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) of section 201, then, for the purpose of this sub-clause, it shall be deemed that the assessee has deducted and paid the tax on such sum on the date of furnishing of return of income by the resident payee referred to in the said proviso.”] “Section 194G. Any person who is responsible for paying, on or after

M/S PREMIER IRRIGATION ADRITEC (P) LTD.,KOLKATA vs. ACIT, CIR-11(1), KOLKATA , KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri Sanjay Garg & Shri Girish Agrawal

disallowable item, interest thereon could not be allowed and that the interest was in the nature of penalty for infraction of law and hence inadmissible. The Commissioner of income tax (Appeals) as well as the Tribunal, in that case had upheld the finding of the assessing officer. The Hon'ble High Court held that whenever interest is charged under

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

M/S PRICEWATERHOUSE COOPERS PVT. LTD.,KOLKATA vs. ACIT, CIRCLE-2(2), KOLKATA, KOLKATA

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

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2011-12 M/S. Pricewaterhouse Coopers Private Limited……...............................……………………......Appellant Block-Ep, Plot –Y14 Salt Lake City Sector-V Kolkata – 700 091 [Pan : Aabcp 9181 H] Vs. Deputy Commissioner Of Income Tax (It), Circle-2(1), Kolkata……..........................…....Appellant Appearances By: Shri Kanchun Kaushal, A/R & Shri Bikash Kr. Jain, Ca, Appeared On Behalf Of The Assessee. Shri Vijay Shankar, Cit, D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : February 25Th, 2020 Date Of Pronouncing The Order : May 29Th, 2020 Order Per J. Sudhakar Reddy, Am :-

disallowance of foreign exchange loss on maturity of MTM contracts amounting to Rs.3,45,06,888 wit amounting to Rs.3,45,06,888 without appreciating that the Hon’ble DRP has hout appreciating that the Hon’ble DRP has directed to allow the claim of such loss on maturity of MTM contracts and that directed to allow the claim

ACIT, CC-3(2), KOLKATA , KOLKATA vs. M/S. SNOWTEX INVESTMENT LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri A. T. Varkey, J.M. & Dr.A.L.Saini, A.M.) Asstt. Year : 2012-13 A.C.I.T, Cc-3(2), Kolkata Vs M/S. Snowtex Investment Ltd. Pan: Aaecs 0334C (Assessee/Department) (Respondent/Assessee)

section 145(3) of the Act and he has not rejected the books of account of the assessee. Under the circumstances, adhoc disallowance is without any basis. We note that the AO has brought on record anything to disprove the claim of the assessee. The only reason that the claim expenditure could not be verified by issuing notice

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:

disallowance could be made on an estimated basis towards running, repairs & maintenance of aircrafts including depreciation thereon. Accordingly, the Ground No. 4.1 raised by the assessee is allowed. 5. NON-GRANTING OF SET OFF OF LONG TERM CAPITAL LOSS AGAINST DEEMED SHORT TERM CAPITAL GAIN Ground Nos. 5.1 & 5.2 of Assessee’s Appeal 9 A.Yrs.2011-12 The assessee claimed

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:

disallowance could be made on an estimated basis towards running, repairs & maintenance of aircrafts including depreciation thereon. Accordingly, the Ground No. 4.1 raised by the assessee is allowed. 5. NON-GRANTING OF SET OFF OF LONG TERM CAPITAL LOSS AGAINST DEEMED SHORT TERM CAPITAL GAIN Ground Nos. 5.1 & 5.2 of Assessee’s Appeal 9 A.Yrs.2011-12 The assessee claimed

DCIT, CENTRAL CIRCLE - 2(1), KOLKATA , KOLKATA vs. M/S. PAHARPUR COOLING TOWERS LTD., , KOLKATA

Bench: Shri S.S.Godara & Dr. A.L.Saini

1), Kol. Vs. M/s Paharpur Cooling Towers Ltd. Page 26 reasonable basis and following the established doctrine of prudence. The Ld. AO however not being agreeable to the explanation furnished by the appellant disallowed the foreseeable losses provided in the books characterizing it to be contingent loss. 2. The material facts on record thus show that the Ld. AO neither

DCIT, CENTRAL CIRCLE - 2(1), KOLKATA , KOLKATA vs. M/S. PAHARPUR COOLING TOWERS LTD., , KOLKATA

Bench: Shri S.S.Godara & Dr. A.L.Saini

1), Kol. Vs. M/s Paharpur Cooling Towers Ltd. Page 26 reasonable basis and following the established doctrine of prudence. The Ld. AO however not being agreeable to the explanation furnished by the appellant disallowed the foreseeable losses provided in the books characterizing it to be contingent loss. 2. The material facts on record thus show that the Ld. AO neither

