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)

17 M/s UCO Bank section 115JB is applicable to the assessee who carried on banking business. 7.3.2. The term 'banking company' has been defined in section 2(5) of the Companies Act, 1956 as follows:- "banking company" has the same meaning as in the Banking Companies Act, 1949 (10 of 1949)". 7.3.3. The term "banking company" has been defined

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

5(d) of Banking Regulation Act, 1949 to mean any company as defined in section 3 of Companies Act, 1956 and includes a foreign company within the meaning of section 591 of that Act. Hence there is logic in including the foreign companies under the ambit of MAT provisions. However, the same is not applicable for assessee which

PRIMETALS TECHNOLOGIES INDIA PVT. LTD.,KOLKATA vs. ACIT, CIRCLE - 1(1), KOLKATA, KOLKATA

In the result, appeals of the assessee for Assessment Year 2017-18

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 371 & 372/Kol/2022 Assessment Year: 2017-18 & 2018-19 Primetals Technologies India Pvt. Ltd. Acit, Circle-1(1), Kolkata 5Th Floor, Tower-C Vs Dlf, It Park-I 08 Majore Arterial Road New Town Kolkata - 700156 [Pan : Aaecv9657M] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Ajoy Vora, Sr. Advocate & Pooja Saraf, Ar Revenue By : Shri Rakesh Kumar Das, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 21/02/2024 घोषणा क" तारीख /Date Of Pronouncement: 16/05/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeals Are Directed At The Instance Of The Assessee Against The Final Assessment Orders Framed U/S 143(3) R.W.S. 144C & 144C(5) Of The Income Tax Act, 1961 (Hereinafter ‘The Act’) By The Deputy Commissioner Of Income Tax, Circle – 1(1), Kolkata (Hereinafter The “Ld. Ao”) Even Dt. 29/04/2022, Passed In Pursuance Of The Directions Of The Ld. Dispute Resolution Panel -2, New Delhi, Dt. 18/02/2022 For Assessment Year 2017-18 & Dt. 04/03/2022 For Assessment Year 2018-19, Passed U/S 144C(5) Of The Act. 2. The Assessee Has Raised The Following Grounds Of Appeal For Assessment Year 2017-18:- “Ground 1:

d): That the authorities below failed to consider that the claim for depreciation on goodwill was allowed by the Learned AO in the scrutiny assessment for the assessment year 2015-16, relevant to the financial year 2014-15, being the year of acquisition, and the appellant was thereafter entitled to depreciation on the opening WDV in subsequent years. 3 I.T.A

PRIMETALS TECHNOLOGIES INDIA PRIVATE LIMITED,KOLKATA vs. ACIT, CIRCLE-1(1), KOLKATA, KOLKATA

In the result, appeals of the assessee for Assessment Year 2017-18

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 371 & 372/Kol/2022 Assessment Year: 2017-18 & 2018-19 Primetals Technologies India Pvt. Ltd. Acit, Circle-1(1), Kolkata 5Th Floor, Tower-C Vs Dlf, It Park-I 08 Majore Arterial Road New Town Kolkata - 700156 [Pan : Aaecv9657M] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Ajoy Vora, Sr. Advocate & Pooja Saraf, Ar Revenue By : Shri Rakesh Kumar Das, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 21/02/2024 घोषणा क" तारीख /Date Of Pronouncement: 16/05/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeals Are Directed At The Instance Of The Assessee Against The Final Assessment Orders Framed U/S 143(3) R.W.S. 144C & 144C(5) Of The Income Tax Act, 1961 (Hereinafter ‘The Act’) By The Deputy Commissioner Of Income Tax, Circle – 1(1), Kolkata (Hereinafter The “Ld. Ao”) Even Dt. 29/04/2022, Passed In Pursuance Of The Directions Of The Ld. Dispute Resolution Panel -2, New Delhi, Dt. 18/02/2022 For Assessment Year 2017-18 & Dt. 04/03/2022 For Assessment Year 2018-19, Passed U/S 144C(5) Of The Act. 2. The Assessee Has Raised The Following Grounds Of Appeal For Assessment Year 2017-18:- “Ground 1:

d): That the authorities below failed to consider that the claim for depreciation on goodwill was allowed by the Learned AO in the scrutiny assessment for the assessment year 2015-16, relevant to the financial year 2014-15, being the year of acquisition, and the appellant was thereafter entitled to depreciation on the opening WDV in subsequent years. 3 I.T.A

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]

d) 19 I.T.A. No.312/Kol/2024 Assessment Year: 2017-18 Mega Engineers & Builders of Banking Regulation Act, 1949 to mean any company as defined in section 3 of Companies Act, 1956 and includes a foreign company within the meaning of section 591 of that Act. Hence there is logic in including the foreign companies under the ambit of MAT provisions. However

