M/S. VODAFONE ESSAR EAST LTD.,KOLKATA vs. JCIT, RANGE - 7, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

IB of the Act requires that the profits and gains should be derived from any business of the industrial undertaking. In other words, there need not necessarily be a direct nexus between the activity of an industrial undertaking and the profits and gains.’ The Appellant relies upon the following decisions in which the Tribunal benches as well as High Courts

M/S VODAFONE EAST LIMITED (FORMERLY KNOWN AS VODAFONE ESSAR EAST LIMITED),KOLKATA vs. ACIT, CIR-7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

IB of the Act requires that the profits and gains should be derived from any business of the industrial undertaking. In other words, there need not necessarily be a direct nexus between the activity of an industrial undertaking and the profits and gains.’ The Appellant relies upon the following decisions in which the Tribunal benches as well as High Courts

DCIT, CIRCLE - 7, KOLKATA, KOLKATA vs. VODAFONE ESSAR EAST LIMITED, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

IB of the Act requires that the profits and gains should be derived from any business of the industrial undertaking. In other words, there need not necessarily be a direct nexus between the activity of an industrial undertaking and the profits and gains.’ The Appellant relies upon the following decisions in which the Tribunal benches as well as High Courts

ACIT, CIRCLE - 7, KOLKATA vs. HUTCHISON TELECOM EAST LIMITED, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

IB of the Act requires that the profits and gains should be derived from any business of the industrial undertaking. In other words, there need not necessarily be a direct nexus between the activity of an industrial undertaking and the profits and gains.’ The Appellant relies upon the following decisions in which the Tribunal benches as well as High Courts

M/S. VODAFONE ESSAR EAST LTD.,KOLKATA vs. ADDL. CIT, RANGE - 7, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

IB of the Act requires that the profits and gains should be derived from any business of the industrial undertaking. In other words, there need not necessarily be a direct nexus between the activity of an industrial undertaking and the profits and gains.’ The Appellant relies upon the following decisions in which the Tribunal benches as well as High Courts

M/S. VODAFONE ESSAR EAST LIMITED,KOLKATA vs. ACIT, CIRCLE - 7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

IB of the Act requires that the profits and gains should be derived from any business of the industrial undertaking. In other words, there need not necessarily be a direct nexus between the activity of an industrial undertaking and the profits and gains.’ The Appellant relies upon the following decisions in which the Tribunal benches as well as High Courts

DCIT, CIRCLE -8, KOLKATA, KOLKATA vs. M/S. WEST BENGAL LOTTERY STOCKISTS SYNDICATE(P)LTD, KOLKATA

In the result, the appeal of the Revenue is dismissed and cross objection of the assessee is allowed

Bench: Shri Waseem Ahmed, A.M. & Shri S.S.Viswanethra Ravi, J.M.)

section 142(1) of the Act was issued with detailed questionnaire. 4. Ground No-1 relating to addition of Rs.69,59,120/- made by the AO considering the income determined from unsold lottery wining (prize) money. 5. The assessee is a dealer of lottery tickets and won some prize money on the unsold stock of lottery ticket. The AO observed

M/S. COSMIC FERRO ALLOYS LTD.,KOLKATA vs. DCIT, CIRCLE -1(2), KOLKATA

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

IB) No. 898/KB/2018 under section 31 of the Insolvency & Bankruptcy Code, 2016 (in short the ‘Code’) read with section 7 & 30 of the Code and Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 3 AY 2013-14 Cosmic Ferro Alloys Ltd. ii. Copy of Binding Resolution Plan for the assessee company pursuant to the Code

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

IB) The provisions of this section shall not apply where the amount of any income of the nature referred to in sub-section (1) or sub-section (1A), as the case may be, or the aggregate of the amounts of such incomes credited or paid or likely to be credited or paid during the previous year in which such income

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

IB) The provisions of this section shall not apply where the amount of any income of the nature referred to in sub-section (1) or sub-section (1A), as the case may be, or the aggregate of the amounts of such incomes credited or paid or likely to be credited or paid during the previous year in which such income

DCIT, C.C. I, KOLKATA, KOLKATA vs. AMARNATH SHROFF, KOLKATA

In the result ITA Nos.1797 to 1800/Kol/2009 are allowed while ITA Nos

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

56,46,339/-. The A.O. had accepted the disclosures made by the Assessee and assessed the Assessee as under :- Asst.Year Income admitted Income Income assessed Net tax payable u/s 139(1) disclosed u/s u/s 153A u/s 153A (Rs.) 153A

AMAR NATH SHROFF,KOLKATA vs. DY. COMMISSIONER OF INCOME TAX, KOLKATA

In the result ITA Nos.1797 to 1800/Kol/2009 are allowed while ITA Nos

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

56,46,339/-. The A.O. had accepted the disclosures made by the Assessee and assessed the Assessee as under :- Asst.Year Income admitted Income Income assessed Net tax payable u/s 139(1) disclosed u/s u/s 153A u/s 153A (Rs.) 153A

D.C.I.T.,-CENTRAL CIRCLE-2(4), KOLKATA vs. M/S IDEAL HEIGHTS PVT. LTD., KOLKATA

In the result, the appeal of revenue is dismissed

56,633/-( Rs 14,20,33,832/-, Rs.8, 80,22 801/-, is no eligible for deduction u/s 80IB(10). Total deduction claimed-by the assessee u/s. 80IB is Rs 46,93,10,980/- and the total sales of the undertaking is Rs 53,678, ,484/- as per Form 10CCB submitted by the assessee. Applying the same ratio the deduction

M/S. SALARPURIA PROPERTIES PVT. LTD., ,KOLKATA vs. DCIT, CIRCLE - 1, KOLKATA, KOLKATA

In the result, assessee’s appeal in ITA No

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

IB of the Act provided the Industrial Park is notified by the Central Govt under Industrial Park Scheme, 2008.The assessee has furnished the notifications issued by CBDT in respect of all the projects except “Salarpuria Touchstone” in respect of which the assessee has claimed deduction u/s 80IA to the tune of Rs. 6,81,07,687/-. According to the assessee