PINKY AGARWAL ,KOLKATA vs. ACIT, CC-3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

term capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

PRATIK AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, C.C.-3(1), , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

term capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

M/S. GATEWAY FINANCIAL SERVICES LTD., ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

term capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

M/S. NISHIT AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

term capital loss /long- term capital gains as the case may be, we note that apart from placing reliance on the statements, the revenue authorities have also referred to the report of the investigation Wing which carried out search and survey in some other cases prior to the conclusion of assessment proceedings in the instant appeals and such investigation included

NAMOKAR BUILDERS PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE -2(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Rajesh Kumar, Am]

price when the syndicate wanted to provide accommodation entries for trading loss. The AO also noted that due to the transactions of purchase and sale of penny stocks, the assessee has declared less taxable income. Hence, summons u/s. 131 of the Act was also issued to M/s. Trans Scan Securities Pvt. Ltd. and the assessee. The statements of the broker

A.C.I.T.,CENTRAL CIRCLE-1(2), KOLKATA vs. M/S ESTIN TIE UP PVT. LTD., KOLKATA

In the result, the two cross appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

Bench: Shri Duvvuru Rl Reddy & Shri Rakesh Mishra

Long Term Capital gains 88,98,508 However, again in 2012 the appellant revalued the land from Rs. 8,50,00,000/- to Rs. 90,00,00,000/-. Timing of revelation is again important as just from FY 2012-13, appellant started earning capital gains from the said Joint Development Agreement. 6. The Ld. CIT(A) also noted that during

M/S ESTIN TIE UP PVT. LTD.,KOLKATA vs. A.C.I.T., CENTRAL CIRCLE-1(2), KOLKATA

In the result, the two cross appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

Bench: Shri Duvvuru Rl Reddy & Shri Rakesh Mishra

Long Term Capital gains 88,98,508 However, again in 2012 the appellant revalued the land from Rs. 8,50,00,000/- to Rs. 90,00,00,000/-. Timing of revelation is again important as just from FY 2012-13, appellant started earning capital gains from the said Joint Development Agreement. 6. The Ld. CIT(A) also noted that during

GILT COMMODITIES PVT. LTD.,KOLKATA vs. I.T.O.,WARD-3(1), KOLKATA

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

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

long or short term capital gains. 1.2. Aggrieved with this order the appellant approached the Commissioner of Income Tax (Appeals) [hereinafter referred to as ld. 'CIT(A)'], who is seen to have relied on a number of authorities in coming to the conclusion that the kind of transactions seen in the case of this assessee were outside of the realm

MEGAPODE VYAPAAR PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 1(2), KOLKATA, KOLKATA

In the result, both the appeals of the assessee in ITA Nos

Bench: Dr. Manish Borad, Am & Shri Sonjoy Sarma, Jm

price of the alleged two companies, he finally observed that the trading loss of ₹27,22,778/- and ₹13,73,451/- incurred by the assessee in stock trading of BCSL and CCLII respectively, is bogus and total of these two losses i.e. ₹40,96,229/- deserves to be disallowed. Accordingly, income of the assessee assessed

MEGAPODE VYAPAAR PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 1(2), KOLKATA, KOLKATA

In the result, both the appeals of the assessee in ITA Nos

Bench: Dr. Manish Borad, Am & Shri Sonjoy Sarma, Jm

price of the alleged two companies, he finally observed that the trading loss of ₹27,22,778/- and ₹13,73,451/- incurred by the assessee in stock trading of BCSL and CCLII respectively, is bogus and total of these two losses i.e. ₹40,96,229/- deserves to be disallowed. Accordingly, income of the assessee assessed

ZULA MERCHANDISC PVT. LTD.,KOLKATA vs. ITO, WARD-5(1), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice- & Shri Rajesh Kumar]

transfer which was purchased for Rs.15,30,058/- on 11.04.1992 resulting in the LTCG of Rs.1,50,45,540/- after making allowance of index cost of acquisition of Rs.34,54,460/-. During the year, the assessee has also sold equity shares of two companies viz. M/s. Tuni Textiles Ltd. and M/s. Blue Circle Services Limited on which the assessee

