INDIAN CHAMBER OF COMMERCE,KOLKATA vs. DCIT,CIR-1(1), (EXEMPTION), KOLKATA. , KOLKATA

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

Bench: Shri Rajpalyadav, Vice-(Kz) & Shri Rajesh Kumar]

80G of the Act on the payments made to ICC. On the said basis, the AO observed that the assessee has rendered services in relation to trade, commerce or business for a consideration and therefore the part of its activities such as holding of meetings, conferences and seminars have been treated as business activities. The Ld. A.R submitted that

M/S. TEGA INDUSTRIES LIMITED,KOLKATA vs. D.C.I.T., CIRCLE - 11(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

capital financing and borrowings, in our view now corporate guarantee transaction also falls under the category of international transactions. In the instant case, undisputedly, the assessee has given corporate guarantee for loan borrowed by its subsidiary/SPV after acquiring the business. Certainly, with the help of such corporate guarantee interest burden of the AE has been lowered. Though, it is contended

DDIT (E) - I,KOLKATA, KOLKATA vs. SASHA ASSOCIATION FOR CRAFT PRODUCTS, KOLKATA

In the result, Revenue’s appeal stands dismissed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year :2008-09 Ddit(E)-I, 5Th Floor, V/S. Sasha Association For 10B, Middleton Row, Craft Products Kolkata-700 071 Ic, Chahatu Babu Lane, Kolkata-700 014 [Pan No.Aabts 5580 N] .. अपीलाथ" /Appellant ""यथ"/Respondent

capital of a Private Limited Company by the assessee is against the provision of Section 11(5) of the Act. At this juncture, it is important to reproduce the relevant provisions of section 13 of the Act which reads as under : “13(1) Nothing contained in section 11 [or section 12] shall operate so as to exclude from the total

DCIT, CIRCLE - 3(1), , KOLKATA vs. M/S. THE PEERLESS GENERAL FINANCE & INVESTMENT CO. LTD.,, KOLKATA

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

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey) Ita No. 1469 & 1470/Kol/2019 Assessment Year: 2013-14 & 2015-16 Deputy Commissioner Of Income Tax, Circle-12(1), Kolkata……………….………....…........Appellant Vs. M/S. The Peerless General Finance & Investment & Co. Ltd..................……………….…..Respondent 3, Esplanade East Kolkata – 700 069 [Pan : Aabct 3043 L] Appearances By: Shri Supriyo Pal, Jcit Sr. D/R, Appearing On Behalf Of The Revenue Shri S.K. Tulsiyan, Adv. & Subrata Dey, Ca, Appeared On Behalf Of The Assessee. . Date Of Concluding The Hearing : October 31St, 2019 Date Of Pronouncing The Order : December 5Th, 2019 Order Per J. Sudhakar Reddy, Am :-

iii) can be computed only by taking into consideration average value of investment appe only by taking into consideration average value of investment appe only by taking into consideration average value of investment appearing in balance sheet as on first and last day of previous year from which income not balance sheet as on first and last day of previous

D.C.I.T CIR - 3(1), KOLKATA vs. M/S THE PEERLESS GENERAL FINANCE & INVESTMENT CO LTD, KOLKATA

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

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey) Ita No. 1469 & 1470/Kol/2019 Assessment Year: 2013-14 & 2015-16 Deputy Commissioner Of Income Tax, Circle-12(1), Kolkata……………….………....…........Appellant Vs. M/S. The Peerless General Finance & Investment & Co. Ltd..................……………….…..Respondent 3, Esplanade East Kolkata – 700 069 [Pan : Aabct 3043 L] Appearances By: Shri Supriyo Pal, Jcit Sr. D/R, Appearing On Behalf Of The Revenue Shri S.K. Tulsiyan, Adv. & Subrata Dey, Ca, Appeared On Behalf Of The Assessee. . Date Of Concluding The Hearing : October 31St, 2019 Date Of Pronouncing The Order : December 5Th, 2019 Order Per J. Sudhakar Reddy, Am :-

iii) can be computed only by taking into consideration average value of investment appe only by taking into consideration average value of investment appe only by taking into consideration average value of investment appearing in balance sheet as on first and last day of previous year from which income not balance sheet as on first and last day of previous

