PRINCIPAL COMM OF INCOME TAX -4, KOLKATA vs. M/S LINDE INDIA LIMITED

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

disallowance made by the assessing officer under Section 40(a)(ia) of the Act only on the ground that the said amount was not debited to the profit and loss account by totally misreading the provisions laid down under Section 40(a)(ia) of the said Act. 13. On the issue regarding computation of long term capital gains

COMMISSIONER OF INCOME TAX (IT & TP) vs. M/S. DONGFANG ELECTRIC CORPORATION

Bench: : The Hon’Ble Justice Surya Prakash Kesarwani

24 Shah, J., speaking for the court, while dealing with Section 28 of the Indian Income-tax Act, 1922, observed: "The power to impose penalty under Section 28 depends upon the satisfaction of the Income-tax Officer in the course of proceedings under the Act; it cannot be exercised if he is not satisfied about the existence of conditions specified

PRINCIPAL COMMISSIONER OF INCOME TAX vs. M/S M C NALLY SAYAJI ENGINEERING LIMITED

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

disallowance for delayed payment of employees contribution to Provident Fund violating the provision of Section 36(1)(va) read with Section 2(24

COMMISSIONER OF INCOME TAX, BURDWAN vs. M/S. THE BURDWAN CENTRAL COOPERATIVE BANK LIMITED

In the result, the appeals of the revenue are

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 16Th March, 2023 Appearance : Mr. Soumen Bhattacharjee, Adv. ...For The Appellant In Ita/63/2008. Ms. Smita Das De, Adv. ...For The Appellant In Ita/837/2008.. Mr. J. P. Khaitan, Sr. Adv. Mr. Siddharth Das, Adv. Ms. Swapna Das, Adv. ...For The Respondent. The Court : This Appeal (Ita/63/2008) Filed By The Revenue Under Section 260A Of The Income Tax Act, 1961 (The ‘Act’ For Brevity) Is Directed Against The Order Dated 27Th June, 2007 Passed By The Income Tax Appellate Tribunal, “A” Bench, Kolkata (The Tribunal) In Ita No.1279 & 1280/Kol/2007 Years 2003-04 & 2004-05.

disallowing the claim for deduction u/s. 80(P)(2)(a)(i) relying on the said judgment of the Supreme Court. Secondly, we also find from the order of the CIT(A) that the learned CIT, Burdwan vide order passed u/s. 264 dated 18.3.2002 has held that voluntary reserves have been invested by the assessee co-operative bank in NABARD, IFCI

PRINCIPAL COMMISSIONER OF INCOME TAX 1 KOLKATA vs. BOTHRA SHIPPING SERVICES PVT LTD

In the result, the appeals are dismissed and the substantial

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

disallowed the deduction claimed under Section 80IA(4) of the Act. The assessee moved the Dispute Resolution Panel (DRP) contending that the assessing officer erred in not considering that the assessee had produced the Port certificate granted by the specified authority which certified that the infrastructural facility developed by the assessee is an integral part of the port

PRINCIPAL COMMISSIONER OF INCOME TAX 1 KOLKATA vs. BOTHRA SHIPPING SERVICES PVT LTD

In the result, the appeals are dismissed and the substantial

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

disallowed the deduction claimed under Section 80IA(4) of the Act. The assessee moved the Dispute Resolution Panel (DRP) contending that the assessing officer erred in not considering that the assessee had produced the Port certificate granted by the specified authority which certified that the infrastructural facility developed by the assessee is an integral part of the port

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 to 20 lacs instead of Rs.8,08,62,345/- without observing the facts and findings of the Assessing officer and as such the same is perverse or not?” Since the revenue as well as the assessee are aggrieved by the order passed by the Tribunal, these appeals were heard together and are disposed of by this

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 to 20 lacs instead of Rs.8,08,62,345/- without observing the facts and findings of the Assessing officer and as such the same is perverse or not?” Since the revenue as well as the assessee are aggrieved by the order passed by the Tribunal, these appeals were heard together and are disposed of by this

PRINCIPAL COMMISSIONER OF INCOME TAX-3, KOLKATA vs. BRITANNIA INDUSTRIES LTD.

