PRINCIPAL COMMISSIONER OF INCOME TAX CENTRAL 1 KOLKATA vs. M/S EDMOND FINVEST PVT LTD

Bench: : The Hon’Ble The Chief Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 26Th February, 2024. Appearance : Mr. Amit Sharma, Adv. …For Appellant Mr. Pratyush Jhunjhunwala, Adv. …For Respondent The Court :- Heard Learned Counsel On Both Sides. This Appeal Filed By The Revenue Under Section 260A Of The Income Tax Act, 1961 (The Act) Is Directed Against The Order Dated 16Th May, 2023 Passed By The Income Tax Appellate Tribunal ‘B’ Bench, Kolkata In I.T.A. No. 96/Kol/2021 For The Assessment Year 2015-2016. The Revenue Has Raised The Following Substantial Questions Of Low For Consideration :- I) Whether The Learned Income Tax Appellate Tribunal Has Committed Substantial Error In Law In Upholding The Order Of The Commissioner Of Income Tax (Appeals) Deleting The Addition Made Under Section 68 Of The Income Tax Act, 1961 On Account Of Unexplained Unsecured Loan Transactions & Interest Expense Corresponding To Such Unexplained Loan Transactions By Holding That The Assessing Officer

disallowance made under Section 14A of the Income Tax Act, 1961 without considering that disallowance under Section 14A of the Income

PRINCIPAL COMMISSIONER OF INCOME TAX -4, KOLKATA vs. M/S. RELIANCE CHEMOTEX INDUSTRIES LTD

In the result, the appeal filed by the revenue stands

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

disallow only a sum of Rs. 1,486/- under Section 14A on the ground that the disallowance under the said

PRINCIPAL COMMISSIONER OF INCOME TAX, KOLKATA-2, KOLKATA vs. WEST BENGAL INFRASTRUCTURE DEVELOPMENT FINANCE CORP. LTD.

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

disallowance under Section 14A of Income Tax Act, 1961 read with Rule 8D of Income Tax Rules, 1962 should be restricted

PRINCIPAL COMMISSIONER OF INCOME TAX-3, KOLKATA vs. M/S. EIH LTD

In the result, the appeal filed by the revenue is

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

disallowance of expenses under Section 14A ? (vi) Whether on the facts and in the circumstances of the case, the Learned

COMMISSIONER OF INCOME TAX 14 KOLKATA vs. RAMESH CHAND GUPTA

In the result, the appeal filed by the revenue is

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

disallowance of expenses under Section 14A ? (vi) Whether on the facts and in the circumstances of the case, the Learned

COMMISSIONER OF INCOME TAX (LARGE TAX PAYERS UNIT) KOLKATA vs. CENTURY PLYBOARDS (INDIA) LTD.

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE SUPRATIM BHATTACHARYA

section 14A(2) read with rule 8D of the Rules could be invoked it was pointed out that the Assessing Officer needs to record satisfaction that having regard to the kind of the assessee suo motu disallowance

COMMISSIONER OF INCOME TAX (LARGE TAX PAYERS UNIT), KOLKATA vs. M/S. CENTURY PLYBOARDS (I) LTD

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE SUPRATIM BHATTACHARYA

section 14A(2) read with rule 8D of the Rules could be invoked it was pointed out that the Assessing Officer needs to record satisfaction that having regard to the kind of the assessee suo motu disallowance

COMMISSIONER OF INCOME TAX (LARGE TAX PAYERS UNIT) KOLKATA vs. M/S CENTURY PLYBOARDS (I) LTD

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE SUPRATIM BHATTACHARYA

section 14A(2) read with rule 8D of the Rules could be invoked it was pointed out that the Assessing Officer needs to record satisfaction that having regard to the kind of the assessee suo motu disallowance

PRINCIPAL COMMISSIONER OF INCOME TAX 1 KOLKATA vs. M/S SUVARNA COMMERCIAL PVT LTD

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

section 14A(2) read with rule 8D of the Rules could be invoked it was pointed out that the Assessing Officer needs to record satisfaction that having regard to the kind of the assessee suo motu disallowance

PRINCIPAL COMMISSIONER OF INCOME TAX-3, KOLKATA vs. M/S. EIH LTD

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

disallowance of expenses under section 14A? (viii) Whether on the facts and in the circumstances of the case, the Learned

COMMISSIONER OF INCOME TAX, KOL-III vs. M/S. INDIAN ALUMINIUM CO. LTD.

