DARJEELING DISTRICT CENTRAL CO-OP. BANK LTD. ,DARJEELING vs. ACIT, CIR-3(1),SILIGURI. , SILIGURI

In the result, all the appeals of the assessee are allowed

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

194A(3) and Para 42.7 of the said explanatory circular. 12. It is further stated that it may not be irrelevant to mention here that in most of the cases the exemption/relief granted to Co-operative Societies under different sections of Income Tax, in particular section 80P are allowed only if those transactions are done with members only

DARJEELING DISTRICT CENTRAL CO-OPERATIVE BANK LTD. ,DARJEELING vs. ACIT(OSD)(TDS),WD-5(3),DARJEELING, DARJEELING.

In the result, all the appeals of the assessee are allowed

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

194A(3) and Para 42.7 of the said explanatory circular. 12. It is further stated that it may not be irrelevant to mention here that in most of the cases the exemption/relief granted to Co-operative Societies under different sections of Income Tax, in particular section 80P are allowed only if those transactions are done with members only

ITO, WD-8(1), KOLKATA, KOLKATA vs. M/S BATRAM PROPERTIES PVT. LTD., KOLKATA

In the result the appeal by the revenue is treated as allowed for statistical purposes

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr. Arjun Lal Saini, Am] I.T.A No.983/Kol/2016 Assessment Year : 2009-10 I.T.O., Ward-8(1) -Vs.- M/S. Batram Properties Pvt. Ltd. Kolkata Kolkata [Pan : Aaccb 0291 R] (Respondent) (Appellant) For The Appellant : Shri Soumyajit Dasgupta, Addl.Cit For The Respondent : Shri Soumitra Choudhury, Advocate Date Of Hearing : 28.11.2017. Date Of Pronouncement : 01.12.2017. Order Per N.V.Vasudevan, Jm

section 194A(3)(iii) of the Act covers only cases where the only business of an assessee is business of insurance. It was his submission that the assessee was a non banking finance company and business of financing was its primary business. It was further submitted by him that the purpose of allowing exemption from TDS

MEGA ENGINEERS & BUILDERS,PORT BLAIR vs. DCIT, CIR. 3(2) , PORT BLAIR

In the result, the appeal of assessee is allowed

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

TDS should have been deducted at the rate of 10% u/s 194A of the Act. Finally, the AO disallowed 30% of the above interest payment being disallowance u/s 40a(ia) of the Act. In our opinion the provisions of Section 40a(ia) cannot be invoked where there is a short deduction of tax at source but in a case, where

MAITHAN CERAMIC LTD.,,KOLKATA vs. ACIT, CIRCLE 7(1),, KOLKATA

In the result, appeal of the assessee is dismissed

194A of the Act. (Page-90)\nDuring the course of the assessment proceedings, notice/s 142(1)\nissued seeking details of unsecured loan raised during the financial\nyear 2010-11, indicating the name(s), complete postal address and\nPAN(s) of the loan creditors, the assessee furnished the loan\nconfirmation and produced its bank statements to substantiate the\nreceipt

UNITED BANK OF INDIA,KOLKATA vs. D.C.I.T CIR- 6,KOLKATA, KOLKATA

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

Bench: : Shri Mahavir Singh & Shri M. Balaganesh

TDS provisions and made disallowance u/s 40(a)(ia) of the Act. On first appeal, the Learned CIT(A) appreciated the contentions of the assessee and deleted the disallowance. Aggrieved, the revenue is in appeal before us on the following ground:- “3. Whether on the facts and circumstances of the case, ld.CIT(A) erred in law in holding that provisions

M/S. HOOGHLY DISTRICT CENTRAL CO-OPERATIVE BANK LTD.,HOOGHLY vs. D.C.I.T., CIRCLE - 23(), HOOGHLY, HOOGHLY

In the result, all the appeals of the assessee are allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice- & Shri Rajesh Kumar

TDS was not made. The total amount of interest came to the tune of Rs. 16,13,44,802/-. Therefore, it is not disputed fact that the appellant has not deducted tax on source on interest payment to the tune of Rs. 16,13,44,802/-. 5.2. Now, there are two grounds on which the appellant seek relief from treating

M/S. HOOGHLY DISTRICT CENTRAL CO-OPERATIVE BANK LTD.,HOOGHLY vs. D.C.I.T., CIRCLE - 23(), HOOGHLY, HOOGHLY

In the result, all the appeals of the assessee are allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice- & Shri Rajesh Kumar

TDS was not made. The total amount of interest came to the tune of Rs. 16,13,44,802/-. Therefore, it is not disputed fact that the appellant has not deducted tax on source on interest payment to the tune of Rs. 16,13,44,802/-. 5.2. Now, there are two grounds on which the appellant seek relief from treating

