Pradip Kumar Malhotra v. CIT

M/S. Suprabha Industries Ltd., Kolkata vs. Principal CIT, Central - 2, Kolkata

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri S.S. Viswanethra Ravi

…assessee-company had paid interest on the loan amount of Rs.40,00,000/- taken from M/s. Vijayshree Industries Pvt. Limited, the provisions of section 2(22)(e) were not applicable as held by the Hon’ble Calcutta High Court in the case of Pradip Kumar Malhotra (338 ITR 538). He also contended that the assessee-company was not the shareholder in M/s. Vijayshree Industries Pvt. Limited and, therefore, the loan amount received from the said company could not be treated as deemed dividend in the hands of the I.T.A. No. 541/KOL/2018 (Assessment Year: 2012-2013) M/s. Suprabha Industries Limited assessee under section…

DCIT, Circle - 10(1), Kolkata vs. M/S. Dream Bake Pvt. Ltd., Kolkata

Bench: Shri S.S.Godara & Dr. A.L. Saini

…ce. Therefore, the appellant case is covered by the said Circular and hence no addition should be made on account af deemed dividend. 11.3 The appellant case is covered by the decision of the Jurisdictional High Court in Pradip Kumar Malhotra -vs.- CIT (2011) 338 ITR 538 (Cal.) wherein it has been held that only gratuitous loan or advance given by a company to shareholders would come within the purview of section 2(22)(e). The genuine loan or advance given in return to an advantage conferred upon the company by such shareholder will not attract the provision of section 2(22)(e) of the Act. The relevant facts and…

DCIT, Cir-8(2), Kolkata vs. Shri Sanjay Budhia, Kolkata

In the result, the appeal filed by the Revenue is dismissed and cross objections filed by the assessee are allowed

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1451/Kol/2015 ("नधा"रणवष" / Assessment Year: 2006-07)

…facility of the company and therefore, advance taken by the assessee should not be treated as deemed dividend. For that we rely on the judgment of the jurisdictional Kolkata High Court in the case of Pradip Kumar Malhotra vs. Commissioner of Income Tax [2011] 338 ITR 538 (Cal) on similar identical facts. In this case the Hon`ble Kolkata High Court has held that “for retaining the benefit of loan availed of from the bank, if decision is taken to give advance to the assessee, such decision was not to give gratuitous advance to its shareholder but to protect the business interest of the company. That is, if such loa…

M/S. Castron Technologies Ltd., Kolkata vs. ACIT, Hqrs.-1, Kolkata

In the result, appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi, Judical Member] I.T.A. No. 945/Kol/2017 Assessment Year: 2012-13 M/S. Castron Technologies Ltd……...……………………...………………………….......… Appellant 14, Bentinck Street Room No.8 1St Floor Kolkata – 700 001 [Pan : Aabcc 0646 G] A.C.I.T. Hqrs.- (1), Kolkata….…….………………………………………….……………....Respondent Ayakar Bhawan P-7, Chowringhee Square Kolkata – 700 069 Appearances By: Shri Siddharta Jhaharia, Fca & Shri Sujoy Sen, Ar, Appeared On Behalf Of The Assessee. Shri Goulen Hangshing, Cit, Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : March 8Th, 2018 Date Of Pronouncing The Order : April 04Th, 2018 O R D E R Per J. Sudhakar Reddy :-

…Pr. CIT. Factually, this was not controverted by the ld. Pr. CIT. Hence Section 2(22)(e) cannot be applied under the facts and circumstances ofthis case. Even otherwise, the Hon’ble Jurisdictional High Court in the case of Pradip Kumar Malhotra v. CIT (2011) 338 ITR 538 (Cal), held as follows:- “The phrase 'by way of advance or loan' appearing to sub-clause (e ) of section 2(22) must be construed to mean those advances or loans which a shareholder enjoys for simply on account of being a person who is the beneficial owner of shares (not being shares entitled to a fixed rate of dividend whether with or without a r…

M/S Mirik Commercial Pvt. Ltd., Karnataka vs. PCIT, Central, Kolkata-2, Kolkata

In the result, assessee’s appeal stands allowed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2011-12 M/S Mirik Commercial Pvt. V/S. Pr. Commissioner Of Ltd., 15B, Everest House, Income Tax, Central, 46C, Chowringhee Road, Kolkata-2 Kolkata-71 [Pan No.Aaecm 1753 F] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Ravi Tulsiyan, Fca अपीलाथ" क" ओर से/By Appellant Shri G. Hanghing, Cit-Dr ""यथ" क" ओर से/By Respondent 24-01-2018 सुनवाई क" तार"ख/Date Of Hearing 04-04-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- The Assessee Has Filed This Appeal Disputing The Order Of Pr. Commissioner Of Income Tax-2, Kolkata Passed U/S 263 Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Dated 27.03.2014 Who Set Aside The Assessment Order Date 04.03.2014 For Assessment Year 2011-12 With A Direction To Re-Do The Assessment In Respect Of Issue Therein. Shri Ravi Tulsiyan, Ld. Authorized Representative Appeared On Behalf Of Assessee & Shri G. Hanghing, Ld. Departmental Representative Appeared On Behalf Of Revenue. The Assessee Has Raised The Following Grounds:- “1. That The Ld. Principal Cit, Kolkata-2 On The Facts & In The Circumstances Of The Case. Erred In Assuming Jurisdiction U/S. 263 Of The Act In Order To Impose His Own Views On The Ld. Ao. By Holding That The Order Passed By The

…आयकर अपील"य अधीकरण, "यायपीठ – “B” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “B” KOLKATA Before Shri N.V.Vasudevan, Judicial Member and Shri Waseem Ahmed, Accountant Member Assessment Year :2011-12 M/s Mirik Commercial Pvt. V/s. Pr. Commissioner of Ltd., 15B, Everest House, Income Tax, Central, 46C, Chowringhee Road, Kolkata-2 Kolkata-71 [PAN No.AAECM 1753 F] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Ravi Tulsiyan, FCA अपीलाथ" क" ओर से/By Appellant Shri G. Hanghing, CIT-DR ""यथ" क" ओर से/By Respondent 24-01-2018 सुनवाई क" तार"ख/Date of Hearing 04-04-2018 घोषणा क" तार"ख/Date of Pronouncement आद…

M/S Sree Krishna Gyanodaya Flour Mills, Kolkata vs. PCIT, Central, Kolkata-2, Kolkata

In the result, assessee’s appeal stands allowed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2012-13

…आयकर अपील"य अधीकरण, "यायपीठ – “B” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “B” KOLKATA Before Shri N.V.Vasudevan, Judicial Member and Shri Waseem Ahmed, Accountant Member Assessment Year :2012-13 M/s Sree Krishna V/s. Pr. Commissioner of Gyanodya Flour Mills Pvt. Income Tax, Central, Ltd., 15B, Everest House, Kolkata-2 46C, Chowringhee Road, Kolkata-71 [PAN No.AAHCS 8774 P] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Ravi Tulsiyan, FCA अपीलाथ" क" ओर से/By Appellant Shri G. Hangshing, CIT-DR ""यथ" क" ओर से/By Respondent 23-01-2018 सुनवाई क" तार"ख/Date of Hearing 14-02-2018 घोषणा क" तार"ख/Date…