REI Agro Ltd. v. DCIT

M/S. Electrosteel Casting Limited., Kolkata vs. DCIT, Cental Circle - 4(4), Kolkata

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

…/s 14A can be made only on those investments which yield tax-exempt income during the year. The aforesaid claim finds strength from the following:  The Bombay High Court in case of CIT Vs. Delite Enterprises  The ITAT(Kol) in case of REI Agro Ltd. Vs. DCIT [144 ITD 141] (Affirmed by Calcutta High Court)  The Delhi High Court in case of CIT Vs. Holcim India P. Ltd. [272 CTR 282]  The Punjab & Haryana High Court in case of CITVs. Lakhani Marketing Inc. [272 CTR 265]  ITAT(Bangalore) in case of Alliance Infrastructure Projects Pvt. Ltd. Vs, DCIT (order enclosed)  ITAT(Chennai) in case of ACIT Vs. M.Baskaran [1…

ACIT, CC-3(2), Kolkata vs. M/S. Snowtex Investment Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

Bench: Shri A. T. Varkey, J.M. & Dr.A.L.Saini, A.M.) Asstt. Year : 2012-13 A.C.I.T, Cc-3(2), Kolkata Vs M/S. Snowtex Investment Ltd. Pan: Aaecs 0334C (Assessee/Department) (Respondent/Assessee)

…can be disallowed u/s. 14A. In the present case, we find that the assessee received dividend income only from HDFC- CM Treasury Advantage Plan to the tune of Rs.5229/- only. We note that Coordinate Bench of ITAT, Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581…

ACIT, Circle-10(2), Kolkata vs. M/S Singhania & Sons Pvt. Ltd., Kolkata

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara] I.T.A. No. 1594/Kol/2016 Assessment Year: 2012-13 Assistant Commissioner Of Income Tax, Circle-10(2), Kolkata..……..........................Appellant Vs. M/S. Singhania & Sons Pvt. Ltd....……………...……………....……………....………………....Respondent 3D, Duckback House 41, Shakespeare Sarani Kolkata – 700 017 [Pan : Aadcs 6078 A] Appearances By: Shri Manoj Kataruka, Advocate, Appeared On Behalf Of The Assessee. Shri C.J. Singh, Jcit, Sr. D/R, Appearing On Behalf Of The Revenue.

…his ground of the revenue is dismissed. 6. Ground No. 2, is on the issue of disallowance u/s 14A. The Id. CIT(A) at para 8.3. page 9 of his order applied the proposition of law laid down in the order of the Kolkata ITAT in the case of REI Agro Ltd. vs. DCIT; 144 ITR 141. We find that this decision was upheld by the Hon'ble Calcutta High Court in G.A. No. 3022 of 2013, order dt. 23/12/2013. Hence, we find no infirmity in the order of the Id. CIT(A). Accordingly, Ground No.2 of the revenue is dismissed. 7. Ground No.3, is against the deletion of a disallowance of Rs.64,229/-, being provident fund to employees. 7…

ITO, WD-5(4), Kolkata vs. M/S. Vishwadham Traders Pvt. Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

Bench: Shri A.T. Varkey, J.M. & Dr.A.L.Saini, A.M.) Asstt. Year : 2012-13 I.T.O. Ward 5(4), Kolkata Vs M/S. Vishwadham Traders P.Ltd Pan:Aascv 8983D (Appellant/Assessee) (Respondent/Department)

…he submission of the parties and perusing the judicial decisions relied upon by the Ld. AR, we find that the issue involved in the present appeal is no longer res integra. We note that the Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol- Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.358…

The Burdwan Central Co-Operative Bank Limited, Burdwan vs. ACIT, Circle-2, Burdwan

In the result, these three appeals of assessee for the A

Bench: Shri A.T. Varkey, J.M. & Dr.A.L.Saini, A.M.)

…pply if no exempt income is received during the relevant previous year. Therefore, in view of above, the disallowance made u/s 14A of the Act r.w.r. 8D is not sustainable. We note that the Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.3581…

Udaipuria Commercial Pvt. Ltd., Kolkata vs. ITO, Ward - 6(4), Kolkata

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

Bench: "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri A. T. Varkey, Jm] I.T.A. No. 1610/Kol/2018 Assessment Year: 2013-14

…1 Udaipuria Commercial Pvt. Ltd. AY 2013-14 आयकर अपील"य अधीकरण, "यायपीठ – “B(SMC)” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL “B(SMC)” BENCH: KOLKATA (सम")Before "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri A. T. Varkey, JM] I.T.A. No. 1610/Kol/2018 Assessment Year: 2013-14 Udaipuria Commercial Pvt. Ltd. Vs. Income-tax Officer, Wd-6(4), Kolkata (PAN: AAACU3162E) Appellant Respondent Date of Hearing 19.12.2018 Date of Pronouncement .12.2018 For the Appellant Shri Yash Baid, FCA For the Respondent Shri Baijnath Singh, Addl. CIT ORDER This appeal preferred by the assessee is against the order of the Ld. CIT(A)…