Bench: This Court Against The Order Dated September 02, 2016 Passed By The Income Tax Appellate Tribunal, “D” Bench, Kolkata For The Assessment Years 2008-09 In I.T.A. No.780/Kol/2013. The Following Substantial Questions Of Law Are Sought To Be Raised: “(A) Whether The In The Facts & Circumstances, Learned Income Tax Appellate Tribunal Erred In Law & In Fact In Quashing The Order Of The Commissioner Of Income Tax-Iii, Kolkata Passed Under Section

24, 2010. The matter was taken up by the Commissioner of Income Tax under Section 263 of the Act. Vide order dated January 30, 2013, the matter was remitted back to the Assessing Officer for recomputation of the disallowance

PRINCIPAL COMM OF INCOME TAX, KOL - 1 vs. M/S HOOGHLY MILLS PROJECTS LIMITED

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

24)(x) of the Act on account of Employees’ Contribution to Provident Fund due to non- deposit of contribution within the date to the appropriate authority. Mr. Khaitan, appearing for the assessee submitted that the first question is unmeritorious. In the case of Hooghly Mills Projects Ltd. the point of applicability of Section 2(22)(e) was raised

COMMISSIONER OF INCOME TAX, KOLKATA-I, KOLKATA vs. HOOGHLY MILLS PROJECTS LTD, C/O SALARPURIA JAJODIA & CO.

Appeal stands dismissed and the substantial questions of law are answered against the

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 10Th May, 2022. Appearance:- Ms. Smita Das De, Adv.

24)(x) of the Act on account of Employees’ Contribution to Provident Fund due to non-deposit of contribution within the date to the appropriate authority. Mr. Khaitan, appearing for the assessee submitted that the first question is unmeritorious. In the case of Hooghly Mills Project Ltd. the point of applicability of Section 2(22)(e) was raised

PRINCIPAL COMMISSIONER OF INCOME TAX-2, KOLKATA vs. MCLEOD RUSSEL INDIA LTD.

Would be that the agricultural income itself would become liable

Bench: : The Hon’Ble Justice T.S. Sivagnanam A N D The Hon’Ble Justice Hiranmay Bhattacharyya Date: November 30, 2021. Appearance : Mr. P. K. Bhowmik, Adv. Mr. Soumen Bhattacharjee, Adv. … For The Appellant Mr. Asim Chaudhury, Adv. …For The Respondent The Court : This Appeal By The Revenue Filed Under Section 260A Of The Income Tax Act, 1961 (The Act, In Brevity) Is Against The Order Dated 8Th October, 2015 Passed By The Income Tax Appellate Tribunal “C” Bench, Kolkata In Ita Nos. 262 & 263/Kol/2013 For The Assessment Years 2008-09 & 2009-10. The Revenue Has Raised The Following Substantial Questions Of Law For Consideration:

24 of the Act of 1922, when the provisions of section 12B were not applicable during the course of assessment year 1955-56. The Supreme Court held that from the charging provisions of the Act it is discernible that the words ‘income’ or ‘profits and gain’ should be understood as including losses also, so that, in one sense ‘profits

HALDIA PETROCHEMICALS LIMITED vs. COMMISSIONER OF INCOME TAX KOLKATA IV

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Supratim Bhattacharya Date : September 26, 2022. Appearance: Mr. Ajoy Gaggar, Adv. Mr. Hiranmay Gangopadhyay, Adv. … For Appellant Mr. Soumen Bhattacharjee, Adv. …For Respondent The Court :- We Have Heard Mr. Ajoy Gaggar, Learned Standing Counsel With Mr. Gangopadhyay, Learned Advocate For The Appellant & Mr. Soumen Bhattacharjee, Learned Advocate For The Respondent. This Appeal Filed By The Assessee Under Section 260A Of The Income Tax Act, 1961 (The Act) Is Directed Against The Order Dated 6Th July, 2018 Passed By The Income Tax Appellate Tribunal “A” Bench, Kolkata (Tribunal) In Ita No.1533/Kol/2015 For The Assessment Year 2004-2005. The Appeal Was Admitted On August 22, 2019 To Decide The Following Substantial Questions Of Law:- (A) For That The Tribunal Was Not Justified In Law In Directing Disallowance Of 1% Of The Appellant’S Dividend Income Under Section 14A Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”) When The Appellant’S Case Was That No Expenditure Was Incurred By It In Relation To The Dividend Income & Its Purported Findings In That Behalf Are Arbitrary, Unreasonable & Perverse.

