ALLAHABAD BANK,KOLKATA vs. ADD.CIT,RANGE-6, KOLKATA, KOLKATA

In the result the appeal of the revenue is dismissed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2008-09

1,57,227 in respect of indirect expenses attributed to the earning of dividends, and it has even the case of revenue that this disallowance for indirect expenses is unfair or unreasonable. 10. In view of the above discussions, while uphold the conclusions arrived at by the learned CIT(A), we also make it clear that, in our humble understanding

ACIT, LTU - 2, KOLKATA , KOLKATA vs. M/S. UCO BANK, KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri P.M. Jagtap, Vice- & Shri A.T. Varkey

161/-, which was exempt from tax. In the computation of total income, expenditure in relation to the said exempt income was not disallowed by the assessee as required by section 14A of the Act. In the assessment completed under section 143(3) vide an order dated 23.03.2013, the Assessing Officer worked out such expenses by applying Rule 8D at Rs.36

DCIT, CIRCLE - 6(1), KOLKATA, KOLKATA vs. M/S. INTEGRATED COAL MINING LIMITED, KOLKATA

Appeal is partly allowed in above terms

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2010-11 Dcit, Circle-6(1), V/S. M/S Integrated Coal P-7, Chowringhee Mining Ltd., 6, Church Square, Kolkata-69 Lane, 1Ste Floor, Kolakta-700001 [Pan No.Aaaci 5584 L] .. अपीलाथ" /Appellant ""यथ"/Respondent Dr. P.K. Srihari, Cit-Dr अपीलाथ" क" ओर से/By Appellant Shri Diparun Mukherjee, Aca & ""यथ" क" ओर से/By Respondent Shri Alolk Goenka, Aca 15-01-2019 सुनवाई क" तार"ख/Date Of Hearing 15-03-2019 घोषणा क" तार"ख/Date Of Pronouncement

disallowance under section 14A, if the Assessing Officer proposes to invoke section 14A, he is to record a satisfaction on that issue. This ITA No.170/Kol/2018 A.Y. 2010-11 DCIT, Cir-6(1), Kol. Vs. M/s Integrated Coal Mining Ltd. Page 10 satisfaction cannot be a plain satisfaction or a simple note. It is to be done with regard to accounts

MEGA ENGINEERS & BUILDERS,PORT BLAIR vs. DCIT, CIR. 3(2) , PORT BLAIR

In the result, the appeal of assessee is allowed

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

161/-, which was exempt from tax. In the computation of total income, expenditure in relation to the said exempt income was not disallowed by the assessee as required by section 14A of the Act. In the assessment completed under section 143(3) 7 I.T.A. No.312/Kol/2024 Assessment Year: 2017-18 Mega Engineers & Builders vide an order dated 23.03.2013, the Assessing Officer

DCIT, CIRCLE - 3(1) , KOLKATA vs. M/S. SPPL PROPERTY MANAGEMENT PVT. LTD., , KOLKATA

In the result, the appeal of the Revenue is dismissed

Bench: Shri A. T. Varkey, Hon’Ble & Dr. M. L. Meena, Hon’Ble]

disallowed a sum of 7,10,47,161 which the assessee- bank had reduced from loans and advances or debtors on the ground that the impugned bad debt had not been written off in an appropriate manner as required under the accounting principles. According to him, the impugned bad debt supposedly written off by the assessee-bank was mere provision

M/S SHRISTI INFRASTRUCTURE DEVELOPMENT CORPORATION LTD.,KOLKATA vs. A.C.I.T.,CIRCLE-11(2), KOLKATA

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

Bench: Shri Sanjay Garg & Shri Girish Agrawal]

Section 43B or anything contained in that provision would not absolve the assessee from its liability to deposit the employee's contribution on or before the due date as a condition for deduction.” 6.1. Respectfully following the decision of Hon’ble Supreme Court which squarely covers the issue in hand, we dismiss the ground raised by the assessee to sustainthe

DCIT, CIRCLE - 3(1), KOLKATA, KOLKATA vs. M/S. TATA METALIKS LIMITED, KOLKATA

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

1 to sec.115JB specifically provides that the amount of income to which any of the provisions of section 10 (other than the provisions contained in clause (38) thereof) is to be reduced from the Net profit, if they are credited to the Profit and Loss account. The logic of these provisions, in our view, is that an item of receipt

TATA METALIKS LIMITED,KOLKATA vs. DCIT, CIRCLE - 3(1), KOLKATA, KOLKATA

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

1 to sec.115JB specifically provides that the amount of income to which any of the provisions of section 10 (other than the provisions contained in clause (38) thereof) is to be reduced from the Net profit, if they are credited to the Profit and Loss account. The logic of these provisions, in our view, is that an item of receipt

