ITO, WARD - 2(3), SILIGURI, SILIGURI vs. SMT. SAROJ RANI GUPTA, SILIGURI

In the result, the appeal of the Revenue is dismissed

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri S.S. Viswanethra Ravi

3 A.Y. 2013-2014 Smt. Saroj Rani Gupta capital gain should be parted by the assessee and invested either in purchasing or construction of a residential house and merely because the sale deed not been executed or the construction is not completed does not disentitle the assessee to claim relief u/s 54F of the Act. The Ld. A/R also made

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 54F(1) of the Act. Therefore, asset transferred can be any long-term capital asset like a plot of land, jewellery, commercial property share and securities etc. (c) The assessee must, within a period of one year before or two years after the date on which the transfer took place of the original asset, purchase a residential house, defined

SHALINI AGARWAL,KOLKATA vs. ITO, WARD-45(4), KOLKATA, KOLKATA

In the result, the appeal of the assessee is treated as allowed as indicated above

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri S.S. Viswanethra Ravi

54F in respect of cost of construction of residential house property also amounting to Rs.22,67,700/- and determined the total income of the assessee at Rs.1,02,72,190/- in the assessment completed under section 143(3

KUSUMLATA SONTHALIA ,KOLKATA vs. PRINCIPAL CIT, CENTRAL - 1, KOLKATA , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1151/Kol/2018 ("नधा"रणवष" / Assessment Year:2010-11)

house property by the assessee is construction of flats or purchase of flats (which prima facie on the basis of details available on record has been found to be construction) and accordingly, all the conditions of section 54 and 54F of the Act have not been fulfilled.Therefore, assessment order passed by AO u/s 153A/143(3

SMT. NILANJANA CHAKRABORTI,KOLKATA vs. DCIT, CIRCLE - 22, KOLKATA , KOLKATA

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

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi) Assessment Year: 2013-14 Smt. Nilanjana Chakraborti…………..………...........…………..……………….…...……..….…….....Appellant 99B, Kankulia Road Kolkata – 700 029 [Pan : Acupc 49992 P] Vs. Deputy Commissioner Of Income Tax, Circle-22, Kolkata.……......………………..........Respondent Appearances By: Shri Manish Tiwari, A/R, Appeared On Behalf Of The Assessee. Shri Robin Choudhury, Addl. Sr. D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : October 16Th , 2018 Date Of Pronouncing The Order : November 9Th , 2018 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-6, Kolkata, (Hereinafter The ‘Ld. Cit(A)’), Dt. 03/08/2017, Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter The ‘Act’), Relating To Assessment Year 2013-14, On The Following Grounds:- “1. That On The Facts & In The Circumstances Of The Case, Ld. Cit(A) Has Erred In Holding The Erroneous Determination Of Long Term Capital Gain At Rs.72,50,000/- By Ld. Dcit On Erroneous Belief & Misconception Of Law By Denying The Benefit Claimed U/S 54F Of Income Tax Act, 1961 Of The Appellant. 2. That The Appellant Craves Leave To Add, Amend, Adduce Or Alter Any Ground Or Grounds On Or Before The Hearing Of The Appeal.”

54F of the Act, for an investment made in one more house property. He further submits that Section 50C of the Act, does not apply to investment made u/s 54 F of the Act. For this proposition he relies on the order of the Visakhapatnam Bench of the Tribunal in the case of DCIT vs. Dr. Chalasani Mallikarjuna

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)

3. That the appellant craves leave to add, alter or delete all or any of the grounds of appeal.” 4. The brief facts qua the issue are that assessee is a school teacher cum administrator of school and has been earning income under the head salary. The assessee also declared long term capital gain on sale of flats.During the assessment

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)

3. That the appellant craves leave to add, alter or delete all or any of the grounds of appeal.” 4. The brief facts qua the issue are that assessee is a school teacher cum administrator of school and has been earning income under the head salary. The assessee also declared long term capital gain on sale of flats.During the assessment

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]

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 u/s 54F

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 u/s 54F

SHRI JAGDISH RAI KARNANI,KOLKATA vs. ITO, WARD 35(2), KOLKATA, KOLKATA

In the result, appeal was answered in favour of assessee

Bench: Hon’Ble Sri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No.594/Kol/2017 Assessment Year : 2012-13 Sri Jagdish Rai Karnani -Vs.- I.T.O., Ward-35(2) Kolkata Kolkata [Pan : Afapk 1013 Q] (Respondent) (Appellant) For The Appellant : Shri B.C.Jain, Fca For The Respondent : None Date Of Hearing : 15.06.2017. Date Of Pronouncement : 07.07.2017 Order

property, which is well within the requirement of section 54F of the Act. 4.3. It was also submitted before the ld CITA as under:- a) The ld AO erred in holding that on bifurcation of gain on transfer of capital asset being the residential house as long term and short term on valuing the land and building separately, will change

