Warren Tea Ltd. v. CIT & Anr.

374 ITR 6High Court2015#14108 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2018 to 2020.

Judgments citing Warren Tea Ltd. v. CIT & Anr.

M/S. Darjeeling Organic Tea Estates Pvt. Ltd., Kolkata vs. DCIT, Circle - 4(1), Kolkata

In the result, the order of the Ld

ITA 748/KOL/2019[2013-14]Status: DisposedITAT Kolkata20 Nov 2020AY 2013-14

Bench: Shri J. Sudhakar Reddy, Hon’Ble & Ms. Madhumita Roy, Hon’Ble] [Through Virtual Court] I.T.A. No. 748/Kol/2019 Assessment Year: 2013-14 M/S. Darjeeling Organic Tea Estates Pvt. Ltd...............................………………...........Appellant 7Th Floor, Jain Centre, 34A, Metcalfe Street, Kolkata – 700 013. [Pan: Aadcd 1923 B] Vs. Dcit, Cir – 4(1), Kolkata ……………………………...........................................................Respondent P-7, Chowringhee Square, Kolkata – 700 069. Appearances By: Shri S.M. Surana, Advocate Appearing On Behalf Of The Assessee. Shri Vijay Shankar, Cit Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 17, 2020 Date Of Pronouncing The Order November 20, 2020 Order Per J. Sudhakar Reddy, Am This Appeal Filed By The Assessee Is Directed Against The Order Passed By The Ld. Principal Commissioner Of Income Tax, Kolkata - 2, Kolkata Dated 19.03.2018 For The Assessment Year 2013-14 Under Section 263 Of The Income Tax Act, 1961 (‘The Act’).

Section 143(3)Section 263Section 32Section 32(1)(ii)

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘C’ KOLKATA [BEFORE SHRI J. SUDHAKAR REDDY, HON’BLE ACCOUNTANT MEMBER & MS. MADHUMITA ROY, HON’BLE JUDICIAL MEMBER] [THROUGH VIRTUAL COURT] I.T.A. No. 748/Kol/2019 Assessment Year: 2013-14 M/s. Darjeeling Organic Tea Estates Pvt. Ltd...............................………………...........Appellant 7th Floor, Jain Centre, 34A, Metcalfe Street, Kolkata – 700 013. [PAN: AADCD 1923 B] VS. DCIT, CIR – 4(1), Kolkata ……………………………...........................................................Respondent P-7, Chowringhee Square, Kolkata – 700 069. Appearances by: Shri S.M. Surana, Ad…

DCIT, Central Circle-2(2), Kolkata vs. M/S Mbl Infrastructures Ltd., Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 1617/KOL/2019[2014-15]Status: DisposedITAT Kolkata23 Sept 2020AY 2014-15

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey)

Section 143(3)Section 250(6)Section 263

…Rs.63,81,79,255/- and net interest expense of Rs.62,00,07,145/- is reflected in the P&L Account. The principle of netting off of interest has been accepted by various tribunal and courts including the Jurisdictional High Court in the case of Wassen Tea Ltd. (374 ITR 6). The assessee is free to net off loan interest income against loan interest expenses. Even if the assessee would have netted loan interest expense against FD interest income, the taxable income would not have changed. Therefore the addition made by the AO on this count is not justified. Hence, the addition made by the Ld. A.O. is deleted. Secondly…

Jay Shree Tea & Industries Ltd., Kolkata vs. DCIT, Circle - 4(1), Kolkata

Appeal is allowed

ITA 1016/KOL/2018[2013-14]Status: DisposedITAT Kolkata06 Dec 2019AY 2013-14

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2013-14

Section 143(3)Section 263

…आयकर अपील"य अधीकरण, "यायपीठ – “"व” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “B” KOLKATA Before Shri S.S.Godara, Judicial Member and Dr. A.L. Saini, Accountant Member Assessment Year :2013-14 Jay Shree Tea & V/s. DCIT, Circle-4(1), Industries Ltd., 10, Aayakar Bhawan, P-7, Camac Street, Kolkta-17 Chowringhee Square, [PAN No.AAACJ 7788 D] Klkatqa-700 069 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri B.K. Chadurvedi, CA अपीलाथ" क" ओर से/By Appellant Shri Radhey Shyam, CIT-DR ""यथ" क" ओर से/By Respondent 09-09-2019 सुनवाई क" तार"ख/Date of Hearing 06-12-2019 घोषणा क" तार"ख/Date of Pronouncement आद…

ACIT, Circle - 4(1), Kolkata vs. M/S. Darjeeling Organic Tea Estates Pvt. Ltd., Kolkata

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

ITA 125/KOL/2018[2014-15]Status: DisposedITAT Kolkata29 Mar 2019AY 2014-15

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

For Appellant: Shri S. M Surana, Advocate, ld.ARFor Respondent: Shri Robin Choudhury, Addl. CIT, ld.Sr.DR

Section 143(3)

