DCIT, CIRCLE - 6(1), , KOLKATA vs. M/S. BIRLA CORPORATION LTD., KOLKATA

In the result, appeals filed by the Revenue for AYs 2011-12 &

Bench: Sri Rajpal Yadav & Dr. Manish Borad

disallowance u/s 14A of the Act. It was argued by the Id AR that 69.07% of the assessee's investments (including in non-equity oriented mutual funds growth schemes) did not provide for payment of any dividend Upon redemption/disposal of such investments, the Page 45 of 59 I.T.A. Nos.: 494 & 495/Kol/2020 & I.T.A. Nos.: 2111 & 2112/Kol/2018 Assessment Years

DCIT, CIRCLE - 6(1), , KOLKATA vs. M/S. BIRLA CORPORATION LTD., KOLKATA

In the result, appeals filed by the Revenue for AYs 2011-12 &

Bench: Sri Rajpal Yadav & Dr. Manish Borad

disallowance u/s 14A of the Act. It was argued by the Id AR that 69.07% of the assessee's investments (including in non-equity oriented mutual funds growth schemes) did not provide for payment of any dividend Upon redemption/disposal of such investments, the Page 45 of 59 I.T.A. Nos.: 494 & 495/Kol/2020 & I.T.A. Nos.: 2111 & 2112/Kol/2018 Assessment Years

BIRLA CORPORATION LIMITED,KOLKATA vs. DCIT, CIR-6(1), KOLKATA

In the result, appeals filed by the Revenue for AYs 2011-12 &

Bench: Sri Rajpal Yadav & Dr. Manish Borad

disallowance u/s 14A of the Act. It was argued by the Id AR that 69.07% of the assessee's investments (including in non-equity oriented mutual funds growth schemes) did not provide for payment of any dividend Upon redemption/disposal of such investments, the Page 45 of 59 I.T.A. Nos.: 494 & 495/Kol/2020 & I.T.A. Nos.: 2111 & 2112/Kol/2018 Assessment Years

BIRLA CORPORATION LTD.,KOLKATA vs. DCIT, CIR.-6(1), KOLKATA

In the result, appeals filed by the Revenue for AYs 2011-12 &

Bench: Sri Rajpal Yadav & Dr. Manish Borad

disallowance u/s 14A of the Act. It was argued by the Id AR that 69.07% of the assessee's investments (including in non-equity oriented mutual funds growth schemes) did not provide for payment of any dividend Upon redemption/disposal of such investments, the Page 45 of 59 I.T.A. Nos.: 494 & 495/Kol/2020 & I.T.A. Nos.: 2111 & 2112/Kol/2018 Assessment Years

M/S KALYANI BARTER (P) LTD.,KOLKATA vs. THE ITO, WD-2(3), KOLKATA, KOLKATA

In the result the assessee’s appeal is dismissed and the revenue’s appeal is partly allowed

Bench: Hon’Ble Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

disallowance under section 14A of the Act is warranted. However we disagree with the contention of the learned AR on the ground that the intention of the legislature is to collect tax on the income which is chargeable to tax. The revenue is not authorized to collect the tax on those activities which ITA No.681 & 824/Kol/2015-M/s. Kalyani Barter

D.C.I.T CIR - 1,KOLKATA, KOLKATA vs. M/S A.K.G FINVEST LTD, KOLKATA

In the result, appeal of revenue is dismissed

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

156 ITR 835) has supported this view. On perusal of P&L A/c., it is found that the assessee has paid interest of Rs.20.6 6lakhs. (iii) The purchase and sale of share is not an isolated incident in assessee's case. The assessee is engaged in purchase and sale of shares in regular course and that too in a bulk

ACIT, CC- 3(4), KOLKATA , KOLKATA vs. M/S. HIMATSINGKA SEIDE LIMITED , BANGALORE

In the result, appeal of the assessee in IT(SS)A No

Bench: Shri Sanjay Garg & Shri Girish Agrawalit(Ss)A No.17/Kol/2018 Assessment Year: 2008-09 Himatsingka Seide Ltd. Deputy Commissioner Of 10/24, Kumara Krupa Road, High Vs. Income Tax, Central Circle- Grounds, Bangalore-560001. Xvi, Kolkata. (Pan: Aaach3507N) (Appellant) (Respondent) & It(Ss)A No.20/Kol/2018 Assessment Year: 2008-09 Assistant Commissioner Of Himatsingka Seide Ltd. Vs. Income-Tax, Central Circle-3(4), Kolkata. (Appellant) (Respondent) & Assessment Year: 2008-09 Assistant Commissioner Of Himatsingka Seide Ltd. Vs. Income-Tax, Central Circle-3(4), Kolkata. (Appellant) (Respondent)

disallowance under Section 14A of the I.T. Act, 1961, amounting to Rs.2,20,15,787/- is not to be considered for book profit for calculation of book profit under Section 115JB of the I.T. Act, 1961?” DECISION OF THE HON’BLE COURT “We admit the question no.2 for adjudication in this appeal. By consent of the parties, the appeal

DCIT, CIR-11(1), KOLKATA, KOLKATA vs. M/S HALDIA PETROCHEMICALS LTD., KOLKATA

In the result, the appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

Bench: Hon’Ble Shri P.M.Jagtap, Am & Shri S.S.Viswanethra Ravi, Jm ] Assessment Year : 2004-05

156 Taxman 257 (P&H) distinguished. Subsidy received by assessee from the State Government under a scheme of industrial promotion which was meant to provide financial assistance to ITA No.1533/Kol/2015 & 168/Kol/2016 Haldia Petrochemicals A.Y.2004-05 specified industries for expansion of capacities, modernization and improving their marketing capabilities is capital receipt though the amount of subsidy is equivalent to 90 per cent

