M/S. VODAFONE ESSAR EAST LTD.,KOLKATA vs. JCIT, RANGE - 7, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation for AY 2002-03 will be nil. Therefore, the aggregate of lower of “loss excluding depreciation”/ unabsorbed depreciation upto AY 2002-03 will be Rs.30,67,83,000/- 10(c) Therefore, an amount of Rs.6

ACIT, CIRCLE - 7, KOLKATA vs. VODAFONE ESSAR EAST LTD., KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation for AY 2002-03 will be nil. Therefore, the aggregate of lower of “loss excluding depreciation”/ unabsorbed depreciation upto AY 2002-03 will be Rs.30,67,83,000/- 10(c) Therefore, an amount of Rs.6

M/S. VODAFONE ESSAR EAST LIMITED,KOLKATA vs. ACIT, CIRCLE - 7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation for AY 2002-03 will be nil. Therefore, the aggregate of lower of “loss excluding depreciation”/ unabsorbed depreciation upto AY 2002-03 will be Rs.30,67,83,000/- 10(c) Therefore, an amount of Rs.6

DCIT, CIRCLE - 7, KOLKATA, KOLKATA vs. VODAFONE ESSAR EAST LIMITED, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation for AY 2002-03 will be nil. Therefore, the aggregate of lower of “loss excluding depreciation”/ unabsorbed depreciation upto AY 2002-03 will be Rs.30,67,83,000/- 10(c) Therefore, an amount of Rs.6

M/S. VODAFONE ESSAR EAST LIMITED,KOLKATA vs. ACIT, CIRCLE - 7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation for AY 2002-03 will be nil. Therefore, the aggregate of lower of “loss excluding depreciation”/ unabsorbed depreciation upto AY 2002-03 will be Rs.30,67,83,000/- 10(c) Therefore, an amount of Rs.6

M/S. VODAFONE ESSAR EAST LTD.,KOLKATA vs. ADDL. CIT, RANGE - 7, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation for AY 2002-03 will be nil. Therefore, the aggregate of lower of “loss excluding depreciation”/ unabsorbed depreciation upto AY 2002-03 will be Rs.30,67,83,000/- 10(c) Therefore, an amount of Rs.6

M/S VODAFONE EAST LIMITED (FORMERLY KNOWN AS VODAFONE ESSAR EAST LIMITED),KOLKATA vs. ACIT, CIR-7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation for AY 2002-03 will be nil. Therefore, the aggregate of lower of “loss excluding depreciation”/ unabsorbed depreciation upto AY 2002-03 will be Rs.30,67,83,000/- 10(c) Therefore, an amount of Rs.6

ACIT, CIRCLE - 7, KOLKATA vs. HUTCHISON TELECOM EAST LIMITED, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation for AY 2002-03 will be nil. Therefore, the aggregate of lower of “loss excluding depreciation”/ unabsorbed depreciation upto AY 2002-03 will be Rs.30,67,83,000/- 10(c) Therefore, an amount of Rs.6

MEGA ENGINEERS & BUILDERS,PORT BLAIR vs. DCIT, CIR. 3(2) , PORT BLAIR

In the result, the appeal of assessee is allowed

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

depreciation which have been adopted for preparing such accounts including profit and loss account for such financial year or part of such financial year falling within the relevant previous year. " 7.2 Section 211(1), 211(2), 211(3), 211(3A), 211(3B) and 211(3C) of Companies Act 1956: 211. FORM AND CONTENTS OF BALANCE SHEET AND PROFIT AND LOSS

D.C.I.T.CC - XXVIII,KOL., KOLKATA vs. M/S BINANI INDUSTRIES LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: : Shri N.V.Vasudevan & Shri M. Balaganesh

1) of section 115J. An assessee is enabled to claim carry forward and set off of losses , unabsorbed allowance in view of the specific provisions of the Income Tax Act enabling an assessee to claim them. But because of this provision a company will have to pay tax on at least 30 percent of its book profit. Therefore, what

ACIT, LTU - 2, KOLKATA , KOLKATA vs. M/S. UCO BANK, KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri P.M. Jagtap, Vice- & Shri A.T. Varkey

depreciation which have been adopted for preparing such accounts including profit and loss account for such financial year or part of such financial year falling within the relevant previous year. " 7.2 Section 211(1), 211(2), 211(3), 211(3A), 211(3B) and 211(3C) of Companies Act 1956: 211. FORM AND CONTENTS OF BALANCE SHEET AND PROFIT AND LOSS

