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)

Section 73 : Losses in speculation business: (1) *** *** *** *** *** *** *** (2) (i) & (ii)*** *** *** *** *** *** *** (3) & (4) *** *** *** *** *** *** *** Explanation- Where any part of the business of a company[other than a company whose gross total income consists mainly of income which is chargeable under the heads “Interest on securities”, “Income from house property

ITO, WARD-5(4), KOLKATA, KOLKATA vs. M/S. FORTUNE INTERFINANCE LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri P.M. Jagtap

Section 73 : Losses in speculation business: Explanation- Where any part of the business of a company[other than a company whose gross total income consists mainly of income which is chargeable under the heads “Interest on securities”, “Income from house property

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

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

section 54F of the Income Tax Act, 1961 and had claimed before the Hon'ble CIT(A) in writing during the first appellate proceedings that his taxable capital gains was for Rs.44,63,518 only. Sale proceeds of 3.55 Acres of land Rs.4,17,00,000/- Less: Cost of acquisition of 2.81 Acres of land in the hand

M/S JALAN CEMENT WORKS LTD,KOLKATA vs. C.I.T KOLKATA - I, KOLKATA

In the result, assessee’s appeal stands allowed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year :2008-09 M/S. Jalan Cement Works V/S. Cit, Kolkata-1 Ltd 2Nd Floor, Room No Aayakar Bhawan, 202, 81, Netji Subhas Road, P-7, Chowringhee Kolkata-700 001 Square, Kolkata- [Pan No.: Aaacj6788R] 700 069 .. अपीलाथ" /Appellant ""यथ"/Respondent

Section 73 of the Act which reads as under:- “73. Losses in speculation business [Explanation. – where any part of the business of a company ([other than a company whose gross total income consists mainly of income which is chargeable under the heads “Interest on securities”, “Income from house property

ITO, WD-2(4), KOLKATA, KOLKATA vs. M/S SUVRIDHI CAPITAL MARKETS LTD., KOLKATA

In the result, both the appeals filed by the Revenue (ITA No

Bench: Shri N. V. Vasudevan, Jm & Dr. A.L.Saini, Am आयकर अपील सं./Ita No.830 & 831/Kol/2015 (िनधा"रण वष" / Assessment Year: 2008-09 & 2010-11) Vs. M/S Suvridhi Capital I.T.O., Ward – 2(4), Kolkata Markets Ltd. 516, Kamalalaya Centre, 156A, Lelin Sarani, Kolkata – 700 013. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaecs 4092 F ( Appellant) .. (Respondent) Appellant By :Shri G. H. Sema, Acit(Dr) Respondent By :Shri Ashis Kumar Rustogi, Fca सुनवाई की तारीख / Date Of Hearing : 17/08/2017 घोषणा की तारीख/Date Of Pronouncement : 31/08/2017 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: These Two Captioned Appeals Filed By The Revenue Pertaining To Assessment Year 2008-09 & 2010-11, Are Directed By Order Passed By The Ld. Commissioner Of Income Tax (Appeals), Which Is In Turn Arises Out Of Assessment Orders Passed By The Assessing Officer U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As The ‘Act’). 2. Since These Two Appeals Filed By The Revenue Pertain To Same Assessee, Different Assessment Years & Identical Issues Are Involved, Therefore, These Have Been Clubbed & Heard Together & A Consolidated Order Is Being Passed For The Sake Of Convenience & Brevity. The Revenue`S Appeal In Ita No.830/Kol/2015, Assessment Year 2008-09, Is Taken As A Lead Case.

section 73 which lays down that: – “where any part of the business of a company other than a company whose gross total income consists mainly of income which is chargeable under the heads “interest on securities”. “Income from house property

DCIT, CIR-6(1), KOLKATA, KOLKATA vs. M/S INDIA CITY PROPERTIES LTD., KOLKATA

In the result, the revenue’s appeal for A

section 23 of the Income Tax Act, 1961. 11 I.T.A. No. 1183 to 1185/Kol/2015 Assessment Years: 2009-10, 2010-11 & 2011-12 M/s. Indian City Properties Ltd.. 14. The assessee company had given a number of properties on rent in Kolkata, Mumbai and other places to M/s. KCT & Bros. Ltd., its sister concern. As noted by the A.O. during

DCIT, CIR-6(1), KOLKATA, KOLKATA vs. M/S INDIA CITY PROPERTIES LTD., KOLKATA

In the result, the revenue’s appeal for A

section 23 of the Income Tax Act, 1961. 11 I.T.A. No. 1183 to 1185/Kol/2015 Assessment Years: 2009-10, 2010-11 & 2011-12 M/s. Indian City Properties Ltd.. 14. The assessee company had given a number of properties on rent in Kolkata, Mumbai and other places to M/s. KCT & Bros. Ltd., its sister concern. As noted by the A.O. during

DCIT, CIR-6(1), KOLKATA, KOLKATA vs. M/S INDIA CITY PROPERTIES LTD., KOLKATA

In the result, the revenue’s appeal for A

section 23 of the Income Tax Act, 1961. 11 I.T.A. No. 1183 to 1185/Kol/2015 Assessment Years: 2009-10, 2010-11 & 2011-12 M/s. Indian City Properties Ltd.. 14. The assessee company had given a number of properties on rent in Kolkata, Mumbai and other places to M/s. KCT & Bros. Ltd., its sister concern. As noted by the A.O. during

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) ..

