D.C.I.T CIR - 10(1), KOLKATA vs. M/S EUREKA FORBS LTD, KOLKATA

The appeal is dismissed

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

B= Rs.72,38,59,254/-(0pening Value of Investment Rs. 76,95,98,999/- and Closing value of Investment Rs.67,81,19,510/- in this case) = the average of value of investment, income from which does not or shall not form part of the total income, as appearing in the balance sheet of the assessee, on the first

D.C.I.T CIR - 10(1), KOLKATA vs. M/S EUREKA FORBS LTD, KOLKATA

The appeal is dismissed

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

B= Rs.72,38,59,254/-(0pening Value of Investment Rs. 76,95,98,999/- and Closing value of Investment Rs.67,81,19,510/- in this case) = the average of value of investment, income from which does not or shall not form part of the total income, as appearing in the balance sheet of the assessee, on the first

M/S. FUTURE DISTRIBUTORS,KOLKATA vs. PR.CIT, KOLKATA - 9, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

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

1 per ticket. The discounted rate of invoice value of the tickets of Rs.3,800 crores is shown as Rs.2,800 crores i.e. (74% of the face value). The Royal Govt. of Bhutan is to declare and shown to have declared prize winnings at 70% of the gross lottery size i.e. (70% of Rs.3800 crores) which is Rs.2660 crores. Facts

EIH LIMITED,KOLKATA vs. DCIT, CIR-8(1)KOL., KOLKATA

In the result, assessee’s appeal stands partly allowed for statistical purpose

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2012-13 Eih Ltd V/S. Dcit, Circle-8(1), 4, Mangoe Lane, Aayakar Bhawan, P-7, Kolkata-700 001 Chowringhee Square, [Pan No.Aaace 6898 B] Kolkata-69 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Ravi Sharma, Ar अपीलाथ" क" ओर से/By Appellant Shri P.K. Srihari, Cit-Dr ""यथ" क" ओर से/By Respondent 27-02-2018 सुनवाई क" तार"ख/Date Of Hearing 16-05-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Assessee Is Directed Against The Order Of Dispute Resolution Panel-2, (Drp For Short) Dated 17.10.2016. Assessment Was Framed By Dcit, Circle-8(1), Kolkata U/S 144C(13)/143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 29.11.2016 For Assessment Year 2012-13 & Grounds Raised By Assessee Read As Under:- “1.0 Determination Of Arm'S Length Price For Corporate Guarantee Fees 1.1 On The Facts & In The Circumstances Of The Case & In Law, The Learned Transfer Pricing Officer (Hereinafter Referred To As "Ld, Tpo") & Accordingly Learned Assessing Officer (Hereinafter Referred To As "Ld. Ao") Erred In Treating The Corporate Guarantee Extended By The Appellant To Its Associated Enterprise (Ae) As International Transaction & Dispute Resolution Panel (Hereinafter Referred To As "Ld, Panel") Erred In Confirming The Same As An International Transaction Without Appreciating The Fact That It Does Not Fall Within The Ambit Of "International Transaction" U/S 92B Of The Act. 1.2 The Ld.Ao/Tpo & The Ld. Panel Failed To Appreciate The Fact That Corporate Guarantee Has Been Advanced By The Appellant As A Matter Of Commercial Prudence To Protect The Business Interest Of The Group By Fulfilling

144 ITD 141. But we find that if the disallowance made under second limb of Rule 8D(2) of the Rules is deleted, then the disallowance made by the ld AO would remain at Rs 23,77,882/- and whereas the assessee itself had voluntarily disallowed Rs 42,48,850/-. Hence we direct the ld AO to adopt the disallowance

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

144 of the Act. 3. The Hon'ble Commissioner of Income Tax (Appeals) erred both in law and on facts by passing the order on 07/01/2025 at 11:26 IST, prior to the expiry of the 3 stipulated time period provided in the notice for submissions, thereby violating the principles of natural justice and denying a reasonable opportunity

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

144 of the Act. 3. The Hon'ble Commissioner of Income Tax (Appeals) erred both in law and on facts by passing the order on 07/01/2025 at 11:26 IST, prior to the expiry of the 3 stipulated time period provided in the notice for submissions, thereby violating the principles of natural justice and denying a reasonable opportunity

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

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

disallowance is governed as per the provisions detailed in section 14A of the Income Tax Act and in Rule 8D of the Income Tax Rules. The charging of Capex charges for management services and offering it to tax is correct, but has no relation with the provision enumerated in section 14A." 7.5 The Ld. AR in this regard has submitted

DESANA POLY PLASTIC INDUSTRIES,KOLKATA vs. ACIT, CIR. 34, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri A. T. Varkey, Jm & Shri Manish Borad, Am ]

section 43B of the Act is prospective in nature in nature and would apply from AY 2021-22 onwards and therefore, the amendment is not applicable to these assessment year (2017-18) under consideration. 4. The second issue in this appeal of assessee is with regard to the disallowance of certain expenses amounting to Rs.3,09,455/- u/s. 37(1

