Dhanuka & Sons. v. CIT

M/S Kalyani Barter (P) Ltd., Kolkata vs. The ITO, WD-2(3), Kolkata

In the result the assessee’s appeal is dismissed and the revenue’s appeal is partly allowed

Bench: Hon’Ble Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

…ITA No.681 & 824/Kol/2015-M/s. Kalyani Barter (P)Ltd. A.Y.2010-11 1 IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “D” KOLKATA Before Hon’ble Shri Waseem Ahmed, Accountant Member and Shri S.S.Viswanethra Ravi, Judicial Member I.T.A. No.681/Kol/2015 Assessment Year : 2010-11 V/s. I.T.O., Ward-2(3) M/s.Kalyani Barter (P)Ltd.,2nd Floor, Room P-7, Chowringhee No.5, 2, Ganesh Chandra Square, Avenue, Kolkata-700013. Kolkata-700069. PAN : AACCK 7579 D .. अपीलाथ" /Appellant ""यथ"/Respondent I.T.A. No.824/Kol/2015 Assessment Year : 2010-11 V/s. M/s.Kalyani Barter I.T.O., Ward-2(3) (P)Ltd.,2nd Floor, P-7, Chowring…

M/S Kanoria Chemicals & Industries Ltd., Kolkata vs. Addl C.I.T RG - 10, Kolkata

In the result, assessee’s appeal stands partly allowed for statistical purpose

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2008-09 M/S Knoria Chemicals & V/S. Addl. Cit Range-10, Industries Ltd., Park Plaza Aayakar Bhawan, P-7, Building, 71 Park Street, Chowringhee Square, 7Th Floor, Kolkata-700 069 Kolkaata-700 016 [Pan No.Aabck 1291 K] .. अपीलाथ" /Appellant ""यथ"/Respondent

…ssee. In our considered view it is the duty of the assessee to justify on the basis of evidences that the investment was made out of own funds. In this connection we rely in the judgment of Hon’ble Calcutta High Court in the case of Dhunaka & Sons reported in 339 ITR 319. The relevant extract of the judgment is reproduced below : “In our opinion, the mere fact that those shares were old ones and not acquired recently is immaterial. It is for the assessee to show the source of acquisition of those shares by production of materials that those were acquired from the funds available in the hands of the assessee at th…

Eastern India Educational Institution, Kolkata vs. ITO, (Exemption)-II, Kolkata

In the result, appeal filed by the assessee is allowed

Bench: Shri N.V.Vasudevan & Dr. A.L.Saini, Am आयकर अपील सं./Ita No.654/Kol/2016 ("नधा"रण वष" / Assessment Year :2011-2012) Eastern India Educational Vs. The Income Tax Officer Institution, (Exemption)-Ii, 10B, Birla Building, 4Th Floor, Middleton Row, 5Th Floor, 9/1, R.N.Mukherjee Road, Kolkata-700071 Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaate 0448 G .. (अपीलाथ" /Appellant) (""यथ" / Respondent) "नधा"रती क" ओर से /Assessee By : Shri D.S.Damle, Ar राज"व क" ओर से /Revenue By : Shri G.Mallikarjuna, Cit Dr सुनवाई क" तार"ख / Date Of Hearing : 29/11/2016 घोषणा क" तार"ख/Date Of Pronouncement 07/12/2016 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: The Captioned Appeal Filed By The Assessee, Pertaining To The Assessment Year 2011-2012, Is Directed Against The Order Passed By Ld. Commissioner Of Income Tax (Exemptions), Kolkata, Dated 29.3.2016, U/S.263 Of The I.T.Act. 2. Brief Facts Of The Case Qua The Assessee Are That The Assessment U/S. 143(3) Of The Income Tax Act, 1961 For The Ay. 2011-12 Was Completed An 18.03.2014 Determining The Total Income At Rs. 20,35,850/- . On Further Verification Of Records, It Has Been Found That Dividend Income At Rs.3,21,19,822/- Was Earned By The Assessee & Claimed Exempt U/S. 10(34) Of The I.T. Act, 1961. As Per Provisions Of Section 14A Of The I.T.Act, 1961, Expenditure Incurred In Relation To Income Which Do Not Form Part Of Total Income Requires To Be Disallowed In Accordance With The Provisions Of Rule 8D Of The I. T. Rules, 1962. The Computation Of Such Disallowance Was Made In The Assessment Order, Which Was Determined

…IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH KOLKATA BEFORE SHRI N.V.VASUDEVAN & DR. A.L.SAINI, AM आयकर अपील सं./ITA No.654/Kol/2016 ("नधा"रण वष" / Assessment Year :2011-2012) Eastern India Educational Vs. The Income Tax Officer Institution, (Exemption)-II, 10B, Birla Building, 4th Floor, Middleton Row, 5th Floor, 9/1, R.N.Mukherjee Road, Kolkata-700071 Kolkata-700071 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAATE 0448 G .. (अपीलाथ" /Appellant) (""यथ" / Respondent) "नधा"रती क" ओर से /Assessee by : Shri D.S.Damle, AR राज"व क" ओर से /Revenue by : Shri G.Mallikarjuna, CIT DR सुनवाई क" तार"ख / Date of Hearing : 29…

DCIT, CC-Xvi, Kolkata vs. Shri Ram Multicom Pvt. Ltd., Kolkata

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

Bench: Shri M. Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm Dcit, Cc-Xvi, Kolkata Vs. Shri Ram Multicom Pvt. Ltd., 9Th Shantineketan Building, Floor, 8, Camac Street, Kolkata- 17 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaecs 5277 N .. (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से /Revenue By : None "नधा"रती क" ओर से /Assessee By : Shri K.K.Chaparia, Fca सुनवाई क" तार"ख / Date Of Hearing : 13/10/2016 घोषणा क" तार"ख/Date Of Pronouncement 19/10/2016 आदेश / O R D E R Per M.Balaganesh, Am This Appeal Of The Assessee Arises Out Of The Order Of Learned Cit(A)-Ii, Kolkata, In Appeal No.73/Cc-Xvi/Cit(A)C-Ii/1.3-14, Dated 19.05.2014 Passed Against The Assessment Framed U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As The ‘Act’).

…er authorities as to whether the investments were made by the assessee out of its own funds or out of utilization of borrowed funds. In this regard, we place reliance on the decision of Hon’ble Jurisdictional High Court in the case of Dhanuka and Sons, (2011) 339 ITR 319 (Cal), wherein it was held that onus is on the assessee to prove that the investments were made out of the earlier years. We find that this factual finding is admittedly missing from the records, hence, we deem it fit and appropriate in the interest of justice and fair-play, to set aside to the file of ld. AO for giving factual finding with regar…

I.T.O WD - 7(2), Kolkata. vs. M/S Umv Tele Link, Kolkata

In the result, Revenue’s appeal stands allowed for statistical purpose

Bench: Shri Waseem Ahmed & Shri K.Narsimha Charyassessment Years:2009-10

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “B” KOLKATA Before Shri Waseem Ahmed, Accountant Member and Shri K.Narsimha Chary, Judicial Member Assessment Years:2009-10 ITO Ward-7(2) M/s UMV Tele Link बनाम / P-7, Chowringhee 207, Chittaranjan Avenue, V/s. Square, 5th Floor, Kolkata-700 006 Kolkata-700 069 [PAN No.AAACW 2606 B] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri R.P.Nag, Addl-CIT-DR अपीलाथ" क" ओर से/By Appellant Shri Subash Agarwal, Advocate ""यथ" क" ओर से/By Respondent 15-09-2016 सुनवाई क" तार"ख/Date of Hearing 19-10-2016 घोषणा क" तार"ख/Date of Pronouncement आदेश /O R D E R PER Waseem Ahmed,…

DCIT, Circle-6, Kolkata vs. Uco Bank, Kolkata

In the result, the appeal of the assessee in ITA No

Bench: Shri M. Balaganesh, Am & Shri S.S. Viswanethra Ravi, Jm]

…se of D.H.Securities (P) Ltd vs DCIT reported in (2014) 146 ITD 1 (Mumbai Trib ) (TM ). He argued that the said third member decision in turn placed reliance on the decision of Hon’ble Jurisdictional High Court in the case of Dhanuka & Sons vs CIT reported in 339 ITR 319 (Cal). He also argued that the said third member decision had already considered the decision of this tribunal in the case of Gulshan Investment supra while rendering its decision. He also argued that the provisions of Rule 8D uses the expression ‘value of investments’ and not ‘held as investment’ and this fine distinction has already been consid…

