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

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

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

house property" shall be computed after making the following deductions, namely:— (a) a sum equal to thirty per cent of the annual value; (b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital: Provided that in respect of property referred to in sub-section

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.

50 years, the assessee was specifically asked by the AO to explain why the income from letting out of such assets will not be treated as "income from house property". In response to this question, the assessee replied to the AO stating that in terms of section

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.

50 years, the assessee was specifically asked by the AO to explain why the income from letting out of such assets will not be treated as "income from house property". In response to this question, the assessee replied to the AO stating that in terms of section

MUKESH KUMAR AGARWAL,HOWRAH vs. PCIT-21, KOLKATA, KOLKATA

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

Bench: Shri N.V. Vasudevan, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.857/Kol/2017 (िनधा"रणवष" / Assessment Year: 2012-13 Mukesh Kr. Agarwal Vs. P.C.I.T – 21, Kolkata 169, A.J.C. Bose Road, 116/1, Girish Ghosh Road, Bamboo Villa, Kolkata – Liluah, Howrah-711204. 700014. "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Adapa 7519D (Appellant) .. (Respondent) Appellantby :Shri A. K. Tibrewal, Fca Respondent By :Md. Usman, Cit, Dr सुनवाईकीतारीख/ Date Of Hearing : 17/08/2017 घोषणाकीतारीख/Date Of Pronouncement : 18/10/2017 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: The Captioned Appeal Filed By The Assessee, Pertaining To Assessment Year 2012-13, Is Directed Against An Order Passed By The Ld. Commissioner Of Income Tax-21, Kolkata, Under Section 263 Of The Income Tax Act, 1961, ( Hereinafter Referred To As The ‘Act’), Dated 03.03.2017. 2. The Assessee Has Raised The Following Grounds Of Appeal: “1. That The Order Passed By Ld. Principal Commissioner Of Lncome Tax - 21, Kolkata Under Section 263 Of The Lncome Tax Act, 1961 Setting Aside The Assessment Order Dated 27Th March, 2015 Passed By The Lncome Tax Officer Under Section 143(3) Of The Lncome Tax Act, 1961 Is Without Jurisdiction, Against Law & Facts Of The Case & Therefore Illegal & Is Liable To Be Quashed.

House Property was wholly incorrect. However on perusal of the return of income filed by assessee, which had been accepted by the Assessing Officer under section 143(3) of the Act, it would be seen that the following amounts of interest on borrowed funds were claimed: (i) in respect of property let out Rs.1,35,428 (ii) in respect

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

RAJATGIRI OIL INDUSTRIES,KOLKATA vs. ACIT, KOLKATA

In the result, all the appeals of the assessee are dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawal

house property. Accordingly, deduction for depreciation is not available under these sections against the rental income from the aforesaid property. Ld. AO thus rejected the claim of assessee in respect of the depreciation in respect of this property. 9.1. Ld. AO also noted that assessee has obtained the said property under development agreement. According to him, no cost of acquisition

RAJATGIRI OIL INDUSTRIES,KOLKATA vs. ACIT, KOLKATA

In the result, all the appeals of the assessee are dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawal

house property. Accordingly, deduction for depreciation is not available under these sections against the rental income from the aforesaid property. Ld. AO thus rejected the claim of assessee in respect of the depreciation in respect of this property. 9.1. Ld. AO also noted that assessee has obtained the said property under development agreement. According to him, no cost of acquisition

RAJATGIRI OIL INDUSTRIES,KOLKATA vs. ACIT, KOLKATA

In the result, all the appeals of the assessee are dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawal

house property. Accordingly, deduction for depreciation is not available under these sections against the rental income from the aforesaid property. Ld. AO thus rejected the claim of assessee in respect of the depreciation in respect of this property. 9.1. Ld. AO also noted that assessee has obtained the said property under development agreement. According to him, no cost of acquisition

RAJATGIRI OIL INDUSTRIES,KOLKATA vs. ACIT, KOLKATA

In the result, all the appeals of the assessee are dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawal

house property. Accordingly, deduction for depreciation is not available under these sections against the rental income from the aforesaid property. Ld. AO thus rejected the claim of assessee in respect of the depreciation in respect of this property. 9.1. Ld. AO also noted that assessee has obtained the said property under development agreement. According to him, no cost of acquisition

RAI BHAGWAN DAS BAGLA BAHADURS MARWARI HINDU HOSPITAL,KOLKATA vs. I.T.O., WARD - 49(3) NOW, I.T.O., WARD - 44(2), KOLKATA, KOLKATA

In the result, the appeal of assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Rai Bhagwan Das Bagla Ito, Ward-49(3), Bahadurs Marwari Hindu 3, Govt. Place (West), Hospital Kolkata-700001, Vs. 1, R.N. Mukherjee Road, Martin West Bengal Burn House, Kolkata-700001 (Appellant) (Respondent) Pan No. Aactr1297C Assessee By : Shri Soumitra Choudhary, Ar Revenue By : Shri Prabhakar Prakash Ranjan, Dr Date Of Hearing: 05.12.2024 Date Of Pronouncement : 19.12.2024

50, though the property was sold with existing tenants and was assessed towards rental receipt as income from house property. In our opinion, the section

AMIT PAREKH,KOLKATA vs. ITO, WD-30(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

50,000/- from ICICI Bank and invested only an amount of Rs. 9,37,921/- in new residential unit out of capital gain. The AO found that the claim of assessee was not in conformity with the spirit of provisions as laid down in section 54 of the Act for claim of deduction. Accordingly, he 1 denied the same

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 without giving cognizance to the fact that the rental income has been earned from the corporate member, hence was not included in the total income by the appellant as the property was let out to one of its members. It is also well settled law that a club cannot earn from its own members. I also find that

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 without giving cognizance to the fact that the rental income has been earned from the corporate member, hence was not included in the total income by the appellant as the property was let out to one of its members. It is also well settled law that a club cannot earn from its own members. I also find that

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 without giving cognizance to the fact that the rental income has been earned from the corporate member, hence was not included in the total income by the appellant as the property was let out to one of its members. It is also well settled law that a club cannot earn from its own members. I also find that

RAJATGIRI OIL INDUSTRIES,KOLKATA vs. ACIT, CIR-28/KOL, KOLKATA

In the result, appeal of the assessee is dismissed

Bench: Shri Sanjay Garg & Dr. Manish Borad

house property. Accordingly, deduction for depreciation is not available under these sections against the rental income from the aforesaid property. Ld. AO thus rejected the claim of assessee in respect of the depreciation in respect of this property. 9.1. Ld. AO also noted that assessee has obtained the said property under development agreement. According to him, no cost of acquisition