Cambridge Financial Services Pvt. Ltd., Kolkata vs. ITO, Ward - 6(1), Kolkata

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

Bench: "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri A. T. Varkey, Jm] I.T.A. No. 1607/Kol/2018 Assessment Year: 2013-14

…1 Cambridge Financial Services Pvt. Ltd, AY 2013-14 आयकर अपील"य अधीकरण, "यायपीठ – “B(SMC)” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL “B(SMC)” BENCH: KOLKATA (सम")Before "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri A. T. Varkey, JM] I.T.A. No. 1607/Kol/2018 Assessment Year: 2013-14 Cambridge Financial Services Pvt. Ltd. Vs. Income-tax Officer, Wd-6(1), Kolkata (PAN: AABCD0186E) Appellant Respondent Date of Hearing 19.12.2018 Date of Pronouncement 19.12.2018 For the Appellant Shri Yash Baid, FCA For the Respondent Shri Baijnath Singh, Addl. CIT ORDER This appeal preferred by the assessee is against the order o…

DCIT, CC-4(2), Kolkata vs. M/S/ Aryan Minning & Trading Corporation Ltd, Kolakta

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

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1777/Kol/2017 ("नधा"रणवष" / Assessment Year: 2013-14)

…iii) read with section 14A of the I.T. Act, 1961.The AO has made calculation under rule 8D read with section 14A of the I TAct, 1961 and made disallowance of Rs. 95,77,250/-. We note that Coordinate Bench of ITAT Kolkata, in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib), has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in G.A.No.358…

ACIT, Circle-8(2), Kolkata vs. Tata Steel Processing and Distribution Ltd., Kolkata

In the result, the cross objection of the assessee is partly allowed

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 2237/Kol/2016 Assessment Year : 2011-12 Acit, Circle-8(2), Kolkata -Vs- Tata Steel Processing & Distribution Ltd. [Pan: Aabct 1029 L ] (Appellant) (Respondent)

…(2), we hold that only investments that had yielded dividend income are to be considered for the purpose of computing the disallowance under third limb of Rule 8D(2), which would be in consonance with the decision of this Tribunal in REI Agro Ltd. reported in 144 ITD 141. Accordingly, ground no. 1 raised by the assessee in cross objection is partly allowed. 11 ITA No.2237/Kol/2016 & C.O. No. 96/Kol/2016 Tata Steel Processing & Distribution Ltd. A.Yr. 2011-12 13. The next issue to be decided in this appeal is as to whether the ld. CIT(A) was justified in upholding the disallowance made towards unpaid leave encash…

The Scottish Assam (India) Limited, Kolkata vs. DCIT, Circle-4(2), Kolkata

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

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी एम .बालागणेश, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri M. Balaganesh, Am]

…e, total disallowance comes to Rs.7,62,213/-. On appeal, the Ld. CIT(A) confirmed the action of AO. Before us, the Ld AR restricted his contention to computation made by AO under Rule 8D(2)(iii) and drew our attention to this Tribunal’s order in REI Agro Ltd. 144 ITD 141 in which the Tribunal held that while computing disallowance under Rule 8D(ii) and (iii) only investments which gave rise to the exempted income should be taken into consideration. We note that this order of the Tribunal has been upheld by the Hon’ble High Court by order dated 23.12.2013. We note that the AO has not resorted to Rule 8D(2)(ii) and…

ACIT, Central Circle - 3(1), Kolkata vs. M/S. Specialty Restaurants Ltd., Kolkata

Appeal is dismissed accordingly

Bench: Shri P.M.Jagtap, Vice- & Shri S.S.Godaraassessment Year:2011-12

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “B” KOLKATA Before Shri P.M.Jagtap, Vice-President and Shri S.S.Godara, Judicial Member Assessment Year:2011-12 ACIT, Central Circle- M/s Specialty Restaurants बनाम 3(1), Aayakar Bhawan, Ltd. ‘Uniworth House’3A, / Poorva, 110, V/s. Gurusaday Road, Shantiplly, Kolkata-700 019 Kolkata-700 107 [PAN No.AAECS 6802 M] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri Sankar Halder, JCIT-SR-DR अपीलाथ" क" ओर से/By Appellant Shri S.K. Tulsiyan, FCA ""यथ" क" ओर से/By Respondent 31-10-2018 सुनवाई क" तार"ख/Date of Hearing 30-11-2018 घोषणा क" तार"ख/Date of Pronouncement आदेश /…

M/S. Eureka Forbes Ltd., Kolkata vs. Addl.CIT, Circle - 10, Kolkata

In the result, the appeals filed by the Revenue for the A

Bench: Shri S. S. Godara, J.M. & Dr.A.L.Saini, A.M.)

…to have been diverted to earn tax free income. The ld. CIT-(A) and Tribunal both on facts, found that assessee did not invest borrowed funds for earning tax free income”. We note that the coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in ITA Nos. 21…

M/S. Eureka Forbes Ltd., Kolkata vs. Addl.CIT, Circle - 10, Kolkata

In the result, the appeals filed by the Revenue for the A

Bench: Shri S. S. Godara, J.M. & Dr.A.L.Saini, A.M.)