Uco Bank, Kolkata vs. DCIT, Circle -6, Kolkata

In the result, the appeal of the assessee in ITA No

Bench: Shri M. Balaganesh, Am & Shri S.S. Viswanethra Ravi, Jm]

…se of D.H.Securities (P) Ltd vs DCIT reported in (2014) 146 ITD 1 (Mumbai Trib ) (TM ). He argued that the said third member decision in turn placed reliance on the decision of Hon’ble Jurisdictional High Court in the case of Dhanuka & Sons vs CIT reported in 339 ITR 319 (Cal). He also argued that the said third member decision had already considered the decision of this tribunal in the case of Gulshan Investment supra while rendering its decision. He also argued that the provisions of Rule 8D uses the expression ‘value of investments’ and not ‘held as investment’ and this fine distinction has already been consid…

Binani Industries Limited, Kolkata vs. DCIT-CC-Xxviii, Kolkata

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “A” KOLKATA Before Shri Waseem Ahmed, Accountant Member and Shri S.S.Viswanethra Ravi, Judicial Member ITA No.2176/Kol/2013 & Assessment Year:2010-11 Binni Industries Ltd. बनाम DCIT, Central Circle- 601, Axis Mall, 6th Floor, XXVIII, Aayakar / V/s. Block C, Action Area-I, Bhawan Poorva, 110 New Town Rajarhat, Shanti Palli, Kolkata- Kolkta-700 156 700 107 [PAN No. AABCB 0979 C] DCIT, Central Circle- M/s Binani Industries बनाम XXVIII, 4th Floor, Aayakar Ltd., 601, Axis Mall, 6th / V/s. Poorva, EM-Bye Pass, 110, Floor, Block-C, Action Shanti palli, Kolkata-700 Area…

D.C.I.T Cir - 6, Kolkata vs. M/S Descon Ltd, Kolkata

In the result, the revenue’s appeal is dismissed and the Cross Objection of the assessee is partly allowed for statistical purposes

Bench: Shri M. Balaganesh, Am & Shri K. Narasimha Chary, Jm]

…cumentary evidence before us and the bald statement of assessee does not take the place of legal evidence or proof. At this stage, we can profitably make a reference to the decision of the Jurisdictional High Court of Calcutta in Dhanuka & Sons Vs. CIT (2011) 339 ITR 319 (Cal), wherein it has held as under: “9. In our opinion, the mere fact that those shares were old ones and not acquired recently is immaterial. It is for the assessee to show the source of acquisition of those shares by production of materials that those were acquired from the funds available in the hands of the assessee at the relevant point of…

D.C.I.T Cir - 1, Kolkata vs. M/S Teenlok Advisory Services Pvt Ltd, Mumbai

In the result, the appeal of the Revenue is partly allowed

Bench: Shri P.M. Jagtap & Shri N.V. Vasudevan

…I.T.A. No. 1351/KOL./2013 Assessment year: 2009-2010 Page 1 of 17 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘A’ BENCH, KOLKATA Before Shri P.M. Jagtap, Accountant Member and Shri N.V. Vasudevan, Judicial Member I.T.A. No. 1351/KOL/ 2013 Assessment Year: 2009-2010 Deputy Commissioner of Income Tax,................................Appellant Circle-1, Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700 069 -Vs.- M/s. Teenlok Advisory Services Pvt. Limited,..................Respondent 102, Windsor, Vidyanagri Road, Santacruz (East), Mumbai-400 098 [PAN: AACCT 3123 E] Appearances by: Shri S.S. Alam,…

