WAIVER 1. CIT v. Balarampur Commercial Enterprises Ltd.

DCIT, CIRCLE-5(1), KOLKATA, AYAKAR BHAWAN KOLKATA vs. COAL INDIA LIMITED, COAL BHAWAN

In the result, all the three appeals of the revenue are dismissed

Bench: SHRI GEORGE MATHAN (Judicial Member), SHRI RAKESH MISHRA (Accountant Member)

…in the case of Godhra Electricity Co. Ltd., reported in 225 ITR 746 (SC) as also the decision in the case of UCO Bank, reported in 237 ITR 889 (SC) and the decision of the Hon’ble Calcutta High Court in the case of Balrampur Commercial Enterprise, reported in 262 ITR 439 (Cal). It was the submission that the ld. CIT(A) had deleted the addition on the ground that M/s Bharat Coking Coal Ltd. was before the BIFR. It was the submission that the BIFR had, vide an order dated 14.02.2013, categorically held that M/s Bharat Coking Coal Ltd. was no more company under BIFR. It was the submission that as the order of the BI…

DCIT CIRCLE 5(1) KOLKATA, CIRCLE - V(I), AYAKAR BHAWAN KOLKATA vs. COAL INDIA LIMITED, COAL BHAWAN

In the result, all the three appeals of the revenue are dismissed

Bench: SHRI GEORGE MATHAN (Judicial Member), SHRI RAKESH MISHRA (Accountant Member)

…in the case of Godhra Electricity Co. Ltd., reported in 225 ITR 746 (SC) as also the decision in the case of UCO Bank, reported in 237 ITR 889 (SC) and the decision of the Hon’ble Calcutta High Court in the case of Balrampur Commercial Enterprise, reported in 262 ITR 439 (Cal). It was the submission that the ld. CIT(A) had deleted the addition on the ground that M/s Bharat Coking Coal Ltd. was before the BIFR. It was the submission that the BIFR had, vide an order dated 14.02.2013, categorically held that M/s Bharat Coking Coal Ltd. was no more company under BIFR. It was the submission that as the order of the BI…

SHELTER PROJECTS LTD.,KOLKATA vs. CIT, (A)-XII, KOLKATA, KOLKATA

In the result, the appeal of assessee is partly allowed

…ave been made in the books of account." ­ This pronouncement was applied by the Supreme Court in Godhra Electricity Co. Limited v. CIT, (1997) 225 ITR 746 (SC) and followed by the Calcutta High Court in CIT v. Balarampur Commercial Enterprises Limited,(2003) 262 ITR 439 (CaL). 45. Relying upon decision in Messrs Shoorji Vallabhdas & Co. 's case (supra), the Supreme Court in CIT v. Excel Industries Limited (2013) 358 ITR 295 (SC) held that income tax cannot be levied on hypothetical income. Income accrues when it becomes due but it must also be accompanied by a corresponding liability of the other party to pay t…

M/S. ASIATIC OXYGEN LIMITED,KOLKATA vs. DCIT, CIRCLE - 4, KOLKATA , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1381/Kol/2017 Assessment Year : 2008-09 M/S Asiatic Oxygen Ltd. -Vs- Dcit, Circle-4, Kolkata. [Pan: Aacca 6748 G] (Appellant) (Respondent)

…n the original assessment proceedings was again filed before the ld. AO in the reassessment proceedings. The assessee placed reliance on the decision of the Hon’ble Jurisdictional High Court in the case of CIT vs. Balarampur Commercial Enterprises reported in 262 ITR 439 (Cal) and Hon’ble Allahabad High Court in the case of Giriraj Udyog reported in 273 ITR 495 (All) stating that no real income had in fact accrued/arose to the said company in respect of interest on amount advanced to Six Sigma Gasses Pvt. Ltd. It was specifically pointed out by the assessee while filing the objections to the reasons recorded in t…