M/S PREMIER IRRIGATION ADRITEC (P) LTD.,KOLKATA vs. ACIT, CIR-11(1), KOLKATA , KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawal

gains of business or profession’. The interest on late payment of TDS, is not covered either under the provision of sections 30 to 36 of the Act, nor it qualifies as expenditure wholly and exclusively incurred for the purpose of business or profession u/s 37 of the Act. Even u/s 36(1) (iii) of the Act, the amount of interest

PRADYUMNA DALMIA BENEFICIARY TRUST,KOLKATA vs. ADIT(CPC)/I.T.O., WARD - 33(2), , KOLKATA

In the result, both the appeals filed by the assessee are allowed

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act) apply, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that

MITUL PRAVINCHANDRA MALANI, ,KOLKATA vs. ACIT, CIR. 33, KOLKATA

In the result, the appeal of the assessee is partly allowed while the penalty of ₹9,560/- imposed is hereby cancelled

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2014-15

1A, 1st Floor, 12, Income Tax, Circle 33, Ho Chi Minh Sarani, Vs Kolkata, Kolkata - 700071 10B, Middleton Row, (PAN: AJHPM7946B) Kolkata - 700071 (Appellant) (Respondent) Present for: Assessee by : Anil Kochar, Advocate Respondent by : Subhendu Datta, CIT DR Monali Shaha Mukherjee, JCIT Date of Hearing : 25.07.2024 Date of Pronouncement : 17.10.2024 O R D E R PER RAKESH MISHRA, ACCOUNTANT MEMBER

DCIT, CC-1(4), KOLKATA, KOLKATA vs. KKALPANA INDUSTRIES INDIA LIMITED, KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri George Mathan & Shri Sanjay Awasthiआयकर अपील सं/Ita No.452/Kol/2025 (निर्धारण वर्ा / Assessment Year : 2016-2017) Dcit, Cc-1(4), Kolkata Vs Kkalpana Industries India Ltd. 2B, Pretoria Street, Middleton Row, Kolkata-700071 Pan No. :Aabck 2239 D (अपीलधर्थी /Appellant) .. (प्रत्यर्थी / Respondent) निर्धाररती की ओर से /Assessee By : Shri S.K.Tulsiyan, Advocate & Ms. Puja Somani, Ca रधजस्व की ओर से /Revenue By : Shri P.N.Barnwal, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 24/06/2025 घोषणा की तारीख/Date Of Pronouncement : 25/06/2025 आदेश / O R D E R Per George Mathan, Jm : This Is An Appeal Filed By The Revenue Against The Order Dated 13.11.2024, Passed By The Ld. Cit(A), Kolkata-20, Passed In Din & Order No.Itba/Apl/S/250/2024-25/1070338584(1), For The Assessment Year 2016-2017. 2. Shri P.N.Barnwal, Ld.Cit-Dr Appeared On Behalf Of The Revenue & Shri S.K.Tulsiyan, Advocate With Ms. Puja Somani, Ca, Appeared On Behalf Of The Assessee. 3. A Perusal Of The Appeal Record, We Find That The Appeal Of The Revenue Has Been Filed Belatedly By 28 Days. In This Regard, The Revenue Has Filed An Application For Condonation Of Delay Stating Sufficient Reasons Which Are Plausible & Not Found To Be False. Thus, The Delay Of 28 Days In Filing The Appeal Is Condoned & Appeal Is Admitted For Hearing.

Capital Gains as per provisions of section 45(1A) of the Act, however, the difference of income claim receivable and insurance

UNIVERSAL TRADING COMPANY LIMITED,KOLKATA vs. DCIT, CIRCLE 5(1), KOLKATA

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

capital of the company.] 8. On perusal of the above, it shall be noted that, u/s 115O(1) of the Act, an assessee company is required to pay additional income tax on the dividends distributed or paid by the company. Sub-section (1A) further provides that, the amount on which such additional income tax is payable shall be reduced