…(1) of rule 8 of the said Rules while making the assessments in relation to the income of the assessee. 6.2 We also find support and guidance from the judgment of Hon'ble jurisdictional High Court in the case of Warren Tea Ltd. vs. CIT & Anr. reported (2015) 374 ITR 6 (Cal), wherein the Hon'ble jurisdictional High Court has held:- "The funds may not always be necessary or may not always be blocked. Therefore, the funds which were surplus at any point of time were fruitfully invested in short-term fixed deposits and the assessee thus earned interest which in a way has reduced its burden on account of interest as…

ACIT, Central Circle-2(1), Kolkata vs. M/S Amricon Agrovat Pvt. Ltd., Kolkata

In the result the appeal by the revenue is dismissed

ITA 2300/KOL/2016[2013-14]Status: DisposedITAT Kolkata01 Mar 2018AY 2013-14

Bench: Hon'Ble Sri N.V.Vasudevan, Jm & Hon'Ble Sri Waseem Ahmed, Am] Assessment Year : 2013-14 A.C.I.T., Central Circle-2(1) -Vs- M/S. Amricon Agrovat (P).Ltd., Kolkata Kolkata (Pan Aadca 1610 Q) (Appellant) (Respondent) For The Appellant: Shri.S.Dasgupta Addl.Cit Dr For The Respondent: Shri D.S.Damle, Fca Date Of Hearing : 15.2.2018 Date Of Pronouncement : 01.03.2018. Order Per Shri N.V.Vasudevan, Jm This Is An Appeal Filed By The Revenue Against Order Dated 27.9.2016 Of Cit(A)-20, Kolkata, Relating To Ay 2013-14. 2. The Grounds Of Appeal Raised By The Revenue In This Reads As Follows: “(I) That The Ld. Cit(A) Has Erred In Accepting That The Term 'Manufacture' Occurring In The Context Of Section 80-Ib Does Not Necessarily Require That The End Product Of The Manufacturing Process Is To Be Completely Different From The Ingredients, As Regards Its Chemical Composition, Integral Structure Or Its Use. (Ii) That The Ld. Cit(A) Has Erred In Accepting That The Process Of Manufacturing Of Poultry Feeds Does Not Amount To Mere Mixing Together Of All Different Ingredients, Without Involving Any Change In The Chemical Composition Of The Ingredients. (Iii) That The Ld. Cit(A) Has Erred In Accepting That The Process Of Preparation Of Poultry Feeds Amount To Production Of An Article Within The Meaning Of Section 80Ib. (Iv) That The Ld. Cit(A) Has Erred In Allowing The Entire Amount Of Rs.1,12,50,626/- Claimed As Deduction U/S 80-Ib.

For Appellant: Shri.S.Dasgupta Addl.CIT DRFor Respondent: Shri D.S.Damle, FCA

Section 14ASection 80Section 801B(4)Section 80I

…riving at qualifying profits of the eligible undertaking u/s 80IB of the Act. I also find that the principle of netting off of interest income against interest expense has been upheld by jurisdictional Calcutta High Court in the case of CIT vs Warren Tea Ltd (374 ITR 6) for the purposes of interpreting & computing business income in the context of Rule 8 applicable to tea companies. Following the ratio laid down in these decisions therefore, I hold that the AO should net off the interest income credited in the profit and loss account of the eligible undertaking against the interest expense debited in the said pro…

ACIT, Central Circle-2(1), Kolkata vs. M/S Amrit Hatcheries Pvt. Ltd., Kolkata

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

ITA 2304/KOL/2016[2013-14]Status: DisposedITAT Kolkata23 Feb 2018AY 2013-14

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 2304 & 2305/Kol/2016 Assessment Year : 2013-14 Acit, Cc-2(1), Kolkata -Vs- M/S Amrit Hatcheries Pvt. Ltd. [Pan: Aacca 5987 F] (Appellant) (Respondent)

For Appellant: Shri G. Hangshing, CITFor Respondent: Shri D.S. Damle, FCA

Section 143(3)Section 271ASection 80I

…in arriving at qualifying profits of the eligible undertaking u/s 80IB of the Act. I also find that the principle of netting off of interest income against interest expense has been upheld by jurisdictional Calcutta High Court in the case of Warren Tea Ltd. (374 ITR 6) for the purposes of interpreting & computing business income in the context of Rule 8 applicable to tea companies. Following the ratio laid down in these decisions, I hold that the ld. AO should net off the interest income credited in the profit and loss account eligible against the interest expense debited in the said profit and loss account. If…

M/S. Darjeeling Organic Tea Estates Pvt. Ltd., Kolkata vs. DCIT, Circle-4(1), Kolkata

In the result, assessee’s appeal stands allowed

ITA 964/KOL/2017[2012-13]Status: DisposedITAT Kolkata07 Feb 2018AY 2012-13

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

Section 143(2)Section 143(3)Section 263

…(1) of rule 8 of the said Rules while making the assessments in relation to the income of the assessee. 6.2 We also find support and guidance from the judgment of Hon'ble jurisdictional High Court in the case of Warren Tea Ltd. vs. CIT & Anr. reported (2015) 374 ITR 6 (Cal), wherein the Hon'ble jurisdictional High Court has held:- “The funds may not always be necessary or may not always be blocked. Therefore, the funds which were surplus at any point of time were fruitfully invested in short-term fixed deposits and the assessee thus earned interest which in a way has reduced its burden on account of interest as…