DCIT, CIRCLE - 6,, KOLKATA vs. LOKNATH SARAF SECURITIES LTD.,, KOLKATA

In the result, to sum up ITA No

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

d) inserted after clause (C) in the proviso to clause (5) of section 43 by the Finance Act, 2005 w.e.f. 1.4.2006. (iv) an eligible transaction in respect of trading in derivatives referred to in clause (aa) of section 2 of the Securities Contracts (Regulation) Act 1956 (42 of 1956) carried out in a recognized stock exchange; shall not be deemed

VIDYA BHARATI SOCIETY FOR EDUCATION & SCIENTIFIC ADVANCEMENT,KOLKATA vs. ACIT(EXEMPTION) CIRCLE - 1(1), KOLKATA , KOLKATA

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

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

d) of the Act, what is not includible in the total income of a charitable institution is the receipt by way of corpus donation. However the Act nowhere defines the expression or term ‘corpus’ donation. However this term has been judicially interpreted by the Courts. We note that the Hon’ble Karnataka High Court in the case

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

5 of Ground 1 of the above mentioned order for AY 2005-06 that “as per proviso (b) of Section 205(1) of Company Act, appellant is bound to set off the lesser of brought forward loss or brought forward depreciation 2002-03 against the profits of FY 2002-03 and FY 2003-04. The lesser of brought forward loss

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

5 of Ground 1 of the above mentioned order for AY 2005-06 that “as per proviso (b) of Section 205(1) of Company Act, appellant is bound to set off the lesser of brought forward loss or brought forward depreciation 2002-03 against the profits of FY 2002-03 and FY 2003-04. The lesser of brought forward loss

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

5 of Ground 1 of the above mentioned order for AY 2005-06 that “as per proviso (b) of Section 205(1) of Company Act, appellant is bound to set off the lesser of brought forward loss or brought forward depreciation 2002-03 against the profits of FY 2002-03 and FY 2003-04. The lesser of brought forward loss

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

5 of Ground 1 of the above mentioned order for AY 2005-06 that “as per proviso (b) of Section 205(1) of Company Act, appellant is bound to set off the lesser of brought forward loss or brought forward depreciation 2002-03 against the profits of FY 2002-03 and FY 2003-04. The lesser of brought forward loss

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

5 of Ground 1 of the above mentioned order for AY 2005-06 that “as per proviso (b) of Section 205(1) of Company Act, appellant is bound to set off the lesser of brought forward loss or brought forward depreciation 2002-03 against the profits of FY 2002-03 and FY 2003-04. The lesser of brought forward loss

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

5 of Ground 1 of the above mentioned order for AY 2005-06 that “as per proviso (b) of Section 205(1) of Company Act, appellant is bound to set off the lesser of brought forward loss or brought forward depreciation 2002-03 against the profits of FY 2002-03 and FY 2003-04. The lesser of brought forward loss

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

5 of Ground 1 of the above mentioned order for AY 2005-06 that “as per proviso (b) of Section 205(1) of Company Act, appellant is bound to set off the lesser of brought forward loss or brought forward depreciation 2002-03 against the profits of FY 2002-03 and FY 2003-04. The lesser of brought forward loss

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

5 of Ground 1 of the above mentioned order for AY 2005-06 that “as per proviso (b) of Section 205(1) of Company Act, appellant is bound to set off the lesser of brought forward loss or brought forward depreciation 2002-03 against the profits of FY 2002-03 and FY 2003-04. The lesser of brought forward loss

DAMODAR VALLEY CORPORATION,KOLKATA vs. ADDL. CIT, RANGE - 9, KOLKATA, KOLKATA

Accordingly, the ground nos. 8 & 9 in ITA No. 451/Kol/2013 raised by the assessee are allowed

Bench: : Shri N.V. Vasudevan & Shri M. Balaganeshita No. 1622/Kol/2011 A.Y 2008-09

depreciation, for which financial year or part of such financial year falling within or relevant previous year. 16. Only those companies, which are engaged in the generation or supply of electricity, will come within the ambit of section 616 of the Companies Act. For that it is necessary that assessee must be a company. If assessee is not a company

DCIT, CIRCLE - 12, KOLKATA, KOLKATA vs. M/S. BENGAL AMBUJA HOUSING DEVELOPMENT LTD., KOLKATA

In the result, the appeals of revenue are dismissed

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

d) 6. Ld. Counsel for the assessee also argued that the conduct of the assessee and W.B. Housing Board and the legal documents executed by the parties from time to time indicated that since beginning the assessee consciously planned and executed two separate housing projects. The purpose and objective behind these housing projects was different and therefore, merely because

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

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

D E R PER S.S.Godara, Judicial Member:- The assessee and Revenue have filed their instant cross-appeals for assessment year 2010-11 against the Commissioner of Income Tax (Appeals)-1, Kolkata’s order dated 14.03.2017, passed in case No.84 CIT(A)- 1/W-3(2)/2014-15, in proceedings u/s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard