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

SINGHANIA & SONS (P) LTD,KOLKATA vs. ACIT, CIR. 10(2), KOLKATA

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

Bench: Shri P.M. Jagtap, Hon’Ble Vice-, Kz) Assessment Year: 2017-18 Singhania & Sons Pvt. Ltd…………...............................................................………………….............Appellant 3D, Duckback House 41, Shakespeare Sarani Kolkata – 700 017 [Pan : Aadcs 6078 A] Vs. Commissioner Of Income Tax (Appeals)- Nfac...............................................………..…......Respondent Appearances By: Shri Manoj Katarua, Advocate, Appeared On Behalf Of The Assessee. Shri Biswanath Das, Addl. Cit, D/R, Appearing On Behalf Of The Revenue.

capital gains of Rs.39,919/- was claimed to be exempt by the assessee and a disallowance of Rs.42,110/- was offered u/s 14A of the Act on account of direct expenses incurred in relation to the said exempt income on account of D-MAT charges. During the course of assessment proceedings, the Assessing Officer found that direct expenses

EIH LIMITED,KOLKATA vs. DCIT, CIR-8(1)KOL., KOLKATA

In the result, assessee’s appeal stands partly allowed for statistical purpose

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2012-13 Eih Ltd V/S. Dcit, Circle-8(1), 4, Mangoe Lane, Aayakar Bhawan, P-7, Kolkata-700 001 Chowringhee Square, [Pan No.Aaace 6898 B] Kolkata-69 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Ravi Sharma, Ar अपीलाथ" क" ओर से/By Appellant Shri P.K. Srihari, Cit-Dr ""यथ" क" ओर से/By Respondent 27-02-2018 सुनवाई क" तार"ख/Date Of Hearing 16-05-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Assessee Is Directed Against The Order Of Dispute Resolution Panel-2, (Drp For Short) Dated 17.10.2016. Assessment Was Framed By Dcit, Circle-8(1), Kolkata U/S 144C(13)/143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 29.11.2016 For Assessment Year 2012-13 & Grounds Raised By Assessee Read As Under:- “1.0 Determination Of Arm'S Length Price For Corporate Guarantee Fees 1.1 On The Facts & In The Circumstances Of The Case & In Law, The Learned Transfer Pricing Officer (Hereinafter Referred To As "Ld, Tpo") & Accordingly Learned Assessing Officer (Hereinafter Referred To As "Ld. Ao") Erred In Treating The Corporate Guarantee Extended By The Appellant To Its Associated Enterprise (Ae) As International Transaction & Dispute Resolution Panel (Hereinafter Referred To As "Ld, Panel") Erred In Confirming The Same As An International Transaction Without Appreciating The Fact That It Does Not Fall Within The Ambit Of "International Transaction" U/S 92B Of The Act. 1.2 The Ld.Ao/Tpo & The Ld. Panel Failed To Appreciate The Fact That Corporate Guarantee Has Been Advanced By The Appellant As A Matter Of Commercial Prudence To Protect The Business Interest Of The Group By Fulfilling

Section 50 being a deeming provision its scope extended only up to computation of capital gain, however such gain arising from transfer of long term capital assets, retained the character of long term capital gain for all other provisions and is eligible for set off u/s 74 against brought forward loss from long term capital asset. 6.3 On the facts

ACIT, CC-3(2), KOLKATA , KOLKATA vs. M/S. SNOWTEX INVESTMENT LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri A. T. Varkey, J.M. & Dr.A.L.Saini, A.M.) Asstt. Year : 2012-13 A.C.I.T, Cc-3(2), Kolkata Vs M/S. Snowtex Investment Ltd. Pan: Aaecs 0334C (Assessee/Department) (Respondent/Assessee)

va) read with section 2(24)(x) of the Act. We have considered the findings of the AO and the ratio decided by the Hon'ble Calcutta High Court on this issue and respectfully following the judicial ratio of the Jurisdictional High Court on this issue, we are of the view that there is no infirmity in the order passed

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

SHALIMAR FABRICATORS PVT LTD,KOLKATA vs. ITO, WARD 6(1), KOLKATA

In the result, assessee’s appeal for AY 2017-18 is allowed and the appeal for AY 2018-19 is partly allowed

Bench: Sri Aby T. Varkey & Sri Manish Borad)

36(1)(va) Explanation-2 - For the removal of doubts, it is hereby clarified that the provisions of Section 43B shall not apply and shall be deemed never to have been applied for the purpose of determining the ‘due date* under this clause.” 18. We find that this amendment has been brought in the Act to provide certainty about

SHALIMAR FABRICATORS PVT LTD,KOLKATA vs. ITO, WARD 6(1), KOLKATA

In the result, assessee’s appeal for AY 2017-18 is allowed and the appeal for AY 2018-19 is partly allowed

Bench: Sri Aby T. Varkey & Sri Manish Borad)

36(1)(va) Explanation-2 - For the removal of doubts, it is hereby clarified that the provisions of Section 43B shall not apply and shall be deemed never to have been applied for the purpose of determining the ‘due date* under this clause.” 18. We find that this amendment has been brought in the Act to provide certainty about