…to have been diverted to earn tax free income. The ld. CIT-(A) and Tribunal both on facts, found that assessee did not invest borrowed funds for earning tax free income”. We note that the coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in ITA Nos. 21…

DCIT, Circle - 10(1), Kolkata vs. M/S. Eureka Forbes Ltd., Kolkata

In the result, the appeals filed by the Revenue for the A

Bench: Shri S. S. Godara, J.M. & Dr.A.L.Saini, A.M.)

…to have been diverted to earn tax free income. The ld. CIT-(A) and Tribunal both on facts, found that assessee did not invest borrowed funds for earning tax free income”. We note that the coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in ITA Nos. 21…

DCIT, Circle - 10(1), Kolkata vs. M/S. Eureka Forbes Ltd., Kolkata

In the result, the appeals filed by the Revenue for the A

Bench: Shri S. S. Godara, J.M. & Dr.A.L.Saini, A.M.)

…to have been diverted to earn tax free income. The ld. CIT-(A) and Tribunal both on facts, found that assessee did not invest borrowed funds for earning tax free income”. We note that the coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd. Vs. DCIT 144 ITD 141 (Kol-Trib) has held that it is only the investments which yields dividend during the previous year that has to be considered while adopting the average value of investments for the purpose of Rule 8D(2)(ii) & (iii) of the Rules. The aforesaid view of the Tribunal has since been affirmed as correct by the Hon’ble Calcutta High Court in ITA Nos. 21…

Itc Limited, Kolkata vs. ACIT, RG-8, Kolkata

Appeal is dismissed

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ]

…to original and revised disallowance figures in pages 118,122, 123, 127, 154, 155 and 155D in Paper book. Mr. Khaitan thereafter comes to quantification aspect of the impugned disallowance. He cites this tribunal’s decision in REI Agro Ltd. v. Dy. CIT [2013] 144 ITD 141 as confirmed in hon’ble jurisdictional high court holding that only dividend income yielding investments are to be taken for consideration than all tax free investments. The taxpayer then pleads that the impugned total disallowance in any case should not exceed total cost incurred by the treasury ventical of Rs. 2,06,05,347/- i.e. by not apportio…

DCIT, Cir-8, Kolkata vs. M/S Itc Limited, Kolkata

Appeal is dismissed

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ]

…to original and revised disallowance figures in pages 118,122, 123, 127, 154, 155 and 155D in Paper book. Mr. Khaitan thereafter comes to quantification aspect of the impugned disallowance. He cites this tribunal’s decision in REI Agro Ltd. v. Dy. CIT [2013] 144 ITD 141 as confirmed in hon’ble jurisdictional high court holding that only dividend income yielding investments are to be taken for consideration than all tax free investments. The taxpayer then pleads that the impugned total disallowance in any case should not exceed total cost incurred by the treasury ventical of Rs. 2,06,05,347/- i.e. by not apportio…

DCIT, Circle - 7(1), Kolkata vs. M/S. Britannia Industries Limited, Kolkata

Bench: Shri S.S.Godara & Shri, M. Balaganesh

…आयकर अपील"य अधीकरण, "यायपीठ – “C” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “C” KOLKATA Before Shri S.S.Godara, Judicial Member and Shri, M. Balaganesh, Accountant Member ITA No.1390-1392/Kol/2017 Assessment Years :2009-10 to 2011-12 DCIT, Circle-7(1), V/s. M/s Britannia Industries Aayakar Bhawan, 5th Ltd. 5/1 Hungeford Floor, P-7, Chowringhee Stree,Kolkata-17 Square, Kolkata-69 [PAN No.AABCB 2066 P] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Dilip S Damle, AR आवेदक क" ओर से/By Assessee Shri P.K. Srihari, CIT-DR राज"व क" ओर से/By Respondent 13-11-2018 सुनवाई क" तार"ख/Date of Hearing 22-11-20…

DCIT, Circle - 7(1), Kolkata vs. M/S. Britannia Industries Limited, Kolkata

Bench: Shri S.S.Godara & Shri, M. Balaganesh

…आयकर अपील"य अधीकरण, "यायपीठ – “C” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “C” KOLKATA Before Shri S.S.Godara, Judicial Member and Shri, M. Balaganesh, Accountant Member ITA No.1390-1392/Kol/2017 Assessment Years :2009-10 to 2011-12 DCIT, Circle-7(1), V/s. M/s Britannia Industries Aayakar Bhawan, 5th Ltd. 5/1 Hungeford Floor, P-7, Chowringhee Stree,Kolkata-17 Square, Kolkata-69 [PAN No.AABCB 2066 P] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Dilip S Damle, AR आवेदक क" ओर से/By Assessee Shri P.K. Srihari, CIT-DR राज"व क" ओर से/By Respondent 13-11-2018 सुनवाई क" तार"ख/Date of Hearing 22-11-20…