SMT.BARNALI DHAR,KOLKATA vs. A.C.I.T.,CIRCLE-34, KOLKATA

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

Bench: Shri Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Bleassessment Year: 2015-16 Smt. Barnali Dhar Acit, Circle-34, Kolkata C/O. S.D. Verma, Advocate, 2Nd Floor, 7, Vs. Rabindra Sarani, Kolkata – 700 001. Pan: Ajppd 6989 D (Appellant) (Respondent) Present For: Appellant By : None Respondent By : Smt. Ranu Biswas, Acit, Dr Date Of Hearing : 21.04.2022 Date Of Pronouncement : 12.07.2022 O R D E R Per Sonjoy Sarma, Jm: This Is An Appeal Filed By The Assessee Pertaining To The Assessment Year (In Short ‘A.Y.’) 2015-16 Is Directed Against The Order Of Ld. Cit(A)- 10, Kolkata Dated 30.07.2019 Which Is Arising Out Of The Assessment Order Passed U/S 143(3) Of The Income Tax Act, 1961(In Short ‘The Act’) Dated 27.12.2017. The Assessee In This Appeal Has Taken The Following Grounds Of Appeal: “1. That In The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A)- 10 Was Not Justified In Not Deleting A Sum Of Rs. 9933057/- Being The Amount Wrongly Included By The Appellant Under The Head Capital Gain, While Filing Return Of Income Whereas As Per Section 54F No Amount Is Liable To Be Taxed. 2. The Appellant Craves Leave To Add/Alter Or Modify Any Grounds Of Appeal At Hearing Stage.”

property by the assessee is Rs. 1,16,57,762/- and the entire amount is claimed as deduction.” 4. However, according to the AO deduction can be claimed u/s 54F is as under: “Amount of exemption = Capital Gain x cost of new house Net Consideration

MAMTA ANCHALIA,KOLKATA vs. DCIT, CIRCLE-32, KOLKATA, KOLKATA

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

house property during the year under consideration for claiming exemption under section 54F. He accordingly disallowed the claim of the assessee for exemption under section 54F and made an addition of Rs. 27,20,759/- to the total income of the assessee in the assessment completed under section 143(3

RAMAUTAR SARAF (HUF),KOLKATA vs. ITO, WARD 59(3),, KOLKATA

In the result, the appeal of the assessee is allowed

3) years and/or make it habitable. The\nessence of said provision is to ensure that assessee who received capital gains would\ninvest same by constructing a residential house and once it is established that\nconsideration so received on transfer of his Long Term capital asset has invested in\nconstructing a residential house, it would satisfy the ingredients of Section 54F

ACIT, CIRCLE-36, KOLKATA, KOLKATA vs. SMT. RESHMI P LOYALKA, KOLKATA

In the result, both the Cross Objection of the assessee and the appeal of the revenue are dismissed

Bench: Hon’Ble Shri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No.1763 /Kol/2016 Assessment Year : 2012-13

property, deed of plots of land, occupation certificate of constructed residential houses and copy of receipt of cess issued by District Town Planner, Cum- Member Secretary, Composition Committee, Gurgaon. The assessee also produced copy of bills raised by the supplier of building construction material, copy of bills raised by interior decorator, copy of acknowledgement of cheque/ draft receipt

RAJIB CHAKRABORTY,KOLKATA vs. ITO- WARD-30(3), KOLKATA. , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

house within the period stipulated in Section 54F(1), if the assessee wants the benefit of Section 54F, then he should deposit the said capital gains in an account which is duly notified by the Central Government. In other words if he want of claim exemption from payment of income tax by retaining the cash, then the said amount

SHRI VIJAY MAHIPAL,KOLKATA vs. ITO, WARD 4(4), KOLKATA, KOLKATA

In the result the appeal of the assessee is partly allowed

Bench: Hon’Ble Shri S.S.Godara, Jm & Hon’Ble Shri M.Balaganesh, Am] I.T.A No. 502/Kol/2017 Assessment Year : 2013-14 Shri Vijay Mahipal -Vs- Ito, Ward-4(4), Kolkata [Pan: Aekpm 9834 J] (Appellant) (Respondent)

house. The date of the purchase is 29.07.2004. The consideration paid by the assessee for purchase of the property was Rs.3,50,000/-. The assessee had paid stamp duty and registration charges of Rs.31,839/-. The CIT(A) treated the investment in purchase of the land as eligible for deduction u/s 54F of the Act and there is no dispute

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

In the result, the appeal of the assessee is allowed

property, he had borrowed housing loan and started construction on the site belonging to him. After the sale, the amount spent towards construction of the house is more than the consideration received by the sale of agricultural land and therefore, he is entitled to the benefit of section 54F of the Act." 19. In the present case, the investment made

ACIT, CIR-I, SILIGURI, SILIGURI vs. MRS HARMEET KAUR, SILIGURI

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

Bench: Hon’Ble Shri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1482/Kol/2014 Assessment Year : 2011-12 A.C.I.T., Cir-1, -Vs- Mrs. Harmeet Kaur Siliguri (Pan : Afupk 9262 M] (Respondent) (Appellant) For The Appellant : G. Mallikarjuna, Cit, Dr For The Respondent : Shri Subhash Agarwal, Advocate Date Of Hearing : 25.05.2017. Date Of Pronouncement : 24.07.2017 Order

house property and accordingly allowed the appeal of the assessee. Aggrieved, the revenue is in appeal before us on the following grounds:- 1. That on the facts and circumstances of the case, the Ld. CIT(A) has erred in fact and in law, in cancelling the assessment order without considering the implication of Section