ACIT, LTU - 2, KOLKATA , KOLKATA vs. M/S. UCO BANK, KOLKATA

In the result, appeal of the Revenue is dismissed

Bench: Shri S. S. Godara, Jm & Dr. A.L. Saini, Am Vs. M/S Uco Bank Acit, Ltu-2, Kolkata 10, Btm, Sarani, Kolkata – 700001. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacu3561B .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

depreciation which have been adopted for preparing such accounts including profit and loss account for such financial year or part of such financial year falling within the relevant previous year. " 7.2 Section 211(1), 211(2), 211(3), 211(3A), 211(3B) and 211(3C) of Companies Act 1956: 211. FORM AND CONTENTS OF BALANCE SHEET AND PROFIT AND LOSS

DCIT, CIRCLE - 3(1), KOLKATA, KOLKATA vs. M/S. TATA METALIKS LIMITED, KOLKATA

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

1 to Section 115JB of the Act. Whereas, the appellant has claimed that sales tax and capital investment subsidies are capital receipt and do not have an element of income or profit and deserve to be excluded from computation of Book profit u/s 115JB. It is undisputed fact that the impugned sales tax incentive

TATA METALIKS LIMITED,KOLKATA vs. DCIT, CIRCLE - 3(1), KOLKATA, KOLKATA

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

1 to Section 115JB of the Act. Whereas, the appellant has claimed that sales tax and capital investment subsidies are capital receipt and do not have an element of income or profit and deserve to be excluded from computation of Book profit u/s 115JB. It is undisputed fact that the impugned sales tax incentive

M/S. PEERLESS HOSPITEX HOSPITAL & RESEARCH CENTRE LTD.,KOLKATA vs. DCIT, CIRCLE - 11(2), KOLKATA, KOLKATA

In the result, both appeals of the assessee( in ITA No

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.737 & 738/Kol/2018 ("नधा"रणवष" / Assessment Years:2009-10 & 2013-14)

115J to 115JB) of the Act since the said sections starts with a Non-Obstante Clause. We note that the submissions of the assessee in this respect were not at all discussed by the learned CIT(A) in his order. Instead, he dismissed the appeal of the assessee on an altogether new ground that the entire brought forward losses

M/S. PEERLESS HOSPITEX HOSPITAL & RESEARCH CENTRE LTD.,KOLKATA vs. DCIT, CIRCLE - 11(2), KOLKATA, KOLKATA

In the result, both appeals of the assessee( in ITA No

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.737 & 738/Kol/2018 ("नधा"रणवष" / Assessment Years:2009-10 & 2013-14)

115J to 115JB) of the Act since the said sections starts with a Non-Obstante Clause. We note that the submissions of the assessee in this respect were not at all discussed by the learned CIT(A) in his order. Instead, he dismissed the appeal of the assessee on an altogether new ground that the entire brought forward losses

DCIT, CIR-3(1), KOLKATA, KOLKATA vs. M/S TATA METALIKS LTD., KOLKATA

In the result, Revenue’s appeal is dismissed

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

depreciation adopted for preparing the Book Profits under section 115JB shall be the same as adopted for the purpose of preparing such accounts including profit and loss account and laid before the company at its annual general meeting. Therefore, whatever accounting policy was adopted for the purpose of preparing the P&L laid before the company should be adopted

TATA METALIKS LTD.,KOLKATA vs. ITO,WD-3(2), KOLKATA, KOLKATA

In the result, Revenue’s appeal is dismissed

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

depreciation adopted for preparing the Book Profits under section 115JB shall be the same as adopted for the purpose of preparing such accounts including profit and loss account and laid before the company at its annual general meeting. Therefore, whatever accounting policy was adopted for the purpose of preparing the P&L laid before the company should be adopted

M/S TATA METALIKS LTD.,KOLKATA vs. DCIT, CIR-3(1), KOLKATA, KOLKATA

Bench: Shri S.S.Godara & Dr. A.L. Saini

1 to Section 115JB of the Act. Whereas, the appellant has claimed that sales tax and capital investment subsidies are capital receipt and do not have an element of income or profit and deserve to be excluded from computation of Book profit u/s 115JB. It is undisputed fact that the impugned sales tax incentive