ANIL KUMAR GHOSH,KOLKATA vs. P.C.I.T., KOLKATA - 9, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma]

92,826/-. However, the income generated by collection of rent should have been treated as House property income. As per section

BANI BROTO BANERJEE ,KOLKATA vs. CIT(A), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumari.T.A. No. 520/Kol/2023 Assessment Year: 2014-2015 Bani Broto Banerjee,…………………..…………Appellant Sanskriti, Flat – 3A, 148, Rashbehari Avenue, Near Deshapriya Park, Kolkata-700029 [Pan:Abppb0424P] -Vs.- Commissioner Of Income Tax (Appeals),……Respondent Aayakar Bhawan Dakshin, 2, Gariahat Road (South), Kolkata-700031 Appearances By: Shri Akshay Ringasia, C.A., Appeared On Behalf Of The Assessee Smt. Ranu Bisws, Addl. Cit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : September 24, 2024 Date Of Pronouncing The Order : November 18, 2024 O R D E R

house property. The revenue's appeal was dismissed by the ITAT, Chennai Bench and the order of the ld. CIT(A) was upheld. 3.7. From these judicial pronouncements, it is very much clear that if the property is purchased from borrowed funds then consideration for the purchased amount, the interest on borrowed fund also has to be paid. The amount

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.”

Section 80P(2)(a)(i) of the Act. Considering the same, Rs.2,20,000/- has to be assessed under the head income from house property and after allowing the standard deduction of Rs.66,000/-, the remaining amount of Rs.1,54,000/- has to be taxed as income from house property. 6.1.1. Now, coming to the operational activities of the society

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

Appeals of the assessee are allowed

Section 24 of the I.T. Act, 1961 allows making certain deduction\nfrom the Net Annual Value of certain House property. Net Annual Value is Gross\nAnnual Value less Municipal Taxes paid. In case the property is let out, its rent\nreceived is Gross Annual Value,\nIn view of the above, it is clear that standard deduction@ 30% is available

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

Section 24 of the I.T. Act, 1961 allows making certain deduction\nfrom the Net Annual Value of certain House property. Net Annual Value is Gross\nAnnual Value less Municipal Taxes paid. In case the property is let out, its rent\nreceived is Gross Annual Value,\nIn view of the above, it is clear that standard deduction@ 30% is available

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

92, 92C, 92D and 92E, "international transaction" means a transaction between two or more associated enterprises, either or both of whom are non-residents, in the nature of purchase, sale or lease of tangible or intangible property, or provision of services, or lending or borrowing money, or any other transaction having a bearing on the profits, income, losses or assets

SHUVRO CHATTARAJ,KOLKATA vs. PCIT , BURDWAN

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

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2015-16

section 53A of the Transfer of Property Act. Subsequently the assessee claimed exemption u/s 54EC and 54F on the basis of the fact that date of transfer of the same property as the date of registration, thus claiming and allowing the date of transfer as the date of registration was not in order for availing exemptions u/s. 54EC

BENGAL SHRACHI HOUSING DEVELOPMENT LIMITED,KOLKATA vs. ACIT, CIR. 5(1), KOLKATA

In the result, the appeal of assessee is dismissed

Bench: Shri Sanjay Garg & Shri Manish Boradआयकर अपील सं.य/ Assessment Year:2017-18 बनाम Bengalshrachi Acit, Cir-5(1), Kolkata Housingdevelopment Aaykar Bhawan V/S. Ltd. P-7 Chowringhee Square, 686 Shrachi Tower, Kolkata-700 069. Anandapur,E.M Bypass, Kolkata-700 107. Pan: Aabcb2808F अपीलाथ" /Appellant ""यथ" /Respondent ..

