GIFFORD & PARTNERS LTD.(SINCE MERGED WITH GIFFORD LLP),KOLKATA vs. DDIT, INTERNATIONAL TAXATION - 1(1), KOLKATA, KOLKATA

In the result ITA No.1489/Kol/11 is partly allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2007-08

disallowed u/s 40(a)(i) of the Act. In reply, the Assessee submitted that:- • Payments made by the Assessee to Appledore was not taxable in India in terms of section 9(1)(vii)(c) of the Act; • Without prejudice to the above, payments made by the Assessee to Appledore was not FTS in terms of Article

GIFFORD & PARTNERS LTD.(SINCE MERGED WITH GIFFORD LLP),KOLKATA vs. ADIT (INTERNATIONAL TAXATION) - 1(1), KOLKATA, KOLKATA

In the result ITA No.1489/Kol/11 is partly allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2007-08

disallowed u/s 40(a)(i) of the Act. In reply, the Assessee submitted that:- • Payments made by the Assessee to Appledore was not taxable in India in terms of section 9(1)(vii)(c) of the Act; • Without prejudice to the above, payments made by the Assessee to Appledore was not FTS in terms of Article

IMC LIMITED ,KOLKATA vs. PR.CIT-4, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice- & Shri Rajesh Kumar

144A; (ii) an order made by the Joint Commissioner in exercise of the powers or in the performance of the functions of an Assessing Officer conferred on, or assigned to, him under the orders or directions issued by the Board or by the Chief Commissioner or Director General or Commissioner authorized by the Board in this behalf under section

AC CONSTRUCTION,KOLKATA vs. ITO, KOLKATA

In the result, Grounds No

Bench: Shri Rajesh Kumar&Shri Sonjoy Sarma]

144A; (ii) an order made by the Joint Commissioner in exercise of the powers or in the performance of the functions of an Assessing Officer conferred on, or assigned to, him under the orders or directions issued by the Board or by the Chief Commissioner or Director General or Commissioner authorized by the Board in this behalf under section

M/S KINNOR KINNOREE,KOLKATA vs. CIT-X, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Manish Borad

144A; (ii) an order made by the Joint Commissioner in exercise of the powers or in the performance of the functions of an Assessing Officer conferred on, or assigned to, him under the orders or directions issued by the Board or by the Chief Commissioner or Director General or Commissioner authorized by the Board in this behalf under section

ITO, WARD - 11(3), , KOLKATA vs. M/S. LNB RENEWABLE ENERGY PVT. LTD., , KOLKATA

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

Bench: Sri Sanjay Garg & Dr. Manish Borad

disallowances:  Share premium charged on fresh issue of equity shares (section 56(2)(viib) of the Act) - Rs 5,00,000/-  Share premium charged on fresh issue of preference shares (section 56(2)(viib) of the Act) - Rs 8,00,00,000/- Aggrieved by the assessment order, the Assessee preferred an appeal before the Ld. Commissioner of Income Tax (Appeals

M/S. EVEREADY INDUSTRIES INDIA LTD.,KOLKATA vs. PR.CIT-4, KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Disallowance u/s 14A of the Act was not made by the A.O keeping in view the circular No. 5/2014 (F.No. 225/182/2013-ITA.II) dated 11-02-2014 as well as provisions laid down in the Act. (d) It is seen from clause 17 of TAR that the assesse did not take valuation of properly sold as per provisions of section

DIAMOND BEVERAGES PVT. LTD.,KOLKATA vs. PCIT-2, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Hon’Ble & Shri Rajesh Kumar, Hon’Blei.T.A. No. 208/Kol/2022 Assessment Year: 2017-18 Diamond Beverages Private Limited Pr. Cit, Kolkata - 2 P-41, Taratala Road Vs Taratala Kolkata – 700 088 Pan : Aabcd3346C अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : S. Agarwal, Aca Revenue By : Md. Ghayas Uddin, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 06/07/2022 घोषणा क" तारीख /Date Of Pronouncement: 06/07/2022 आदेश/O R D E R Per Shri Rajpal Yadav:

disallowed under sec 37 of the Act can be claimed as deductible under sec 80G of the Act. Revisionary assessment proceedings cannot be initiated unless the conjunctive conditions of section 263 of the Act are satisfied Section 263(1) of the Act states that: "The Principal Commissioner or The Commissioner may call for and examine the record of any proceeding

