DCIT, CENTRAL CIRCLE - 4(4), KOLKATA, KOLKATA vs. M/S. ELECTROSTEEL CASTINGS LIMITED., KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

131/- by way of dividend that is exempt from taxation. In its computation of income the assessee had voluntarily offered a sum of Rs. 16,85,257/- as disallowance u/s 14A of the Act. Despite the same, the AO mechanically applied Rule 8D and computed disallowance u/s 14A at Rs. 6,18,02,973/- and added

M/S. ELECTROSTEEL CASTING LIMITED.,KOLKATA vs. DCIT, CENTAL CIRCLE - 4(4), KOLKATA, KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

131/- by way of dividend that is exempt from taxation. In its computation of income the assessee had voluntarily offered a sum of Rs. 16,85,257/- as disallowance u/s 14A of the Act. Despite the same, the AO mechanically applied Rule 8D and computed disallowance u/s 14A at Rs. 6,18,02,973/- and added

M/S. ELECTROSTEEL CASTING LIMITED.,KOLKATA vs. DCIT, CENTAL CIRCLE - 4(4), KOLKATA, KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

131/- by way of dividend that is exempt from taxation. In its computation of income the assessee had voluntarily offered a sum of Rs. 16,85,257/- as disallowance u/s 14A of the Act. Despite the same, the AO mechanically applied Rule 8D and computed disallowance u/s 14A at Rs. 6,18,02,973/- and added

DCIT, CENTRAL CIRCLE - 4(4), KOLKATA, KOLKATA vs. M/S. ELECTROSTEEL CASTINGS LIMITED., KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

131/- by way of dividend that is exempt from taxation. In its computation of income the assessee had voluntarily offered a sum of Rs. 16,85,257/- as disallowance u/s 14A of the Act. Despite the same, the AO mechanically applied Rule 8D and computed disallowance u/s 14A at Rs. 6,18,02,973/- and added

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

disallowing expenditure “incurred by the assessee in relation to the tax exempt income”. This proportion or portion of the tax exempt income surely cannot swallow the entire amount as has happened in this case”. In view of the aforesaid facts and circumstances and respectfully following the various judicial precedents relied upon hereinabove, we hold that the addition

ACIT, CIRCLE-34, KOLKATA, KOLKATA vs. M/S BANWARILALL PASARI, KOLKATA

In the result, the appeal of the revenue for A

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 2114 & 2115/Kol/2016 Assessment Years: 2012-13 & 2013-14 Acit Cir 34..............................………………………...........................................................Appellant Aayakar Bhawan, Poorva, 7Th Floor, 110, Shantipally, Kolkata – 107. M/S. Banwarilall Pasari………………………………………………...............................Respondent 16, India Exchange Place, Kolkata – 1. [Pan: Aacfb 7611 A] Appearances By: Shri Arindam Bhattacharjee, Addl. Cit Appearing On Behalf Of The Revenue. Shri S. Jhajharia, Fca Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : February 15, 2018 Date Of Pronouncing The Order : March 14, 2018 Order

131/-, the amounts being Rs. 6,11,79,231/- in the case of Sri S.K. Pasari, Rs. 54,26,019/- in the case of Sri C.K. Pasari, and Rs. 1,66,28,881/- in the case of the third partner, Sri B. Pasari. The submission of the Ld. AR that the appellant firm had an interest free unsecured loan amounting

ACIT, CIRCLE-34, KOLKATA, KOLKATA vs. M/S BANWARILALL PASARI, KOLKATA

In the result, the appeal of the revenue for A

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 2114 & 2115/Kol/2016 Assessment Years: 2012-13 & 2013-14 Acit Cir 34..............................………………………...........................................................Appellant Aayakar Bhawan, Poorva, 7Th Floor, 110, Shantipally, Kolkata – 107. M/S. Banwarilall Pasari………………………………………………...............................Respondent 16, India Exchange Place, Kolkata – 1. [Pan: Aacfb 7611 A] Appearances By: Shri Arindam Bhattacharjee, Addl. Cit Appearing On Behalf Of The Revenue. Shri S. Jhajharia, Fca Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : February 15, 2018 Date Of Pronouncing The Order : March 14, 2018 Order

131/-, the amounts being Rs. 6,11,79,231/- in the case of Sri S.K. Pasari, Rs. 54,26,019/- in the case of Sri C.K. Pasari, and Rs. 1,66,28,881/- in the case of the third partner, Sri B. Pasari. The submission of the Ld. AR that the appellant firm had an interest free unsecured loan amounting

