DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. IMC LTD., KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

income of assessee. 16. Aggrieved, assessee preferred an appeal before Ld. CIT(A) whereas assessee submitted that as per Accounting Standard-11 “The Effects of Changes in Foreign Exchange Rates” issued by ICAI the events occurring after the balance-sheet date to the extent confirming the adjustment at the balance-sheet date should be taken into consideration. Accordingly, assessee submitted

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. I M C LTD, KOLKATA

Appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

income of assessee. 16. Aggrieved, assessee preferred an appeal before Ld. CIT(A) whereas assessee submitted that as per Accounting Standard-11 “The Effects of Changes in Foreign Exchange Rates” issued by ICAI the events occurring after the balance-sheet date to the extent confirming the adjustment at the balance-sheet date should be taken into consideration. Accordingly, assessee submitted

KB CAPITAL MARKETS (P) LTD.,KOLKATA vs. D.C.I,.T CIR - 6 , KOLKATA., KOLKATA

In the result, the appeal by the Assessee is partly allowed, while the appeal by the revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 1882/Kol/2012 Assessment Year : 2008-09

BUSINESS INCOME NET PROFIT AS PER PROFIT & LOSS A/C 1352,22,624.00 INCOME TO BE CONSIDERED SEPARATELY LESS DIVIDEND (EXEMPT) 42,38,860.00 Interest recd. in this year for Last year considered in last Year return 2,36,917.00 CAPITAL GAINS 1089,05,015.00 DEPRECIATION

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

In the result, the appeal by the Assessee is partly allowed, while the appeal by the revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 1882/Kol/2012 Assessment Year : 2008-09

BUSINESS INCOME NET PROFIT AS PER PROFIT & LOSS A/C 1352,22,624.00 INCOME TO BE CONSIDERED SEPARATELY LESS DIVIDEND (EXEMPT) 42,38,860.00 Interest recd. in this year for Last year considered in last Year return 2,36,917.00 CAPITAL GAINS 1089,05,015.00 DEPRECIATION

INCOME TAX OFFICER WARD-4(4), KOLKATA vs. M/S PAWAN INDUSTRIAL CORPORATION PVT. LTD., KOLKATA

In the result, appeal by the revenue is dismissed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2004-05

Depreciation on office space : Rs. 34,884/- Office maintenance expenses : Rs. 5,068/- Rs.7,47,613/- Less: Income taxable separately Rent : Rs.4,03,200/- Rs.3,44,413/- Less : Exempt income Dividend - 2,82,125 Tax free interest -2,94,975 : Rs.5,77,100/- Income from business

INFINITY INFOTECH PARKS LTD.,KOLKATA vs. PCIT-1, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

Income Tax Act, 1961. However, for the purpose of Section 72 the gain were treated as business income/profits derived from transfer of business assets and thus interpreted as the same available for set-off with brought forward unabsorbed depreciation

APEEJAY SURRENDRA CORPORATE SERVICES LTD. (NOW KNOWN AS APEEJAY TEA LTD.),KOLKATA vs. D.C.I.T.,CIRCLE-8(1), KOLKATA

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

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1494/Kol/2015 ("नधा"रणवष" / Assessment Year:2010-11)

income of the business, though not in existence, where profit arises on sale of depreciable assets of the business after

DCIT,CIRCLE-1, KOLKATA, KOLKATA vs. M/S. CALCUTTA MUMBAI TRUCK TERMINAL LTD, HOWRAH

Accordingly, the ground no. 2 raised by the revenue is dismissed

Bench: : Shri S.S. Viswanethra Ravi

Business Income and all the additions made (except the difference on Depreciation on electrical fittings which has been dealt in the next

I.T.O WD - 56(2),KOLKATA, KOLKATA vs. SALARPURIA SOFT ZONE, KOLKATA

In the result, the appeals of assessee are allowed and that of revenue are dismissed

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

depreciation and also verification on assets used in the business only. We find no infirmity in the order of CIT(A) and hence, the same is confirmed. This issue in both the years, of revenue’s appeal is dismissed. 20. The next issue in revenue’s appeal in ITA No.581/Kol/2013 for AY 2008-09 is as regards to the order

M/S SALARPURIA SOFT ZONE,KOLKATA vs. J.C.I.T RG - 56,KOLKATA, KOLKATA

In the result, the appeals of assessee are allowed and that of revenue are dismissed

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

depreciation and also verification on assets used in the business only. We find no infirmity in the order of CIT(A) and hence, the same is confirmed. This issue in both the years, of revenue’s appeal is dismissed. 20. The next issue in revenue’s appeal in ITA No.581/Kol/2013 for AY 2008-09 is as regards to the order