PANJIT BASAK,KOLKATA vs. ITO, KOLKATA

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

Bench: Sri Rajesh Kumar & Sonjoy Sarma

144A of the Act may be invoked in suitable cases. To prevent possibility of fishing and roving enquiries in such cases, it is desirable that these cases should invariably be picked up while conducting Review or Inspection by the administrative authorities. Page 10 of 22 I.T.A. No.: 358/KOL/2023 Assessment Year: 2017-18 Panjit Basak. 7. The above Instruction shall

SAHEBGANJ NO.1 ANCHALIK SAMABAY KRISHI UNNAYAN SAMITY LTD.,KOLKATA vs. I.T.O., WARD - 2(3), BURDWAN, BURDWAN

The appeal of the assessee is dismissed

Bench: Shri Rajpal Yadav, Vice- & Shri Girish Agrawal

disallowed deduction under section 80P(2) on this amount. 3 Assessment Year : 2017-2018 Sahebganj No. 1 Anchalik Samabay Krishi Unnayan Samity Limited 5. The ld. Pr. Commissioner has perused the assessment order as well as the record and formed an opinion that during demonetisation period, assessee has deposited a sum of Rs.65,08,500/- in cash in two Bank

M/S. PEARL TRACOM PVT. LTD.,KOLKATA vs. PCIT-4, KOLKATA, KOLKATA

Bench: Sri Rajpal Yadav & Dr. Manish Borad

144A; (ii) an order made by the Joint Commissioner in exercise of the powers or in the performance of the functions of an Assessing Officer conferred on, or assigned to, him under the orders or directions issued by the Board or by the Chief Commissioner or Director General or Commissioner authorized by the Board in this behalf under section

BRITANNIA INDUSTRIES LTD,BANGALORE vs. PCIT-1, KOLKATA

In the result, the appeal of the assessee is allowed

disallowed the said expense holding it to be expenditure pertaining to the earlier year. On appeal, the Hon’ble High Court held that since the assessee was following the mercantile system of accounting, the assessee could claim the deduction of the liability created in its books based on the admission of liability. The Court held that

ACIT, CIRCLE - 31, KOLKATA, KOLKATA vs. PRADYUMNA DALMIA, KOLKATA

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

Bench: : Shri Mahavir Singh & Shri M. Balaganesh

section 14A of the Act read with Rule 8D of the Rules and disallowed Rs. 3,41,676/- which was upheld by the Learned CIT(A) on first appeal. Aggrieved, the assessee is in appeal before us on the following ground:- “1. For that on the facts and in the circumstances of the case learned Commissioner of Income

SRIMANTA KUMAR SHIT,PURBA MEDINAPORE vs. A.C.I.T., CIRCLE - 27(2), HALDIA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice- & Shri Rajesh Kumari.T.A. No. 1911/Kol/2024 Assessment Year: 2017-2018 Srimanta Kumar Shit,………………...…………Appellant Rangamalaput, Junput-Contai, Purba Medinapore-721450, West Bengal [Pan:Bffps3635Q] -Vs.- Assistant Commissioner Of Income Tax..…Respondent Circle-27(2), Haldia, Basudebpur, Talpukur, Khanjan Chak, Haldia, Midnapore-721101, W.B. Appearances By: Shri S.K. Tulsiyan, Advocate & Lata Goyal, Ca, Appeared On Behalf Of The Assessee Shri Subhendu Datta, Cit, D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : October 22, 2024 Date Of Pronouncing The Order : November 19, 2024 O R D E R

Disallowance of Trawler related Rs.1,14,97,589/- expenses and depreciation Addition on account of sundry Rs. 12,55,30,136/- creditors 3 Srimanta Kumar Shit Addition u/s 56(2)(vii)(b)(ii) of the Rs.29,68,865/- Act Addition on account of Fixed Rs.2,46,573/- deposit u/s 69A 6. Being aggrieved, the assessee filed an appeal before

