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

property. The 14 ITA No. 339/KOL/2013 (A.Y. 2009-10) ITA No. 2377/KOL/2016 (A.Y. 2011-12) The Saturday Club Limited return was selected for scrutiny through CASS and notice under section 143(2) was issued and served upon the assessee on 31.07.2012. The return was selected for scrutiny assessment and a notice under section 143(2) and questionnaire under section

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

property. The 14 ITA No. 339/KOL/2013 (A.Y. 2009-10) ITA No. 2377/KOL/2016 (A.Y. 2011-12) The Saturday Club Limited return was selected for scrutiny through CASS and notice under section 143(2) was issued and served upon the assessee on 31.07.2012. The return was selected for scrutiny assessment and a notice under section 143(2) and questionnaire under section

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

property. The 14 ITA No. 339/KOL/2013 (A.Y. 2009-10) ITA No. 2377/KOL/2016 (A.Y. 2011-12) The Saturday Club Limited return was selected for scrutiny through CASS and notice under section 143(2) was issued and served upon the assessee on 31.07.2012. The return was selected for scrutiny assessment and a notice under section 143(2) and questionnaire under section

AASHIRVAD VILLA LIMITED. ,KOLKATA vs. ITO, WARD-4(3), KOLKATA. , KOLKATA

In the result, the appeal filed by the assessee bearing

Bench: Shri Rajesh Kumar & Shri Anikesh Banerjeei.T.A. No. 1372/Kol/2023 Assessment Year: 2020-2021 Aashirvad Villa Limited,.........................Appellant 21A, Belvedere Road, Kolkata-700027 [Pan: Aaecs6659N] -Vs.- Income Tax Officer,.................................Respondent Ward-4(3), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Puja Somani, C.A., Appeared On Behalf Of The Assessee Shrip.P. Barman, Addl. Cit, Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : February 13, 2024 Date Of Pronouncing The Order : February 13, 2024

house property amounting to Rs.87,143/-, which was set off with 2 Aashirvad Villa Limited the long-term capital gain and the business loss of Rs.6,578/- which was also adjusted with the long-term capital gain. During the processing of the return under section 143(1), the ld. Assessing Officerassessed the total income of the assessee at Rs.2,77

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

77,996 Long Term Capital Gain ₹12,35,377” 05. Thereafter, the ld. AO mentioned that the case was referred to District Valuation Officer (DVO) on 30.10.2018 for valuation of the property as per proposal of DDIT (Investigation), Kolkata-1, however, till date Rai Bhagwan Das Bagla Bahadurs Marwari Hindu Hospital; A.Y. 16-17 i.e.18.12.2018, no reply was received from

SUSHIL MITRUKA,SILIGURI vs. P.C.I.T., SILIGURI

In the result, appeal of the assessee stands allowed

Bench: Shri Rajesh Kumar, Am& Shri Pradip Kumar Choubey, Jm]

property at lesser value as compared to the cost of construction declared by the assessee. For the sake of ready reference, we extract below the money spent year wise by the assessee and assessed by the DVO: AY Value reported in Books (In Value assessed by DVO (In Rs.) Rs.) 2014-15 Rs.79,76,789/- Rs.37

SUSHIL MITRUKA,SILIGURI vs. P.C.I.T., SILIGURI

In the result, appeal of the assessee stands allowed

Bench: Shri Rajesh Kumar, Am& Shri Pradip Kumar Choubey, Jm]

property at lesser value as compared to the cost of construction declared by the assessee. For the sake of ready reference, we extract below the money spent year wise by the assessee and assessed by the DVO: AY Value reported in Books (In Value assessed by DVO (In Rs.) Rs.) 2014-15 Rs.79,76,789/- Rs.37

SUSHIL MITRUKA,SILIGURI vs. P.C.I.T., SILIGURI

In the result, appeal of the assessee stands allowed

Bench: Shri Rajesh Kumar, Am& Shri Pradip Kumar Choubey, Jm]

property at lesser value as compared to the cost of construction declared by the assessee. For the sake of ready reference, we extract below the money spent year wise by the assessee and assessed by the DVO: AY Value reported in Books (In Value assessed by DVO (In Rs.) Rs.) 2014-15 Rs.79,76,789/- Rs.37

SUSHIL MITRUKA,SILIGURI vs. P.C.I.T., SILIGURI

In the result, appeal of the assessee stands allowed

Bench: Shri Rajesh Kumar, Am& Shri Pradip Kumar Choubey, Jm]

property at lesser value as compared to the cost of construction declared by the assessee. For the sake of ready reference, we extract below the money spent year wise by the assessee and assessed by the DVO: AY Value reported in Books (In Value assessed by DVO (In Rs.) Rs.) 2014-15 Rs.79,76,789/- Rs.37