DCIT, CENTRAL CIRCLE - 2(1), KOLKATA , KOLKATA vs. M/S. PAHARPUR COOLING TOWERS LTD., , KOLKATA

Bench: Shri S.S.Godara & Dr. A.L.Saini

1), Kol. Vs. M/s Paharpur Cooling Towers Ltd. Page 26 reasonable basis and following the established doctrine of prudence. The Ld. AO however not being agreeable to the explanation furnished by the appellant disallowed the foreseeable losses provided in the books characterizing it to be contingent loss. 2. The material facts on record thus show that the Ld. AO neither

ZAFAR IQBAL,SILIGURI vs. DCIT, CIRCLE - 1, SILIGURI, SILIGURI

In the result, the appeal filed by the assessee is partly allowed for\nstatistical purposes

section 54F(1)\nwhich says that \"net consideration\", in relation to the transfer of a capital\nasset, means the full value of the consideration received or accruing as a\nresult of the transfer of the capital asset as reduced by any expenditure\nincurred wholly and exclusively in connection with such transfer.\nIn CIT vs. Miss Piroja C. Patel

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)

1. I have carefully examined the contentions of the Ld. ARs and perused the impugned order passed by the Ld. AO. From the assessment order it transpires that in the computation of income filed with the return, the appellant had suo moto offered disallowance of Rs.16,85,527/- under Section 14A of the Income

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)

1. I have carefully examined the contentions of the Ld. ARs and perused the impugned order passed by the Ld. AO. From the assessment order it transpires that in the computation of income filed with the return, the appellant had suo moto offered disallowance of Rs.16,85,527/- under Section 14A of the Income

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)

1. I have carefully examined the contentions of the Ld. ARs and perused the impugned order passed by the Ld. AO. From the assessment order it transpires that in the computation of income filed with the return, the appellant had suo moto offered disallowance of Rs.16,85,527/- under Section 14A of the Income

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)

1. I have carefully examined the contentions of the Ld. ARs and perused the impugned order passed by the Ld. AO. From the assessment order it transpires that in the computation of income filed with the return, the appellant had suo moto offered disallowance of Rs.16,85,527/- under Section 14A of the Income

GLOBAL VENTURE CORPORATION,KOLKATA vs. ACIT, CIRCLE-49, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Shri P.M. Jagtap & Shri A. T. Varkey, Jm]

1,650.00 Drafting Charges of Shipping/Airway Bill 5,350/- Other Petty Expenses 10,680.00 5,26,890.55” 3 Global Venture Corporation AY 2006-07 7. We note that the AO in his assessment order has observed that freight payments are reimbursed on which TDS has not been deducted so disallowance was made. We note that these are expenses which have

INCOME TAX OFFICER-WARD-12(1), KOLKATA, KOLKATA vs. M/S STANDARD LEATHER PVT. LTD., KOLKATA

In the result, Revenue’s appeal stands dismissed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Years:2010-11

disallowed and added to the total income of the assessee. In the instant case, the balances of many of the sundry creditors were outstanding coming from earlier years. Payments were made to some or the creditors during the year. The said payments have been accepted by the AO which means genuinity of the payments to these creditors as well

DCIT, CIR-2(1), KOLKATA, KOLKATA vs. M/S ROYAL BANK OF SCOTLAND N.V., KOLKATA

Accordingly, the Ground Nos. (iv) to (vi) raised by the revenue are dismissed

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 503/Kol/2016 Assessment Year : 2011-12 Dcit (It), Circle-2(1), Kolkata -Vs- M/S Royal Bank Of Scotland N.V. [Pan: Aacca 6818 K] (Appellant) (Respondent) I.T.A No. 505/Kol/2016 Assessment Year : 2011-12 M/S Royal Bank Of Scotland N.V. -Vs- Dcit (It), Circle-2(1), Kolkata [Pan: Aacca 6818 K] (Appellant) (Respondent)

DISALLOWANCE OF CENVAT CREDIT WRITTEN OFF Ground Nos. 5(a) to 5(d) of Assessee Appeal The brief facts of this issue are that the assessee claimed deduction on account of write off of unavailed service tax credit amounting to Rs 46 crores. The assessee submitted that as per the provisions of service tax laws prevailing in the financial year