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

50C. Special provision for full value of consideration in certain cases.— (1) Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted 6 [or assessed or assessable] by any authority of a State Government (hereafter in this section referred

M/S. EVEREADY INDUSTRIES INDIA LTD.,KOLKATA vs. PR.CIT-4, KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

transfer pricing scrutiny. We however note that the relevant provisions of Section 92BA were amended by Finance Act, 2017w.e.f. 01.04.2017 whereby clause (i) of sec. 92BA relating to any expenditure in respect of which payment have been made or is to be made to a person referred to clause (b) of sub- section (2) of section

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

transfer on the date of agreement made earlier. 5.2 The assessee responded by stating that the provisions of section 50C of the Act were not applicable since the agreement determining the price

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

transfer on the date of agreement made earlier. 5.2 The assessee responded by stating that the provisions of section 50C of the Act were not applicable since the agreement determining the price

SHRI SANDEEP KUMAR PODDAR,KOLKATA vs. I.T.O., WARD-44(1), KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2018-19

price is an estimation neverthe- less, even if by a statutory authority like the stamp duty valuation authority, and such a valua- tion can never be elevated to the status of such a precise computation which admits no varia- tions. The rigour of Section 50C(1) was thus relaxed, and very thoughtfully so, to take these bonafide cases of small

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 7(1), KOLKATA, KOLKATA vs. ASHIANA HOUSING LIMITED, KOLKATA

In the result, with these remarks, the appeal filed by the Revenue is dismissed

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

transfer of a capital asset being land or building or both. Both the sections induce deeming fiction to substitute actual sale consideration with notional value of asset based on Stamp Duty valuation. Further, a perusal of Circular 8 of 2018 (supra) would show that identical reasons have been given in Para 16 for ‘Rationalization of Sections 43CA and 50C

RENU BOTHRA,KOLKATA vs. DCIT, CIRCLE 46,, KOLKATA

In the result, appeal of the assessee is allowed

Bench: SHRI GEORGE MATHAN (Judicial Member)

price is an estimation nevertheless, even if by a statutory authority like the stamp duty valuation authority, and such a valuation can never be elevated to the status of such a precise computation which admits no variations. The rigour of Section 50C(1) was thus relaxed, and very thoughtfully so, to take these bonafide cases of small variations between

TRINCAS VINIMAY (P) LTD.,KOLKATA vs. I.T.O.,WARD-4(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap, Vice- & Shri A.T. Varkey

price could not be ascertained for the two flats based on the affidavits and that the right to transfer the flat had been transferred without any agreement/ registration is in contradiction to this earlier observation in the assessment order itself wherein he acknowledges receiving and scrutinizing books of accounts and other details. The respective affidavits and transfer endorsements were diligently

ITO, WD-12(1), KOLKATA, KOLKATA vs. M/S WHITE CLIFF PROPERTIES (P) LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi

50C of the Act does not make any distinction in the transfer of capital asset being land or building or both or the right in such property. 4. The appellant craves leave to add/delete/modify the grounds of appeal.” 6. We have heard Shri Kalyan Nath, ld. Addl. CIT on behalf of the Revenue and Shri Miraj D. Shah, ld. Counsel

THE PEERLESS GEN. FIN. & INV. CO. LTD.,KOLKATA vs. DCIT, CIRCLE-3(1), KOLKATA, KOLKATA

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

Bench: Shri P.M. Jagtap, Vice- & Shri A.T. Varkey

50C. While assessing the STCG from these four properties, the sale value should have been deemed to be Rs.9,91,43,740/-, which would result in STCG of Rs.5,05,46,267/-. This omission had resulted In underassessment of income of Rs.1,89,42,140/- and the tax effect would be Rs.65,67,201/- without surcharge and cess