ACIT, CIRCLE - 7(1) , KOLKATA vs. M/S. BRITANNIA INDUSTRIES LTD., , KOLKATA

In the result, appeal of the revenue in ITA No

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Ble

gain it was observed that the assessee has paid taxes treating it to be long term capital asset and paid concessional tax rate as provided u/s 112 of the Act. Income assessed at Rs.519,61,39,830/-. 5.1. Aggrieved the assessee preferred appeal before the ld. CIT(A) and partly succeeded. 6. Aggrieved revenue is now in appeal before this

DCIT, CC-1(3), KOLKATA, KOLKATA vs. M/S. A R SULPHONATES PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Sonjoy Sarma & Shri Girish Agrawalassessment Year: 2017-18

long term capital gain. According to him, substantive addition in the case of the assessee should be confirmed. 5. Per contra, Ld. Counsel for the assessee also placed on record written notes containing 23 pages along with copies of agreement dated 07.12.2010 between MIDC as the guarantor and assessee as the licensee for granting of leasehold rights in the impugned

SKYBRIDGE REAL ESTATES LLP,KOLKATA vs. D.C.I.T., CIRCLE - 34, KOLKATA, KOLKATA

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

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Skybridge Real Estates Llp Dcit, Circle -34, 24, Hemant Basu Sarani, Aaykar Bhavan Poorva, 110, Mangalam-A, 5Th Floor, Room Shanti Pally, E.M. Bypass, Vs. No.507, Kolkata-700001, Kolkata-700107, West Bengal West Bengal (Appellant) (Respondent) Pan No. Acvfs7139R Assessee By : Shri N.S. Saini, Ar Revenue By : Ms. Ruchika Sharma, Dr Date Of Hearing: 21.11.2024 Date Of Pronouncement : 02.12.2024

long- Skybridge Real Estates LLp; A.Y. 2018-19 term capital gains was declared. He observed that statute did not reject or frown upon conversion of stock in trade into investment and the said conversion was permissible. Commissioner (Appeals) referred to the Circular No. 4/2007 dated 15th June, 2007 issued by the Central Board of Direct Taxes, which stipulates that

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

transfer pricing adjustment with respect to corporate guarantee given by the appellant to its associated enterprises. Page 4 of 23 I.T.A. No.: 473/KOL/2018 C.O. No.: 65/KOL/2018 Assessment Year: 2007-08 M/s. Graphite India Ltd. 2. Before us the ld. A/R pointed out that except for the issue concerning computation of long-term capital gains

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

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

long term capital assets, it appears, for the constitutional\ngoal of providing residence to the citizen of India. It is fairly well settled that\nin construing a beneficial enactment, the view that advances the object of\nthe beneficial enactment and serves its purpose must be preferred to the one\nwhich obstructs the objects and paralyses the purpose of the beneficial

ACIT, CIRCLE - 7, KOLKATA, KOLKATA vs. SMT. BIMALA DEVI PODDAR, KOLKATA

In the result, the appeals of the Revenue are treated as allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 770/Kol/2010 Assessment Year: 2006-2007 Assistant Commissioner Of Income Tax,.......Appellant Circle-7, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- M/S.R.K.B.K. Fiscal Services Pvt. Limited,.Respondent [Now Known As Ambuja Neotia Holdings P. Ltd.] Block-4B, 3Rd Floor, Ecospace Business Park, Premises No.11F/11, Action Area-Ii, New Town, Kolkata-700160 [Pan:Aabcr5623E] & I.T.A. No. 771/Kol/2010 Assessment Year: 2006-2007 Deputy Commissioner Of Income Tax,.......Appellant Circle-7(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- Smt. Gayatri Neotia,…….……..……………..Respondent (Legal Heir Of Late Suresh Kumar Neotia) 7/2, Queen’S Park, Ballygunge, Kolkata-19 [Pan:Abkpn2315E] & I.T.A. No. 772/Kol/2010 Assessment Year: 2006-2007 1

