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 has to be construed in the context of the manner in which residential properties are now being constructed in a city like Bombay where, looking to the cost of the land, co-operative housing societies are being formed for constructing a building in which flats are allotted to members. This must also be viewed

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]

64,450/- as discussed in this order 4. Date of acquisition 27.08.2005 5. Short Term Capital Gain Difference of 1-3 The AO shall work out the calculation as per Sr. No. 5 above and bring it to tax. Since it is a short Term Capital Gain the assessee shall not be entitled to any deduction u/s. 54EC

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]

64,450/- as discussed in this order 4. Date of acquisition 27.08.2005 5. Short Term Capital Gain Difference of 1-3 The AO shall work out the calculation as per Sr. No. 5 above and bring it to tax. Since it is a short Term Capital Gain the assessee shall not be entitled to any deduction u/s. 54EC

VEERPRABHU AUTO PVT. LTD.,KOLKATA vs. A.C.I.T., CC - 2(4), KOL, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

House property' has been upheld. All the expenses allowable has already been considered by the AO by allowing deductions u/s 24(a) and administrative expenses and financial charges ITA No.:1218/KOL/2024 Assessment Year: 2016-17 Veerprabhu Auto Pvt. Ltd. and therefore, no other expense is allowable. Therefore, the appeal on this ground is dismissed. In the result, the appeal

D.C.I.T. CIR - 8,KOLKATA, KOLKATA vs. M/S PATTON DEVELOPERS PVT LTD, KOLKATA

In the result, appeal filed by Revenue is dismissed

Bench: Shri N.V. Vasudevan & Shri Waseem Ahmedassessment Year :2009-10 Dcit, Circle-8, Aayakar V/S. Patton Developers Pvt. Bhawan, 5Th Floor, P-7, Ltd., 3C, Camac Street, Chowringhee Square, Kolkata – 700 016 Kolkata-69 [Pan No.Aabct 2076 H] .. अपीलाथ" /Appellant ""यथ"/Respondent

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, repaid, 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

PIYUSH MOHAN AGARWAL,KOLKATA vs. PCIT-1, KOLKATA

In the result, the appeal of assessee is allowed

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

section 48 of the Act. According to him, assessee appears to have availed double deduction of interest on housing loan firstly at the time of furnishing return of income every year under the head loss from self occupied house property and secondly at the time of computing LTCG as claiming the same interest as direct expenses related to transfer

SHREE KUMAR BANGUR,KOLKATA vs. A.C.I.T.,CIRCLE-29, KOLKATA

In the result, the appeal of the assessee is dismissed as indicated above

Bench: Hon’Ble Shri P. M. Jagtap & Hon’Ble Shri A. T. Varkey, Jm]

section 263 of the Act i.e. without finding on the issues pointed out by the Ld. PCIT that AO’s order on those issues are erroneous as well as prejudicial to the interest of the revenue. For adjudicating this legal issue, we need to look into the show cause notice (SCN) given by the Ld. Pr. CIT which is placed

INCOME TAX OFFICER WARD-4(4), KOLKATA vs. M/S PAWAN INDUSTRIAL CORPORATION PVT. LTD., KOLKATA

In the result, appeal by the revenue is dismissed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2004-05

house property, Capital gain and Income from other source. (ii) The principal business activity of the company is granting of loans and advances. 8. The AO thereafter analysed the income/loss from different sources and concluded that as per the income criteria, the gross total income of the assessee does not consist mainly of Income other than Income from Business

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

In the result, assessee’s appeals in ITA Nos

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

64,407/- and disallowance was made by invoking the provisions of section 14A read with Rule 8D of the Rules at Rs.14,28,20,364/-. We further find that the assessee has already identified the expenditure relatable to earning of exempted income but could not find any other expenditure debited in the P&L Account which had nexus with earning

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

In the result, assessee’s appeals in ITA Nos

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

64,407/- and disallowance was made by invoking the provisions of section 14A read with Rule 8D of the Rules at Rs.14,28,20,364/-. We further find that the assessee has already identified the expenditure relatable to earning of exempted income but could not find any other expenditure debited in the P&L Account which had nexus with earning

OBEROI HOTELS PRIVATE LIMITED,KOLKATA vs. DCIT, CIRCLE -8, KOLKATA, KOLKATA

In the result, assessee’s appeals in ITA Nos

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

64,407/- and disallowance was made by invoking the provisions of section 14A read with Rule 8D of the Rules at Rs.14,28,20,364/-. We further find that the assessee has already identified the expenditure relatable to earning of exempted income but could not find any other expenditure debited in the P&L Account which had nexus with earning

