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

short 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

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

short 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

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

short 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

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

short 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

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

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

short-term capital gains at ₹12,578/- and the total income was assessed at ₹76,05,98,310/-. Aggrieved with the assessment order, the assessee preferred an appeal before the Ld. CIT(A), who vide the impugned order partly allowed the appeal. Before the Ld. CIT(A) the assessee stated the facts as under: “3. BFM industries Ltd (A company

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

short-term capital gains at ₹12,578/- and the total income was assessed at ₹76,05,98,310/-. Aggrieved with the assessment order, the assessee preferred an appeal before the Ld. CIT(A), who vide the impugned order partly allowed the appeal. Before the Ld. CIT(A) the assessee stated the facts as under: “3. BFM industries Ltd (A company

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

short duration from the stock market. The assessee company had initially purchased 40,000 shares of Shree Shaleen Textiles Ltd at a price @ Page 4 of 26 I.T.A. No.: 1447/KOL/2019 Assessment Year: 2014-15 Gilt Commodities Pvt. Ltd. Rs.56.75 on 17/01/2014 - which when reduced to @ Rs.32.50, the assessee bought further 35,000 shares. However, thereafter there was no sign

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

short term capital gain of Rs. 9,21,75,000/- and while examining the capital 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

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

gains arising there from should be computed as short- term capital asset. To examine the correctness of such decision, it is to necessary to take note of the definition of 'short-term capital asset' under section 2(42A). [Para 8] ■ In terms of the above definition, short-term capital asset means a capital asset held by an assessee

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

short). The respondent-assessee had claimed before the Assessing Officer that they were maintaining two sets of portfolio, i.e., investment and trading portfolio and the shares, which were sold and subject matter of long-term capital gains, were held in the investment portfolio. This factual position was not disputed. 3. The Assessing Officer has recorded that as per the business

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

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

short 'CASS'). Notices u/s 143(2) and\n142(1) of the Act were issued. The Assessing Officer (hereinafter referred\nto as Ld. 'AO') noted that the assessee had sold his landed properties\nmeasuring 3.55 acres for ₹4,17,50,000/- on which Long Term Capital\nGain of ₹3,06,35,864/- had accrued to him. The assessee had\npurchased

NARAYAN SUPPLIERS PVT. LTD.,KOLKATA vs. I.T.O., WARD - 6(3), KOLKATA, KOLKATA

In the result, appeal of the assessee is dismissed

Gain to claim\ndeduction u/s 10(38) of the Act or Short Term Capital Loss or\nbusiness loss. But he failed to detect how your appellant is related\nwith the story. It is also beyond the Assessing Officer's as well as the\nLd. CIT(A)'s capacity because neither your appellant claimed\ndeduction

D.C.I.T,CIRCLE-9(1), KOLKATA vs. M/S APOLLO GLENEAGLES HOSPITAL, KOLKATA

In the result, appeal of the Revenue for AY 2012-13 is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Shri Girish Agrawal, Hon’Ble

Transfer Pricing Guidelines further provides the following examples of shareholder activity: "7.10 The following examples (which were described in the 1984 Report) will constitute shareholder activities, under the standard set forth in paragraph 7.6: (a) Costs of activities relating to the juridical structure of the parent company itself, such as meetings of shareholders of the parent, issuing of shares

D.C.I.T,CIRCLE-9(1), KOLKATA vs. M/S APOLLO GLENEAGLES HOSPITAL, KOLKATA

In the result, appeal of the Revenue for AY 2012-13 is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Shri Girish Agrawal, Hon’Ble

Transfer Pricing Guidelines further provides the following examples of shareholder activity: "7.10 The following examples (which were described in the 1984 Report) will constitute shareholder activities, under the standard set forth in paragraph 7.6: (a) Costs of activities relating to the juridical structure of the parent company itself, such as meetings of shareholders of the parent, issuing of shares

M/S TATA GLOBAL BEVERAGES LIMITED,KOLKATA vs. THE DCIT, CIRCLE-4(2), KOLKATA, KOLKATA

In the result, the appeals filed by the assessee for AY 2012-

Bench: Dr. Manish Borad & Sonjoy Sarma

capital gains amounting to Rs 1,36,025/- twice in the gross total income of the Appellant. 6. That on the facts and in the circumstances of the case, the Ld. DRP as well as the Ld. AO erred in not allowing deduction of u/s 80G of the Act amounting to Rs. 1,00,00,000/-. Page