DCIT, CIR-8(1), KOLKATA, KOLKATA vs. M/S EIH 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 Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 153/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-8(1), Kolkata -Vs- M/S Eih Limited [Pan: Aaace 6898 B] (Appellant) (Respondent) I.T.A No. 110/Kol/2016 Assessment Year : 2011-12 M/S Eih Limited -Vs- Dcit, Circle-8(1), Kolkata [Pan: Aaace 6898 B] (Appellant) (Respondent) For The Appellant : Shri Kanchun Kaushal,Ar For The Department : Shri G.Mallikarjuna, Cit Dr Date Of Hearing : 26.10.2017 Date Of Pronouncement : 12.01.2018 Order Per Bench:

36 months prior to its sale, does not lose its character of being a long term capital asset, even though it might get taxed as short term capital gain in terms of deeming fiction provided u/s 50 of the Act. Reliance in this regard is placed on the decision of Hon’ble Supreme Court in the case

EIH LTD.,KOLKATA vs. THE DCIT, CIR-8(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 Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 153/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-8(1), Kolkata -Vs- M/S Eih Limited [Pan: Aaace 6898 B] (Appellant) (Respondent) I.T.A No. 110/Kol/2016 Assessment Year : 2011-12 M/S Eih Limited -Vs- Dcit, Circle-8(1), Kolkata [Pan: Aaace 6898 B] (Appellant) (Respondent) For The Appellant : Shri Kanchun Kaushal,Ar For The Department : Shri G.Mallikarjuna, Cit Dr Date Of Hearing : 26.10.2017 Date Of Pronouncement : 12.01.2018 Order Per Bench:

36 months prior to its sale, does not lose its character of being a long term capital asset, even though it might get taxed as short term capital gain in terms of deeming fiction provided u/s 50 of the Act. Reliance in this regard is placed on the decision of Hon’ble Supreme Court in the case

DCIT CIR - 6,KOLKATA., KOLKATA vs. M/S K.B. CAPITAL MARKETS LTD., KOLKATA

In the result, the appeal by the Assessee is partly allowed, while the appeal by the revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 1882/Kol/2012 Assessment Year : 2008-09

36. Therefore the disallowance under Section 14A read with Rule 8D is calculated at Rs:30,98,586/-. The appellant itself has disallowed an amount of Rs.3,29,338/- and thereby the net disallowance is determined at Rs.27,69,248/-. The figure of closing stock of investment taken for calculation does not give rise to any right to the appellant

KB CAPITAL MARKETS (P) LTD.,KOLKATA vs. D.C.I,.T CIR - 6 , KOLKATA., KOLKATA

In the result, the appeal by the Assessee is partly allowed, while the appeal by the revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 1882/Kol/2012 Assessment Year : 2008-09

36. Therefore the disallowance under Section 14A read with Rule 8D is calculated at Rs:30,98,586/-. The appellant itself has disallowed an amount of Rs.3,29,338/- and thereby the net disallowance is determined at Rs.27,69,248/-. The figure of closing stock of investment taken for calculation does not give rise to any right to the appellant

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

VI, Kolkata (in short the ld CITA) in Appeal Nos. 143 & 144/CIT(A)-VI/Circle-5/2010-11 dated 3.1.2013 for the Asst Years 2005- 06, 2006-07 ; Appeal No. 142/CIT(A)-VI/Circle-5/2010-11 dated 4.1.2013 for the Asst Ruguvalika Trading Pvt. Ltd (Since merged with M.M. Murarka Share & Securities Pvt. Ltd. A.Yr. 2005-06 to 2008-09 Year 2007-08 and Appeal No. 222/CIT

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

VI, Kolkata (in short the ld CITA) in Appeal Nos. 143 & 144/CIT(A)-VI/Circle-5/2010-11 dated 3.1.2013 for the Asst Years 2005- 06, 2006-07 ; Appeal No. 142/CIT(A)-VI/Circle-5/2010-11 dated 4.1.2013 for the Asst Ruguvalika Trading Pvt. Ltd (Since merged with M.M. Murarka Share & Securities Pvt. Ltd. A.Yr. 2005-06 to 2008-09 Year 2007-08 and Appeal No. 222/CIT

