ACIT, CIRCLE - 4(1), KOLKATA, KOLKATA vs. M/S. M.K. SHAH EXPORTS LTD.,, KOLKATA

In the result, the appealof the Revenue (ITA No

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1903/Kol/2017 ("नधा"रणवष" / Assessment Year: 2013-14) M/S. M. K. Shah Exports Ltd. Vs. A.C.I.T, Circle-4(1), Kolkata P-7, Chowringhee Square, 8Th Floor, 2/2. Justice Dwarkanath Road, Kolkata – 700 020. Kolkata – 700 069. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaccm 0884 H (Assessee) .. (Respondent) आयकरअपीलसं./Ita No.1974/Kol/2017 ("नधा"रणवष" / Assessment Year: 2013-14) M/S. M. K. Shah Exports Ltd. A.C.I.T, Circle-4(1), Kolkata Vs. P-7, Chowringhee Square, 8Th Floor, 2/2. Justice Dwarkanath Road, Kolkata – 700 069. Kolkata – 700 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaccm 0884 H (Assessee) .. (Respondent) Assessee By :Shri S. Jhajharia, Ar Revenue By :Shrisaurabh Kumar, Addl. Cit (Sr. Dr) सुनवाईक"तार"ख/ Date Of Hearing : 23/08/2018 घोषणाक"तार"ख/Date Of Pronouncement : 16/10/2018

Charitable Trust ( institution) has become taxable for any technical reason and also the Ld. AO did not mention that the certificate issued under section 80G(5)(v) has been cancelled by the Income Tax Department. Under these circumstances the deduction under section 80G of the Act cannot be denied to the assessee company.We also note that subsequent to the donation

DCIT, CIR-12, KOLKATA, KOLKATA vs. M/S THE DIAMOND COMPANY LTD., KOLKATA

In the result, Revenue’s appeal stands dismissed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Years:2009-10

set of capital loss with the LTCG.” ITA No.326/Kol/2014 A.Y. 2009-10 DCIT Cir-12 Kol. vs. M/s The Diamond Co. Ltd. Page 2 3. “That is the facts and in law of the case the ld. CIT(A) erred in allowing to adjust the STCL amounting to Rs.27,19,888/- with the STCG where STT was not paid

PATTON INTERNATIONAL LIMITED,KOLKATA vs. PCIT-1, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2017-18 M/S. Patton International Principal Commissioner Of Ltd., C/O Jain Vinod K & Income-Tax, Kolkata-1. Associates, 41A, A. J. C. Vs Bose Road, Diamond . Prestige Nirman, 6Th Floor, Suite No.613, Kolkata- 700017 (Pan: Aabcp7901M) (Appellant) (Respondent)

set aside the assessment for the purpose of re-examination by the Ld. AO which does not lead to any prejudice to the assessee. He placed reliance on the order of the Ld. Pr. CIT. 5. We have heard the rival contentions and perused the material available on record and given our thoughtful consideration to the submissions made. In respect

M/S. SETH B D GOYAL CHARITABLE TRUST,KOLKATA vs. I.T.O. WARD - 1(3), EXEMPTION, KOLKATA

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

Charitable Trust. 5.3. The A.O., CPC disallowed the exemption claimed by the appellant in its ITR under section 11 of the Act during processing of ITR filed for A.Y. 2020- 21 u/s. 143(1) of the Act on a ground that the audit report in Form 10B was furnished after due date by the appellant. 5.4 In this regard

DDIT (EXEMPTIONS)-I/KOL, KOLKATA vs. DEVI KAMAL TRUST ESTATE, KOLKATA

In the result the appeal by the revenue is partly allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am ]

set apart is not in excess of fifteen per cent of the income from such property ;” 85% of the income of the Trust has to be applied for charitable purpose. 15% of the income can be accumulated for application for charitable purpose in future as laid down in explanation to Sec.11(1) of the Act. After reducing 15% towards accumulation

DCIT(EXAMPTION), CIRCLE - 1(1), KOLKATA, KOLKATA vs. MAA SARASWATI GYAN MANDIR EDUCATION SOCIETY , KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri A.T. Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.2002/Kol/2017 (िनधा"रणवष" / Assessment Year: 2012-13) Dcit(Exemption), Circle- Vs. Maa Saraswati Gyan Mandir 1(1), Kolkata

Charitable Trust in ITA No. 142, 143/Mad/20l0. We note that Ld. AO has referred to the Judgment of the Allahabad High Court in the case of Ramjilal Rais for the proposition that the loss of earlier year cannot be set

ORIENTAL CHARITABLE FOUNDATION,KOLKATA vs. CIT(EXEMPTIONS), KOLKATA

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

Bench: Shri Rajpal Yadav & Shri Rakesh Mishraassessment Year: 2017-18

set off of loss is allowed as per the provisions of Chapter VI, which relates to computation of loss under various heads e.g. house property, business loss, capital gains etc. while the income of the trust is to be computed as per the normal commercial principles by considering the receipt and expenditure for the relevant period. It is also stated