KRISHNA PRASAD POTNURI,KOLKATA vs. ITO, WARD - 40(1), KOLKATA , KOLKATA

In the result, appeal of the assessee is allowed in part

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2014-15 Krishna Prasad Potnuri...............................................................…………………………………….…..Appellant (Prop. Calcutta South Transport Co.) 20, Phears Lance Bowbazar Kolkata – 700 012 [Pan : Afqpp 3888 Q] Income Tax Officer, Ward-40(1), Kolkata....................................................…………………..Respondent Appearances By: Shri Manish Tiwari, Fca, Appeared On Behalf Of The Assessee. Shri S.M. Das, Addl. Cit, D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : June 6Th , 2018 Date Of Pronouncing The Order : August 3Rd, 2018 Order Per J. Sudhakar Reddy, Am :-

section 40A(3) of the Act was a technical disallowance for violation of specific provisions of Income Tax Act. Before us, the learned AR of the assessee has relied on the decision of the Ahmedabad Bench of the 6 Assessment Year: 2014-15 Krishna Prasad Potnuri Tribunal in the case of Vijaykumar P. Desai (Individual & HUF) (supra), wherein the Tribunal

ENKAY TRAFFIN (P) LTD.,KOLKATA vs. PR.CIT-4, KOLKATA

In the result, appeal of the assessee is allowed

section 133(6) ng the notice under section 133(6) of the Act. (vi) We note from a perusal of the paper book pages (vi) We note from a perusal of the paper book pages-2, 160 to 184 the 2, 160 to 184 the details of share applicant details of share applicant M/s. Shivashiv Dealcom Pvt. Ltd M/s. Shivashiv

SHRI DINESH KUMAR GHOSH ,PASCHIM MEDINIPUR vs. ACIT, CIRCLE - 38, , MIDNAPORE

In the result, this ground and appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara] I.T.A. No. 2015/Kol/2018 Assessment Year: 2013-14 Shri Dinesh Kumar Ghosh.......………………………………....…………………………………………Appellant Garhbeta-Iii,Karamsole P.O. Kiaboni P.S. Garhbeta Paschim Medinipur – 721 253 [Pan : Arkpg 5318 G] Assistant Commissioner Of Income Tax, Circle-38, Midnapore…….........…..…......Respondent Appearances By: Shri Anikesh Banerjee, Advocate, Appeared On Behalf Of The Assessee. Shri C.J. Singh, Jcit D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : April 3Rd, 2019 Date Of Pronouncing The Order : April 26Th, 2019 O R D E R Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals) - 11, Kolkata, (Ld. Cit(A)) Passed U/S. 250 Of The Income Tax Act, 1961, (The ‘Act’), Dt. 27/06/2018, For The Assessment Year 2013-14. 2. The Assessee Is An Individual & Is In The Business Of Trading In Wood & Timber. He Filed His Return Of Income On 29/10/2013, Disclosing Total Income Of Rs.10,29,280/-. The Assessing Officer Completed Assessment U/S 144 Of The Act, Vide His Order Dt. 10/03/2016, Determining The Total Income At Rs.1,22,27,660/- Interalia Making A Disallowance Of Rs.1,11,97,683/- U/S 40A(3) Of The Act, On The Ground That The Assessee Had Made Cash Payments In Excess Of Rs.20,000/- For Supply Of Timber To Various Local Merchants. Aggrieved The Assessee Carried The Matter In Appeal. Before The Ld. First Appellate Authority, The Assessee Submitted That None Of The Cash Payments In Question Exceeded The Limit Prescribed U/S 40A(3) Of The Act. He Produced A Cash Book & Ledger Account To Demonstrate The Fact That The 2

section 40A(3) of the Act was a technical disallowance for violation of specific provisions of Income Tax Act. Before us, the learned AR of the assessee has relied on the decision of the Ahmedabad Bench of the Tribunal in the case of Vijaykumar P. Desai (Individual & HUF) (supra), wherein the Tribunal has held as under: "6. We find that

M/S KALPANA BIRI MFG. CO. PVT. LTD.,MURSHIDABAD vs. ACIT, CIR- MURSHIDABAD, MURSHIDABAD

In the result, assessee’s appeal stands allowed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year:2010-11 M/S Kalpana Biri Mfg. Co. Acit, Circle, बनाम / Pvt. Ltd., Vill. & P.O. Murshidabad, 39 R.N. V/S. Auragabad Dist. Tagore Road, P.O. Murshidabad, Berhampur, Pin. 742 101 Pin-742 201 [Pan No. Aabck 7051 M] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri S.L. Kochar, Advocate & अपीलाथ" क" ओर से/By Appellant Shri Anil Kochar, Advocate Shri Saurabh Kumar, Addl. Cit-Dr ""यथ" क" ओर से/By Respondent 18-09-2017 सुनवाई क" तार"ख/Date Of Hearing 10-11-2017 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Assessee Is Against The Order Of Commissioner Of Income Tax (Appeals)-Xxxvi, Kolkata Dated 31.03.2014. Assessment Was Framed By Acit, Circle-Murshidabad U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 13.02.2013 For Assessment Year 2010-11. The Grounds Raised By The Assessee Per Its Appeal Are As Under:- “1. That In The Facts & Circumstances Of The Case The Learned Commissioner Of Income Tax (Appeals) Erred In Not Having Deleted The Addition To Income For Rs.30628425/- As Alleged Unexplained Investment U/S 69 Of The Income Tax Act, 1961 On Account Of Alleged Suppression Of Value Of Stock.”