DCIT, CIR-10(1), KOLKATA, KOLKATA vs. M/S CHAMPION COMMERCIAL CO. LTD., KOLKATA

In the result, Revenue’s appeal stands dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2013-14 Dcit, Circle-10(1), V/S. M/S Champion P-7, Chowringhee Commercial Co. Ltd., Square, 3Rd Floor, P-15, Cit Road, Kolkata-69 Kolkata-73 [Pan No.Aabcc 2373 G] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Saurabh Kumar, Addl. Cit-Sr-Dr अपीलाथ" क" ओर से/By Appellant Shri Manoj Kataruka, Advocate ""यथ" क" ओर से/By Respondent 26-02-2018 सुनवाई क" तार"ख/Date Of Hearing 27-04-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Revenue Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-4, Kolkata Dated 04.04.2016. Assessment Was Framed By Dcit, Circle-10(1), Kolkata U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 10.02.2016 For Assessment Year 2013-14. The Revenue Has Raised The Following Grounds:- “I. That On The Facts Of The Case Ld. Cit(A) Has Erred In Deleting The Addition Of Rs.2,50,938/- On A Wrong Appreciation Of Facts Ignoring The Provisions Of Section 37(1) Overrule The Judicial Pronouncement Of Cit Vs. Calcutta Agency Limited (1951) (191) Itr (Sc) Ii. That On The Facts & Circumstances Of The Case Ld. Cit(A) Has Erred In Deleting The Addition Of Rs.13,91,404/- On A Wrong Appreciation Of Facts Ignoring The Provisions Of Section 37 Of The It Act, 1961. Iii. That On The Facts Of The Case Ld. Cit(A) Has Erred In Deleting The Addition Of Rs.20,25,329/- On Wrong Appreciation Of Facts Ignoring The

TDS on the interest payment made to banking company to which the Banking Regulation Act, 1949 applies. The relevant extract of provision of Section 194A is reproduced below:- 14[Interest other than "Interest on securities". 15194A. 16(1) Any person, not being an individual or a Hindu undivided family, who is responsible for paying17 to a resident any income

AXIX OVERSEAS LTD,KOLKATA vs. ITO, WARD - 7(1), KOLKATA, KOLKATA

In the result, Revenue’s appeal is partly allowed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

3 Interest on car loan Rs. 80,558 4 Interest on TDS Rs. 6,315 5 Interest on term loan (SBI) Rs. 13,15,661 6 Interest on CC a/c Rs. 56,06,714 7 Interest on LC Rs. 81,77,928 Total Rs.1,71,36,916 The assessee, during the course of assessment proceedings, submitted that unsecured loan

I.T.O WD - 6(2),KOLKATA., KOLKATA vs. M/S AXIX OVERSEAS LTD, KOLKATA

In the result, Revenue’s appeal is partly allowed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

3 Interest on car loan Rs. 80,558 4 Interest on TDS Rs. 6,315 5 Interest on term loan (SBI) Rs. 13,15,661 6 Interest on CC a/c Rs. 56,06,714 7 Interest on LC Rs. 81,77,928 Total Rs.1,71,36,916 The assessee, during the course of assessment proceedings, submitted that unsecured loan

D.C.I.T WD - 9(3),KOLKATA, KOLKATA vs. M/S INDIAN LEASING & TRADING PVT LTD, KOLKATA

In the result the appeal of the revenue is dismissed

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am] Assessment Year : 2007-08 I.T.O., Ward-9(3) -Versus- M/S. Indian Leasing & Trading Kolkata Pvt.Ltd., Kolkata (Pan:Aaacf3904D) (Appellant ) (Respondent)

TDS provision and hence prayed for deletion of the disallowance. The contentions of the assessee were duly appreciated by the 4 M/s. Indian Leasing & Trading Pvt. Ltd. A.Y.2007-08 learned CIT(A), who deleted the disallowance. Aggrieved, the revenue is in appeal before us on the following grounds:- 5. On the facts and circumstances of the case

