THE W.B STATE CO-OP AGRI AND RURAL DEVELOPMENT BANK LIMITED. ,KOLKATA vs. DCIT, CIR-54,KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

C” BENCH KOLKATA BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI RAKESH MISHRA, ACCOUNTANT MEMBER ITA No.1320 /KOL/2023 Assessment Years: 2013-14 The W.B. State Co-op. Agri And Assistant Commissioner of Rural Development Bank Ltd. Income-tax, Circle-32, Vs 25D, Shakespeare Sarani, Kolkata. Kolkata-700017. (PAN: AAAJT0468K) (Appellant) (Respondent) Present for: Appellant by : Shri Palas Chattopadhya, AR Respondent

JALUIDANGA PASCHIM NASARATPUR SAMABY KRISHI UNNAYAN SAMITY LIMITED,BARDHAMAN, WEST BENGAL vs. INCOME TAX OPPFICER, WARD-1(3), BURDWAN

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

gains of such activities entitled for deduction under section 80P(2)(a)(iv) of the Income Tax Act 1961. our appellant society entitled for deduction under section 80P(2)(d) of the whole of the interest /Dividend received from other Cooperative Societies. Your appellant society entitled for deduction under section 80P(2)(c) of the Income

THE BANK OF TOKYO-MITSUBISHI LIMITED,KOLKATA vs. ADIT, INT. TAX., KOLKATA

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

Bench: SHRI SATBEER SINGH GODARA (Judicial Member), SHRI S. RIFAUR RAHMAN (Accountant Member)

gains of such activities entitled for deduction under section 80P(2)(a)(iv) of the Income Tax Act 1961. our appellant society entitled for deduction under section 80P(2)(d) of the whole of the interest /Dividend received from other Cooperative Societies. Your appellant society entitled for deduction under section 80P(2)(c) of the Income

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

80P(2)(a)(i) but would also be applicable to all banks/commercial_banks, to which Banking Regulation Act, 1949 applies.[Para 37] ■ From this, Punjab and Haryana High Court pointed out that this circular carves out a distinction between 'stock-in-trade' and 'investment' and provides that if the motive behind purchase and sale of shares is to earn profit, then

M/S COAL INDIA LTD.,KOLKATA vs. DCIT, CIR-5(1), , KOLKATA

gains of business and profession'. The Board also went to the extent of\nsaying that this would not be limited only to co-operative societies/Banks\nclaiming deduction under section 80P(2)(a)(i) but would also be applicable to\nall banks/commercial_banks, to which Banking Regulation Act, 1949\napplies.[Para 37]\n■ From this, Punjab and Haryana High Court pointed

DCIT, CIR-5(1), , KOLKATA vs. M/S COAL INDIA LTD., KOLKATA

c) of the assessee are dismissed.\n5.9. As regards the issue in relation to section 115JB, the ld. Counsel\nfor the assessee in support of the aforesaid grounds of appeal\nsubmitted that disallowance computed as per Rule 8D of the Rules\nPage 31\nITA Nos.: 466, 622, 467, 623/KOL/2018 &\n1406, 1696, 1407, 1697/KOL/2019\nAYs: 2011-12 to 2014-15\nM/s

DHATRIGRAM NIRALGACHI SAMABAY KRISHI UNNAYAN SAMITY LIMITED,WEST BENGAL, PURBA BARDHAMAN vs. INCOME TAX OFFICER, WARD-1(3), BURDWAN

Appeal of the assessee is allowed

Bench: SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

2,05,199/-, received from Axis Bank, arose from banking activities by the appellant. (ii) The case of the appellant was different from the issues dealt with in the Totagars case (supra). The appellant has relied on several cases and some of the same may be mentioned: (a) Mavilayi Service Cooperative Bank [431 ITR 1 (SC)] (b) Anna Saheb Patil

DCIT, CIR-5(1), , KOLKATA vs. M/S COAL INDIA LTD., KOLKATA

c) of the assessee are dismissed.\n5.9. As regards the issue in relation to section 115JB, the ld. Counsel\nfor the assessee in support of the aforesaid grounds of appeal\nsubmitted that disallowance computed as per Rule 8D of the Rules\ncannot be applied u/s 115JB of the Act and the provisions of section\n14A are restricted to computation

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

c) of the assessee are dismissed.\n5.9. As regards the issue in relation to section 115JB, the ld. Counsel\nfor the assessee in support of the aforesaid grounds of appeal\nsubmitted that disallowance computed as per Rule 8D of the Rules\ncannot be applied u/s 115JB of the Act and the provisions of section\n14A are restricted to computation

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

c) of the assessee are dismissed.\n5.9. As regards the issue in relation to section 115JB, the ld. Counsel\nfor the assessee in support of the aforesaid grounds of appeal\nsubmitted that disallowance computed as per Rule 8D of the Rules\nPage 32\nITA Nos.: 466, 622, 467, 623/KOL/2018 &\n1406, 1696, 1407, 1697/KOL/2019\nAYs: 2011-12 to 2014-15\nM/s

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

c) of the assessee are dismissed.\n5.9. As regards the issue in relation to section 115JB, the ld. Counsel\nfor the assessee in support of the aforesaid grounds of appeal\nsubmitted that disallowance computed as per Rule 8D of the Rules\nPage | 32\nITA Nos.: 466, 622, 467, 623/KOL/2018 &\n1406, 1696, 1407, 1697/KOL/2019\nAYs: 2011-12 to 2014-15\nM/s

ACIT, CIR.-29,, KOLKATA vs. M/S STEEL AUTHORITY OF INDIA EMPLOYEES CO-OP. CR. SOCIETY LTD., KOLKATA

In the result, the appeal of the revenue is hereby dismissed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma] I.T.A. No. 268/Kol/2023 Assessment Year : 2018-19 Acit, Circle-29, Kolkata Vs. M/S. Steel Authority Of India Employees Co-Operative Credit Society Limited Pan: Aadas 9699 B Appellant Respondent Date Of Hearing 15.05.2023 Date Of Pronouncement 09.08.2023 For The Assessee Shri S.K. Tulsiyan, Advocate & Mrs. Puja Somani, Ca For The Revenue Smt. Ranu Biswas, Addl. Cit, Dr Order Per Sonjoy Sarma, Jm: The Present Appeal Has Been Preferred By The Revenue Against The Order Dated 20.12.2022 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Revenue Has Raised The Following Grounds Of Appeal:

c) Addition on account of disallowance u/s 14A Rs. 2,42,05,275/-. Total income assessed Rs. 2,99,60,362/-.” 4. Dissatisfied with the above order, assessee preferred an appeal before the ld. CIT(A) where the appeal of the assessee was allowed by observing as follows: “7.1. The argument of the appellant in this regard, is that, there