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

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

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

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

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

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

price as on that date is to be considered for the purpose of section 50C of the Act. 5.3 The submission of the assessee was not found to be tenable on the facts mentioned in the assessment order and since the contention was not tenable, the first date of transfer was treated as transfer as a whole and the market

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

price as on that date is to be considered for the purpose of section 50C of the Act. 5.3 The submission of the assessee was not found to be tenable on the facts mentioned in the assessment order and since the contention was not tenable, the first date of transfer was treated as transfer as a whole and the market

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

1) of section 50 of the Act to section 48 of the Act i.e. mode of computation of capital gains. In fact section 50C of the Act as observed by the impugned order is placed as part of the Chapter IV-E under the head 'capital gains', it can only govern the valuation of the property to determine capital gains

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:-

1) of section 50 of the Act to section 48 of the Act i.e. mode of computation of capital gains. In fact section 50C of the Act as observed by the impugned order is placed as part of the Chapter IV-E under the head 'capital gains', it can only govern the valuation of the property to determine capital gains

BRITANNIA INDUSTRIES LTD,KOLKATA vs. DCIT, CIR-7(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

transfer of leasehold interest/rights, which is in consonance with the provisions of section 50C and section 56(2)(vii) of the Act. In defence of his argument, ld. A.R. relied on the following decisions:- (i) Green Fields Hotels & Estates (389 ITR 68) (Bom HC); (ii) Dy. CIT v. Tejinder Singh (19 taxmann.com 4) (ITAT Kolkata) (iii) Atul G Puranik

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

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

50C shall, so far as may be, apply in relation to determination of the value adopted or assessed or assessable under sub-section (1). (3) Where the date of agreement fixing the value of consideration for transfer of the asset and the date of registration of such transfer of asset are not the same, the value referred

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

SMT. KAJARI BANERJEE,KOLKATA vs. ITO WARD-29(1), KOLKTAT

In the result, the appeal of the assessee is allowed

price of the flat and the value as\nper Stamp Valuation Authority. However, as a matter of fact the property was purchased\nin the earlier year as observed by us hereinabove in view of the payments being made\nin entirety in the earlier financial year and the details of payments have already\nextracted hereinabove. We note that the first payment

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

50C. Despite recognizing that the transfer of business assets cannot be counted as capital gain under section 45 of the Act in his order, the AO incorrectly interpreted the gain as long-term capital 50 for the reasons best known to him. gain by not considering section 50 for the reason best known to him. 6.8 In light

SEEMA SUREKA,KOLKATA vs. DCIT, CENTRAL CIRCLE - 3(3), KOLKATA

Appeal of the assessee is partly allowed

50C;\n(b) \"fair market value” of a property, other than an immovable property, means the value determined\nin accordance with the method as may be prescribedº;\n(c) \"jewellery" shall have the meaning assigned to it in the Explanation to sub-clause (ii) of clause\n(14) of section 2;\n(d) \"property" [means the following capital asset

ALOK KUMAR CHAMRIA (HUF),KOLKATA vs. I.T.O., WARD - 32(3), KOLKATA, KOLKATA

The appeal of the assessee is allowed

Bench: Shri Sonjoy Sarma & Shri Rajesh Kumari.T.A. No.1487/Kol/2024 Assessment Year: 2017-18 Alok Kumar Chamria (Huf)…………........………………....Appellant 25E Chamria House, Shakespeare Sarani, 3Rd Floor, W.B. – 700017. [Pan: Aafha4854F] Vs. Ito, Ward-32(3), Kolkata.….……….…............................…..…..... Respondent Appearances By: Mrs. Saswati Mitra (Dutta), Advocate, Appeared On Behalf Of The Assessee. Shri Pradip Kr. Biswas, Addl. Cit, Appeared On Behalf Of The Revenue. Date Of Concluding The Hearing : November 19, 2024 Date Of Pronouncing The Order : November 29, 2024 आदेश / Order Per Sonjoy Sarma: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 29.04.2024 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 Brief Facts Of The Case Are That The Assessee Filed Its Return Of Income On 03.08.2017 By Declaring A Total Income Of Rs.12,14,280/-. The Return Was Processed U/S 143(1) Of The Act & Refund Of Rs.26,980/- Was Issued. Subsequently, The Case Was Selected For Scrutiny & Notices U/S 143(2) & 142(1) Of The Act Were Issued Requiring The Assessee To Furnish Specific Details. The Assessee Submitted Responses & Uploaded Documents Periodically. During The Scrutiny Proceedings, The Assessing Officer Observed That The Assessee Had Declared Long-Term Capital Gain (‘Ltcg’) From The Sale Of Immovable Property. The Assessing Officer Noted That Sale Consideration For Seven Flats As Per Sale Deed Was Lower Than The Stamp Duty Value. He Invoked

1) of the Act were issued requiring the assessee to furnish specific details. The assessee submitted responses and uploaded documents periodically. During the scrutiny proceedings, the Assessing Officer observed that the assessee had declared long-term capital gain (‘LTCG’) from the sale of immovable property. The Assessing Officer noted that sale consideration for seven flats as per sale deed

ACID, CIRCLE-5(1), KOLKATA, KOLKATA vs. EMAMI REALTY LIMITED, KOLKATA

In the result, both the appeal of the Revenue and cross objections of the assessee are\ndismissed

50C.\n10. The appellant craves leave to add, alter, amend, modify or rescind the grounds\nherein above before or during the course of hearing this appeal.\n3.\nITA No. 1457/Kol/2024\nEmami Realty Ltd.; A.Y. 2021-22\nThe issue raised in Ground Nos. 1 to 4 is against the order of the Ld. CIT(A) deleting the\naddition of Rs.374