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

In the result, the appeal of revenue as well as that of the assessee, both are partly allowed

Bench: Shri Mahavir Singh, Jm & Shri Waseem Ahmed, Am]

80G We find that the CIT(A) has directed the AO to examine the receipts for the donations mentioned above. He has not decided the issue. However, we feel that this issue can be verified by the AO and accordingly, this issue of revenue’s appeal is set aside and allowed for statistical purposes. 7. The next issue in this

K.B. CAPITAL MARKETS (P) LTD.,,KOLKATA vs. DCIT, CIRCLE - 6, KOLKATA, KOLKATA

In the result, the appeal of revenue as well as that of the assessee, both are partly allowed

Bench: Shri Mahavir Singh, Jm & Shri Waseem Ahmed, Am]

80G We find that the CIT(A) has directed the AO to examine the receipts for the donations mentioned above. He has not decided the issue. However, we feel that this issue can be verified by the AO and accordingly, this issue of revenue’s appeal is set aside and allowed for statistical purposes. 7. The next issue in this

M/S TATA GLOBAL BEVERAGES LIMITED,KOLKATA vs. THE DCIT, CIRCLE-4(2), KOLKATA, KOLKATA

In the result, the appeals filed by the assessee for AY 2012-

Bench: Dr. Manish Borad & Sonjoy Sarma

iii) which calls for notional disallowance, does not have any application in computation of book profits under section 115JB of the Act. 5. That on the facts and in the circumstances of the case, the Ld. AO erred in considering capital gains amounting to Rs 1,36,025/- twice in the gross total income of the Appellant. 6. That

M/S TATA GLOBAL BEVERAGES LIMITED,KOLKATA vs. THE DCIT, CIRCLE-4(2), KOLKATA, KOLKATA

In the result, the appeals filed by the assessee for AY 2012-

Bench: Dr. Manish Borad & Sonjoy Sarma

iii) which calls for notional disallowance, does not have any application in computation of book profits under section 115JB of the Act. 5. That on the facts and in the circumstances of the case, the Ld. AO erred in considering capital gains amounting to Rs 1,36,025/- twice in the gross total income of the Appellant. 6. That

D.C.I.T., CIRCLE-10, KOLKATA, KOLKATA vs. M/S RAMUK SCAN INVESTMENT PVT.LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

gains" occurring in s. 57(iii) and, therefore, the scope for allowed a deduction under s. 36(1) (iii) or s. 37 would be must wider than the one available under s.57(iii): Madhav Prasad Jatia v. CIT [1979] 1181TR 200. The Hon'ble Supreme Court in the case of S.A. Builders Ltd. v. CIT(Appeals

ACME CHEM LIMITED,KOLKATA vs. A.C.I.T., CIRCLE-10(1), KOLKATA, KOLKATA

Bench: Sri Rajpal Yadav & Dr. Manish Borad

80G for the relevant assessment year.” Page 4 of 67 I.T.A. Nos.: 641, 650 & 660/KOL/2022 Assessment Years: 2012-13, 2017-18 & 2018-19 Acme Chem Limited. ITA No. 660/KOL/2022 for AY 2018-19: “1. The impugned order passed by the Ld. CIT(A) is bad in law, illegal and arbitrary, the same deserves to be quashed/annulled and set aside

ACME CHEM LIMITED,KOLKATA vs. D.C.I.T., CIRCLE-10(1), KOLKATA, KOLKATA

Bench: Sri Rajpal Yadav & Dr. Manish Borad

80G for the relevant assessment year.” Page 4 of 67 I.T.A. Nos.: 641, 650 & 660/KOL/2022 Assessment Years: 2012-13, 2017-18 & 2018-19 Acme Chem Limited. ITA No. 660/KOL/2022 for AY 2018-19: “1. The impugned order passed by the Ld. CIT(A) is bad in law, illegal and arbitrary, the same deserves to be quashed/annulled and set aside