disallowance of ₹3,06,28,425/- on account of unexplained investment u/s 69 of the Act. 3. Briefly stated facts are that assessee is a private limited company and engaged in manufacturing / trading of bidi and trader of electronic goods. The assessee carries on its manufacturing of bidi activity under the trade name M/s Kalpana Biri Manufacturing

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

disallowance u/s 14A of the Act was made as the no dividend was received, which violates Departmental Circular No. 5/2014 [F. No. 225/182/2013-ITA-II]. Further, fresh shares were purchased as apparent from Note 12 of balance sheet. (iv) The 'Exceptional Item' of Rs.1.84 crs at Note-24 of P&L account. As VRS payment as referred has already been allowed u/s.35DDA

DCIT, CC-XIX, KOLKATA, KOLKATA vs. M/S INTERNATIONAL CONVEYORS PVT. LTD., KOLKATA

In the result, appeals filed by the revenue in IT(SS)A No

Bench: Dr. A.L.Saini, Am & Shri K. Narasimha Chary, Jm It(Ss)A No.131/Kol/2014 ("नधा"रण वष" / Assessment Year :2008-2009) Dcit, Cc-Xix, Kolkata Vs. M/S.International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) It(Ss)A No.90/Kol/2014 ("नधा"रण वष" / Assessment Year :2009-2010) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K (अपीलाथ" /Appellant) .. (""यथ" / Respondent) It(Ss)A No.91/Kol/2014 ("नधा"रण वष" / Assessment Year :2010-2011) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) It(Ss)A No.92/Kol/2014 ("नधा"रण वष" / Assessment Year :2011-2012) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

131 & ITA No.1366/Kol/2014 M/s International Conveyors Pvt. Ltd. Appellant Company submits that without recording satisfaction the AO is unjustified in law in making any disallowance under section

M/S TIRAT PACHAI SHOP,KOLKATA vs. ITO, WD-1(3), ASANSOL, ASANSOL

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap

disallowance of Rs. 39,48,131/- under section 40A(3) for A.Y. 2008-09. 3. The disallowance made by the Assessing

INCOME TAX OFFICER, AAYAKAR BHAWAN, POORVA vs. AMODINI VYAPAR PVT LTD, KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Amodini Vyapar Pvt. Ltd. Income Tax Officer, Kalpanalaya, Avirampur, Po- 7Th Floor, Nadt Building, Aaykar Bhavan Poorva, 110 Shantipally, Budge Budge, Vs. Kolkata-700107 Kolkata-700137, West Bengal (Appellant) (Respondent) Pan No. Aacca2332G Assessee By : Shri Sunil Surana, Ar Revenue By : Shri Pradip Kumar Biswas, Dr Date Of Hearing: 26.11.2024 Date Of Pronouncement : 31.12.2024

section 14A read with Rule 8D when neither expense was incurred for earning any exempt income nor any satisfaction was recorded having regard to the accounts of the assessee before making such disallowance. The AO relied on the decision of the ITAT in case of Bisakha Sales Pvt. Ltd. vs CIT-II, Kolkata in ITA No. 1493/KOl/2013 and proceeded

ITO, WARD-5(1), KOLKATA vs. SHREEN HIRE PURCHASE (P) LTD, KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarmai.T.A. No. 22/Kol/2021 Assessment Year: 2012-2013 Income Tax Officer,................................Appellant Ward-5(1), Kolkata Aayakarbhawan, P-7, Chowringhee Square, Kolkata-700069 -Vs.- Shreen Hire Purchase (P) Limited,...........Respondent 89, N.S. Road, Kolkata-700001 [Pan: Aamcs4023L] Appearances By: Shri Manoj Kataruka, Advocate, Appeared On Behalf Of The Assessee Shri Vijay Kumar, Addl. Cit, Sr. D.R., Appeared On Behalf Of The Revenue

131 of the Act that the identity and creditworthiness of the investors and genuineness of the transactions could not be substantiated and therefore, treated the entire share capital as unexplained under section 68 of the Act and added to the income of the assessee. The ld. CIT(Appeals) by appreciating the same facts and evidences as are placed before

DCIT,CIR-43,KOL, KOLKATA vs. S.K.AGARWALA & CO, KOLKATA

In the result both the appeals of the Revenue are dismissed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

131, by the alleged creditors will not be sufficient to draw an adverse inference against the assessee. In the case of six creditors who appeared before the Assessing Officer and whose statements were recorded by the Assessing Officer, they have admitted having advanced loans to the assessee by account payee cheques and in case the Assessing Officer was not satisfied

DCIT,CIR-43,KOL, KOLKATA vs. S.K.AGARWALA & CO, KOLKATA

In the result both the appeals of the Revenue are dismissed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

131, by the alleged creditors will not be sufficient to draw an adverse inference against the assessee. In the case of six creditors who appeared before the Assessing Officer and whose statements were recorded by the Assessing Officer, they have admitted having advanced loans to the assessee by account payee cheques and in case the Assessing Officer was not satisfied