ACIT, CIR-22, KOLKATA, KOLKATA vs. MRS SHEELA CHOPRA, KOLKATA

Bench: Shri Aby.T Varkey & Shri Waseem Ahmedassessment Year :2006-07 Acit, Circle-22, 169 V/S. Mrs. Sheela Chopra, A.J.C. Bose Road, 8Th R-604, The Residency, Floor, Kolkata-14 City Centre, Block Dc, Sector-1, Salt Lake City, Kolkata-700 064 [Pan No.Abwpc 6131 D] .. अपीलाथ" /Appellant ""यथ"/Respondent

price of flat at Rs.29,12,056/- (Rs.23,97,046/- + Rs.5,15,010/-) and compute long term capital gain accordingly.” Being aggrieved by the order of ld CIT(A) Revenue came in second appeal before us. 5. Before us ld DR submitted that that the relief has been given to the assessee on the basis of additional evidences which were

M/S GRIHAM CONSTRUCTION,KOLKATA vs. I.T.O WD - 41(2),KOLKATA, KOLKATA

In the result, the appeal of assessee is allowed

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

price of assessee’s business flats by adopting Stamp Valuation Authority’s rates. Now question arises whether the provisions of section 50C of the act can be applied for the purpose of determination of cost of asset, which is a business asset, by adopting the Stamp Valuation Authority’s rates. In our view, this issue now stands covered

ANIL KUMAR PAIK ,KOLKATA vs. ACIT, CIR-8(1), KOL, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 492/Kol/2023 Assessment Year: 2017-18 Anil Kumar Paik Acit, Circle-8(1), Kolkata C/O S.N. Ghosh & Associates, Advocates Vs 2, Garstin Place, 2Nd Floor Suite No. 203 Off Hare Street Kolkata - 700001 [Pan : Aflpp6567R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri B.K. Singh, Jcit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 01/12/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/02/2024 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. 15/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. For That The Ld. Commissioner, Of Income Tax (Appeals)- N.F.A.C. Acted Unlawfully In Impliedly Sustaining; The Purported Addition Of Rs. 1,67.44,907/- Made The Ld. Assistant Commissioner, Of Income Tax, Circle 8(1) Kolkata By Invoking The Mischief U/S. 43Ca Of The Income Tax Act, 1961 Without Satisfying The Parameters Thereof & The Adverse Conclusion Reached On That Behalf In Violation Of The Statutory Prescription Is Completely Unfounded, Unjustified & Untenable In Law. 2. For That The Specious Approach Of The Ld. Commissioner Of Income Tax (Appeals)-N.F.A,C. Of Misreading Evidence, Considering Improper Facts

transfer of assets other than capital assets on the basis of stamp duty valuation. This section 43CA of the Act finds a place as a part of Chapter IV-D - Profits and gains of business or profession. Therefore, with effect from 1st April 2014 the stamp duty valuation of assets sold could be taken as value of consideration. Our above

M/S KARB ASSOCIATES PVT. LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-8(1), KOLKATA

Bench: Shri P. M .Jagtap, Vice-(Kz) & Shri A. T. Varkey, Jm]

price having location disadvantage compared to other flats in the building/project. According to the Ld. AR, the assessee, therefore, requested the A.O. that he may refer the case to the Valuation Officer (DVO) according to the provisions u/s 55A of the Act and pleaded before the A.O that invoking blindly the provisions u/s 43CA and making additions based

ANIL KUMAR PAIK,KOLKATA vs. ACIT, KOLKATA

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

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 468/Kol/2023 Assessment Year: 2016-17 Anil Kumar Paik Acit, Circle-8(1), Kolkata C/O S.N. Ghosh & Associates, Advocates Vs 2, Garstin Place, 2Nd Floor Suite No. 203 Off Hare Street Kolkata - 700001 [Pan : Aflpp6567R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri P.P. Barman, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 21/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/11/2023 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. 15/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2016-17. 2. The Assessee Has Raised The Following Grounds Of Appeal:-

transfer of assets other than capital assets on the basis of stamp duty valuation. This section 43CA of the Act finds a place as a part of Chapter IV-D - Profits and gains of business or profession. Therefore, with effect from 1st April 2014 the stamp duty valuation of assets sold could be taken as value of consideration. Our above

