DCIT, CEN. CIR. 4(4), KOLKATA vs. M/S G.K. & SONS PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2011-12 Deputy Commissioner Of M/S. G. K. & Sons Pvt. Ltd., Income-Tax, Central Circle- Room No. 603, 6Th Floor, 4(4), Kolkata. Vs. Shantiniketan Building, 8, Camac Street, Kolkata- 700017. (Pan:Aaacg8389H) (Appellant) (Respondent) Present For: Appellant By : Shri P. P. Barman, Addl. Cit Respondent By : Shri Ravi Tulsiyan, Fca Date Of Hearing : 12.10.2022 Date Of Pronouncement : 20.10.2022

depreciation could be availed of in the case of amalgamation. If one compares s. 72A and the provisions of s. 396 of the Companies Act, there is a lot of similarity. In order, perhaps to obviate any possible conflict or dispute because of the provisions of the Act in relation to amalgamations under s. 396 of the Companies Act, what

JCT LTD., ,KOLKATA vs. DCIT, CIRCLE - 11(1), , KOLKATA

In the result, the appeal of the Revenue is dismissed and the appeal of the assessee is allowed

Bench: Shri J. Sudhakar Reddy & Shri S.S. Godara]

depreciation of the appellant company. In computing book profit u/s 115JB also the gain on sale of above land substantially set off against the brought forward loss/depreciation as per books. The detail of Capital Gain computation as returned by the appellant company is presented as under: Sl. No. Particulars Amount 1. Description of the asset with measurement Bunglow on Plot

DCIT, CIRCLE - 11(1), KOLKATA , KOLKATA vs. M/S. JCT LTD., , KOLKATA

In the result, the appeal of the Revenue is dismissed and the appeal of the assessee is allowed

Bench: Shri J. Sudhakar Reddy & Shri S.S. Godara]

depreciation of the appellant company. In computing book profit u/s 115JB also the gain on sale of above land substantially set off against the brought forward loss/depreciation as per books. The detail of Capital Gain computation as returned by the appellant company is presented as under: Sl. No. Particulars Amount 1. Description of the asset with measurement Bunglow on Plot

EIH LIMITED.,KOLKATA vs. C.I.T KOL - III,KOLKATA, KOLKATA

In the result, the order passed by the Learned CIT u/s 263 of the Act is set aside and the appeal of the assessee is allowed

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

section 38 of the Act for disallowance of proportionate depreciation on Aircraft in the facts and circumstances of the case. 3.1. The brief facts of this issue is that the assessee filed its return of income for the Asst Year 2008-09 declaring taxable income of Rs. 333,91,11,391

ACIT, CIRCLE-4(1), KOLKATA, KOLKATA vs. M/S APEEJAY TEA LTD., KOLKATA

In the result, the appeal of the Revenue is treated partly allowed for statistical purpose

Bench: Shri P.M. Jagtap(Kz) & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 1736/Kol/2016 Assessment Year: 2011-12 Acit, Circle – 4(1) Kolkata...................................………………………….............................Appellant P-7, Chowringhee Square, Kolkata – 700 069. M/S. Apeejay Tea Ltd.....................…………………………..................................................Respondent ‘Apeejay House’, Block-A, 15, Park Street, Kolkata – 700 016. [Pan: Aaeca 1925 D] Appearances By: Shri C.J. Singh, Jcit, Sr. Dr Appearing On Behalf Of The Revenue. Shri Manish Tiwari, Fca Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : March 20, 2019 Date Of Pronouncing The Order : May 10, 2019 Order Per P.M. Jagtap(Kz) This Appeal Is Preferred By The Revenue Against The Order Of Ld. Cit(A) – 16, Kolkata Dated 30.06.2016. 2. In Ground No. 1, The Revenue Has Challenged The Action Of The Ld. Cit(A) In Deleting The Disallowance Of Rs. 31,64,411/- Made By The Ao On Account Of Balance Additional Depreciation.

depreciation of 10% in the year under consideration and dismiss ground no. 1 of the revenue’s appeal. 3 I.T.A. No. 1736/Kol/2016 Assessment Year: 2011-12 M/s. Apeejay Tea Ltd. 5. The issue involved in ground no. 2 relates to deleting the disallowance of Rs. 88,48,773/- made by the AO u/s 40(a)(ia) of the Income

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

In the result, Revenue’s appeal stands dismissed

Bench: Shri N.V.Vasusdevan & Shri Waseem Ahmedassessment Year :2005-06

depreciable assets was adjusted with the WDV for the relevant block of assets. The profit arose on the transfer of net current assets, tax under the business head was offered. In view of above, the assessee submitted that the transaction of transfer of its undertaking was out of the purview of slump sale and consequently the provisions

THE PEERLESS GEN. FIN. & INV. CO. LTD.,KOLKATA vs. DCIT, CIRCLE-3(1), KOLKATA, KOLKATA

In the result, the appeal filed by the assessee is allowed

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

depreciable assets/flats. The assessee has filed written submissions before the learned AO explaining the reasons as to why the stamp duty valuation should not be considered for computing the Capital Gains with regard to the 4 th property during the course of assessment and the same was duly considered by the ld. AO. As such, the assessment order cannot

