GAURAV VINIMAY PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(1),, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

section 56(2)(viia) of the Act were introduced with effect from 01.06.2010 to stop the transfer of shares below the fair market value. It was stated that only an allotment of share comes into existence and the shares were allotted, the price

NEWAGE VINIMAY PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(2), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

section 56(2)(via) of the Act was introduced as an anti-abuse provision to prevent the practice of transferring shares of a private company for no or in adequate consideration. In the present case, it is an admitted fact that shares were allotted to appellant at a price

MADHUR COAL MINING PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(1),, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

section 56(2)(via) of the Act was introduced as an anti- abuse provision to prevent the practice of transferring shares of a private company for no or in adequate consideration. In the present case, it is an admitted fact that shares were allotted to appellant at a price

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

RAVI JALAN,KOLKATA vs. ITO, WARD - 36(1), KOLKATA , KOLKATA

In the result, Ground r.w

prices is wrong. He pointed out that out of the total stock-in-trade of Rs.1.99 Crores, transferred, the Assessing Officer alleges that there is a suppression of Rs.1.99 Crores, transferred, the Assessing Officer alleges that there is a suppression of Rs.1.99 Crores, transferred, the Assessing Officer alleges that there is a suppression of Rs.1,38,690/-, which is less

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

transferred\npursuant to the scheme of demerger in fact pertained to the real estate undertaking of\nthe demerged entity OSAIPL. Accordingly, I agree with the appellant's contention that\nthat there was no violation of section 2(19AA)(ii) of the Act and therefore denial of benefit\nof Section 47(vib) on this count was wholly unjustified.”\n3.8\nThe

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

Appeal of the assessee is partly allowed

transfer under clause (via) or clause (vic) or clause (vich) or clause (vid) or clause (vii) of\nsection 47.\n\nExplanation.—For the purposes of this clause, “fair market value” of a property, being shares of a\ncompany not being a company in which the public are substantially interested, shall have the\nmeaning assigned to it in the Explanation

ALOKE RAY,KOLKATA vs. ACIT(INTT.TAXATION), CIR.-1(1), KOLKATA

In the result, the appeal of the assessee is allowed

price at which the transfer took place Admittedly, this is a rebuttable presumption but nonetheless reflects market realities.” 7. According to the ld. AR after having perusal of valuer’s report, the AO made addition of Rs. 7,00,000/- in respect of LTCG. Therefore according to ld. AR AO’s order cannot be held to erroneous or prejudicial

RAMPURIA INDUSTRIES & INVESTMENTS LTD., ,KOLKATA vs. PRINCIPAL CIT, CENTRAL - 1, KOLKATA , KOLKATA

In the result, appeal of the assessee is allowed

prices, of underlying securities; es, of underlying securities; It is further provided by SEBI that in It is further provided by SEBI that in Aug.2008 SEBI permitted exchange traded currency derivative. Aug.2008 SEBI permitted exchange traded currency derivative. 7.4 Considering the relevant provisions of the relevant Acts, discussed herein above in 7.4 Considering the relevant provisions of the relevant Acts

ALMATIS ALUMINA PRIVATE LTD,KOLKATA vs. DCIT, CIRCLE-8(1), KOLKATA, KOLKATA

In the result, boththe appeals of the assessee in ITA No

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.726&2361/Kol/2017 ("नधा"रणवष" / Assessment Years: 2012-13& 2013-14)

section 144C(13)/143(3) of the Income tax Act, 1961. 8. As per the Transfer pricing (TP) document furnished by the assessee for the A.Y. 2012-13, the assesseecompany has entered into the following international transactions with its Associated Enterprises (AEs). Nature of services Amount (Rs.) Purchase of raw material 88,41,91,807/- Purchase of traded or finished

ALMATIS ALUMINA PRIVATE LTD,KOLKATA vs. DCIT, CIRCLE-8(1), KOLKATA, KOLKATA

In the result, boththe appeals of the assessee in ITA No

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.726&2361/Kol/2017 ("नधा"रणवष" / Assessment Years: 2012-13& 2013-14)

section 144C(13)/143(3) of the Income tax Act, 1961. 8. As per the Transfer pricing (TP) document furnished by the assessee for the A.Y. 2012-13, the assesseecompany has entered into the following international transactions with its Associated Enterprises (AEs). Nature of services Amount (Rs.) Purchase of raw material 88,41,91,807/- Purchase of traded or finished

AMBO AGRO PRODUCTS LTD.,KOLKATA vs. THE PCIT, KOLKATA-1, KOLKATA

In the result, appeal of assessee is allowed

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

56,001.40. Thereafter, the Ld. AR drew our attention to notes on account which is placed at annexure I wherein note 1 of schedule Z reads as under: “On 17th February, 2009 the company has transferred by way of sale its manufacturing division at Haldia (Edible Oil Unit) on Slump Sale basis, for which the shareholders approval was taken under

ASG LEATHER PVT. LTD., ,SOUTH 24 PARGANAS vs. ITO, WARD - 15(1), KOLKATA , KOLKATA

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

Bench: Shri P.M. Jagtap

price of Rs.312.50 per share at which the shares were issued, the addition made by the Assessing Officer under section 56(2)(viib) was not sustainable. The assessee also filed such computation of the valuation of its shares along with the valuation report of the Registered Valuer showing the fair market value of fixed assets. 4. The ld. CIT(Appeals

MADHU JAYANTI INTERNATIONAL LIMITED,KOLKATA vs. DCIT, CIRCLE - 4(1), KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 214/Kol/2016 Assessment Year : 2011-12 Madhu Jayanti International Ltd. -Vs- Dcit, Cc-4(1), Kolkata [Pan: Aabcm 7502 R] (Appellant) (Respondent)

section 144C(5) of the Act dated 15.10.2015 for the Asst Year 2011-12. 2. Though the assessee had raised several grounds of appeal before us with regard to the transfer pricing addition, the only effective issue to be decided in this appeal is with regard to the determination of the Most Appropriate Method (MAM) in the instant case

BRAJBHUMI NIRMAAN PRIVATE LIMITED,SALT LAKE vs. ITO, WARD 2(1),, KOLKATA

In the result, the appeal of the assessee is allowed

price of Rs.\n189.40/share. The Id. AO is noted to have rejected this explanation on\nthe premise that the circle rates were not recorded in the books of\naccounts. For such reasons, the AO rejected the DCF valuation report\nfurnished by the assessee in terms of Rule 11UA and instead adopted\nthe book value of Rs.87.30/share

SATYAM SUREKA ,KOLKATA vs. DCIT, CENTRAL CIR-3(3), KOLKATA

In the result, all the appeals of the different assessees are partly allowed

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey] I.T.(S.S).A. No. 13 /Kol/2025 Assessment Years: 2013-14 Satyam Sureka Vs. Dcit, Central Circle-3(3), Kolkata

section 43(5) explanation 2 of the Act that deals: -e) an eligible transaction in respect of trading in commodity derivatives carried out in a recognized association shall not be deemed to be speculative transaction. It is further important to mention here that all the transaction through the broker were duly recorded in the books of the assessee. The broker

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

SMT. SHASHI JAIN,KOLKATA vs. PCIT-15, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sajnay Garg & Shri Girish Agrawalassessment Year: 2015-16

transfer of such immovable property.” 7.2. From the above, we note that section 56(2)(vii) was originally introduced in the statute book w.e.f. 01.10.2009 which was not in existence when the impugned agreement to purchase the property was executed i.e. on 30.01.2008. Thus, Section 56(2)(vii) came into existence after the execution of agreement to purchase of property