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

VI, Kolkata (in short the ld CITA) in Appeal Nos. 143 & 144/CIT(A)-VI/Circle-5/2010-11 dated 3.1.2013 for the Asst Years 2005- 06, 2006-07 ; Appeal No. 142/CIT(A)-VI/Circle-5/2010-11 dated 4.1.2013 for the Asst Ruguvalika Trading Pvt. Ltd (Since merged with M.M. Murarka Share & Securities Pvt. Ltd. A.Yr. 2005-06 to 2008-09 Year 2007-08 and Appeal No. 222/CIT

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

VI, Kolkata (in short the ld CITA) in Appeal Nos. 143 & 144/CIT(A)-VI/Circle-5/2010-11 dated 3.1.2013 for the Asst Years 2005- 06, 2006-07 ; Appeal No. 142/CIT(A)-VI/Circle-5/2010-11 dated 4.1.2013 for the Asst Ruguvalika Trading Pvt. Ltd (Since merged with M.M. Murarka Share & Securities Pvt. Ltd. A.Yr. 2005-06 to 2008-09 Year 2007-08 and Appeal No. 222/CIT

DCIT, CENTRAL CIRCLE - 1(4), KOLKATA , KOLKATA vs. M/S. HINDUSTAN URBAN INFRASTRUCTURE LTD.(HINDUSTAN VIDYUT PRODUCT LTD.,), NEW DELHI

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

gains of business or profession. 7.2 Section 40(a)(i) of the Act deals with interest and other sums payable outside India. The provisions of this sub-clause made applicable to interest have been extended to payment of royalty, technical fees and any other sum chargeable under this Act. The section provides that the sums covered by the sub-clause

DCIT, CENTRAL CIRCLE - 1(4), KOLKATA , KOLKATA vs. M/S. HINDUSTAN URBAN INFRASTRUCTURE LTD.(HINDUSTAN VIDYUT PRODUCT LTD.,), NEW DELHI

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

gains of business or profession. 7.2 Section 40(a)(i) of the Act deals with interest and other sums payable outside India. The provisions of this sub-clause made applicable to interest have been extended to payment of royalty, technical fees and any other sum chargeable under this Act. The section provides that the sums covered by the sub-clause

RAVI JALAN,KOLKATA vs. ITO, WARD - 36(1), KOLKATA , KOLKATA

In the result, Ground r.w

vi generated assets, particularly goodwill has to be taken at NIL. In view of the ew of the foregoing therefore and provisions of Section 55(2), the objection raised by the foregoing therefore and provisions of Section 55(2), the objection raised by the foregoing therefore and provisions of Section 55(2), the objection raised by the appellant with reference

D.C.I.T.,CIRCLE-2(2), KOLKATA vs. M/S SHALIMAR WIRES INDUSTRIES LTD., KOLKATA

Appeal is dismissed

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2013-14

capital asset situated in India, shall be deemed to accrue or arise in India. The reply of the assessee is not tenable. In this context, the provisions of Section 195(1) of the Act may be referred and it reads as under: "Any person responsible for paying to a non-resident, not being a company, or to a foreign company

DCIT,CIRCLE-6, KOLKATA, KOLKATA vs. WEST BENGAL INDUSTRIAL DEVELOPMENT CORPORATION LTD., KOLKATA

In the result, the appeals being ITA Nos

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

gain or Capital loss. I agree with the A.O that money lost due to permanent diminution in the value of equity shares, is not covered u/s 36 of I.T Act, which is a deduction to be allowed in case of events which has a direct link to income to be computed u/s 28 under part - D of Chapter - VI

D.C.I.T CIR - 6,KOLKATA, KOLKATA vs. M/S KILBURN ENGINEERING LTD, KOLKATA

In the result, appeal by the revenue is dismissed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am ] Assessment Year : 2009-10