ACIT, CIRCLE-1, BURDWAN, BURDWAN vs. SHRI PINTU BHATTACHARJEE, BURDWAN

Appeal is dismissed accordingly

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2010-11 Acit, Circle-1, V/S. Shri Pintu Bhattacharjee Aayakar Bhavan, Court Memari Old Lic Math, G.T. Compound,Burdwan- Road, Memari, 713101 Burdwan-713146 [Pan No.Adepb 8283 D] .. अपीलाथ" /Appellant ""यथ"/Respondent S.M.S. Tauheed, Addl. Cit-Sr-Dr अपीलाथ" क" ओर से/By Appellant None ""यथ" क" ओर से/By Respondent 05-06-2018 सुनवाई क" तार"ख/Date Of Hearing 13-06-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Revenue’S Appeal For Assessment Year 2010-11 Is Directed Against The Commissioner Of Income Tax (Appeals)-Asamsol’S Order Dated 30.10.2014 In Case No.178/C.I.T.(A)/Asl/Acit/Cir-1/Bwn/13-14, Involving Proceedings U/S 143(3)/144A Of The Income Tax Act, 1961; In Short ‘The Act’. 2. The Revenue’S Identical Former Grievance Pleads That The Cit(A) Has Erred In Law As Well As On Facts On The Deleting Disallowance / Additions Of ₹39,94,137/- Pertaining To Higher Depreciation Rate Claimed On Transmit Complete Mixer & Loaders & Also Granting Relief Of ₹4,73,249/- Regarding Lower Loader Machine; Respectively. We Notice That Cit(A) Discuss In On This Issue Reads As Under:- “6. Ground 2 Is Against Not Granting Depreciation At Higher Rates For Concrete Mixers & Payloaders, Vibrator Soil Compactor Etc. Is Settled In The Cases Reported In Vikram Ispat Vs. State Of Maharastra Air 2003 Bombay 498 P

III(3)(ii) of schedule of rtes of depreciation read with note 6 to schedule of depreciation. The Assessing Officer is directed to grant the same and rework WDV. Ground 2 is allowed.” 3. Heard Learned DR strongly reiterated Revenue’s stand that the Assessing Officer had rightly deleted assessee’s higher depreciation claimed on both mixer as well

M/S INDUSTRIAL PERFORATION INDIA (P) LTD,KOLKATA vs. I.T.O. WD - 5(4),KOLKATA, KOLKATA

In the result, the appeal of the assessee is partly allowed

Bench: : Shri P.M. Jagtap & Shri S.S Viswanethra Ravi

194A(3)(iii)(a) of the IT Act, 1961. 2. On the other hand where there is no immediate discounting and the bank merely acting as agent receives on the expiry of the period the payment for the bill from the buyer on behalf of the supplier and credits it to him accordingly, the bank receives interest on behalf

ALCLAD FABRICATION PVT. LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-10(1), KOLKATA

In the result, the appeal of the assessee is partly allowed for statistical purpose

TDS is unwarranted & uncalled for as Kotak Mahindra Pvt Ltd is a wholly owned subsidiary of Kotak Mahindra Bank and has been in the list of notified exempted institution under section 194a(iii)(f) of Income Tax Act,1961. So Relief claimed Rs 1,93,407/- 3

HARBHAJAN SINGH,BURDWAN vs. I.T.O WD - 1(4),KOLKATA, ASANSOL

In the result, assessee’s appeal stands allowed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2008-09

iii), therefore, its true nature is nothing but added value of cost of purchase, hence no TDS was required to be deducted. The impugned payment had a direct link and immediate nexus with the trade liability being connected with the delayed purchase payment, hence, did not fall within the category of "interest" as defined

I.T.O WD - 8(3),KOLKATA, KOLKATA vs. M/S RUIA SONS PVT LTD., KOLKATA

In the result the appeal by the revenue is partly allowed

Bench: Hon’Ble Sri M.Balaganesh, Am & Shri Partha Sarathi Chaudhury, Jm] I.T.A No. 365/Kol/2013 Assessment Year : 2009-10 I.T.O., Ward-8(3), -Vs.- M/S. Ruia Sons Pvt. Ltd. Kolkata Kolkata [Pan : Aaccr 3949 Q] (Respondent) (Appellant) For The Appellant : Shri Arup Kumar Sinha, Cit For The Respondent : Shri Manoj Kataruka, Advocate

194A, 194C, 194 H, 194- I, and 194 J either at the time of payment or at the time of giving credit to the recipient, section 40(a)(ia) is not applicable. In view of the decision of the Special Bench of the Hon'ble ITAT, Vishakhapatnam (supra) relied upon by the appellant and also in view of the ratio

M/S TWENTY FIRST CENTURY SECURITIES LTD.,KOLKATA vs. THE ITO, WD-59(4) (TDS), KOLKATA, KOLKATA

In the result both the appeals are allowed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am ]

TDS has to be made at a lower rates. It was further submitted that it was the person to whom the payment is made i.e., the payee who has to obtain a certificate u/s.197 of ITA Nos.464&465/Kol/2014-M/s. Twenty First Century Securities Ltd A.Y.2008-09 & 2009-10 5 the Act. Before issue of a certificate u/s.197 of the Act, the payee

M/S STANDARD FINANCIAL CONSULTANTS PVT. LTD. ,KOLKATA vs. DCIT, CIR.7(2), KOLKATA

In the result, assessee’s appeal stands allowed

Bench: Sri Rajesh Kumar & Sonjoy Sarma

TDS was deposited within the due date of filing of income tax Page 3 of 7 I.T.A. No.: 178/KOL/2021 Assessment Year: 2015-16 M/s. Standard Financial Consultants Private Limited. returns and the deduction is allowable in terms of judgment of Hon’ble jurisdictional High Court in the case of CIT Vs. Virgin Creations in G.A. No. 3200 of 2011 & ITAT