JAI SALASAR BALAJI INDUSTRIES(P)LTD,KOLKATA vs. ACIT, KOLKATA

In the result, the appeal filed by the assessee is allowed as per the terms indicated above

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 440/Kol/2023 Assessment Year: 2018-19 Jai Salasar Balaji Industries (P) Ltd. Acit, Central Circle – 4(1), Kolkata 5, Bentinck Street Vs Kolkata - 700001 [Pan : Aaacj6970D] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tulsiyan, Fca Revenue By : Shri Subhendu Datta, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 20/06/2023 घोषणा क" तारीख /Date Of Pronouncement: 25/08/2023 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Learned Principal Commissioner Of Income Tax (Central), Kolkata -2, (Hereinafter The “Ld. Pr. Cit”) Dt. 28/03/2023, Passed U/S 263 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2018-19. 2. Brief Facts Of The Case Are That The Assessee Is A Private Limited Company Engaged In The Business Of Manufacturing & Trading Of Steel. E-Return Filed On 27/10/2018 Declaring Total Income At Nil For The Assessment Year 2018-19. Case Selected For Through Cass Followed By Issuance Of Notice U/S 143(2) & 142(1) Of The Act. Details Were Called For In Respect Of The Reason Of Scrutiny Selection. The Assessee Complied By Filing All The Relevant Details & The Same Were Duly Examined By The Assessing Officer & He Came To The Conclusion That The Assessee Was Entitled To The Claim Of Carry Forward Of Loss To 2

disallowed. 8. Before proceeding to examine the issues stated above, we find that the provision of Section 263 of the Act has direct bearing on the 6 I.T.A. No. 440/Kol/2023 Assessment Year: 2018-19 Jai Salasar Balaji Industries (P) Ltd. issue raised before us, therefore, it is pertinent to take note of this section which reads as under

KGVK AGRO LIMITED,KOLKATA vs. PCIT, KOLKATA-2., KOLKATA

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

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Boradi.T.A. No. 549/Kol/2023 Assessment Year: 2018-2019 Kgvk Agro Limited,..................................Appellant Block-A, 3Rd Floor, Flat-3, 46B, Sridhar Roy Road, Kolkata-700039 [Pan: Aaacu9032H] -Vs.- Principal Commissioner Of Income Tax,....Respondent Kolkata-2, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri Anuj Masaddi, A.R., Appeared On Behalf Of The Assessee Shri Abhijit Kundu, Cit (Dr), Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : January 25, 2024 Date Of Pronouncing The Order : February 19, 2024

disallowance of Gratuity Provision of Rs.2,50,434/-; (b) addition of Rs.67,61,080/- on account of suppressed sales. 5. The ld. Commissioner gone through the assessment record and formed an opinion that the receipt of suppressed sale ought to have been added under section 68 of the Income Tax Act as undisclosed cash credit, which is chargeable

M/S RANI SATI AGRO TECH PVT. LTD.,KOLKATA vs. ITO, WARD-12(3), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Hon’Ble & Dr. Manish Borad, Hon’Ble

disallowance of preliminary expenses amounting to Rs.18,634/-. Subsequently, the ld. Pr. CIT invoked the provisions of Section 263 of the Act and framed order dt. 02/12/2015 holding that the assessment order dt. 14/03/2015 is erroneous and prejudicial to the interest of the I.T.A. No. 85/Kol/2022 Assessment Years: 2012-13 M/s. Rani Sati Agro Tech Pvt. Ltd. 4 revenue

K.R.OVERSEAS PVT. LTD,KOLKATA vs. PCIT-(CENTRAL)-2, KOLKATA

In the result, the appeal filed by the assessee is allowed as per the terms indicated above

Bench: Sri Rajpal Yadav & Dr. Manish Borad

disallowed the claim of actual loss incurred from sale of equity shares of Kailash Auto Finance Ltd. amounting to Rs. 67,66,493/-. He submitted that books of accounts are audited u/s 44AB of the Act, complete details were filed before ld. AO on various occasions and the assessee company being a non-banking finance company claimed such