92[or the Transfer Pricing Officer, as the case may be,] had been the subject matter of any appeal filed on or before or after the 1st day of June, 1988, the powers of the* Principal Commissioner or Commissioner under this sub- section shall extend and shall be deemed always to have extended to such matters as had not been

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

92,923/-. It is seen that the appellant is a public limited company which is engaged in the business of manufacturing and sale of calcined petroleum coke and graphite electrodes. The appellant has manufacturing units at Durgapur, Nasik, Bangalore and Baruni. The appellant also generates power from captive power plant situated in Bangalore, Chunchunkatte, Nasik and Peehali. Through the assessment

M/S COAL INDIA LTD.,KOLKATA vs. DCIT, CIR-5(1), , KOLKATA

House\nProperty and is not related to income from Business or Profession as\nthe assessee had shown the income from letting out the property as\nbusiness income. The concept of notional income has no relevance to\nthe business income unless provided so by the statute. The reduction\nin lease rent was necessitated on account of commercial expediency and\nliability

M/S. BHUMI NIRMAN PVT. LTD.,KOLKATA vs. I.T.O., WARD - 10(4), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Sri Sanjay Garg & Sri Sanjay Awasthi

92,290/- and Rs. 2,70,383/- should be deleted. Furthermore, on this issue, the ld. AO is directed to allow the benefit of indexation to the assessee. For this limited purpose, this matter is remanded back to the file of ld. AO to re-compute the gains from sale of property. 4.2. Regarding the addition on account of Section

MANICK CHANDRA PAUL,KOLKATA vs. DCIT, CIRCLE - 8(1), KOLKATA

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

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Year: 2014-15

92,000/- as per the registered valuer’s report. In the revised computation, the assessee had shown capital gains on account of sale of the said property by showing value of the property at Rs.56,52,375/- as considered by the stamp duty authority and indexed cost of acquisition of the property at Rs.55,58,880/- on the basis

RAJ KUMAR GOENKA,KOLKATA vs. DCIT, CIRCLE 11(1),, KOLKATA

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

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

92,300/-The case of appellant was selected for scrutiny through CASS and notices u/s. 143(2) and thereafter u/s. 142(1) were issued and served upon the appellant from time to time as recorded in the body of assessment order. During the course of assessment proceedings, it was noted that the appellant has taken total loans

NORMURA RESEARCH INSTITURE FINANCIAL TECHNOLOGIES INDIA PRIVATE LIMITED,KOLKATA vs. ACIT,CIRCLE-2(2), KOL, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2012-13

92 of the Act should be applicable in respect of transactions of rendering services of software development by the assessee to its AEs. The summary of international transactions reported in Transfer Pricing Study Report (TPSR) is tabulated as under: 11 Normura Research Institute Financial Technologies India Pvt. Ltd. AY 2012-13 International Method Assessee Comparables Transaction selected (Tested party) Transfer

BISWADIP GHOSH,KOLKATA vs. D.C.I.T., CIRCLIE - 1(1), I.T.,, KOLKATA

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

property was ₹41,92,500/-. The Assessing Officer (hereinafter referred to as the Ld. 'AO') noted that the transaction amount related to the person was ₹16,18,438/- whereas the stamp duty value was ₹41,92,500/- and thus, the difference amount of ₹25,74,062/- had escaped assessment. The assessment of the assessee was reopened

SIMOCO SYSTEMS AND INFRASTRUCTURE SOLUTIONS LIMITED,KOLKATA vs. ITO WARD 2 (1), KOLKATA

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

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Year: 2018-19

housing during the previous year 2017-18. The company had e-filed its return of income for AY 2018-19 on 26/09/2018 declaring total income at Rs.NIL. The assessee had shown deemed total income u/s 115JB of the Act at Rs.69,07,501/-. The return was revised on 12/10/2018 showing the same total income as well as the income

SUGAM GRIHA NIRMAAN LIMITED,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 4(3), , KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

92,775/- and appeal was partly allowed. 4. Aggrieved with the order of the Ld. CIT(A) the assessee has filed the appeal before this Tribunal. 5. Rival contentions were heard and the submissions made have been examined. It was submitted that the Ld. AO compared the sale consideration in respect of 18 properties on the date of registration

INDIAN CHAMBER OF COMMERCE,KOLKATA vs. DCIT,CIR-1(1), (EXEMPTION), KOLKATA. , KOLKATA

In the result, both the appeals of the assessee are allowed

Bench: Shri Rajpalyadav, Vice-(Kz) & Shri Rajesh Kumar]

houses within country and abroad. The ICC was set up with the sole purpose of promotion and protection of Indian business and industry and was duly registered u/s 12A of the Act as a charitable association with the main objects as set out in Clause 3 of MAA of the assessee company as “to promote and protect the trade, commerce