D.C.I.T.,CIRCLE-6(1), KOLKATA vs. M/S DEEPAK INDUSTRIES LTD., KOLKATA

In the result, the appeal of the revenue and CO of the assessee in A

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 43A which begins with non-obstante clause and provides that where assessee has acquired any asset during the previous year from outside the country for the purpose of business or profession and in consequence of forex fluctuations in the rate of exchange after acquisition of asset there is an increase or reduction in the liability of the assessee

D.C.I.T.,CIRCLE-6(1), KOLKATA vs. M/S DEEPAK INDUSTRIES LTD., KOLKATA

In the result, the appeal of the revenue and CO of the assessee in A

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 43A which begins with non-obstante clause and provides that where assessee has acquired any asset during the previous year from outside the country for the purpose of business or profession and in consequence of forex fluctuations in the rate of exchange after acquisition of asset there is an increase or reduction in the liability of the assessee

M/S KANORIA CHEMICALS & INDUSTRIES LTD.,KOLKATA vs. DCIT, CIR-10, KOLKATA, KOLKATA

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

Section 43A of the Act would apply. 9. Now the question is, whether the foreign exchange fluctuation gain/loss on foreign currency loan borrowed to acquire indigenous fixed assets and/or imported fixed assets is chargeable to income tax or is not allowable as a revenue loss. 9.1. In case of Sutlej Cotton Mills

DCIT, CIR-10(1), KOLKATA, KOLKATA vs. KANORIA CHEMICALS & INDUSTRIES LTD., KOLKATA

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

Section 43A of the Act would apply. 9. Now the question is, whether the foreign exchange fluctuation gain/loss on foreign currency loan borrowed to acquire indigenous fixed assets and/or imported fixed assets is chargeable to income tax or is not allowable as a revenue loss. 9.1. In case of Sutlej Cotton Mills

M/S. KANORIA CHEMICALS & INDUSTRIES LTD.,KOLKATA vs. ADDL. CIT, RANGE-10, KOLKATA, KOLKATA

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

Section 43A of the Act would apply. 9. Now the question is, whether the foreign exchange fluctuation gain/loss on foreign currency loan borrowed to acquire indigenous fixed assets and/or imported fixed assets is chargeable to income tax or is not allowable as a revenue loss. 9.1. In case of Sutlej Cotton Mills

DCIT, CIRCLE-10, KOLKATA, KOLKATA vs. M/S. KANORIA CHEMICALS & INDUSTRIES LTD., KOLKATA

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

Section 43A of the Act would apply. 9. Now the question is, whether the foreign exchange fluctuation gain/loss on foreign currency loan borrowed to acquire indigenous fixed assets and/or imported fixed assets is chargeable to income tax or is not allowable as a revenue loss. 9.1. In case of Sutlej Cotton Mills

D.C..I.T.,CIRCLE-5(2), KOLKATA vs. M/S SISECAM FLAT GLASS INDIA LTD. (FORMERLY HNG FLAT GLASS LTD.), KOLKATA

In the result, the appeal of revenue is dismissed and cross objection of assessee is allowed for statistical purpose

Bench: Hon’Ble Shri J. Sudhakar Reddy, Am & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2012-13

Section 43A had no application whatsoever in the given facts of the present case. 5.8. For the reasons set out above the MTM loss of Rs. 5, 11 ,03,987/­ incurred by the appellant under the interest rate swap arrangement is held to be fully allowable as deduction from. the profits of the business

DCIT, CIR-5(1), , KOLKATA vs. M/S COAL INDIA LTD., KOLKATA

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

section 43A of the Act with effect from 01.04.2002. In fact, u/s 43A, even on fluctuation of liability on account of foreign exchange for the payments mentioned therein, only the cost of acquisition of the asset/WDV is varied for the purpose of computation of depreciation

DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA vs. M/S. COAL INDIA LIMITED , KOLKATA

section 43A of the Act with effect from 01.04.2002. In fact, u/s 43A, even on fluctuation of liability on account of foreign exchange for the payments mentioned therein, only the cost of acquisition of the asset/WDV is varied for the purpose of computation of depreciation

DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA vs. M/S. COAL INDIA LIMITED , KOLKATA

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

section 43A of the Act with effect from 01.04.2002. In fact, u/s 43A, even on fluctuation of liability on account of foreign exchange for the payments mentioned therein, only the cost of acquisition of the asset/WDV is varied for the purpose of computation of depreciation

COAL INDIA LIMITED ,KOLKATA vs. DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

section 43A of the Act with effect from 01.04.2002. In fact, u/s 43A, even on fluctuation of liability on account of foreign exchange for the payments mentioned therein, only the cost of acquisition of the asset/WDV is varied for the purpose of computation of depreciation

DCIT, CIRCLE -5 KOLKATA, KOLKATA vs. M/S KESORAM INDUSTRIES LTD., KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: : Shri M. Balaganesh

depreciation on the capital asset, as presumably linked by the Assessing Officer to such realised foreign exchange loss. 4 That the appellant craves leave to add to and/ or amend, alter, modify or rescind the grounds hereinabove before or at the hearing of the appeal. 3.2. The Learned AR fairly argued that the issue requires to be remanded back

M/S. DEEPAK INDUSTRIES LTD.,KOLKATA vs. DCIT, CIRCLE - 6(1), KOLKATA, KOLKATA

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

43A vide ITA Nos. 263-264/K/ 2020 [C.0. 425/K/21] [A.Ys 2014-15 & 2015-16] and AO may kindly be directed to allow such depreciation accordingly. 6. For that in view of the facts and in the circumstances, the Ld. CIT(A) was wholly unjustified in holding charging of interest u/s 234C as consequential since such interest is chargeable

M/S. DEEPAK INDUSTRIES LTD.,KOLKATA vs. DCIT, CIRCLE-6(1), KOLKATA, KOLKATA

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

43A vide ITA Nos. 263-264/K/ 2020 [C.0. 425/K/21] [A.Ys 2014-15 & 2015-16] and AO may kindly be directed to allow such depreciation accordingly. 6. For that in view of the facts and in the circumstances, the Ld. CIT(A) was wholly unjustified in holding charging of interest u/s 234C as consequential since such interest is chargeable

ORIENT PAPER & INDUSTRIES LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 5(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubey

depreciation under section 80IA stood at Rs.34,22,32,964/-. The TPO by following the decision of Hon’ble Calcutta High Court in the case of CIT Vs ITC Ltd (236 taxman 612) benchmarked the energy charge for power transferred by the CPP to the manufacturing unit at a price fixed by MPERC for power generation station i.e. Bina Power

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)

depreciation for the year higher by Rs 94.20 lacs and the profit for the year higher by Rs 2141.21 lacs. 6.1. We find the break up of exchange fluctuation loss party wise is as under:- 7 M/s Himadri Chemicals & Industries Ltd. A.Yr. 2012-13 We find that the assessee had duly furnished the party wise workings of exchange fluctuation loss

ITO, WARD - 12(3), KOLKATA vs. UMT INVESTMENT LTD., KOLKATA

In the result, the appeal of the revenue is allowed subject to the direction contained hereinabove

Bench: : Shri Mahavir Singh & Shri M. Balaganesh

section 43A w.e.f 1.4.2003 and no decision was rendered by the Hon’ble Apex Court in this case with regard to the foreign exchange fluctuations arising out of loan borrowed on capital account. But the said decision duly considered the recognition of foreign exchange gains for tax purposes if the loan is utilized on revenue account. Admittedly, the loan

EVEREADY INDUSTRIES INDIA LTD.,KOLKATA vs. DCIT, CIRCLE - 11(1), KOLKATA, KOLKATA

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

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri S.S. Viswanethra Ravi

depreciation 2.Low Income Not applicable for EIIL shown by the contractor 3.Large refund Point no. 3 of our 140 claimed of advance letter 140 tax dtd.21.12.15 4.Large deduction u/s . Point no. 2 of our 136 & 137 35, 35(2AA) & letter dtd.18.11.15 and 35(2AB) point no. 2 of 08.03.16 5.High Ratio of Point no. 6 of our 138 Refund