PRINCIPAL COMM OF INCOME TAX 2, PUNE vs. M/S NALCO WATER INDIA LTD (FORMERLY NLC NALCO INDIA LTD)

The appeal is dismissed and substantial questions of law are answered

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

disallowance of bad debts made by the assessing officer and confirmed by the CIT (Appeals) by disregarding that the assessee had failed to fulfill the criteria for allowability of deduction under Section 36(1

PRINCIPAL COMMISSIONER OF INCOME TAX-1, KOLKATA vs. EXIDE INDUSTRIES LIMITED

Bench: : The Hon’Ble Justice T.S. Sivagnanam A N D The Hon’Ble Justice Supratim Bhattacharya Date : 22Nd September, 2022. Appearance: Mr. Tilak Mitra, Adv. ...For The Appellant Mr. J.P. Khaitan, Sr. Adv. Mrs. Nilanjana Banerjee Pal, Adv. …For The 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 June 15, 2016 Passed By The Income Tax Appellate Tribunal, “C” Bench, Kolkata (In Short The ‘Tribunal’) In M.A. No. 38/Kol/2016 Arising Out Of I.T.A. No. 1414/Kol/2007 For The Assessment Year 2004-2005. The Appeal Was Admitted To Decide The Following Substantial Question Of Law:- “……………..….The Legal Issue That Arises Is Since The Initial Contribution Is Permitted To Be Deducted From The Income & Annual Contribution To A Pension Fund May Also Be Deducted From The Income Of The Employer, Would An Ad Hoc Or Lump Sum Interim Contribution, In Such Circumstances, Be Also Eligible For Deduction. ………………”

disallowance of a sum of Rs.9,14,70,000/- being contribution to the approved pension fund. The deduction scheme of the respondent/assessee was rejected by the Assessing Officer and the ground that the allowability of deduction towards contribution to superannuation fund is governed by Section 36(1

COMM OF INCOME TAX(EXEMPTION), KOLKATA vs. NATIONAL AGRICULTURAL AND SCIENTIFIC RESEARCH FOUNDATION

Bench: : The Hon’Ble Justice T.S. Sivagnanam A N D The Hon’Ble Justice Supratim Bhattacharya Date : 22Nd September, 2022. Appearance: Mr. Tilak Mitra, Adv. ...For The Appellant Mr. J.P. Khaitan, Sr. Adv. Mrs. Nilanjana Banerjee Pal, Adv. …For The 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 June 15, 2016 Passed By The Income Tax Appellate Tribunal, “C” Bench, Kolkata (In Short The ‘Tribunal’) In M.A. No. 38/Kol/2016 Arising Out Of I.T.A. No. 1414/Kol/2007 For The Assessment Year 2004-2005. The Appeal Was Admitted To Decide The Following Substantial Question Of Law:- “……………..….The Legal Issue That Arises Is Since The Initial Contribution Is Permitted To Be Deducted From The Income & Annual Contribution To A Pension Fund May Also Be Deducted From The Income Of The Employer, Would An Ad Hoc Or Lump Sum Interim Contribution, In Such Circumstances, Be Also Eligible For Deduction. ………………”

disallowance of a sum of Rs.9,14,70,000/- being contribution to the approved pension fund. The deduction scheme of the respondent/assessee was rejected by the Assessing Officer and the ground that the allowability of deduction towards contribution to superannuation fund is governed by Section 36(1

M/S. SELVEL ADVERTISING PVT. LTD. vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 12, KOLKATA

Accordingly, the appeal (ITAT/75/2010) stands dismissed

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

disallowing 50% depreciation on “Purely Temporary Erections” used for less than 180 days? iv) Whether, the Learned Income Tax Appellate Tribunal “A” Bench, Kolkata erred in Law in not treating the 100% depreciation as revenue expense and in wrongly applying the provisions of Section 32(1) of the Income Tax Act, 1961 on “Purely Temporary Erections” used for less than

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

PRINCIPAL COMMISSIONER OF INCOME TAX-18, KOLKATA vs. SRI VIKASH GOEL

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-9, KOLKATA vs. GITESH TIKMANI

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-5, KOLKATA vs. POOJA JHUNJHUNWALA

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

PR CIT 9, KOLKATA vs. MANISHA TIKMANI

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, 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. PRAKASHO DEVI SARIA

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 ,BURDWAN vs. BIJAYA TAH

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 ASANSOL KOLKATA vs. RAKESH JHUNJHUNWALA

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-5, KOLKATA vs. AAYUSH JHUNJHUNWALA

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

PRINCIPAL COMMISSIONER OF INCOME TAX, SILIGURI vs. SRI SATYA NARAYAN SARIA

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-5, KOLKATA vs. SHRI MAHENDRA KUMAR PERIWAL

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-5, KOLKATA vs. JEMISH SHAH

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