price and allocating it @ Rs.30.80 per share towards managerial control. He assessed the whole consideration as a long-term capital gain. 6. Dissatisfied with the assessment order, the assessee carried the matter in appeal. The ld. CIT(Appeals) accepted the contention of the assessee and held that long-term capital gain ITA No. 770/KOL/2010 (AY 2006-07)-R.K.B.K. Fiscal Services

ACIT, CIRCLE - 7, KOLKATA, KOLKATA vs. M/S. R.K.B.K. FISCAL SERVICES PVT. LTD. NOW KNOW AS AMBUJA NEOTIA HOLDINGS P LTD., KOLKATA

In the result, the appeals of the Revenue are treated as allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 770/Kol/2010 Assessment Year: 2006-2007 Assistant Commissioner Of Income Tax,.......Appellant Circle-7, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- M/S.R.K.B.K. Fiscal Services Pvt. Limited,.Respondent [Now Known As Ambuja Neotia Holdings P. Ltd.] Block-4B, 3Rd Floor, Ecospace Business Park, Premises No.11F/11, Action Area-Ii, New Town, Kolkata-700160 [Pan:Aabcr5623E] & I.T.A. No. 771/Kol/2010 Assessment Year: 2006-2007 Deputy Commissioner Of Income Tax,.......Appellant Circle-7(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- Smt. Gayatri Neotia,…….……..……………..Respondent (Legal Heir Of Late Suresh Kumar Neotia) 7/2, Queen’S Park, Ballygunge, Kolkata-19 [Pan:Abkpn2315E] & I.T.A. No. 772/Kol/2010 Assessment Year: 2006-2007 1

price and allocating it @ Rs.30.80 per share towards managerial control. He assessed the whole consideration as a long-term capital gain. 6. Dissatisfied with the assessment order, the assessee carried the matter in appeal. The ld. CIT(Appeals) accepted the contention of the assessee and held that long-term capital gain ITA No. 770/KOL/2010 (AY 2006-07)-R.K.B.K. Fiscal Services

D.C.I.T., CIRCLE - 7(1), KOLKATA, KOLKATA vs. SMT. GAYATRI NEOTIA LEGAL HEIR OF LATE SURESH KUMAR NEOTIA, KOLKATA

In the result, the appeals of the Revenue are treated as allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 770/Kol/2010 Assessment Year: 2006-2007 Assistant Commissioner Of Income Tax,.......Appellant Circle-7, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- M/S.R.K.B.K. Fiscal Services Pvt. Limited,.Respondent [Now Known As Ambuja Neotia Holdings P. Ltd.] Block-4B, 3Rd Floor, Ecospace Business Park, Premises No.11F/11, Action Area-Ii, New Town, Kolkata-700160 [Pan:Aabcr5623E] & I.T.A. No. 771/Kol/2010 Assessment Year: 2006-2007 Deputy Commissioner Of Income Tax,.......Appellant Circle-7(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-69 -Vs.- Smt. Gayatri Neotia,…….……..……………..Respondent (Legal Heir Of Late Suresh Kumar Neotia) 7/2, Queen’S Park, Ballygunge, Kolkata-19 [Pan:Abkpn2315E] & I.T.A. No. 772/Kol/2010 Assessment Year: 2006-2007 1

price and allocating it @ Rs.30.80 per share towards managerial control. He assessed the whole consideration as a long-term capital gain. 6. Dissatisfied with the assessment order, the assessee carried the matter in appeal. The ld. CIT(Appeals) accepted the contention of the assessee and held that long-term capital gain ITA No. 770/KOL/2010 (AY 2006-07)-R.K.B.K. Fiscal Services