DCIT, Circle - 8, Kolkata vs. M/S. Newdeal Finance & Investment Limited, Kolkata

In the result, Revenue’s appeal is allowed for statistical purpose

Bench: Shri Mahavir Singh & Shri Waseem Ahmedassessment Year :2007-08

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “C” KOLKATA Before Shri Mahavir Singh, Judicial Member and Shri Waseem Ahmed, Accountant Member Assessment Year :2007-08 DCIT, Circle-8, V/s. M/s Newdeal Finance Aayakar Bhawan, & Investment Ltd., 5th Floor, P7, 37, J.L.Nehru Road, Chowringhee Square, Kolkata-700 069 Kolkata-700 069 [PAN No.AAACN 2378 P] . .. अपीलाथ" /Appellant ""यथ"/Respondent Md. Ghyas Uddin, JCIT-DR अपीलाथ" क" ओर से/By Appellant Shri K.R. Vasudevan, Advocate ""यथ" क" ओर से/By Respondent 18-02-2016 सुनवाई क" तार"ख/Date of Hearing 11-03-2016 घोषणा क" तार"ख/Date of Pronouncement आदेश /O R…

Usha Martin Ventures Limited, Kolkata vs. D.C.I.T Cir - 6, Kolkata.

In the result, assessee’s appeal is allowed

Bench: Shri Mahavir Singh & Shri Waseem Ahmedassessment Year :2009-10 Usha Martin Ventures V/S. Dcit, Circle-6 Ltd., 24, R.N.Mukherjee Aaykar Bhawan, P-7, Road, 2Nd Floor, Kolkata- Chowringhee Squre, 700 001 Kolkata-700 069 [Pan No.Aaacu 3843 J] .. अपीलाथ" /Appellant ""यथ"/Respondent

…e following decisions in support of his contentions : (a) ACIT vs. Champion Commercial Co. Ltd. ITAT Kolkata Bench in ITA No. 644/Kol/2012 for A.Y 2008-09 (b) ISG Traders Ltd. v. CIT in 2011-TOIL-621-HC-KOL-IT dated 29.05.2002 (c) Dhanuka & Sons v. CIT (2011) 339 ITR 319 (Cal) (d) Technopak Advisors (P) Ltd. v. ACIT ITAT Delhi Bench (e) Cheminvest Ltd. v. ITO 121 ITD 318 (Del) (SB) (f) Sonata Information Technology Ltd. v. DCIT ITA No.1507/Mum/2012 dated 07.09.2012 (g) Hindustan Construction Co. Ltd. v. DCIT ITA No. 6438 to 6441/Mum/2008 dated 28.09.2012 (h) DCIT v. M/s Trade Apartment Ltd. ITA No. 1277/Kol/2011…

M/S Forum Projects P Ltd, Kolkata vs. D.C.I.T CC - II, Kolkata

In the result, the appeal of the assessee is allowed

Bench: : Shri M. Balaganeshita No. 744/Kol/2013 A.Y 2009-10 M/S. Forum Projects P.Ltd Vs. Dcit, C.C-Ii, Kolkata Pan: Aadcs 7575E (Appellant) (Respondent)

…ibunal and hence the case laws addressed by the Learned CITA in his order are not considered in this order. We also find that one of the decisions relied upon by the Learned CIT(A) is that of Jurisdictional High Court in the case of Dhanuka & Sons reported in 339 ITR 319 (Cal). We find that the facts in the case of Dhanuka & Sons are totally different from the facts of the instant case and moreover, when there are two conflicting decisions of the same court or different courts on the same issue, then the decision favourable to the assessee has to be followed. Reliance in this regard is placed on the decision of t…

DCIT, Circle-6, Kolkata vs. M/S. Integrated Coal Mining Ltd, Kolkata

In the result, the appeal of the revenue is dismissed

Bench: : Shri M. Balaganesh

…IN THE INCOME TAX APPELLATE TRIBUNAL, “C” BENCH, KOLKATA Shri Mahavir Singh,Judicial Member, and Before : Shri M. Balaganesh, Accountant Member I.T.A No. 1146/Kol/2012 A.Y : 2008-09 M/s. Integrated Coal Mining Ltd Vs. D.C.I.T, Circle-6, Kolkata PAN:AAAC15584L (Appellant) (Respondent) I.T.A No. 1138/Kol/2012 A.Y : 2008-09 D.C.I.T, Circle-6, Kolkata Vs. M/s. Integrated Coal Mining Ltd PAN:AAACI5584L (Appellant) (Respondent) For the Appellant/assessee: Shri J.P Khaitan, ld.AR For the Respondent/department: Shri G.Mallikarjuna, CIT, ld.DR Date of Hearing: 17-11 -2015 Date of Pronouncement: 30 -11-201…