BIJNI DOOARS TEA COMPANY LTD. ,KOLKATA vs. PCIT, KOL-2, KOL, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2018-19 Bijni Dooars Tea Company Principal Commissioner Of Ltd. Income-Tax, Kolkata-2, 4Th Floor, Room No. 1, Kolkata. Vs. Shantiniketan, 8, Camac Street, Kolkata-700017. (Pan: Aabcb1013E) (Appellant) (Respondent)

Capital Gains as per the normal provisions of the Act.. .. there was no malafide intention of the assessee company to make such a mistake." (page 22 of the Paper Book) First of all, the AR of the assessee admits that mistakes have been made. Secondly, he also admits that particulars of DOT are part and parcel of both

ALOSHA MARKETING PVT. LTD.,KOLKATA vs. ACIT, CIR. 4(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Dr. Manish Borad (Accountant Member)

gain during the year. There is no exemption claimed under section 10(38) of 6 Alosha Marketing Pvt. Ltd. the Act at Rs.5,47,749/- in the income tax return. A copy of the said return is placed at page 43 of the paper book and computation is placed at page 28. Even in the Profit & Loss Account, net income

M/S. NKA COMMERCIAL PVT. LTD. (SUCCESSOR OF M/S. NK ENTERPRISES (P) LTD,SINCE AMALGAMATED),KOLKATA vs. ITO,WD-3(1), KOLKATA. , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumari.T.A. No. 1106/Kol/2023 Assessment Year: 2015-2016 M/S. Nka Commercialprivate Limited,.........Appellant (Successor Of M/S. Nk Enterprises (P) Ltd. Since Amalgamated) Unit 1304, Plot No. Ai-4, Ergo Building, Ep/Gp Block, Sector-V, Salt Lake, Kolkata-700091 [Pan: Aaccn3159Q] -Vs.- Income Tax Officer,.................................Respondent Ward-3(1), Kolkata, Aayakar Bhawan, 4Th Floor, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri Ankit Jalan, A.R., Appeared On Behalf Of The Assessee Shri Amitava Sen, Addl. Cit, D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : December 18, 2023 Date Of Pronouncing The Order: December 26, 2023 O R D E R

capital gain has wrongly been computed and 3 Assessment Year: 2015-2016 M/s.NKA Commercial Private Limited charged to tax. The ld. A.R. relied on the decision of the Hon’ble Jurisdictional High Court in the case of PCIT –vs.- Emporis Properties Pvt. Limited reported in (2023) 151 taxmann.com 64 (Calcutta), wherein a similar issue has been decided in favour

DCIT, CIR-5(1), , KOLKATA vs. M/S COAL INDIA LTD., KOLKATA

gain on marked-to-\nmarket forex loss in AY 2009-10. It is also stated that Marked-to-market\nforeign exchange loss is an ‘expenditure' allowable as deduction under\nsection 37 of the Act and Marked-to-market loss is not notional or\ncontingent in nature, but 'crystallized loss'allowable as deduction\nunder section 37 of the Act in view

DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA vs. M/S. COAL INDIA LIMITED , KOLKATA

gain on marked-to- market forex loss in AY 2009-10. It is also stated that Marked-to-market foreign exchange loss is an ‘expenditure' allowable as deduction under section 37 of the Act and Marked-to-market loss is not notional or contingent in nature, but 'crystallized loss'allowable as deduction under section 37 of the Act in view

DCIT, CIR-5(1), , KOLKATA vs. M/S COAL INDIA LTD., KOLKATA

gain on marked-to-\nmarket forex loss in AY 2009-10. It is also stated that Marked-to-market\nforeign exchange loss is an ‘expenditure' allowable as deduction under\nsection 37 of the Act and Marked-to-market loss is not notional or\ncontingent in nature, but 'crystallized loss'allowable as deduction\nunder section 37 of the Act in view

DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA vs. M/S. COAL INDIA LIMITED , KOLKATA

In the result, the appeals filed by the assessee in ITA Nos

gain on marked-to-\nmarket forex loss in AY 2009-10. It is also stated that Marked-to-market\nforeign exchange loss is an ‘expenditure' allowable as deduction under\nsection 37 of the Act and Marked-to-market loss is not notional or\ncontingent in nature, but 'crystallized loss'allowable as deduction\nunder section 37 of the Act in view