HALDIA PETROCHEMICALS LTD.,KOLKATA vs. ACIT, CIR-8, KOLKATA, KOLKATA

In the result, the appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

Bench: Hon’Ble Shri P.M.Jagtap, Am & Shri S.S.Viswanethra Ravi, Jm ] Assessment Year : 2004-05

156 Taxman 257 (P&H) distinguished. Subsidy received by assessee from the State Government under a scheme of industrial promotion which was meant to provide financial assistance to ITA No.1533/Kol/2015 & 168/Kol/2016 Haldia Petrochemicals A.Y.2004-05 specified industries for expansion of capacities, modernization and improving their marketing capabilities is capital receipt though the amount of subsidy is equivalent to 90 per cent

M/S. C D EQUIFINANCE PVT. LTD.,KOLKATA vs. DCIT, CIR-7(1), KOLKATA, KOLKATA

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

156 ITR 323) has specifically held that the term "income" used in the Income-tax Act, 1961 includes "loss". Even the Calcutta High Court in the case of Eastern Aviation & Industries 4 I.T.A. No. 577/Kol/2016 Assessment Year: 2012-13 M/s. CD Equifinance Pvt. Ltd. Limited (208 ITR 103) held that the loss is 'negative income'. Accordingly the contention

NATIONAL INSURANCE COMPANY LIMITED,NEW TOWN vs. DCIT, CIRCLE 5(1),, KOLKATA

In the result, the appeal filed by the assessee in ITA No

Bench: Shri George Mathan & Shri Rakesh Mishra

disallowance can be made if the expenditure or allowance debited to the profit and loss account is not admissible under the provisions of sections 30 to 43B of the Act in computing the profits and gains of a business. For the purpose of section 43B of the Act, the expenditure shall be allowed in the year in which such

NATIONAL INSURANCE COMPANY LIMITED,NEW TOWN vs. DCIT, CIRCLE 5(1),, KOLKATA

In the result, the appeal filed by the assessee in ITA No

Bench: Shri George Mathan & Shri Rakesh Mishra

disallowance can be made if the expenditure or allowance debited to the profit and loss account is not admissible under the provisions of sections 30 to 43B of the Act in computing the profits and gains of a business. For the purpose of section 43B of the Act, the expenditure shall be allowed in the year in which such

NATIONAL INSURANCE COMPANY LIMITED,NEW TOWN vs. DCIT, CIRCLE 5(1),, KOLKATA

In the result, the appeal filed by the assessee in ITA No

Bench: Shri George Mathan & Shri Rakesh Mishra

disallowance can be made if the expenditure or allowance debited to the profit and loss account is not admissible under the provisions of sections 30 to 43B of the Act in computing the profits and gains of a business. For the purpose of section 43B of the Act, the expenditure shall be allowed in the year in which such

D.C.I.T,CIRCLE-9(1), KOLKATA vs. M/S APOLLO GLENEAGLES HOSPITAL, KOLKATA

In the result, appeal of the Revenue for AY 2012-13 is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Shri Girish Agrawal, Hon’Ble

156 (Kolkata - Trib.) 2. Further the Ld. A.0 in the assessment order under section 143(3) has not made any adverse comment under section 37 in respect of the benefit / services received by the Assessee. During the course of scrutiny assessment proceedings, the assessee submítted before the Ld. A.0 on the same set of evidences of receipt of services

D.C.I.T,CIRCLE-9(1), KOLKATA vs. M/S APOLLO GLENEAGLES HOSPITAL, KOLKATA

In the result, appeal of the Revenue for AY 2012-13 is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Shri Girish Agrawal, Hon’Ble

156 (Kolkata - Trib.) 2. Further the Ld. A.0 in the assessment order under section 143(3) has not made any adverse comment under section 37 in respect of the benefit / services received by the Assessee. During the course of scrutiny assessment proceedings, the assessee submítted before the Ld. A.0 on the same set of evidences of receipt of services

DCIT, CIRCLE - 1, KOLKATA, KOLKATA vs. M/S. MCNALLY SAYAJI ENGINEERING LIMITED, KOLKATA

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

Bench: Shri M. Balaganesh, Am & Shri Partha Sarathi Chaudhury, Jm]

disallowing advances written off amounting to Rs.190,034 in terms of section 28 read with section 37 of the Act.” 14.2. The ld AR argued that the party wise details of advance to suppliers written off during the year under appeal are enclosed in additional evidences filed before this tribunal. She requested for the same to be admitted for better

MC NALLY SAYAJI ENGINEERING LIMITED,NORTH 24 PARGANAS vs. D.C.I.T CIR - 1,KOLKATA, KOLKATA

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

Bench: Shri M. Balaganesh, Am & Shri Partha Sarathi Chaudhury, Jm]

disallowing advances written off amounting to Rs.190,034 in terms of section 28 read with section 37 of the Act.” 14.2. The ld AR argued that the party wise details of advance to suppliers written off during the year under appeal are enclosed in additional evidences filed before this tribunal. She requested for the same to be admitted for better

INDIA GLYCOLS LIMITED,KOLKATA vs. JCIT, RANGE-12, KOLKATA, KOLKATA

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

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.114/Kol/2017 ("नधा"रणवष" / Assessment Year: 2011-12) India Glycols Limited Vs. Jcit, Range-12, Kolkata

section 14A(2) r.w.r. 8D of the I.T Ruleswas invoked. Reliance in this respect was placed by the ld AO, on the decision of Hon’ble ITAT, Kolkata in the case of Champion Commercial Co. Lt,. in ITA No.644/Kol/2012 wherein the Hon’ble ITAT, Kolkata had relied on the observation of Hon’ble High Court of Bombay, in the case