JYOTI JHA,JAIPUR vs. ACIT (IT), CIRCLE-2(1), KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Dr. Manish Borad, Hon’Ble & Shri Sanjay Garg, Hon’Blei.T.A. No. 225/Kol/2023 Assessment Year: 2014-15 Jyoti Jha Acit(It), Circle-2(1), Kolkata Kalani & Co. Chartered Accountants Vs 5Th Floor, Milestone Building Gandhinagar Turn Tonk Road Jaipur - 302015 [Pan : Aezpj7440J] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri P.C. Parwal, Fca Revenue By : Shri Sunil Kr. Agarwala, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 10/08/2023 घोषणा क" तारीख /Date Of Pronouncement: 16/10/2023 आदेश/O R D E R Per Dr. Manish Borad: The Above Captioned Appeal Is Directed At The Instance Of The Assessee Against The Directions Of The Dispute Resolution Panel – 2, New Delhi, (Hereinafter The “Ld. Drp”) Dt. 05/12/2022, Passed U/S 144C(5) Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2014-15. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. The Ld. Ao Has Erred On Facts & In Law In Assessing The Income Under The Head Capital Gain At Rs.41,46,0917- As Against Nil Income Declared By The Assessee On The Basis Of Direction Of Drp Ignoring That The Amount Of Capital Gain Has Been Invested In Purchase Of Flat Before The Time Available For Filing The Return U/S 139 & Thus Eligible For Deduction U/S 54 Of The Act Even If The Sale Deed Was Executed Subsequently. He Has Further Erred In Observing That Assessee Has Failed To Produce Documentary Evidence In Support Of Claim Ignoring That The Same Was Filed Before The Drp. 2. The Ld. Ao Has Erred On Facts & In Law In Making Addition Of Rs. 7,41,700/- In Respect Of Cash Deposit In The Bank Account U/S 68 Of The Act As Per The Direction Of Drp. He Has Further Erred In Holding That Assessee Failed To Produce Documentary Evidence In Support Of Averments In The Affidavit.

Section 54 of the Act, the assessee can claim the exemption/deduction for the investment in the new house which is purchased one year prior to the date of sale or has been purchased two years from the date of sale or has constructed a house within three years from the date of sale which has given rise to the capital

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. DOLLAR HOLDING PVT. LTD., KOLKATA

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

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

gain, etc. Accordingly, the assessee was called upon to furnish the details which were furnished by the assessee by submitting that the ITA Nos.1728 & 1729/KOL/2024 Dollar Holding Pvt. Ltd; A.Y. 15-16 and 17-18 amalgamating company as on the date of merger had investments amounting to ₹93,01,00,000/- which was acquired by the assessee company pursuant

DEPUTY COMMISSOENR OF INCOME TAX, KOLKATA vs. DOLLAR HOLDING PVT. LTD., KOLKATA

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

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

gain, etc. Accordingly, the assessee was called upon to furnish the details which were furnished by the assessee by submitting that the ITA Nos.1728 & 1729/KOL/2024 Dollar Holding Pvt. Ltd; A.Y. 15-16 and 17-18 amalgamating company as on the date of merger had investments amounting to ₹93,01,00,000/- which was acquired by the assessee company pursuant

BRGD SPONGE & IRON PVT. LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

In the result, the appeal of the Revenue is dismissed and the appeal\nof the assessee is allowed

239\n11.3. We also refer to the details of opening stock, purchases, sales and\nclosing stock during the year, placed on record by the assessee:\nSI\nNo Name of the Script\nOpening\nBalance\nAmount\nPurchases\nAmount\nSales\nAmount\nClosing\nBalance\nAmount\n1\nBellona Supply Pvt. Ld.\n1,24,57,344\n0\n1,24,57,344\n0\n2\nP N Jewelers

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BRGD SPONGE & IRON PRIVATE LIMITED , KOLKATA

In the result, the appeal of the Revenue is dismissed and the appeal\nof the assessee is allowed

239\n11.3. We also refer to the details of opening stock, purchases, sales and\nclosing stock during the year, placed on record by the assessee:\nSI\nNo Name of the Script\nOpening\nBalance\nAmount\nPurchases\nAmount\nSales\nAmount\nClosing\nBalance\nAmount\n1\nBellona Supply Pvt. Ld.\n1,24,57,344\n0\n1,24,57,344\n0\n2\nP N Jewelers

BIG BOSS FOODS PVT. LTD.,BURDWAN vs. ACIT, CIR. 1, BURDWAN

In the result, the appeal filed by the assessee is allowed

Bench: Sri Rajesh Kumar & Pradip Kumar Choubey

239 CTR (Delhi) 65 Page 2 of 7 I.T.A. No.: 398/KOL/2024 Assessment Year: 2013-14 Big Boss Foods Pvt. Ltd. vi) German Remedies Ltd. Vs. DCIT (2006) 285 INCOME TAX RETURN 26 vii) Asteriods Trading and Investment (P) Ltd. Vs. DCIT (2009) 308 ITR 190 (Bombay) In all the decisions it has been held that there being no new material

DCIT, CIRCLE-35, KOLKATA, KOLKATA vs. M/S. INDIAN COAL AGENCY, KOLKATA

In the result, the appeal for AY 2013-14 is partly allowed

Bench: Sonjoy Sarma & Sri Rakesh Mishra

gains are computed under section 10 of 1922 Act. Again where the cash system is adopted, there is no question of bad debts or outstandings at all, in the case of mercantile system against the book profits some of the bad debts may have to be set off when they are found to be irrecoverable. Besides the cash system