M/S. HIMADRI CHEMICALS & INDUSTRIES LTD., [NOW KNOWN AS HIMADRI SPECIALITY CHEMICAL LTD.,],KOLKATA vs. PR.CIT, CENTRAL - 1, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ] I.T.A No. 813/Kol/2018 Assessment Year : 2012-13 M/S Himadri Chemicals & Industries Ltd. -Vs- Pr. Cit, Circle-1, Kolkata (Now Known As Himadri Speciality Chemical Ltd) [Pan: Aaach 7475 H] (Appellant) (Respondent)

391 ITR 274 (SC) held that the claim of section 10A and 10B of the Act falls only under the expression ‘deduction’ and not ‘exemption’. Accordingly it was held by the Hon’ble Apex Court that the stage of deduction would be while computing the gross total income of the eligible undertaking under Chapter

DCIT, LTU-2, KOLKATA vs. M/S CENTURY PLYBOARDS (I), LTD, KOLKATA

In the result, the appeal of the revenue is dismissed and cross objections of assessee are allowed

Bench: Shri P.M. Jagtap(Kz) &Shri A. T. Varkey, Jm] Assessment Year: 2014-15

391/- being amount equivalent to the sum of dividend income earned during the year; u/s 14A of the Act. This disallowance of Rs.4,99,235/- offered by the assessee was not acceptable to the AO. The AO instead applied Rule 8D and worked out the disallowance in terms of Rule 8D(2)(ii) & (iii) at Rs.29.31 lacs and Rs.4.98 lacs

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)

391 ITR 218. In the said judgment the Hon'ble Punjab & Haryana High Court had taken note of the fact that the banking companies in the course of carrying on their banking business were required to hold shares & securities and the expenses were incurred in connection with such banking business and the income therefrom was assessable under the head "Profits

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

391 ITR 218. In the said judgment the Hon'ble Punjab & Haryana High Court had taken note of the fact that the banking companies in the course of carrying on their banking business were required to hold shares & securities and the expenses were incurred in connection with such banking business and the income therefrom was assessable under the head "Profits

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 of the said car. Considering these facts and ratio laid down, we are inclined to set aside the order of Ld. CIT(A) and direct the AO to delete the addition. 6 I.T.A. No.312/Kol/2024 Assessment Year: 2017-18 Mega Engineers & Builders 10. Issue raised in ground no. 3 is against the confirmation of addition

M/S INSTRUMENTARIUM CORPORATION LTD.,KOLKATA vs. DDIT (IT)-1(1), KOLKATA, KOLKATA

Bench: The Special Bench:

depreciation of Rs 12,77,67,761. It was also noted that the assessee and Datex India, which was wholly owned subsidiary of the assessee and its marketing arm in India, entered into an agreement dated 26th August 2002 under which the assessee extended an interest free loan denominated in US Dollars, which was equivalent to Rs 36 crores

ACIT, CIT-2(1), KOLKATA, KOLKATA vs. M/S BNK E SOLUTION PVT. LTD., KOLKATA

In the result, the appeal by the Revenue is dismissed and the C

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am]

391” 4. The AO completed the assessment u/s 143(3) of the Act by order dated 23.12.2008 and he determined the deduction u/s 10A of the Act by adopting the profits of business of 10A at Rs.3,51,14,628/- as against Rs.3,58,16,789/- considered by the assessee in its computation of deduction

KRISHI RASAYAN EXPORTS PVT. LTD.,KOLKATA vs. ACIT, RG-12, KOLKATA, KOLKATA

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

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am]

depreciation charged on lab Equipment. Since the Lab subsidy was granted for acquisition of Lab Equipment the unamortized amount of Government Grant being Lab Subsidy was shown as Liability. Since the Lab Equipment are used in the Eligible Unit the Assessee claimed that proportionate amount of Lab Subsidy credited to the Profit & Loss Account forms a part of the profit

DCIT, CIR-12, KOLKATA, KOLKATA vs. M/S KRISHI RASAYAN EXPORTS PVT. LTD., KOLKATA

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

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am]

depreciation charged on lab Equipment. Since the Lab subsidy was granted for acquisition of Lab Equipment the unamortized amount of Government Grant being Lab Subsidy was shown as Liability. Since the Lab Equipment are used in the Eligible Unit the Assessee claimed that proportionate amount of Lab Subsidy credited to the Profit & Loss Account forms a part of the profit

TATA CONSUMER PRODUCTS LIMITED,KOLKATA vs. DCIT, CIR.-4(1), KOLKATA

In the result, the appeal for AY 2014-15 is partly allowed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Years: 2014-15 & Assessment Years: 2015-16

391 to 394 of the Companies Act, 1956 effective from 18 May 2015. To give effect to the amalgamation, a revised return was filed on 26th November 2015 declaring total income of Rs. 4,62,27,29,010/- under normal provisions and Rs. 6,07,14,22,413/- un- der the provisions of Section 115JB of the Act and claiming

TATA CONSUMER PRODUCTS LIMITED,KOLKATA vs. DCIT, CIR.-4(1), KOLKATA

In the result, the appeal for AY 2014-15 is partly allowed

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Years: 2014-15 & Assessment Years: 2015-16

391 to 394 of the Companies Act, 1956 effective from 18 May 2015. To give effect to the amalgamation, a revised return was filed on 26th November 2015 declaring total income of Rs. 4,62,27,29,010/- under normal provisions and Rs. 6,07,14,22,413/- un- der the provisions of Section 115JB of the Act and claiming