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

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

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

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

IVL DHUNSERI PETROCHEM INDUSTRIES PRIVATE LIMITED,KOLKATA vs. D.C.I.T., CIRCLE - 11(1), KOLKATA, KOLKATA

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

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyआयकर अपील सं/Ita No.1712/Kol/2024 (नििाारण वर्ा / Assessment Year : 2020-2021) Ivl Dhunseri Petrochem Vs Dcit, Circle-11(1), Kolkata Industries Pvt. Ltd. Dhunseri House, 4A Woodburn Park, L.R.Sarani, West Bengal-700020 Pan No. :Aafcd 5214 M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) नििााररती की ओर से /Assessee By : Shri Akkal Dudhewala, Ca & Vidhi Ladia, Ca राजस्व की ओर से /Revenue By : Pradip Kumar Mondal, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 19/03/2025 घोषणा की तारीख/Date Of Pronouncement : 23/04/2025 आदेश / O R D E R Rajesh Kumar, Am : This Is An Appeal Filed By The Assessee Against The Order Dated 26/07/2024, Passed By The Assessment Unit, National Faceless Assessment Centre U/S.143(3) R.W.S.144C(13) R.W.S.144B Of The Act, For The Assessment Year 2020-2021 On The Following Grounds :- 1.(A) For That On The Facts & In The Circumstances Of The Case & In Law, The Tpo Erred In Making A Downward Adjustment Of Rs.24,72,79,392/- In Respect Of The Transfer Value Of Power By The Captive Power Plant At Haldia, West Bengal. (B) For That On The Facts & In The Circumstances Of The Case & In Law, The Methodology Followed By The Assessee To Benchmark The Arm'S Length Value Of The Power Transferred By The Eligible Unit To The Non-Eligible Unit Fulfilled The Internal Cup Parameters & In That View Of The Matter The Transfer Pricing Adjustment Made By The Tpo Was Impermissible On The Given Facts & In Law. (C) For That On The Facts & In The Circumstances Of The Case & In Law, The Manner In Which The Drp/Tpo Has Benchmarked

capitive power plants. The details of the transactions were duly mentioned in form 3CEB filed by the assessee. The assessee benchmarked the transfer power from the eligible units to the assessee on the tariff charged by the West Bengal State Electricity Board. The TPO in his order dated 28.07.2023 passed u/s 92CA(3) ,the transfer price of power was proposed

PRAMOD LAKRA, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. BALRAMPUR CHINI MILLS LTD , KOLKATA

In the result all the four appeals of the revenue are dismissed

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

43A of the 1948 Act lays down the terms and conditions for determining the tariff for supply of electricity. The said provision makes it clear that tariff is determined on the basis of various parameters. That apart, it is only upon granting of specific consent that a private entity could set up a power generating unit. However, such a unit

PRAMOD LAKRA, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. BALRAMPUR CHINI MILLS LTD , KOLKATA

In the result all the four appeals of the revenue are dismissed

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

43A of the 1948 Act lays down the terms and conditions for determining the tariff for supply of electricity. The said provision makes it clear that tariff is determined on the basis of various parameters. That apart, it is only upon granting of specific consent that a private entity could set up a power generating unit. However, such a unit

PRAMOD LAKRA, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. BALRAMPUR CHINI MILLS LTD , KOLKATA

In the result all the four appeals of the revenue are dismissed

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

43A of the 1948 Act lays down the terms and conditions for determining the tariff for supply of electricity. The said provision makes it clear that tariff is determined on the basis of various parameters. That apart, it is only upon granting of specific consent that a private entity could set up a power generating unit. However, such a unit

PRAMOD LAKRA, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. BALRAMPUR CHINI MILLS LTD , KOLKATA

In the result all the four appeals of the revenue are dismissed

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

43A of the 1948 Act lays down the terms and conditions for determining the tariff for supply of electricity. The said provision makes it clear that tariff is determined on the basis of various parameters. That apart, it is only upon granting of specific consent that a private entity could set up a power generating unit. However, such a unit

M/S. BANDHAN BANK LTD. (ERSTWHILE GHOSH FINANCE LTD),KOLKATA vs. DCIT,CIR-5(1), KOL, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2016-17

43A of the 1961 Act. Accordingly, the exposition in this decision will be of no avail to the fact situation of the present case. For, we have already noticed that the appellant had not acquired any asset from any country outside India for the purpose of his business. 13. In view of the above, this appeal ought to succeed

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

In the result, both the appeals filed by the revenue in ITA No

Bench: Dr. Manish Borad&Shri Anikesh Banerjee]

43A of the 1948 Act lays down the terms and conditions for determining the tariff for supply of electricity. The said provision makes it clear that tariff is determined on the basis of various parameters. That apart, it is only upon granting of specific consent that a private entity could set up a power generating unit. However, such a unit

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

In the result, both the appeals filed by the revenue in ITA No

Bench: Dr. Manish Borad&Shri Anikesh Banerjee]

43A of the 1948 Act lays down the terms and conditions for determining the tariff for supply of electricity. The said provision makes it clear that tariff is determined on the basis of various parameters. That apart, it is only upon granting of specific consent that a private entity could set up a power generating unit. However, such a unit

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]

43A of the Act. In this regard, the ld. AR stated before the bench that the issue is covered in favour of the assessee vide ITA No. 263- 264/Kol/2020 for A.Y. 2014-15 and 2015-16 respectively where the Tribunal by allowing the issue in favour of the assessee by dismissing the appeal of the revenue in following manner

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]

43A of the Act. In this regard, the ld. AR stated before the bench that the issue is covered in favour of the assessee vide ITA No. 263- 264/Kol/2020 for A.Y. 2014-15 and 2015-16 respectively where the Tribunal by allowing the issue in favour of the assessee by dismissing the appeal of the revenue in following manner