M/S S.KANEHIALALL LOHIA TRUST,KOLKATA vs. I.T.O., WARD-1(4), KOLKATA

In the result, both the appeals of assessee are allowed

Bench: Shri A. T. Varkey, Jm]

set aside the impugned order of Ld. CIT(A) and remand this issue back to the file of AO to de novo adjudicate/assess the issue and give proper opportunity to cross-examine the concerned director/manager of three companies, if the AO is relying on their statement. 7 ITA Nos. 813-814/Kol/2019 Kanehialall Lohia Trust

M/S S.KANEHIALALL LOHIA TRUST,KOLKATA vs. I.T.O., WARD-1(4), KOLKATA

In the result, both the appeals of assessee are allowed

Bench: Shri A. T. Varkey, Jm]

set aside the impugned order of Ld. CIT(A) and remand this issue back to the file of AO to de novo adjudicate/assess the issue and give proper opportunity to cross-examine the concerned director/manager of three companies, if the AO is relying on their statement. 7 ITA Nos. 813-814/Kol/2019 Kanehialall Lohia Trust

INDIAN LEATHER TECHNOLOGISTS' ASSOCIATION,KOLKATA vs. CIT(EXEMPTION), KOLKATA , KOLKATA

In the result, the appeal of assessee is allowed

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी एम .बालागणेश, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri M.Balaganesh, Am]

loss incurred in the year when capital gains is not exigible to tax, could be set off against capital gains in subsequent year, whereas the present assessee is a charitable institution registered u/s. 12A of the Act. The Ld. CIT(E) after considering the assessee’s submission and on perusal of books of account of the assessee found that trust

PANCHI BIBI WAKF ESTATE,KOLKATA vs. DDIT (E)-II, KOLKATA, KOLKATA

Bench: Shri Mahavir Singh & Shri Waseem Ahmed

loss account in respect of guest house income was also admitted by Mutawali of the Wakf. So AO found that there was a clear violation of provisions of Sec. 11(4A) of the Act. As per this section the benefit of income tax exemption as provided under section 11(1) of the Act shall not be available for the business

M/S JMS MINING PVT. LTD,KOLKATA vs. PCIT-2, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P. M .Jagtap, Vice-(Kz) & Shri A. T. Varkey, Jm]

Charitable Trusts under Section 80G as the Trust were approved under section 80G(5)(vi) by the Commissioner of Income Tax, in this behalf. Neither there is any express provision nor any of the explanations present under Section 80G, prohibits the assesse to claim the amount made towards donation as deduction under Chapter VIA, even if the same has been

JAMSHED ALI MOLLA,KOLKATA vs. ACIT, CIRCLE-30, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 2233/Kol/2016 Assessment Year : 2008-09 Jamshed Ali Molla -Vs- Dcit, Circle-30, Kolkata [Pan: Aevpm 4145 H ] (Appellant) (Respondent)

charitable trust. It was also strongly indicated by the trust to the assessee in the very same letter that the assessee should sell the flat at Gurgoan and buy some property at Kolkata in the name of the trust and final time of one year to complete the said deal was allowed to the assessee by the trust. The assessee

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

set of facts and circumstances of the case, we have sustained the addition for corporate guarantee fee applying 0.5% rate. We draw support from the decision of coordinate Bench, Guwahati in the case of Greenply Industries Limited vs. ACIT in ITA No. 232/GAU/2019 order dated 21.06.2022 wherein the issue has been examined at length and Arm's Length

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

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

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

charitable segment as is held by the AO. Had the correct allocation of expenses been made on a more rational and scientific basis ,thenin both the years there would have been substantial losses from the activity of holding meetings, seminars and conferences. The Ld. A.R therefore submitted that the order of authorities below in not following the decision

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]

charitable segment as is held by the AO. Had the correct allocation of expenses been made on a more rational and scientific basis ,thenin both the years there would have been substantial losses from the activity of holding meetings, seminars and conferences. The Ld. A.R therefore submitted that the order of authorities below in not following the decision

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]

charitable institutions: Sl. No. Name Amount (Rs.) Remarks 1 Concern India Foundation 3,001 Donation qualified u/s. 80G 2 Vision Research Foundation 10,000 Donation qualified u/s. 35(1)(ii) 3 Shree Poorna Trust 5001 Donation qualified u/s. 80G We find that the CIT(A) has directed the AO to examine the receipts for the donations mentioned above

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]

charitable institutions: Sl. No. Name Amount (Rs.) Remarks 1 Concern India Foundation 3,001 Donation qualified u/s. 80G 2 Vision Research Foundation 10,000 Donation qualified u/s. 35(1)(ii) 3 Shree Poorna Trust 5001 Donation qualified u/s. 80G We find that the CIT(A) has directed the AO to examine the receipts for the donations mentioned above