DCIT, CIR-10(2), KOLKATA, KOLKATA vs. M/S YAMAI FASHION PVT. LTD., KOLKATA

Appeals are dismissed as involving lower than the prescribed tax effect of ₹20 lac therefore

Bench: Shri S.S.Godara & Shri M. Balaganesh

gains of business. The said provision has to be given full effect and this means and implies that the duty draw back or duty benefits would be deemed to be part of the business income. Thus, will be treated as profit derived from business of the undertaking. This cannot be excluded. Even otherwise when we apply sub Section

DCIT, CIRCLE - 10(2), KOLKATA, KOLKATA vs. M/S. YAMAI FASHION PVT. LTD., KOLKATA

Appeals are dismissed as involving lower than the prescribed tax effect of ₹20 lac therefore

Bench: Shri S.S.Godara & Shri M. Balaganesh

gains of business. The said provision has to be given full effect and this means and implies that the duty draw back or duty benefits would be deemed to be part of the business income. Thus, will be treated as profit derived from business of the undertaking. This cannot be excluded. Even otherwise when we apply sub Section

HINDUSTAN GUM & CHEMICALS LTD.,KOLKATA vs. THE DCIT, CIR-12(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is partly allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 1410/Kol/2016 Assessment Year : 2010-11 Hindustan Gum & Chemicals Ltd. -Vs- Dcit, Circle-12(1), Kolkata [Pan: Aaach 7214 E] (Appellant) (Respondent) I.T.A No. 1601 /Kol/2016 Assessment Year : 2010-11 Dcit, Circle-12(1), Kolkata -Vs- Hindustan Gum & Chemicals Ltd. [Pan: Aaach 7214 E] (Appellant) (Respondent) For The Appellant : Shri J.P. Khaitan, Sr. Advocate Shri Vinod Sharma, Ca For The Respondent : Shri Sallong Yaden, Addl. Cit

section 143(3) of the Income Tax Act, 1961 (in short “the Act”) dated 11.03.2014 for the Assessment Years 2010-11. Hindustan Gum & Chemicals Ltd. A.Yr. 2010-11 2. Disallowance u/s 14A read with Rule 8D of the Rules: Ground No.1 of assessment year 2010-11 Ground No. 3 of assessment year 2010-11 The brief facts of this issue

DCIT, CIRCLE-12(1), KOLKATA, KOLKATA vs. M/S HINDUSTHAN GUM & CHEMICALS LTD., KOLKATA

In the result, the appeal of the assessee is partly allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 1410/Kol/2016 Assessment Year : 2010-11 Hindustan Gum & Chemicals Ltd. -Vs- Dcit, Circle-12(1), Kolkata [Pan: Aaach 7214 E] (Appellant) (Respondent) I.T.A No. 1601 /Kol/2016 Assessment Year : 2010-11 Dcit, Circle-12(1), Kolkata -Vs- Hindustan Gum & Chemicals Ltd. [Pan: Aaach 7214 E] (Appellant) (Respondent) For The Appellant : Shri J.P. Khaitan, Sr. Advocate Shri Vinod Sharma, Ca For The Respondent : Shri Sallong Yaden, Addl. Cit

section 143(3) of the Income Tax Act, 1961 (in short “the Act”) dated 11.03.2014 for the Assessment Years 2010-11. Hindustan Gum & Chemicals Ltd. A.Yr. 2010-11 2. Disallowance u/s 14A read with Rule 8D of the Rules: Ground No.1 of assessment year 2010-11 Ground No. 3 of assessment year 2010-11 The brief facts of this issue

DCIT, CIR-12, KOLKATA, KOLKATA vs. M/S HINDUSTAN GUMS & CHEMICAL LTD., KOLKATA

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

Bench: Shri M. Balaganesh, Am & Shri Partha Sarathi Chaudhury, Jm]

Gains incorporated in Subsection (4), the assessee is entitled to the benefit of exemption of the said amount as contemplated under Section 10B of the Act. Therefore, the Tribunal was justified in extending the benefit to the aforesaid amounts also. We do not find any merit in these appeals. Therefore, the first substantial question of law raised

HINDUSTAN GUM & CHEMICALS LTD.,KOLKATA vs. THE DCIT, CIR-12, KOLKATA, KOLKATA

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

Bench: Shri M. Balaganesh, Am & Shri Partha Sarathi Chaudhury, Jm]

Gains incorporated in Subsection (4), the assessee is entitled to the benefit of exemption of the said amount as contemplated under Section 10B of the Act. Therefore, the Tribunal was justified in extending the benefit to the aforesaid amounts also. We do not find any merit in these appeals. Therefore, the first substantial question of law raised

ARIF HUSNAIN,KOLKATA vs. ITO, WARD-32(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri P.M. Jagtap

section 2(47) as rightly held by the authorities below. In the case of Sanjeev Lal (supra) cited by the ld. Counsel for the assessee, the facts involved were entirely different from the facts of the assessee’s case, inasmuch as, an agreement to sale in respect of capital asset in that case had been executed on December

ACIT, CIRCLE-32, KOLKATA, KOLKATA vs. MRS. ISHITA MOHATTA, KOLKATA

In the result the Cross Objection, No

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am Acit, Cir-32, Kolkata Vs. Mrs. Ishita Mohatta 10B, Middleton Row, 3Rd Floor, Kolkata – 24, Park Street, Magma House, 9Th Floor, Kolkata – 700 071. 700 016. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Ajfpk 3943 P (अपीलाथ" /Assessee) (""यथ" / Respondent) .. & Co No.45/Kol/2018 (Assessment Year: 2013-14) Vs. Acit, Cir-32, Kolkata Mrs. Ishita Mohatta 24, Park Street, Magma House, 9Th 10B, Middleton Row, 3Rd Floor, Floor, Kolkata – 700 016. Kolkata – 700 071. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Ajfpk 3943 P (अपीलाथ" /Assessee) (""यथ" / Respondent) ..