ACME CHEM LIMITED,KOLKATA vs. NFAC, DELHI/ D.C.I.T., CIRCLE-11(1), KOLKATA, KOLKATA

Bench: Sri Rajpal Yadav & Dr. Manish Borad

80G for the relevant assessment year.” Page 4 of 67 I.T.A. Nos.: 641, 650 & 660/KOL/2022 Assessment Years: 2012-13, 2017-18 & 2018-19 Acme Chem Limited. ITA No. 660/KOL/2022 for AY 2018-19: “1. The impugned order passed by the Ld. CIT(A) is bad in law, illegal and arbitrary, the same deserves to be quashed/annulled and set aside

PCBL LIMITED,KOLKATA vs. A.C.I.T., CIRCLE - 11(1),, KOLKATA

In the result, all the appeals of the revenue are dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Pradip Kumar Choubey&Shri Sanjay Awasthi]

iii) Addition of Rs. 26,23,800/- disallowance u/s 14A of the Act. iv) Addition of Rs. 3,24,18,037/- u/s 35(2)(ab) of the Act. v) Addition of Rs. 1,10,55,000/- deduction u/s Chapter VIA i.e. 80G vi) Addition of Rs. 2,01,35,978/- by declining the claim of deduction of education cess secondary

PRAMOD LAKRA,DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE -11(1), KOLKATA, KOLKATA vs. PHILIPS CARBON BLACK LTD , KOLKATA

In the result, all the appeals of the revenue are dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Pradip Kumar Choubey&Shri Sanjay Awasthi]

iii) Addition of Rs. 26,23,800/- disallowance u/s 14A of the Act. iv) Addition of Rs. 3,24,18,037/- u/s 35(2)(ab) of the Act. v) Addition of Rs. 1,10,55,000/- deduction u/s Chapter VIA i.e. 80G vi) Addition of Rs. 2,01,35,978/- by declining the claim of deduction of education cess secondary

PRAMOD LAKRA,DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 11(1), KOLKATA, KOLKATA vs. PHILLIPS CARBON BLACK LTD., KOLKATA

In the result, all the appeals of the revenue are dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Pradip Kumar Choubey&Shri Sanjay Awasthi]

iii) Addition of Rs. 26,23,800/- disallowance u/s 14A of the Act. iv) Addition of Rs. 3,24,18,037/- u/s 35(2)(ab) of the Act. v) Addition of Rs. 1,10,55,000/- deduction u/s Chapter VIA i.e. 80G vi) Addition of Rs. 2,01,35,978/- by declining the claim of deduction of education cess secondary

PRAMOD LAKRA, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. PHILLIPS CARBON BLACK LTD, KOLKATA

In the result, all the appeals of the revenue are dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Pradip Kumar Choubey&Shri Sanjay Awasthi]

iii) Addition of Rs. 26,23,800/- disallowance u/s 14A of the Act. iv) Addition of Rs. 3,24,18,037/- u/s 35(2)(ab) of the Act. v) Addition of Rs. 1,10,55,000/- deduction u/s Chapter VIA i.e. 80G vi) Addition of Rs. 2,01,35,978/- by declining the claim of deduction of education cess secondary

PRAMOD LAKRA, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 11(1), KOLKATA, KOLKATA vs. PHILLIPS CARBON BLACK LTD, KOLKATA

In the result, all the appeals of the revenue are dismissed and the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Pradip Kumar Choubey&Shri Sanjay Awasthi]

iii) Addition of Rs. 26,23,800/- disallowance u/s 14A of the Act. iv) Addition of Rs. 3,24,18,037/- u/s 35(2)(ab) of the Act. v) Addition of Rs. 1,10,55,000/- deduction u/s Chapter VIA i.e. 80G vi) Addition of Rs. 2,01,35,978/- by declining the claim of deduction of education cess secondary