property. This amendment will take effect from 1st April. 2001 and will, accordingly, apply in relation to the assessment year 2001-2002 and subsequent years. 14. We note that ld A.O was fully satisfied on the explanation of the assessee in regard to the long term capital gain earned from selling of shares of M/s Benzo Chem Industries Private

STEWART AND MACKERTICH WEALTH MANAGEMENT LTD.,KOLKATA vs. THE DCIT, CIRCLE-10, KOLKATA, KOLKATA

In the result, the assessee`s ground No

Bench: Shri Partha Sarathi Choudhary, Jm & Dr. A. L. Saini, Am]

house property”, “Capital gains” and “Income from other sources”], or a company,the principal business of which is the business of trading in shares or 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

ACIT,CIRCLE-10(2), KOLKAT, KOLKATA vs. M/S. STEWART & MACKERTICH WEALTH MANAGEMENT LTD., KOLKATA

In the result, the assessee`s ground No

Bench: Shri Partha Sarathi Choudhary, Jm & Dr. A. L. Saini, Am]

house property”, “Capital gains” and “Income from other sources”], or a company,the principal business of which is the business of trading in shares or 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

USHITA TRADING & AGENCY LIMITED,KOLKATA vs. CIT-1, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri M. Balaganesh, Am & Shri K. Narasimha Chary, Jm]

Section 73 of the Act has got two exceptions. The Explanation has two exceptions. The 1st one is that if one’s income mainly consists of 2 Ushita Trading & Agency Ltd.., AY 2008-09 (a) Interest on Securities, (b) Income from House property

D.C.I.T CIR - 6,KOLKATA, KOLKATA vs. M/S GUINESS SECURITES LTD, KOLKATA

In the result, appeal by the Revenue is dismissed

Bench: Hon’Ble Shri P.M.Jagtap, Am & Sri N.V.Vasudevan, Jm ] I.T.A No. 1712/Kol/2013 Assessment Year : 2009-10

house property", "Capital gains" and "Income from other sources": (b) a company the principal business of which is the business of banking (c) a company whose principal business of which is granting of loans and advances. It can also be seen from Sec.73(1) of the Act that any loss, computed in respect of a speculation business carried

ACIT, CIRCLE - 6(2), KOLKATA vs. M/S. NAGREEKA SYNTHETICS PVT. LTD., KOLKATA

In the result, the appeal of the revenue is allowed for statistical purposes and the cross-objection by the assessee are dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 427/Kol/2019 Assessment Year: 2009-10 Asst. Commissioner Of Income Tax, M/S. Nagreeka Synthetics Pvt. Ltd. Circle-6(2), Kolkata Vs 6Th Floor, Jain Chamber 18, R.N. Mukherjee Road Kolkata - 700001 [Pan : Aaacn8691D] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) C.O. No. 19/Kol/2021 Assessment Year: 2009-10 M/S. Nagreeka Synthetics Pvt. Ltd. Asst. Commissioner Of Income 6Th Floor, Jain Chamber Vs Tax, Circle-6(2), Kolkata 18, R.N. Mukherjee Road Kolkata - 700001 [Pan : Aaacn8691D] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S.D. Verma, Advocate Revenue By : Shri Abhijit Kundu, Cit D/R सुनवाई क" तारीख/Date Of Hearing : 05/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 09/11/2023 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals)- 4, Kolkata (Hereinafter The “Ld. Cit(A)”) Dt. 21/06/2018, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2009- 10. The Assessee Has Filed A Cross-Objection Being C.O. No. 19/Kol/2021. 2. The Registry Has Pointed Out That There Is A Delay Of 965 Days In Filing The Cross-Objection By The Assessee. The Assessee Has Filed A 2

Section 73 refers to certain conditions under which business of purchase and sale of shares has to be treated as speculation business. The said explanation reads as under:- “[Explanation.—Where any part of the business of a company ([other than a company whose gross total income consists mainly of income which is chargeable under the heads "Interest on securities", "Income

SMT. PRIYANKA GANGULY,KOLKATA vs. D.C.I.T.(IT)-CIRCLE-2(1), KOLKATA

In the result, the appeal filed by the assessee in ITA No

Bench: Dr. Manish Borad&Shri Anikesh Banerjee]

section 24(a), and proposition made to make Incorrect addition of coowner's income in my total income. I wish to hereby submit that the house property in question (Oberoi Exquisite ) was considered as deemed to be let out property and I am a co-owner of the property. My share being 50 percent of the house property

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

73,350 19.9.11 – SV Construction- Chq No. 763796 - 1,25,000 ------------------ 10,82,850 ------------------ It was submitted that the payments were made to SV Construction for construction of house at new purchased property at Plot No. F99, Sector 44, in instalments in 4 phases as above. Final payment was made on 19.9.2011 after completion of all finishing works including electrical

ACIT, CIRCLE -15(1),KOLKATA,KOLKATA vs. BALJIT SECURITIES PVT. LTD., KOLKATA

In the result, the appeal of revenue is partly allowed

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

73 and explanation to it are as follows (For AY 2012-13): “Losses in speculation business- 1……. 2…… 3…… 4. No loss shall be carried forward under this section for more than [four assessment years] immediately succeeding the assessment year for which the loss was first computed. Explanation .- Where any part of the business of a company (other than

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

Section 73 of the Act is concerned, it reads thus:- " Where any part of the business of a company ( [other than a company whose gross total income consists mainly of income which is chargeable under the heads 'Interest on securities', 'Income from House Property