10B, Middleton Row, 3rd Floor, Floor, Kolkata – 700 016. Kolkata – 700 071. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AJFPK 3943 P (अपीलाथ" /Assessee) (""यथ" / Respondent) .. Assessee by : Shri Kapil Mondal, JCIT, Sr. DR Respondent by : Shri S. Jhajharia, AR सुनवाई क" तार"ख / Date of Hearing : 19/09/2018 घोषणा क" तार"ख/Date of Pronouncement: 28/11/2018 आदेश

ORIENTAL CHARITABLE FOUNDATION,KOLKATA vs. CIT(EXEMPTIONS), KOLKATA

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

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2017-18

gains should be made to acquire another capital asset. 4. That in the facts and circumstances of the case, the Ld. CIT (Exemption), Kolkata has erred in coming to conclusion that utilization of corpus fund of Rs.8,71,03,846/- towards charitable activities is in contravention of section 11(1)(d) of the Act although the corpus fund was utilized

DCIT, CIRCLE - 11(1), KOLKATA, KOLKATA vs. M/S. J. J. EXPORTERS LTD., KOLKATA

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

gain, and viii. Other incomes not pertaining to the operations Similarly, the following expenses which are non-operating and provisions are excluded from operating expenses: i. Provisions other than provisions for bad debts ii. Loss on sale of assets/investments iii. Loss on revaluation of assets iv. Foreign exchange loss v. Other expenses not pertaining to the operations. Similarly, extra ordinary

DCIT, CIRCLE - 11(1), KOLKATA, KOLKATA vs. M/S. J. J. EXPORTERS LTD., KOLKATA

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

gain, and viii. Other incomes not pertaining to the operations Similarly, the following expenses which are non-operating and provisions are excluded from operating expenses: i. Provisions other than provisions for bad debts ii. Loss on sale of assets/investments iii. Loss on revaluation of assets iv. Foreign exchange loss v. Other expenses not pertaining to the operations. Similarly, extra ordinary

ITO, WARD - 7(2), KOLKATA, KOLKATA vs. M/S. WIZARD ENTERPRISES PVT. LTD., KOLKATA

In the result, the appeals of the revenue are dismissed and cross objections of the assessee are allowed as stated above

Bench: : Shri Mahavir Singh & Shri M. Balaganesh

capital goods. The assessee has furnished the Registration under the Software Technology Park Scheme of India vide approval No. STPIM/PCMG/PSE/02/199-7492 dated 17.2.2003 registering the assessee as an 100% EOU. The copy of the said certificate is enclosed at pages 105 to 109 of the paper book alongwith the copy of the agreement entered into by the assessee company with STPI

I.T.O WD - 7(2),KOLKATA., KOLKATA vs. M/S WIZARD ENTERPRISES PVT LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: : Shri S.S Viswanethra Ravi

capital goods. The assessee has furnished the Registration under the Software Technology Park Scheme of India vide approval No. STPIM/PCMG/PSE/02/199-7492 dated 17.2.2003 registering the assessee as an 100% EOU. The copy of the said certificate is enclosed at pages 105 to 109 of the paper book alongwith the copy of the agreement entered into by the assessee company with STPI

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. I M C LTD, KOLKATA

Appeal is dismissed

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

capital gain income in the revised return of income which is within the provisions of the law. As such the AO has not brought any defect in the books of accounts and in the revised return. The assessee has been showing investments in the audited financial statements. The ld. DR has also not brought anything on record to controvert

M/S. IMC LTD.,KOLKATA vs. DCIT, CIRCLE - 11, KOLKATA, KOLKATA

Appeal is dismissed

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

capital gain income in the revised return of income which is within the provisions of the law. As such the AO has not brought any defect in the books of accounts and in the revised return. The assessee has been showing investments in the audited financial statements. The ld. DR has also not brought anything on record to controvert

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. IMC LTD., KOLKATA

Appeal is dismissed

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

capital gain income in the revised return of income which is within the provisions of the law. As such the AO has not brought any defect in the books of accounts and in the revised return. The assessee has been showing investments in the audited financial statements. The ld. DR has also not brought anything on record to controvert

LIMTEX INFOTECH LTD.,,KOLKATA vs. ITO, WARD - 7(4), KOLKATA , KOLKATA

In the result, the appeals of the revenue are dismissed and cross objections of the assessee are allowed as stated above

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1368/Kol/2017 Assessment Year : 2010-11 Limtex Infotech Ltd. -Vs- Ito, Ward-7(4), Kolkata. [Pan: Aabcl 0088 R] (Appellant) (Respondent)

capital goods. The assessee has furnished the Registration under the Software Technology Park Scheme of India vide approval No. STPIM/PCMG/PSE/02/199-7492 dated 17.2.2003 registering the assessee as an 100% EOU. The copy of the said certificate is enclosed at pages 105 to 109 of the paper book alongwith the copy of the agreement entered into by the assessee company with STPI

ITO, WARD - 8(2), KOLKATA , KOLKATA vs. M/S. WIZARD ENTERPRISE PVT. LTD., , KOLKATA

The appeals are dismissed

Bench: Shri J.Sudhakar Reddy & Shri S.S.Godaraassessment Year: 2011-12

capital goods. The assessee has furnished the Registration under the Software Technology Park Scheme of India vide approval No. STPIM/PCMG/PSE/02/199-7492 dated 17.2.2003 registering the assessee as an 100% EOU. The copy of the said certificate is enclosed at pages 105 to 109 of the paper book alongwith the copy of the agreement entered into by the assessee company with STPI