INCOME TAX OFFICER, INCOME TAX DEPARTMNT(EXEMPTION) vs. GUJRATI RELIEF SOCIETY, KOLKATA

In the result, the appeal of the revenue stands dismissed

Bench: Shri Sanjay Garg & Shri Sanjay Awasthii.T.A. No.166/Kol/2024 Assessment Year: 2013-14 Ito, Itd (Exemption)…....…………….....……………....………....Appellant Vs. Gujrati Relief Society, Kolkata...........................................…..…..... Respondent 28B, Dr. Rajendra Road, Bhawanipore, Kol-20. [Pan: Aabag0660J] Appearances By: Shri A. Kundu, Cit-Dr, Appeared On Behalf Of The Appellant. Shri Miraj D. Shah, Ar, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : August 27, 2024 Date Of Pronouncing The Order : August 28, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Revenue Against The Order Dated 07.12.2023 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Revenue In This Appeal Has Taken The Following Grounds Of Appeal: “1. Whether On The Facts & Circumstances Of The Case, The Cit(A) Has Erred In Allowing The Assessee'S Appeal For Deleting The Disallowance Made U/S 143(3) On Account Of Exemption U/S 11 (1A) Of The Act To The Tune Of Rs.7,57,96,828/ - Despite The Facts That The Procurement Of New Capital Asset For Claiming Benefit U/S 11{A) Was Not Made Within The Relevant F. Y 2012-13 & Also Did Not Set Apart Any Fund Either Under Explanation 2 To Section 11/1) Or Under Section 1L(2).

1A) of the Act, of Rs.7,57,96,828/- wherein the Ld. CIT(A) had ignored section l1(A) that exemption on capital gains

M/S. COAL INDIA LIMITED ,KOLKATA vs. DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA

gain on marked-to-\nmarket forex loss in AY 2009-10. It is also stated that Marked-to-market\nforeign exchange loss is an ‘expenditure' allowable as deduction under\nsection 37 of the Act and Marked-to-market loss is not notional or\ncontingent in nature, but 'crystallized loss'allowable as deduction\nunder section 37 of the Act in view

COAL INDIA LIMITED ,KOLKATA vs. DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA

gain on marked-to-\nmarket forex loss in AY 2009-10. It is also stated that Marked-to-market\nforeign exchange loss is an ‘expenditure' allowable as deduction under\nsection 37 of the Act and Marked-to-market loss is not notional or\ncontingent in nature, but 'crystallized loss'allowable as deduction\nunder section 37 of the Act in view

SRI SANTOSH SALAMPURIA,BANKURA vs. I.T.O. WARD-3(1), BANKURA

In the result, appeal of the assessee is allowed

Bench: SHRI GEORGE MATHAN (Judicial Member)

1A) of the Act. On a plain reading of the statutory provisions, there exists no express bar either in section 87A or section 111A for denial of rebate in respect of tax payable on short- term capital gains

M/S.G.S. ATWAL & CO.(ENGG) (P)LTD.,KOLKATA vs. DCIT, CIR-11(1), KOLKATA

In the result, both the appeals of the assessee are dismissed

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

gains of business or profession'. The interest on late payment of TDS, is not covered either under the provision of sections 30 to 36 of the Act, nor it qualifies as expenditure wholly and exclusively incurred for the purpose of business or profession u/s 37 of the Act. Even u/s 36(1)(iii) of the Act, the amount of interest

M/S.G.S. ATWAL & CO.(ENGG)(P)LTD,KOLKATA vs. DCIT, CIR-11(1), KOLKATA

In the result, both the appeals of the assessee are dismissed

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

gains of business or profession'. The interest on late payment of TDS, is not covered either under the provision of sections 30 to 36 of the Act, nor it qualifies as expenditure wholly and exclusively incurred for the purpose of business or profession u/s 37 of the Act. Even u/s 36(1)(iii) of the Act, the amount of interest