Section 14A of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) when the appellant’s case was that no expenditure was incurred by it in relation to the dividend income and its purported findings in that behalf are arbitrary, unreasonable and perverse. 2 (b) For that the Tribunal failed to consider the appellant’s case that

PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL -1, KOLKATA vs. M/S BINANI INDUSTRIES LIMITED

The appeal is dismissed on the ground that the book profit as

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 24Th August, 2022 Appearance : Ms. Smita Das De, Adv. ….For Appellant Mr. Madhur Agarwal Adv. Mr. Pranit Bag, Adv. Mr. A.K. Dey, Adv. …For Respondent The Court : This Appeal Filed By The Revenue Under Section 260A Of The Income Tax Act, 1961 (The Act, For Brevity) Is Directed Against The Order Dated March 02, 2016, Passed By The Income Tax Appellate Tribunal, “A” Bench, Kolkata In I.T.A. No.144/Kol/2013 For The Assessment Year 2009-10. The Appeal Was Admitted On The Following Substantial Question Of Law :- “Whether The Amount Of Rs.12,65,75,000/-, Received By The Assessee On Account Of Forfeiture Of Shares Would Be Added To The Book Profits Of The

section 115JB Rs. 21,24,72,340 Less : Relief allowed as per Para 9 of the order Rs. 2,18,09,000 Rs. 19,06,63,340 Less : Dividend income Rs. 33,16,28,269 (-) Rs. 14,09,64,929 Add : Disallowance

PRINCIPAL COMM OF INCOME TAX, CENTRAL 1, KOLKATA vs. M/S BINANI INDUSTRIES LIMITED

The appeal is dismissed on the ground that the book profit as

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 24Th August, 2022 Appearance : Ms. Smita Das De, Adv. ….For Appellant Mr. Madhur Agarwal Adv. Mr. Pranit Bag, Adv. Mr. A.K. Dey, Adv. …For Respondent The Court : This Appeal Filed By The Revenue Under Section 260A Of The Income Tax Act, 1961 (The Act, For Brevity) Is Directed Against The Order Dated March 02, 2016, Passed By The Income Tax Appellate Tribunal, “A” Bench, Kolkata In I.T.A. No.144/Kol/2013 For The Assessment Year 2009-10. The Appeal Was Admitted On The Following Substantial Question Of Law :- “Whether The Amount Of Rs.12,65,75,000/-, Received By The Assessee On Account Of Forfeiture Of Shares Would Be Added To The Book Profits Of The

section 115JB Rs. 21,24,72,340 Less : Relief allowed as per Para 9 of the order Rs. 2,18,09,000 Rs. 19,06,63,340 Less : Dividend income Rs. 33,16,28,269 (-) Rs. 14,09,64,929 Add : Disallowance

PRINCIPAL COMMISSIONER OF INCOME TAX 5 KOLKATA vs. MAMTA CHORARIA

Bench: : The Hon'Ble The Chief Justice T.S Sivagnanam -A N D- Hon'Ble Justice Chaitali Chatterjee (Das) Date : 5Th August, 2025

disallowed the loss of Rs. 39,24,838/- incurred from commodities (MCX) and made addition Rs. 39,78,000/- u/s. 68 of the I.T. Act, 1961 on account of bogus profits from sale of derivatives/stock options through coordinated, premeditated and synchoronized transactions without going into the merits of the case ? b) Whether on the facts and in the circumstances

PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL-1, KOLKATA vs. KRISHNA KUMAR PARSURAMKA

In the result, these appeals are allowed and the substantial

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

disallowance of commission of Rs. 14,118/- purportedly incurred by the assessee towards payment to brokers who allegedly entered into the share transactions at the behest of the assessee overlooking the fact that the entire transaction were stage managed with the object to facilitate the assessee to plough back its unaccounted income in the form of fictitious Long Term Capital

PRINCIPAL COMMISSIONER OF INCOME TAX-SILIGURI vs. SHEKHAR AGARWAL

In the result, these appeals are allowed and the substantial

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

disallowance of commission of Rs. 14,118/- purportedly incurred by the assessee towards payment to brokers who allegedly entered into the share transactions at the behest of the assessee overlooking the fact that the entire transaction were stage managed with the object to facilitate the assessee to plough back its unaccounted income in the form of fictitious Long Term Capital