In the result, the appeals filed by the revenue

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 5Th January, 2023 Appearance : Mr. Om Narain Rai, Adv. …For The Revenue. Mr. J.P. Khaitan, Sr. Adv. Ms. Arati Agarwal, Adv. Ms. Rosy Banerjee, Adv. Mr. Binayak Gupta, Adv. …For The Assessee The Court : These Appeals Filed By The Revenue As Well As The Assessee Under Section 260A Of The Income Tax Act, 1961 (The Act) Are Directed Against The Order Dated October 20, 2006, Passed By The Income Tax Appellate Tribunal `A’ Bench, Kolkata (Tribunal) In Ita 1221/Kol./2006 & Ita 1045/Kol./2006, For The Assessment Year 2002-03. The Appeal Being Ita 173 Of 2007 Was Admitted On 7Th May, 2008 On The Following Substantial Questions Of Law :- “Whether On The Facts & In The Circumstances Of The Case The Learned Tribunal Was Justified In Law In Not Allowing :

disallowance under section 14A of the Income-tax Act to Rs.50 lakhs instead of Rs.20,74,80,418/- and for reduction

INDIAN ALUMINIUM COMPANY LIMITED vs. COMMISSIONER OF INCOME TAX,

In the result, the appeals filed by the revenue

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 5Th January, 2023 Appearance : Mr. Om Narain Rai, Adv. …For The Revenue. Mr. J.P. Khaitan, Sr. Adv. Ms. Arati Agarwal, Adv. Ms. Rosy Banerjee, Adv. Mr. Binayak Gupta, Adv. …For The Assessee The Court : These Appeals Filed By The Revenue As Well As The Assessee Under Section 260A Of The Income Tax Act, 1961 (The Act) Are Directed Against The Order Dated October 20, 2006, Passed By The Income Tax Appellate Tribunal `A’ Bench, Kolkata (Tribunal) In Ita 1221/Kol./2006 & Ita 1045/Kol./2006, For The Assessment Year 2002-03. The Appeal Being Ita 173 Of 2007 Was Admitted On 7Th May, 2008 On The Following Substantial Questions Of Law :- “Whether On The Facts & In The Circumstances Of The Case The Learned Tribunal Was Justified In Law In Not Allowing :

disallowance under section 14A of the Income-tax Act to Rs.50 lakhs instead of Rs.20,74,80,418/- and for reduction

THE PRINCIPAL COMM OF INCOME TAX- 1, KOLKATA vs. M/S UMANG COMMERCIAL COMPANY PVT LTD

In the result, the appeal (ITAT/297/2017) fails and

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

disallowance under Section 14A of the Act. The tribunal tested the correctness of the said order and has pointed out as to how the assessing

PRINCIPAL COMMISSIONER OF INCOME TAX 2 KOLKATA vs. M/S UNIVERSAL CABLES LTD

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : November 03, 2022. Appearance: Mr. Prithu Dudhoria, Adv. …For Appellant Mr. J.P. Khaitan, Sr. Adv. Mr. Sanjay Bhowmick, Adv. Ms. Swapna Das, Adv. Mr. Siddhertha Das, Adv. …For Respondent The Court :- This Appeal Filed By The Assessee Under Section 260A Of The Income Tax Act, 1961 (The Act) Is Directed Against The Order Dated 30Th November, 2022 Passed By The Income Tax Appellate Tribunal “A” Bench, Kolkata In Itat No. 1461/Kol/2019 For The Assessment Years 2014-15. The Assessee Has Raised The Following Substantial Questions Of Law For Consideration :- I) Whether The Assessee Was Entitled To Get Benefit Of Additional Depreciation @10% Amounting To Rs.1,35,64,743/- On The Assets Purchased & Put To Use On Latter Half Of The Financial Year 2012-13 Or Not ? Ii) Whether The Provisions Of Sec. 14A R.W. Rules, 1962 Could Be Invoked To Determine The Expenses Related To The Exempt Income Or Not ? We Have Heard Mr. Prithu Dudhoria, Learned Counsel For The Appellant & Mr. J.P. Khaitan, Learned Senior Advocate Duly Assisted By Mr. Sanjay Bhowmick, Learned Counsel For The For The Respondent.