ASHA VIJAY,KOLKATA vs. ITO, WARD-28(2),KOL, KOLKATA

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

Bench: Sri Rajpal Yadav & Sri Rajesh Kumar

price. In support of his contention, he filed a Page 3 of 7 I.T.A. No.: 401/KOL/2023 Assessment Year: 2015-16 Asha Vijay. paperbook and placed on record six decisions. According to him, in all these decisions it has been laid down that if transfer has taken place prior to accounting year 2014-15 then Section

GAUTAM BHAKAT ,HOOGHLY vs. ITO, WARD - 23(2), HOOGHLY , HOOGHLY

Bench: Shri S.S, Godaraassessment Year:2014-15 Gautam Bhakat Income Tax Officer, बनाम / 4(3), Bengal Coal Lane, Ward-23(2), Aayakar V/S. Sheoraphuli, Bhawan, Khadina Hooghly-712223 More, G.T. Road, [Pan No.Ahqpb 1821R] Hooghly-712101 .. अपीलाथ" /Appellant ""यथ" /Respondent None अपीलाथ" क" ओर से/By Appellant Shri Dilip Kumar Mitra, Addl. Cit-Dr ""यथ" क" ओर से/By Respondent 19-09-2018 सुनवाई क" तार"ख/Date Of Hearing 05-10-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R This Assessee’S Appeal For Assessment Year 2014-15, Arises Against The Commissioner Of Income-Tax (Appeals)-6, Kolkata’S Order Dated 28.02.2018 Passed In Case No.Cita-6, Kolkat-6/10144/16-17 Affirming The Assessing Officer’S Action Making Us 50(2)(Vii) Addition Of ₹6,62,962/- In Assessment Order Dated 18.08.2016 Involving Proceedings U/S. 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. 2. I Notice At The Outset That The Cit(A)’S Detailed Discussion Qua The Above Sole Issue Reads As Follows:- “3. The Appellant Submitted Written Submission, Which Is Reproduced As Under:- ‘Only Ground Of Appeal Is Against Addition Made By The Learned Ao Of Rs.6,60,962.00 U/S. 56(2)(Vii)(B)(Ii) Of The Act. Registration Set Forth Share Of Market Share Of Difference No. & Date Value (Value Your Value Your As Per Assessee Assessee Conveyance Deeds) 00369/2014 5,00,000/- 1,00,00 15,28,586/- 3,05,717/- 2,05,717/- (1/5Th) (1/5Th) 18.1.2014 00400/2014 5,00,000/- 1,00,000/- 15,28,586/- 3,05,717/- 2,05,717/- (1/5Th) (1/5Th) 18.1.2014

transfer of immovable property by executing conveyance deed duly registered by a competent authority. It is important to note that provision of section 56(2)(vii) applicable in case of transferee of immovable property covers only Individual or HUF, whereas provisions of section 50C/43CA applicable to the transferor of the property cover all the assessee. It implies that

MOHAMMED KHALID MASUD,KOLKATA vs. ACIT, CIR-33, KOLKATA. , KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Shri Sanjay Awasthii.T.A. No.171/Kol/2024 (Assessment Year: 2017-18) Mohammed Khalid Masud……..…..……............…...……………....Appellant 70, Karaya Road, Circus Row Kolkata - 700019. [Pan:Afapm6677G] Vs. Acit, Circle-33, Kolkata…...............................................…..…..... Respondent Appearances By: Shri Abhishak Bansal, Ca Appeared On Behalf Of The Appellant. Shri Divakar Chakraborty, Addl. Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : May 15, 2024 Date Of Pronouncing The Order : May 21 , 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 07.11.2022 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Appeal Is Time Barred By 389 Days. A Separate Application For Condonation Of Delay Has Been Filed, Which Is Further Supported By An Affidavit Of The Petitioner Namely Mohammed Khalid Masud. Considering The Submissions Made In The Affidavit, The Delay In Filing The Appeal Is Hereby Condoned.

transfer, the AO has to apply his mind on the validity of the objection of the assessee. He may either accept the valuation of the property on the basis of the report of the approved valuer filed by the assessee, or invite objection from the department and refer the question of valuation of the capital asset to DVO in accordance