JANAMANGAL SAMABAY KRISHI UNNAYAN SAMITY LIMITED,HALDIA vs. I.T.O., WARD - 27(1), HALDIA, HALDIA

In the result, appeal of the assessee is partly allowed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 55/Kol/2023 Assessment Year: 2018-19 Janamangal Samabay Krishi Income Tax Officer, Ward – 27(1), Unnayan Samity Limited Vs Haldia Dharmadasbar, Contai Purba Medinipur - 721401 [Pan : Aabaj2517P] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Siddharth Agarwal, Advocate Revenue By : Shri Raman Garg, Addl. Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 15/01/2024 घोषणा क" तारीख /Date Of Pronouncement: 08/04/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi (Hereinafter The “Ld. Cit(A)”) Dt. 25/11/2022, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2018-19. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. The Deduction U/S 80P For Whole Of The Profit Of Rs. 65,16,054/ For Business Of Banking/Providing Credit Facility Was Not Allowed As Per Order U/S 250 By The Ld. Cit Appeal Nfac, Of Appellant Assessee Janamangal Samabay Krishi Unnayan Samity Limited A Primary Agricultural Credit Cooperative Society Registered Under The West Bengal Cooperative Societies Act Engage In The Business Of Supporting Agricultural Development. As Per Order U/S 250 A Proportion Of This Profit Was Allowed U/S 80P Of Rs. 22,65,866/ By Disallowing The Balance Amount Of Rs. 42,50,188/ Without Allowing The Deduction U/S Sop. The Basis Of Proportion For Allowance & Disallowance Of Deduction U/S 80P Was Not Clear To The Assessee. According To The Assessee Cost & Profit Allocation Should Be Based On Allocation Of Fund To Deposit Investment & Loan Disbursement. Therefore Assessee Is Completely Disagreed With The Opinion & Order Of The Ld. Cit Appeal U/S 250 & Preferred For Appeal To Tribunal.”

77,93,395/- (b) Interest earned from the banks on depositing the above funds: Rs.2,69,57,320/- (c) Interest cost to the Society @ 6.005% : Rs. 2,32,86,993/- Difference between (b) and (c) above is Rs. 36,70,326/- 6.12 As reported by the AO in the remand report, appellant earned a total amount of Rs.2

THE W.B STATE CO-OP AGRI AND RURAL DEVELOPMENT BANK LIMITED. ,KOLKATA vs. DCIT, CIR-54,KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

77,872/- by the Ld AO under section 80P(2)(a)(i) of the I.T. Act, 1961. 1.2 The Ld CIT(A), NFAC is also wrong and has erred in law in confirming disallowance of deduction of Rs. 11,57,981/- being the Other Business related Income viz Commission, Miscellaneous and Sundries by the Ld AO under section

WEST BENGAL ELECTRONICS INDUSTRY DEVELOPMENT CORPORATION LIMITED,KOLKATA vs. DCIT/ACIT, CIRCLE - 2(1), KOLKATA, KOLKATA

Appeals of the assessee are allowed

77,352) and Permission fee (2,97,85,826) It has also been noted that these\nreceipts were shown as other operating Revenue at Note 19, of the profit & loss\nAccount.\nAs per the I.T. Act, 1961, Income from House Property is only possible in the\ncases of (a) Rental income on a let out property (b) Annual Value

WEST BENGAL ELECTRONICS INDUSTRY DEVELOPMENT CORPORATION LIMITED,KOLKATA vs. D.C.I.T./A.C.I.T., CIRCLE - 2(1), KOLKATA, KOLKATA

Appeals of the assessee are allowed

77,352) and Permission fee (2,97,85,826) It has also been noted that these\nreceipts were shown as other operating Revenue at Note 19, of the profit & loss\nAccount.\nAs per the I.T. Act, 1961, Income from House Property is only possible in the\ncases of (a) Rental income on a let out property (b) Annual Value

ESJAY COMMERCE LIMITED,KOLKATA vs. ADIT, CPC, BENGALURU, BENGALURU

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2020-21

house property as reported in the return. However, while computing the income from business and profession instead of reducing the rental income of Rs.72,30,427/-, CPC, Bengaluru reduced the amount of Rs.62,14,211/- from the net profit which has resulted in the increase in income from the business and profession by Rs.10,16,216/-. Aggrieved, assessee went

ORIENTAL CHARITABLE FOUNDATION,KOLKATA vs. CIT(EXEMPTIONS), KOLKATA

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

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2017-18

77,095/- was declared as 'Excess Expenditure over Income' including this year's loss of Rs.8,69,42,119/-. The source of fund towards the apparent revenue account loss could not be explained from the Balance Sheet since neither there was any Trust Fund nor any Loan liability. Hence, in view of the Ld. CIT(E), the loss was attributable

ASHOK VIKRAM PODDAR,KOLKATA vs. ACIT, CIRCLE -34, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

77,140/- from M/s Vikash Builders Rs. 81,22,000/- respectively. Besides, the assessee has income from house property, capital gain and other sources. Accordingly, the assessee has called upon to explain the source of deposit. The assessee replied before the AO that the cash deposits during the year into Allahabad Bank account was out of withdrawals made during

KANHA VILLA LLP,KOLKATA vs. ITO, WARD 29(1), , KOLKATA

Appeal of the assessee is allowed

Bench: SHRI GEORGE MATHAN, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

77,200/- under Section 56(2)(x) of the Income Tax Act is arbitrary, unjustified, unwarranted and illegal. II. FOR THAT the Learned CIT (Appeals) arbitrarily dismissed the appeal on an erroneous understanding that: (i) M/s. Bengal Sharchi Housing Development Ltd. is the vendor even though the vendor is West Bengal Housing Infrastructure Development Corporation Ltd. 3 Kanha Villa

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

Property & Investment Private Limited is in the nature of loan which was taken for business on various dates and the same have been made through proper banking channels. Further, it is also stated by the appellant that the said loan was taken for very short duration and hence the same was also repaid in the next financial year