OBEROI HOTELS PRIVATE LIMITED,KOLKATA vs. DCIT, CIRCLE - 8, KOLKATA, KOLKATA

In the result, assessee’s appeals in ITA Nos

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

64,407/- and disallowance was made by invoking the provisions of section 14A read with Rule 8D of the Rules at Rs.14,28,20,364/-. We further find that the assessee has already identified the expenditure relatable to earning of exempted income but could not find any other expenditure debited in the P&L Account which had nexus with earning

KOLAY PROPERTIES (P) LTD.,KOLKATA vs. DCIT, CIR-II, KOLKATA, KOLKATA

In the result the appeal of the assessee is allowed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am] I.T.A No. 662/Kol/2014 Assessment Year : 2008-09 Kolay Properties (P) Ltd. -Vs.- D.C.I.T., Circle-11, Kolkata Kolkata [Pan : Aabck 5805 D] (Respondent) (Appellant) For The Appellant : Shri T.P.Kar, Ar For The Respondent : Shri Rajat Kumar Kureel, Jcit. Sr.Dr Date Of Hearing : 06.04.2017. Date Of Pronouncement : 12.04.2017. Order Per N.V.Vasudevan, Jm This Is An Appeal By The Assessee Against The Order Dated 10.03.2014 Of C.I.T.(A)-Xii, Kolkata Relating To A.Y.2008-09. 2. The Only Ground Of Appeal Raised By The Assessee Reads As Follows :- “1. That In The Facts & In The Grounds Of Appeal How Far The Assessing Officer Is Legally Correct In Calculation The Expenditure To Be Incurred By Deeming Mathematical Fiction U/S 14A Read With Rule 8D Though No Sums Were Expended For Earning Such Exempted Income. As Such The Burden Is On The Revenue To Prove The Nexus Between Expenditure Disallowed & Non-Taxable Receipts In Relation To Exempt Income.”

64 bonds. All these tax-exempt incomes have not accrued to the assessee as 'windfall', rather the assessee has been maintaining an establishment at head office & separate establishments at Nafar Babu's Bazar Section and House Property

SRI SANJIV DUA,KOLKATA vs. ACIT, CIRCLE-36, KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

house(s) will be determined as per section 23 of the I.T. Act, 1961. The section 23 of I.T. Act provides that the annual value of property is deemed to be expected reasonable rent or rent received / receivable. The assessee has taken Flat L – 32, Mumbai as self occupied property. The assessee has submitted a written submission

M/S. EVEREADY INDUSTRIES INDIA LTD.,KOLKATA vs. PR.CIT-4, KOLKATA

In the result, the appeal of the assessee stands allowed

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

Housing Projects Ltd in 343 ITR 329, which is reproduced below: “19. In the present case, the findings recorded by the Tribunal are correct as the CIT has not gone into and has not given any reason for observing that the order passed by the Assessing Officer was erroneous. The finding recorded by the CIT is that "order passed

DCIT, CIRCLE - 11(1), KOLKATA, KOLKATA vs. M/S. GRAPHITE INDIA LTD., KOLKATA

In the result, considering the discussions made above, the appeal filed by the Revenue is partly allowed and the cross objection filed by the assessee are dismissed

Bench: Sri Sanjay Garg & Sri Sanjay Awasthi

64 Taxmann.com 214 (Cal) wherein the Hon'ble Calcutta High Court took the view in the context of the provisions of Sec.80IA(8) of the Act that while computing deduction u/s.80IA Assessee cannot benefit based on the rates chargeable by distribution licensee from consumer and that the benefit could only be claimed on basis of rate fixed by Tariff Regulation

RUSSELL CREDIT LIMITED,KOLKATA vs. J.C.I.T (OSD),CIR - 8,KOLKATA, KOLKATA

In the result, both the appeals of revenue as well as assessee is partly allowed for statistical purposes

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

House, 37 Chowringhee, Kolkata-700 071 in terms of the loan agreement dated 24th August, 2007, we Technico Pty Limited ACN 063 602 782, a company incorporated under the laws of Australia and having its registered office at C/- PKF, Level 10, Margaret Street, Sydney NSW 2000, Australia, promise to repay to Russell Credit Limited on or before 22nd August

D.C.I.T CIR - 8,KOLKATA., KOLKATA vs. M/S RUSSEL CREDIT LIMITED, KOLKATA

In the result, both the appeals of revenue as well as assessee is partly allowed for statistical purposes

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

House, 37 Chowringhee, Kolkata-700 071 in terms of the loan agreement dated 24th August, 2007, we Technico Pty Limited ACN 063 602 782, a company incorporated under the laws of Australia and having its registered office at C/- PKF, Level 10, Margaret Street, Sydney NSW 2000, Australia, promise to repay to Russell Credit Limited on or before 22nd August