ltd. Andm/S Oberoi Buildings & Investments Pvt. Ltd., Are Directed Against The Orders Passed By The Commissioner Of Income Tax (Appeals)-Vi, Which Oberoi Investments Pvt. Ltd. & Oberoi Buildings & Investments Pvt. Ltd.

section 27(iiib) of the I. T. Act, 1961 and findings of the Apex Court of the country stated above, the assessee is the owner of the building or shopping space. Therefore, the income derived from the said building or shopping space are to be taxed under the head “income from House property. 5

OBEROI BUILDINGS & INVESTMENTS PVT. LTD.,KOLKATA vs. ACIT, CIR-5, KOLKATA, KOLKATA

In the result, the appeal filed by the assessee (Ground No

Bench: Shri A. T Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1204/Kol/2014 (िनधा"रणवष" / Assessment Year: 2007-08 Vs. A.C.I.T, Circle – 5, Kolkata Oberoi Investments Pvt. Ltd. 4, Mangoe Lane, 6Th Floor, Kolkata – 700 001. "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Aaaco 2859E (Assessee) .. (Respondent) & आयकरअपीलसं./Ita No.1205/Kol/2014 (िनधा"रणवष" / Assessment Year: 2007-08 Oberoi Buildings & Investments Vs. A.C.I.T, Circle – 5, Kolkata Pvt. Ltd. 4, Mangoe Lane, 6Th Floor, Kolkata – 700 001. "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Aaaco 2860 R (Assessee) .. (Respondent) Assesseeby : Shri A. K. Gupta, Fca Respondent By :Shri Kalyannath, Acit(Dr) सुनवाईकीतारीख/ Date Of Hearing : 07/09/2017 घोषणाकीतारीख/Date Of Pronouncement : 04/10/2017 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: The Captioned Two Appeals Filed By The Assessee(Group Companies` Appeals), Pertaining To Assessment Year 2007-08, In Respect Of M/S Oberoi Investments Pvt. Ltd. Andm/S Oberoi Buildings & Investments Pvt. Ltd., Are Directed Against The Orders Passed By The Commissioner Of Income Tax (Appeals)-Vi, Which Oberoi Investments Pvt. Ltd. & Oberoi Buildings & Investments Pvt. Ltd.

section 27(iiib) of the I. T. Act, 1961 and findings of the Apex Court of the country stated above, the assessee is the owner of the building or shopping space. Therefore, the income derived from the said building or shopping space are to be taxed under the head “income from House property. 5

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

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) ..

section 139(1) of the Act, was filed by the assessee on 24.07.2013 declaring total income of Rs. 40,87,835/-. During the assessment year under consideration, the assessee earned income from Salary, House Property, Long term Capital Gains and Other Sources. During the assessment proceedings, the assessee has submitted, on various dates, all the details as were requisitioned from

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

sections 23 & 24 of the Income Tax Act and further prayed that an opportunity may be provided to place the 3 Assessment Year: 2014-2015 Padmalochanan Radhakrishnan necessary documents in support of the claim of interest expenditure incurred towards purchase of house property before the ld. Assessing Officer for necessary verification. 5

SRI PRADEEP SINGH GURUNG,SILIGURI vs. DCIT, CIRCLE-3, SILIGURI, SILIGURI

In the result, appeal of assessee is allowed

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

section 54 of the Act should within a period of one year before or two years after the date on which the transfer took place, purchase or within a period of three years after the date constructed one residential house in India then only the assessee qualifies for deduction u/s. 54 of the Act. According

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 ]

house property' on the following grounds: a) That the assessee has an irrevocable right of 50 years over the shopping space. b) The Apex Court in the case of CIT - vs. - Poddar Cement Ltd.226 ITR 625 has held in context of section 22 that the owner is a person who is entitled .to receive income from the property