DCIT, CIRCLE - 5, KOLKATA, KOLKATA vs. M/S. ESSEL MINING & INDUSTRIES LTD., KOLKATA

In the result the appeal of the revenue is dismissed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2007-08

gain on foreign currency loan availed for purchase of indigenous machinery had to be excluded from the total income as capital receipt not chargeable to tax, had come up for consideration ITA No.352/Kol/2011 & ITA No.589/Kol/2011-Essel Mining & Inds.Ltd A.Y.2007-08 The question before the Hon’ble Ahmedabad Bench also dealt with the question regarding the applicability of the provisions of Section 43A

ESSEL MINING & INDUSTRIES LTD.,KOLKATA vs. ADDL. CIT, RANGE - 5, KOLKATA, KOLKATA

In the result the appeal of the revenue is dismissed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2007-08

gain on foreign currency loan availed for purchase of indigenous machinery had to be excluded from the total income as capital receipt not chargeable to tax, had come up for consideration ITA No.352/Kol/2011 & ITA No.589/Kol/2011-Essel Mining & Inds.Ltd A.Y.2007-08 The question before the Hon’ble Ahmedabad Bench also dealt with the question regarding the applicability of the provisions of Section 43A

DCIT, CIRCLE-10, KOLKATA, KOLKATA vs. M/S. KANORIA CHEMICALS & INDUSTRIES LTD., KOLKATA

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

capital expenditure and. related issues. The Ld. CIT(A) has himself held that the amount relating to Rs. 852460616/- is not an allowable deduction as per provisions of Section 43A of the I.T., Act, 1961. 4. That in the facts and as per law Ld. CIT(A) erred by deleting the amount of addition

M/S KANORIA CHEMICALS & INDUSTRIES LTD.,KOLKATA vs. DCIT, CIR-10, KOLKATA, KOLKATA

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

capital expenditure and. related issues. The Ld. CIT(A) has himself held that the amount relating to Rs. 852460616/- is not an allowable deduction as per provisions of Section 43A of the I.T., Act, 1961. 4. That in the facts and as per law Ld. CIT(A) erred by deleting the amount of addition

M/S. KANORIA CHEMICALS & INDUSTRIES LTD.,KOLKATA vs. ADDL. CIT, RANGE-10, KOLKATA, KOLKATA

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

capital expenditure and. related issues. The Ld. CIT(A) has himself held that the amount relating to Rs. 852460616/- is not an allowable deduction as per provisions of Section 43A of the I.T., Act, 1961. 4. That in the facts and as per law Ld. CIT(A) erred by deleting the amount of addition

DCIT, CIR-10(1), KOLKATA, KOLKATA vs. KANORIA CHEMICALS & INDUSTRIES LTD., KOLKATA

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

capital expenditure and. related issues. The Ld. CIT(A) has himself held that the amount relating to Rs. 852460616/- is not an allowable deduction as per provisions of Section 43A of the I.T., Act, 1961. 4. That in the facts and as per law Ld. CIT(A) erred by deleting the amount of addition

NATIONAL INSURANCE COMPANY LIMITED,NEW TOWN vs. DCIT, CIRCLE 5(1),, KOLKATA

In the result, the appeal filed by the assessee in ITA No

Bench: Shri George Mathan & Shri Rakesh Mishra

capital in nature so as to incur any disallowance. The profits and gains of the business of insurance are to be calculated as per section 44 of the Act and override anything to the contrary contained in the provision of this Act relating to the computation of income chargeable under the Act; profits and gains of any business of insurance

NATIONAL INSURANCE COMPANY LIMITED,NEW TOWN vs. DCIT, CIRCLE 5(1),, KOLKATA

In the result, the appeal filed by the assessee in ITA No

Bench: Shri George Mathan & Shri Rakesh Mishra

capital in nature so as to incur any disallowance. The profits and gains of the business of insurance are to be calculated as per section 44 of the Act and override anything to the contrary contained in the provision of this Act relating to the computation of income chargeable under the Act; profits and gains of any business of insurance

NATIONAL INSURANCE COMPANY LIMITED,NEW TOWN vs. DCIT, CIRCLE 5(1),, KOLKATA

In the result, the appeal filed by the assessee in ITA No

Bench: Shri George Mathan & Shri Rakesh Mishra

capital in nature so as to incur any disallowance. The profits and gains of the business of insurance are to be calculated as per section 44 of the Act and override anything to the contrary contained in the provision of this Act relating to the computation of income chargeable under the Act; profits and gains of any business of insurance

GRAPHITE INDIA LTD.,KOLKATA vs. PR.CIT-4, KOLKATA

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

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

gain. We have also found that the long-term capital loss on sale of ZCB issued by NABARD has also been disclosed in the computation of income. In the statement showing profit of loss on sale of investment. The assessee has also filed notice being the confirming part of the taxable income that reveals thus: “During the year, unrealized foreign

ITO, WARD - 12(3), KOLKATA vs. UMT INVESTMENT LTD., KOLKATA

In the result, the appeal of the revenue is allowed subject to the direction contained hereinabove

Bench: : Shri Mahavir Singh & Shri M. Balaganesh

gain / loss even though unrealized, should be recognized in the profit and loss account and considered for tax purposes. He further argued that with regard to the loan utilized on capital account, the Hon’ble SC only decided whether the provisions of section 43A

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

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

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

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

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, 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

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

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

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, CIRCLE -5 KOLKATA, KOLKATA vs. M/S KESORAM INDUSTRIES LTD., KOLKATA

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

Bench: : Shri M. Balaganesh

gain or loss would go to reduce the value of fixed assets and treatment to be given in terms of section 43A of the Act. Similarly if the monies raised through issue of debentures were utilized by the assessee for capital

D.C..I.T.,CIRCLE-5(2), KOLKATA vs. M/S SISECAM FLAT GLASS INDIA LTD. (FORMERLY HNG FLAT GLASS LTD.), KOLKATA

In the result, the appeal of revenue is dismissed and cross objection of assessee is allowed for statistical purpose

Bench: Hon’Ble Shri J. Sudhakar Reddy, Am & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2012-13

gain which arose from the interest rate swap arrangement was in the revenue field since the underlying transaction for such an arrangement was the interest payable on the loan which was a revenue item. This Proposition finds support from the decision of the Hon'ble ITAT, Kolkata in the case of DCIT Vs. Mcleod Russell India

M/S ADHUNIK INFRASTRUCTURE PVT. LTD.,KOLKATA vs. JCIT, RG-10, KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No.1281 /Kol/2015 Assessment Year : 2010-11

43a [or clause (vi )]] of sub-section (4)] which fulfils all the following conditions, namely :— (i ) it is not formed by splitting up, or the reconstruction, of a business already in existence : Provided that this condition shall not apply in respect of an 44[undertaking] which is formed as a result of the re- establishment, reconstruction or revival