INDIAN COAL AGENCY,KOLKATA vs. DCIT, CIRCLE-35, KOLKATA, KOLKATA

In the result, the appeal for AY 2013-14 is partly allowed

Bench: Sonjoy Sarma & Sri Rakesh Mishra

gains are computed under section 10 of 1922 Act. Again where the cash system is adopted, there is no question of bad debts or outstandings at all, in the case of mercantile system against the book profits some of the bad debts may have to be set off when they are found to be irrecoverable. Besides the cash system

INDIAN COAL AGENCY,KOLKATA vs. PRINCIPAL CIT, CIRCLE - 12, KOLKATA , KOLKATA

In the result, the appeal for AY 2013-14 is partly allowed

Bench: Sonjoy Sarma & Sri Rakesh Mishra

gains are computed under section 10 of 1922 Act. Again where the cash system is adopted, there is no question of bad debts or outstandings at all, in the case of mercantile system against the book profits some of the bad debts may have to be set off when they are found to be irrecoverable. Besides the cash system

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

capital expenditure mentioned is varied when such liability\ncrystalises in the year of payment. Hence, the mark-to-market loss\nbeing only a notional loss for the purpose of the books of account of the\nassessee and no crystallization of such loss having been occurred\nduring the year, such loss has rightly been disallowed by the Ld. AO\nwhich

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

capital expenditure mentioned is varied when such liability crystalises in the year of payment. Hence, the mark-to-market loss being only a notional loss for the purpose of the books of account of the assessee and no crystallization of such loss having been occurred during the year, such loss has rightly been disallowed by the Ld. AO which

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

capital expenditure mentioned is varied when such liability\ncrystalises in the year of payment. Hence, the mark-to-market loss\nbeing only a notional loss for the purpose of the books of account of the\nassessee and no crystallization of such loss having been occurred\nduring the year, such loss has rightly been disallowed by the Ld. AO\nwhich

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

capital expenditure mentioned is varied when such liability\ncrystalises in the year of payment. Hence, the mark-to-market loss\nbeing only a notional loss for the purpose of the books of account of the\nassessee and no crystallization of such loss having been occurred\nduring the year, such loss has rightly been disallowed by the Ld. AO\nwhich

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

capital expenditure mentioned is varied when such liability\ncrystalises in the year of payment. Hence, the mark-to-market loss\nbeing only a notional loss for the purpose of the books of account of the\nassessee and no crystallization of such loss having been occurred\nduring the year, such loss has rightly been disallowed by the Ld. AO\nwhich

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

capital expenditure mentioned is varied when such liability\ncrystalises in the year of payment. Hence, the mark-to-market loss\nbeing only a notional loss for the purpose of the books of account of the\nassessee and no crystallization of such loss having been occurred\nduring the year, such loss has rightly been disallowed by the Ld. AO\nwhich

TDK INDIA PRIVATE LTD. ,KOLKATA vs. DCIT, CPC-TDS, UTTAR-PRADESH

In the result, the appeal of the revenue is dismissed

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 393, 394, 395 & 396/Kol/2023 Assessment Year: 2019-20 Tdk India Private Limited Deputy Commissioner Of Income Kulia Kanchrapara Road Vs Tax - Cpc, Tds P.O. Netaji Subhas Sanatorium Kalyani Nadia - 741251 [Pan : Aaaci6950Q] अपीलाथ"/ (Assessee ) "" यथ"/ (Respondent)

239(Kol), the Tribunal has held that the protocol to the DTAA is an integral and indispensable part of the tax treaty and furthermore, the benefit of lower rate as prescribed in the protocol for fees for technical services under the relevant tax Treaty is not dependent on any further unilateral action or issuance of notification by the respective Governments

TDK INDIA PRIVATE LTD. ,KOLKATA vs. DCIT, CPC-TDS, UTTAR-PRADESH

In the result, the appeal of the revenue is dismissed

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 393, 394, 395 & 396/Kol/2023 Assessment Year: 2019-20 Tdk India Private Limited Deputy Commissioner Of Income Kulia Kanchrapara Road Vs Tax - Cpc, Tds P.O. Netaji Subhas Sanatorium Kalyani Nadia - 741251 [Pan : Aaaci6950Q] अपीलाथ"/ (Assessee ) "" यथ"/ (Respondent)

239(Kol), the Tribunal has held that the protocol to the DTAA is an integral and indispensable part of the tax treaty and furthermore, the benefit of lower rate as prescribed in the protocol for fees for technical services under the relevant tax Treaty is not dependent on any further unilateral action or issuance of notification by the respective Governments

TDK INDIA PRIVATE LTD. ,KOLKATA vs. DCIT, CPC-TDS, UTTAR-PRADESH

In the result, the appeal of the revenue is dismissed

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 393, 394, 395 & 396/Kol/2023 Assessment Year: 2019-20 Tdk India Private Limited Deputy Commissioner Of Income Kulia Kanchrapara Road Vs Tax - Cpc, Tds P.O. Netaji Subhas Sanatorium Kalyani Nadia - 741251 [Pan : Aaaci6950Q] अपीलाथ"/ (Assessee ) "" यथ"/ (Respondent)

239(Kol), the Tribunal has held that the protocol to the DTAA is an integral and indispensable part of the tax treaty and furthermore, the benefit of lower rate as prescribed in the protocol for fees for technical services under the relevant tax Treaty is not dependent on any further unilateral action or issuance of notification by the respective Governments