DCIT, CC-193, KOLKATA, KOLKATA vs. M/S RUNGTA SONS PRIVATE LTD., KOLKATA

In the result the appeal by the revenue is dismissed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am ] Assessment Year : 2013-14

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed as a deduction in computing income chargeable under the head "Profits and gains of business or profession". Explanation to Sec.37(1) lays down as follows: “For the removal of doubts, it is hereby declared

DCIT, CC-1(3), KOLKATA, KOLKATA vs. M/S RUNGTA MINES LTD., KOLKATA

In the result the appeal by the revenue is dismissed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am ] Assessment Year : 2013-14

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed as a deduction in computing income chargeable under the head "Profits and gains of business or profession". Explanation to Sec.37(1) lays down as follows: “For the removal of doubts, it is hereby declared

M/S. DEEPAK INDUSTRIES LTD.,KOLKATA vs. DCIT, CIRCLE - 6(1), KOLKATA, KOLKATA

In the result, both the appeals of the assessee are partly allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

36(1)(va) in respect of delayed deposit of amount collected towards employees’ contribution to PF cannot be claimed when deposited within the due date of filing of return even when read with Section 43B of the Income-tax Act,1961.” By following the decision of Hon’ble Supreme Court, the issue no. 1 to 4 are goes against

M/S. DEEPAK INDUSTRIES LTD.,KOLKATA vs. DCIT, CIRCLE-6(1), KOLKATA, KOLKATA

In the result, both the appeals of the assessee are partly allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

36(1)(va) in respect of delayed deposit of amount collected towards employees’ contribution to PF cannot be claimed when deposited within the due date of filing of return even when read with Section 43B of the Income-tax Act,1961.” By following the decision of Hon’ble Supreme Court, the issue no. 1 to 4 are goes against

THE WEST BENGAL POWER DEVELOPMENT CORPORATION LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-4(2), KOLKATA

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

capital work-in- progress and was never charged to the profit and loss account and, therefore, the provisions of section 43B of the Act are not applicable. We accordingly set aside the order of the ld. CIT(Appeals) and direct the ld. Assessing Officer to delete the disallowance of Rs. 17,29,58,525/-. Consequently ground no. 1 is allowed

THE WEST BENGAL POWER DEVELOPMENT CORPORATION LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-4(2), KOLKATA

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

capital work-in- progress and was never charged to the profit and loss account and, therefore, the provisions of section 43B of the Act are not applicable. We accordingly set aside the order of the ld. CIT(Appeals) and direct the ld. Assessing Officer to delete the disallowance of Rs. 17,29,58,525/-. Consequently ground no. 1 is allowed

THE WEST BENGAL POWER DEVELOPMENT CORPORATION LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-4(2), KOLKATA

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

capital work-in- progress and was never charged to the profit and loss account and, therefore, the provisions of section 43B of the Act are not applicable. We accordingly set aside the order of the ld. CIT(Appeals) and direct the ld. Assessing Officer to delete the disallowance of Rs. 17,29,58,525/-. Consequently ground no. 1 is allowed

THE WEST BENGAL POWER DEVELOPMENT CORPORATION LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-4(2), KOLKATA

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

capital work-in- progress and was never charged to the profit and loss account and, therefore, the provisions of section 43B of the Act are not applicable. We accordingly set aside the order of the ld. CIT(Appeals) and direct the ld. Assessing Officer to delete the disallowance of Rs. 17,29,58,525/-. Consequently ground no. 1 is allowed

DCIT, CIRCLE - 7(1), KOLKATA, KOLKATA vs. M/S. BRITANNIA INDUSTRIES LIMITED , KOLKATA

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

36,60,695/- as against the latter component of corporate guarantees(s) sums of ₹2,47,79,679/-; ₹3,57,20,816/- and ₹1,96,69,635/- (assessment year-wise) respectively. The CIT(A)’s identical discussion on former limb of loan interest adjustment component in AY 2009-10 reads as follows:- “07.DECISION 1. I have carefully considered the submissions

DCIT, CIRCLE - 7(1), KOLKATA, KOLKATA vs. M/S. BRITANNIA INDUSTRIES LIMITED , KOLKATA

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

36,60,695/- as against the latter component of corporate guarantees(s) sums of ₹2,47,79,679/-; ₹3,57,20,816/- and ₹1,96,69,635/- (assessment year-wise) respectively. The CIT(A)’s identical discussion on former limb of loan interest adjustment component in AY 2009-10 reads as follows:- “07.DECISION 1. I have carefully considered the submissions

DCIT, CIRCLE - 7(1), KOLKATA, KOLKATA vs. M/S. BRITANNIA INDUSTRIES LIMITED , KOLKATA

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

36,60,695/- as against the latter component of corporate guarantees(s) sums of ₹2,47,79,679/-; ₹3,57,20,816/- and ₹1,96,69,635/- (assessment year-wise) respectively. The CIT(A)’s identical discussion on former limb of loan interest adjustment component in AY 2009-10 reads as follows:- “07.DECISION 1. I have carefully considered the submissions