ACIT, CIRCLE - 7, KOLKATA vs. HUTCHISON TELECOM EAST LIMITED, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

144-154); ITA No.356, 343, 357, 377/Kol/2009, 485, 482/Kol/2010, 673/K/11 & 431/K/12 Hutchison Telcom East Ltd. Vs. ACIT/DCIT/Cir/Rng-07Kol. AYs 04-05 to 08-09 Page 38 • ITO v. Kiran Enterprises 92 TTJ 1-4 (Chd) (PB II – page Nos 155-159); • CIT v. Eltek SGS P. Ltd 300 itr6 (Del) (PB II – page Nos 126-130); • CIT v. Eastern

DCIT, CIRCLE - 7, KOLKATA, KOLKATA vs. VODAFONE ESSAR EAST LIMITED, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

144-154); ITA No.356, 343, 357, 377/Kol/2009, 485, 482/Kol/2010, 673/K/11 & 431/K/12 Hutchison Telcom East Ltd. Vs. ACIT/DCIT/Cir/Rng-07Kol. AYs 04-05 to 08-09 Page 38 • ITO v. Kiran Enterprises 92 TTJ 1-4 (Chd) (PB II – page Nos 155-159); • CIT v. Eltek SGS P. Ltd 300 itr6 (Del) (PB II – page Nos 126-130); • CIT v. Eastern

ACIT, CIRCLE - 7, KOLKATA vs. VODAFONE ESSAR EAST LTD., KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

144-154); ITA No.356, 343, 357, 377/Kol/2009, 485, 482/Kol/2010, 673/K/11 & 431/K/12 Hutchison Telcom East Ltd. Vs. ACIT/DCIT/Cir/Rng-07Kol. AYs 04-05 to 08-09 Page 38 • ITO v. Kiran Enterprises 92 TTJ 1-4 (Chd) (PB II – page Nos 155-159); • CIT v. Eltek SGS P. Ltd 300 itr6 (Del) (PB II – page Nos 126-130); • CIT v. Eastern

M/S. VODAFONE ESSAR EAST LTD.,KOLKATA vs. JCIT, RANGE - 7, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

144-154); ITA No.356, 343, 357, 377/Kol/2009, 485, 482/Kol/2010, 673/K/11 & 431/K/12 Hutchison Telcom East Ltd. Vs. ACIT/DCIT/Cir/Rng-07Kol. AYs 04-05 to 08-09 Page 38 • ITO v. Kiran Enterprises 92 TTJ 1-4 (Chd) (PB II – page Nos 155-159); • CIT v. Eltek SGS P. Ltd 300 itr6 (Del) (PB II – page Nos 126-130); • CIT v. Eastern

M/S VODAFONE EAST LIMITED (FORMERLY KNOWN AS VODAFONE ESSAR EAST LIMITED),KOLKATA vs. ACIT, CIR-7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

144-154); ITA No.356, 343, 357, 377/Kol/2009, 485, 482/Kol/2010, 673/K/11 & 431/K/12 Hutchison Telcom East Ltd. Vs. ACIT/DCIT/Cir/Rng-07Kol. AYs 04-05 to 08-09 Page 38 • ITO v. Kiran Enterprises 92 TTJ 1-4 (Chd) (PB II – page Nos 155-159); • CIT v. Eltek SGS P. Ltd 300 itr6 (Del) (PB II – page Nos 126-130); • CIT v. Eastern

M/S. VODAFONE ESSAR EAST LIMITED,KOLKATA vs. ACIT, CIRCLE - 7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

144-154); ITA No.356, 343, 357, 377/Kol/2009, 485, 482/Kol/2010, 673/K/11 & 431/K/12 Hutchison Telcom East Ltd. Vs. ACIT/DCIT/Cir/Rng-07Kol. AYs 04-05 to 08-09 Page 38 • ITO v. Kiran Enterprises 92 TTJ 1-4 (Chd) (PB II – page Nos 155-159); • CIT v. Eltek SGS P. Ltd 300 itr6 (Del) (PB II – page Nos 126-130); • CIT v. Eastern

M/S. VODAFONE ESSAR EAST LIMITED,KOLKATA vs. ACIT, CIRCLE - 7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

144-154); ITA No.356, 343, 357, 377/Kol/2009, 485, 482/Kol/2010, 673/K/11 & 431/K/12 Hutchison Telcom East Ltd. Vs. ACIT/DCIT/Cir/Rng-07Kol. AYs 04-05 to 08-09 Page 38 • ITO v. Kiran Enterprises 92 TTJ 1-4 (Chd) (PB II – page Nos 155-159); • CIT v. Eltek SGS P. Ltd 300 itr6 (Del) (PB II – page Nos 126-130); • CIT v. Eastern

M/S. VODAFONE ESSAR EAST LTD.,KOLKATA vs. ADDL. CIT, RANGE - 7, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