disallowance under Section 14A to the extent of Rs.270 lakhs was deleted and the case of the assessee was accepted

PRINCIPAL COMM OF INCOME TAX CENTRAL , KOLKATA 2 vs. M/S HOOGLY MILLS CO LTD

The appeal stands disposed of on the ground of low tax

Bench: : The Hon’Ble Justice T.S. Sivagnanam

disallowance under Section 14A of the Income Tax Act, 1961 cannot be made in a year in which no exempt

PRINCIPAL COMMISSIONER OF INCOME TAX 9 KOLKATA vs. M/S STEEL AUTHORITY OF INDIA EMPLOYEES CO OPERATIVE CREDIT SOCIETY LTD

In the result, the appeals filed by the revenue are dismissed and the

Bench: : The Hon’Ble Acting Chief Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 10Th April, 2023 Appearance : Ms. Smita Das De, Adv. …For The Appellant Mr. Saumya Kejriwal, Adv. Mr. G.S. Gupta, Adv. …For The Respondent The Court : We Have Heard Ms. Smita Das De, Learned Standing Counsel For The Appellant & Mr. Saumya Kejriwal, Learned Counsel For The Respondent. There Is A Delay Of 168 Days In Filing These Appeals.

disallowances under Section 14A of the said Act was not applicable on the exempt income earned by the assessee ? b) Whether

PRINCIPAL COMMISSIONER OF INCOME TAX 9 KOLKATA vs. M/S STEEL AUTHORITY OF INDIA EMPLOYEES CO OPERATIVE CREDIT SOCIETY LTD

In the result, the appeals filed by the revenue are dismissed and the

Bench: : The Hon’Ble Acting Chief Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 10Th April, 2023 Appearance : Ms. Smita Das De, Adv. …For The Appellant Mr. Saumya Kejriwal, Adv. Mr. G.S. Gupta, Adv. …For The Respondent The Court : We Have Heard Ms. Smita Das De, Learned Standing Counsel For The Appellant & Mr. Saumya Kejriwal, Learned Counsel For The Respondent. There Is A Delay Of 168 Days In Filing These Appeals.

disallowances under Section 14A of the said Act was not applicable on the exempt income earned by the assessee ? b) Whether

PRINCIPAL COMMISSIONER OF INCOME TAX 2 KOLKATA vs. ISG TRADERS LTD

Accordingly, the appeal fails and dismissed

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Supratim Bhattacharya Date : September 12, 2022. Appearance: Mr. Prithu Dudhoria, Adv. … For Appellant Mr. Moloy Dhar, Adv. …For Respondent The Court : Heard Mr. Prithu Dudhoria, Learned Standing Counsel For The Appellant & Mr. Moloy Dhar, Advocate Learned Advocate For The Respondent. There Is A Delay Of 559 Days In Filing The Appeal. Though The Explanation Offered Is Not Fully Satisfactory, Since We Have Suggested That The Appeal Itslef Can Be Heard & Submissions Were Heard On The Merits Of The Matter We Exercise Discretion & Condone The Delay In Filing The Appeal. The Appeal Filed By The Revenue Under Section 260A Of The Income Tax Act (The Act) Is Directed Against The Order Dated 5Th June, 2020 Passed By The Learned Income Tax Appellate Tribunal “B” Bench Kolkata In Ita No. 1610/Kol/2019 For The Assessment Year 2012-13.

disallowance under Section 14A of the Act is to be restricted to the amount of exempt income only and not to a higher