M/S SALARPURIA SOFT ZONE,KOLKATA vs. J.C.I.T RG - 56,KOLKATA, KOLKATA

In the result, the appeals of assessee are allowed and that of revenue are dismissed

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

depreciation and also verification on assets used in the business only. We find no infirmity in the order of CIT(A) and hence, the same is confirmed. This issue in both the years, of revenue’s appeal is dismissed. 20. The next issue in revenue’s appeal in ITA No.581/Kol/2013 for AY 2008-09 is as regards to the order

I.T.O WD - 56(2),KOLKATA, KOLKATA vs. SALARPURIA SOFT ZONE, KOLKATA

In the result, the appeals of assessee are allowed and that of revenue are dismissed

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

depreciation and also verification on assets used in the business only. We find no infirmity in the order of CIT(A) and hence, the same is confirmed. This issue in both the years, of revenue’s appeal is dismissed. 20. The next issue in revenue’s appeal in ITA No.581/Kol/2013 for AY 2008-09 is as regards to the order

ITO, WARD-36(2), KOLKATA, KOLKATA vs. M/S. SRI RAM COMMERCIAL CO., KOLKATA

In the result, the appeal of the Revenue is dismissed

Depreciation in its P/L A/c to earn investment income (exempt income).These expenses are business expenses and are not admissible

QUADRO INFO TECHNOLOGIES PVT. LTD.,KOLKATA vs. I.T.O.,WARD-1(4), KOLKATA

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

business of the eligible undertaking of the assessee company and the same, in our opinion, is not eligible for deduction u/s 80IA, company and the same, in our opinion, is not eligible for deduction u/s 80IA, company and the same, in our opinion, is not eligible for deduction u/s 80IA, as rightly held by the authorities below. held

DCIT, CIR-13(1), KOLKATA, KOLKATA vs. CALCUTTA MUMBAI TRUCK TERMINAL LTD., HOWRAH

In the result, the appeal of the revenue is dismissed

Bench: Shri N. V. Vasudevan, Hon’Ble & Shri Waseem Ahmed, Hon’Ble] I.T.A. No. 844/Kol/2016 Assessment Year: 2011-12 Deputy Commissioner Of Income Tax, Circle-13(1), Kolkata.……………………..….Appellant Ayakar Bhavan Poorva 6Th Floor R. No. 610 110, Shantipally Kolkata – 700 107 Calcutta Mumbai Truck Terminal Ltd………………………………………………….……...Respondent 545, G.T. Road (South) Howrah - 711102 [Pan : Aabcc 0747 Q] Appearances By: Shri R.S. Sahay, Fca, Appeared On Behalf Of The Assessee. Shri S. Dasgupta, Addl. Cit, Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : February 20Th, 2018 Date Of Pronouncing The Order : 1St March, 2018 O R D E R Per N.V. Vasudevan :-

business income. 2 I.T.A. No. 844/Kol/2016 Assessment Year: 2011-12 Calcutta Mumbai Truck Terminal Ltd 2. That in the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the additions being capital expenditure under the head “Cost of construction, repairs & maintenance, depreciation

ACIT, CEN. CIR-VI, KOLKATA, KOLKATA vs. M/S J. K. TYRE & INDUSTRIES LTD., KOLKATA

In the result the appeal by the revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am] I.T.A No. 143/Kol/2014 Assessment Year : 2008-09

income under the head "Profits and gains of business or profession" from any other business or profession carried on by the assessee for that assessment year. If such business profit is also insufficient to absorb the unabsorbed depreciation

DCIT, CIR-10(1), KOLKATA, KOLKATA vs. M/S MAA AMBA INFRASTRUCTURE (P) LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1309/Kol/2015 Assessment Year : 2012-13 Dcit, Circle-10(1), Kolkata -Vs- M/S Maa Amba Infrastructure (P) Ltd. [Pan: Aaecm 6507 F] (Appellant) (Respondent)

business which had enabled itself to earn commission income from various parties in the market including the assessee herein. These contentions were duly appreciated by the ld CITA and accordingly the disallowance made by the ld AO was deleted. Aggrieved, the revenue is in appeal before us on the following ground:- 2. Disallowance of payment of service commission to related

M/S TEA PROMOTERS (INDIA) PVT LTD,KOLKATA vs. D.C.I.T RG - 4,KOLKATA, KOLKATA

In the result, Revenue’s appeal is dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

business of blending & export of tea. The assessee, for the year under consideration has filed its return of income dated 08.10.2002 which was processed u/s. 143(1) of the Act dated 08.12.2003. Thereafter case was selected under scrutiny and accordingly assessment was framed u/s. 143(3) of the Act on 10.03.2005 wherein the exemption claimed by the assessee