VI, Kolkata relating to A.Y.2009-10. 2. Grounds of appeal raised by the revenue read as follows :- “1. Whether on the facts and circumstances of the case, Ld. CIT(A) erred in law in deleting the addition made by the A.O amounting to Rs 10,00,00,000/- u/s 54G(2) of the IT Act,1961. 2. Whether on the facts

ACIT, CIR-2, TDS, KOLKATA, KOLKATA vs. LUX INDUSTRIES LTD., KOLKATA

Appeals are dismissed

Bench: Hon’Ble Shri S.S.Godara, Jm & Shri M.Balaganesh, Am ]

36. Let us sum up our discussions on this part of the scheme of Section 9, so far as tax implications on commission agency business carried out by non-residents for Indian principals is concerned. It does not need much of a cerebral exercise to find out whether the income from the business carried on by a non-resident assessee

ACIT, CIR-2, TDS, KOLKATA, KOLKATA vs. LUX INDUSTRIES LTD., KOLKATA

Appeals are dismissed

Bench: Hon’Ble Shri S.S.Godara, Jm & Shri M.Balaganesh, Am ]

36. Let us sum up our discussions on this part of the scheme of Section 9, so far as tax implications on commission agency business carried out by non-residents for Indian principals is concerned. It does not need much of a cerebral exercise to find out whether the income from the business carried on by a non-resident assessee

M/S. ELECTROSTEEL CASTING LIMITED.,KOLKATA vs. ITO (INTERNATIONAL TAXATION) WARD, KOLKATA , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey)

Capital gains") for— 6 I.T.A. No. 140/Kol/2018 Assessment Year: 2014-15 M/s. Electrosteel Casting Ltd. (i) the transfer of all or any rights (including the granting of a licence) in respect of a patent, invention, model, design, secret formula or process or trade mark or similar property ; (ii) the imparting of any information concerning the working

THE ROYAL BANK OF SCOTLAND N.V.,KOLKATA vs. DCIT, (IT) - 2(1), KOLKATA, KOLKATA

Accordingly, the Ground Nos. (iv) to (vi) raised by the revenue are dismissed

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 503/Kol/2016 Assessment Year : 2011-12 Dcit (It), Circle-2(1), Kolkata -Vs- M/S Royal Bank Of Scotland N.V. [Pan: Aacca 6818 K] (Appellant) (Respondent) I.T.A No. 505/Kol/2016 Assessment Year : 2011-12 M/S Royal Bank Of Scotland N.V. -Vs- Dcit (It), Circle-2(1), Kolkata [Pan: Aacca 6818 K] (Appellant) (Respondent)

gains of business or profession". In this regard, the asseessee relied on the following decisions: • CIT v. High Land Produce Co. Ltd. [1986] 158ITR 419 (SC) • Liberty Cinema V. Commissioner of Income-tax [1964] 52 ITR 153, 161 / (Cal.), • Decom Marketing (P.) Ltd. v. CIT (164 CTR 230). 8 M/s Royal Bank of Scotland N.V. A.Yr. 2011-12 • RDB Industries

DCIT, CIR-2(1), KOLKATA, KOLKATA vs. M/S ROYAL BANK OF SCOTLAND N.V., KOLKATA

Accordingly, the Ground Nos. (iv) to (vi) raised by the revenue are dismissed

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 503/Kol/2016 Assessment Year : 2011-12 Dcit (It), Circle-2(1), Kolkata -Vs- M/S Royal Bank Of Scotland N.V. [Pan: Aacca 6818 K] (Appellant) (Respondent) I.T.A No. 505/Kol/2016 Assessment Year : 2011-12 M/S Royal Bank Of Scotland N.V. -Vs- Dcit (It), Circle-2(1), Kolkata [Pan: Aacca 6818 K] (Appellant) (Respondent)

gains of business or profession". In this regard, the asseessee relied on the following decisions: • CIT v. High Land Produce Co. Ltd. [1986] 158ITR 419 (SC) • Liberty Cinema V. Commissioner of Income-tax [1964] 52 ITR 153, 161 / (Cal.), • Decom Marketing (P.) Ltd. v. CIT (164 CTR 230). 8 M/s Royal Bank of Scotland N.V. A.Yr. 2011-12 • RDB Industries