In the result the appeals by the revenue are dismissed and the Cross Objections by the assessees are partly allowed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri J.Sudhakar Reddy, Am] I.T.A No. 1282/Kol/2015 Assessment Year : 2012-13 D.C.I.T., Central Circle-2(3) -Vs- Shri Vikash Jain Kolkata. Kolkata [Pan : Actpj 6174 D] (Respondent) (Appellant) I.T.A No. 1283/Kol/2015 Assessment Year : 2012-13 D.C.I.T., Central Circle-2(3) -Vs- Shri Vivek Jain Kolkata. Kolkata [Pan : Actpj 6173 E] (Respondent) (Appellant) C.O.Nos.58&59/Kol/2015 (A/O Ita Nos.1282 & 1283/Kol/2015) Shri Vikash Jain & Shri Vivek Jain -Vs- D.C.I.T., Central Circle-2(3) Kolkata Kolkata [Pan : Actpj 6174D & Actpj 6173 E] (Cross Objectors) (Respondent) For The Revenue : Shri Sallong Yaden, Addl. Cit For The Assessee : None Date Of Hearing : 14.08.2017. Date Of Pronouncement : 18.08.2017. Order Per N.V.Vasudevan, Jm

140A, the tax on the total income as declared in the return referred to in that section; (b) in any other case, the tax on the total income determined under sub-section (1) of section 143 or on regular assessment, as reduced by the amount of tax deducted or collected at source in accordance with the provisions of Chapter XVII