144-154); ITA No.356, 343, 357, 377/Kol/2009, 485, 482/Kol/2010, 673/K/11 & 431/K/12 Hutchison Telcom East Ltd. Vs. ACIT/DCIT/Cir/Rng-07Kol. AYs 04-05 to 08-09 Page 38 • ITO v. Kiran Enterprises 92 TTJ 1-4 (Chd) (PB II – page Nos 155-159); • CIT v. Eltek SGS P. Ltd 300 itr6 (Del) (PB II – page Nos 126-130); • CIT v. Eastern

EIH LTD.,KOLKATA vs. THE DCIT, CIR-8(1), KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 153/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-8(1), Kolkata -Vs- M/S Eih Limited [Pan: Aaace 6898 B] (Appellant) (Respondent) I.T.A No. 110/Kol/2016 Assessment Year : 2011-12 M/S Eih Limited -Vs- Dcit, Circle-8(1), Kolkata [Pan: Aaace 6898 B] (Appellant) (Respondent) For The Appellant : Shri Kanchun Kaushal,Ar For The Department : Shri G.Mallikarjuna, Cit Dr Date Of Hearing : 26.10.2017 Date Of Pronouncement : 12.01.2018 Order Per Bench:

144 ITD 141. But we find that if the disallowance made under second limb of Rule 8D(2) of the Rules is deleted, then the disallowance made by the ld AO would remain at Rs 23,77,882/- and whereas the assessee itself had voluntarily disallowed Rs 42,48,850/-. Hence we direct the ld AO to adopt the disallowance

DCIT, CIR-8(1), KOLKATA, KOLKATA vs. M/S EIH LTD., KOLKATA

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

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 153/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-8(1), Kolkata -Vs- M/S Eih Limited [Pan: Aaace 6898 B] (Appellant) (Respondent) I.T.A No. 110/Kol/2016 Assessment Year : 2011-12 M/S Eih Limited -Vs- Dcit, Circle-8(1), Kolkata [Pan: Aaace 6898 B] (Appellant) (Respondent) For The Appellant : Shri Kanchun Kaushal,Ar For The Department : Shri G.Mallikarjuna, Cit Dr Date Of Hearing : 26.10.2017 Date Of Pronouncement : 12.01.2018 Order Per Bench:

144 ITD 141. But we find that if the disallowance made under second limb of Rule 8D(2) of the Rules is deleted, then the disallowance made by the ld AO would remain at Rs 23,77,882/- and whereas the assessee itself had voluntarily disallowed Rs 42,48,850/-. Hence we direct the ld AO to adopt the disallowance

SREI INFRASTRUCTURE FINANCE LIMITED,KOLKATA vs. DCIT, CIRCLE-11(2), KOLKATA, KOLKATA

In the result, the appeal filed by the assessee and Revenue are allowed to the extent indicated above

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am Srei Infrastructure Finance Ltd. Vs. Addl. Cit, Range-9, New Delhi D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Assessee) .. (Revenue/Department) Addl. Cit, Range-9, New Delhi Vs. Srei Infrastructure Finance Ltd. D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant) Srei Infrastructure Finance Ltd. Vs. Dcit, Circle-11(2), Kolkata 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Appellant) .. (Respondent) Acit, Circle-11(2), Kolkata Vs. Srei Infrastructure Finance Ltd. 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant)

1 raised by the assessee in ITA No.1821/Kol/16, for A.Y.11-12, and Ground No.1 raised by the Revenue in ITA No.2003/Kol/16, for A.Y.11-12).[ Hon`ble High Court Question No. (i) and (ii)].” 7. Facts of the issue which can be stated quite shortly are as follows: In the assessment order u/s 143(3) of the Act, the AO computed the disallowance

ACIT, CIR-11(2), KOLKATA, KOLKATA vs. M/S SREI INFRASTRUCTURE FINANCE LTD., KOLKATA

In the result, the appeal filed by the assessee and Revenue are allowed to the extent indicated above

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am Srei Infrastructure Finance Ltd. Vs. Addl. Cit, Range-9, New Delhi D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Assessee) .. (Revenue/Department) Addl. Cit, Range-9, New Delhi Vs. Srei Infrastructure Finance Ltd. D-2, 6Th Floor, Southern Park, Saket Place, New Delhi-110017. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant) Srei Infrastructure Finance Ltd. Vs. Dcit, Circle-11(2), Kolkata 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Appellant) .. (Respondent) Acit, Circle-11(2), Kolkata Vs. Srei Infrastructure Finance Ltd. 86C, Vishwakarma, Topsia Road(South), Kolkata-700046. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacs1425L (Respondent) .. (Appellant)

1 raised by the assessee in ITA No.1821/Kol/16, for A.Y.11-12, and Ground No.1 raised by the Revenue in ITA No.2003/Kol/16, for A.Y.11-12).[ Hon`ble High Court Question No. (i) and (ii)].” 7. Facts of the issue which can be stated quite shortly are as follows: In the assessment order u/s 143(3) of the Act, the AO computed the disallowance