DCIT, CIR-12(1), KOLKATA, KOLKATA vs. M/S BENGAL AMBUJA HOUSING DEVELOPMENT LTD., KOLKATA

Appeal is partly allowed in above terms

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2012-13

property. In the result the grounds of appeal raised by the assessee are allowed.” 35. We further note that identical view has been expressed by the coordinate Benches of this Tribunal in the following cases holding that the flats which remained vacant and unsold, no deemed ALV thereof could be assessed as income u/s 23 of the Act. - C.R. Development

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

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

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.

4(1) of the Act. The scope of ‘Total Income’ is defined in Section 5. Section 14 enumerates the five heads under which the income of an assessee falls to be charged. Sections 15-59 quantify the total income under different heads of income as per the rules specified for that head of income. Chapter VI deals with Aggregation

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

House property, capital gains and income from other sources. In the instant case the income of the assessee is mainly from long term capital gain, therefore it is out of the purview of the Explanation to Section 73 of the Act. Income here means the net income. In this connection we rely in the order of Hon’ble High Court

M/S ADHUNIK INFRASTRUCTURE PVT. LTD.,KOLKATA vs. JCIT, RG-10, KOLKATA, KOLKATA

In the result, the appeal of the assessee is partly allowed

Bench: Hon’Ble Shri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No.1281 /Kol/2015 Assessment Year : 2010-11

property which in the opinion of the Engineer-In -Charge are due to the negligence of the contractor, are promptly rectified by the contractor at: their own cost and expenses and! According to the direction and satisfaction of the Engineer-In ·-Charge. viii. As per the contract the assessee is not supposed to sublet / assign any portion of the work

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”. I find that the fact that the appellant had let out the properties to M/s. KCT & Bros (Coal Sales) Limited more than 3 to 4 decades ago is not in dispute. This fact has been admitted by the AO in his remand report as well. I therefore find that the bonafide of the tenancies of M/s. KCT & Bros

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”. I find that the fact that the appellant had let out the properties to M/s. KCT & Bros (Coal Sales) Limited more than 3 to 4 decades ago is not in dispute. This fact has been admitted by the AO in his remand report as well. I therefore find that the bonafide of the tenancies of M/s. KCT & Bros

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”. I find that the fact that the appellant had let out the properties to M/s. KCT & Bros (Coal Sales) Limited more than 3 to 4 decades ago is not in dispute. This fact has been admitted by the AO in his remand report as well. I therefore find that the bonafide of the tenancies of M/s. KCT & Bros

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) ..

4), where in the case of an assessee being an individual or a Hindu undivided family, the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereinafter in this section referred to as the original asset), and the assessee has, within a period of one year before or two years after

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

M/S. TEGA INDUSTRIES LIMITED,KOLKATA vs. D.C.I.T., CIRCLE - 11(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

73,28,802/- by the Ld. AO. Aggrieved with the assessment order, the assessee has filed the appeal before the Tribunal. 4. Rival submissions were heard and the record and the submissions made and the details filed have been examined. The assessee’s written submissions filed before the Ld. AO as well as before the Ld. DRP have also been

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

ACIT, CIRCLE - 13(2), KOLKATA , KOLKATA vs. M/S. PADMA LOGISTICS & KHANIJ PRIVATE LIMITED , KOLKATA

In the result, the revenue’s appeal 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]

73(2) section 73A(2) or sub-section (1) or sub- section (3) of section 74, or sub-section (3) of section 74A, being the sections mentioned in section 139(3) of the Act. Section 72A(4) of the Income-tax Act, 1961 reads as under: "Notwithstanding anything contained in any other provisions of this Act, in the case

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, (c) Capital Gains and (d)Income from other sources, in that case the provisions of this Explanation

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

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