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

Appeal is dismissed

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

disallowance u/s. 14A r.w.s 8D of Income Tax Rules, 1962 under the normal provision of the Act and under the provision of Minimum Alternate Tax (MAT for short) u/s 115JB of the Act. 5. Briefly, the facts are that the assessee is Limited Company and engaged in business

M/S APEEJAY TEA LIMITED(MARGED WITH APEEJAY SURRENDRA CORPORATE SERVICES LTD.),KOLKATA vs. D.C.I.T CC - III,KOLKATA, KOLKATA

In the result, appeal of the Assessee is allowed

Bench: Hon’Ble Shri P.M.Jagtap, Am & Sri N.V.Vasudevan, Jm ]

disallowance u/s 14A is related to the income which was not includible in the total income and so, the same cannot be treated as part of the composite income from tea business

PRESSMAN REALTY PRIVATE LIMITED,KOLKATA vs. ACIT, CIR. 12(2), KOLKATA

In the result, appeal of the assessee is partly allowed

business income and balance 50% as incidental to the earning of income from house property. Ld. AO also held that since 30% deduction has already been claimed by the assessee u/s 24 of the Act under the head “income from house property”, no other expense was allowable under the said head of income. Accordingly, he disallowed

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

disallowed u/s 14A 825,00,965.00 Dividend Stripping u/s 94(7) 37,924.00 15,14,479.00 BUSINESS INCOME 226,57,496.00 CAPITAL

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

disallowed u/s 14A 825,00,965.00 Dividend Stripping u/s 94(7) 37,924.00 15,14,479.00 BUSINESS INCOME 226,57,496.00 CAPITAL

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

Disallowance u/s 14A : Rs. 30,368/- Deemed speculation loss : Rs.45,03,270/- Rs.52,81,251/- Less: Income taxable separately Rent : Rs.4,03,200/- Rs.48,78,051/- Less : Exempt income Dividend - 2,82,125 Tax free interest -2,94,975 : Rs.5,77,100/- Income from business

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 thereby disallowing certain expenses that were debited on business account. On first appeal, it was pleaded by the assessee

DCIT, CIR-1, SILIGURI, SILIGURI vs. M/S GANGADHAR DEVELOPERS PVT. LTD., SILIGURI

In the result, Revenue’s appeal is dismissed

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

disallowance of interest amount u/s. 24(a) or 24(b) of the IT Act, 1961. I also agree with the AO's finding in the remand report that in this case, ‘the lease rental income may be treated as business

M/S MORGAN WALKER & CO. LTD.,KOLKATA vs. ACIT, CEN. CIR-2(1), KOLKATA, KOLKATA

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

disallowed the municipal tax which is evident from at page no-25 of paper book. Therefore, the Assessee never claimed municipal tax as its business expenses, therefore the arguments of Ld.DR that the Assessee claims municipal tax in its business income

DCIT, CIR-6(1), KOLKATA, KOLKATA vs. M/S INDIA CITY PROPERTIES LTD., KOLKATA

In the result, the revenue’s appeal for A

disallowed by him and after allowing standard deduction of 30%, net income of Rs. 22,83,278/- on account of service charges was brought to tax by him in the hands of the assessee. 4. The action of the A.O. in treating the service charges as income from house property instead of business

DCIT, CIR-6(1), KOLKATA, KOLKATA vs. M/S INDIA CITY PROPERTIES LTD., KOLKATA

In the result, the revenue’s appeal for A

disallowed by him and after allowing standard deduction of 30%, net income of Rs. 22,83,278/- on account of service charges was brought to tax by him in the hands of the assessee. 4. The action of the A.O. in treating the service charges as income from house property instead of business

DCIT, CIR-6(1), KOLKATA, KOLKATA vs. M/S INDIA CITY PROPERTIES LTD., KOLKATA

In the result, the revenue’s appeal for A

disallowed by him and after allowing standard deduction of 30%, net income of Rs. 22,83,278/- on account of service charges was brought to tax by him in the hands of the assessee. 4. The action of the A.O. in treating the service charges as income from house property instead of business

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

In the result, the appeal of the Revenue is dismissed

disallowed by the assessee in its return of income. 4. On the facts and in the circumstances of the case, Ld. CIT(A) is erred in allowing claim of partners interest for Rs. 6,71,719/- u/s. 40(b) of the IT. Act, 1961 despite the fact that the assessee has no income under the head "Income from business

M/S. ARADHANA INVESTMENT LTD.,KOLKATA vs. ACIT, CENTRAL CIRCLE - 2(1), KOLKATA, KOLKATA

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

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri Satbeer Singh Godara

income from business, they had to be disallowed because as per the Act interest on I T Refund and from

ACIT, CIRCLE - 7, KOLKATA, KOLKATA vs. C.D. EQUIFINANCE PVT. LTD., KOLKATA

In the result, all the appeals filed by the Revenue are dismissed, while the appeal of the assessee is allowed

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

business was approx. Rs.473 crores which far exceeded the proceeds realized from sale of investments and dividend income. Having regard to the magnitude of share trading turnover and other income I hold that the ends of justice shall meet if the sum of Rs.2.5 lacs is disallowed

ACIT, CIRCLE-33, KOLKATA, KOLKATA vs. CENTRAL BANK OF INDIA EMPLOYEES COOPERATIVE SOCIETY LIMITED, KOLKATA

Appeal is allowed for statistical purposes in above terms

Bench: Shri P.M.Jagtap, Vice- & Shri S.S.Godaraassessment Year:1014-15

business income, the Interest income from WB Co-operative Bank Ltd. of Rs. 30,25,211 had qualified for deduction u/s. 80P(2)(d) as the relevant interest was earned from another cooperative society. The Assessing Officer disallowed

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

business income and short term capital gains / long term capital gains does not warrant any disturbance and deserves to be accepted. Accordingly, the Grounds 1 to 3 raised by the assessee for the Asst Years 2005-06 , 2006-07 , 2007-08 and 2008-09 are allowed. 7. The Ground No. 4 raised by the assessee for the Asst Year

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

business income and short term capital gains / long term capital gains does not warrant any disturbance and deserves to be accepted. Accordingly, the Grounds 1 to 3 raised by the assessee for the Asst Years 2005-06 , 2006-07 , 2007-08 and 2008-09 are allowed. 7. The Ground No. 4 raised by the assessee for the Asst Year