M/S TATA GLOBAL BEVERAGES LIMITED,KOLKATA vs. THE DCIT, CIRCLE-4(2), KOLKATA, KOLKATA

In the result, the appeals filed by the assessee for AY 2012-

Bench: Dr. Manish Borad & Sonjoy Sarma

disallowance u/s 14A read with Rule 8D could not be made:- Walfort Share and Stock Brokers Pvt. Limited [2010] 326ITR 1 (SC) Godrej & Boyce Manufacturing Company Ltd. -vs.- DCIT [2017] 394 ITR 449 (SC) Page 31 of 41 I.T.A. No.: 1854/Kol/2016 Assessment Year: 2012-13 I.T.A. No.: 1899/Kol/2017 Assessment Year: 2013-14 M/s. Tata Global Beverages Limited. DCIT -vs.- Allahabad

M/S TATA GLOBAL BEVERAGES LIMITED,KOLKATA vs. THE DCIT, CIRCLE-4(2), KOLKATA, KOLKATA

In the result, the appeals filed by the assessee for AY 2012-

Bench: Dr. Manish Borad & Sonjoy Sarma

disallowance u/s 14A read with Rule 8D could not be made:- Walfort Share and Stock Brokers Pvt. Limited [2010] 326ITR 1 (SC) Godrej & Boyce Manufacturing Company Ltd. -vs.- DCIT [2017] 394 ITR 449 (SC) Page 31 of 41 I.T.A. No.: 1854/Kol/2016 Assessment Year: 2012-13 I.T.A. No.: 1899/Kol/2017 Assessment Year: 2013-14 M/s. Tata Global Beverages Limited. DCIT -vs.- Allahabad

NARBHERAM VISHRAM,JHARKHAND vs. DCIT, CENTRAL CIRCLE - 4(2), KOLKATA , KOLKATA

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

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.42 & 43/Kol/2018 ("नधा"रणवष" / Assessment Year: 2013-14 &2014-15) Narbheramvishram Vs. Dcit, Central Circle-4(2), Kolkata Gua, Singhbhum West, Aayakar Bhawan Poorva 110, Jharkhan-833213. Shantipally, Kolkata – 700 107. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabfn 7217 R (Assessee) .. (Respondent) Assessee By :Shri A. K. Tibrewal, Fca& Shri Amit Agarwal, Advocate. Respondent By : Md. Usman, Cit, Sr. Dr सुनवाईक"तार"ख/ Date Of Hearing : 17/05/2018 घोषणाक"तार"ख/Date Of Pronouncement : 27/07/2018 आदेश / O R D E R

section 14A read with Rule 8D of the Income Tax Rules, as follows: Sl.no. Disallowance as per Rule – 8D Amount (Rs.) i) Expenditure directly related to exempt - income ii) Disallowance of interest (A×B/C) 2,649,736 iii) ½% of average value of investment 6,019,452 Total disallowance 8,669,188 i) Expenditure directly attributable - ii) Disallowance of interest

NARBHERAM VISHRAM,JHARKHAND vs. DCIT, CENTRAL CIRCLE - 4(2), KOLKATA , KOLKATA

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

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.42 & 43/Kol/2018 ("नधा"रणवष" / Assessment Year: 2013-14 &2014-15) Narbheramvishram Vs. Dcit, Central Circle-4(2), Kolkata Gua, Singhbhum West, Aayakar Bhawan Poorva 110, Jharkhan-833213. Shantipally, Kolkata – 700 107. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabfn 7217 R (Assessee) .. (Respondent) Assessee By :Shri A. K. Tibrewal, Fca& Shri Amit Agarwal, Advocate. Respondent By : Md. Usman, Cit, Sr. Dr सुनवाईक"तार"ख/ Date Of Hearing : 17/05/2018 घोषणाक"तार"ख/Date Of Pronouncement : 27/07/2018 आदेश / O R D E R

section 14A read with Rule 8D of the Income Tax Rules, as follows: Sl.no. Disallowance as per Rule – 8D Amount (Rs.) i) Expenditure directly related to exempt - income ii) Disallowance of interest (A×B/C) 2,649,736 iii) ½% of average value of investment 6,019,452 Total disallowance 8,669,188 i) Expenditure directly attributable - ii) Disallowance of interest

HINDUSTAN MOTORS LIMITED,KOLKATA vs. DCIT, CIRCLE - 6, KOLKATA, KOLKATA

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

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

161 of 2013 dated 23.12.2013, he contended that in the absence of such satisfaction recorded by the Assessing Officer, no further disallowance under section 14A could be made by him. 9. Ld. D.R., on the other hand, strongly supported the impugned order of the ld. CIT(Appeals) confirming the disallowance made by the Assessing Officer under section 14A read with

THE ROYAL BANK OF SCOTLAND N.V.,KOLKATA vs. DCIT, (IT) - 2(1), KOLKATA, 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)

1) of the Act, whereby any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purpose of business or profession shall be allowed in computing the income chargeable under the head "Profits

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)

1) of the Act, whereby any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purpose of business or profession shall be allowed in computing the income chargeable under the head "Profits

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- V (I), KOLKATA vs. BIRLA CORPORATION LIMITED, BIRLA BUILDING

In the result, both the appeals of the revenue is dismissed, as also the cross objection filed by the assessee for both the years

Bench: SHRI SONJOY SARMA, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

161 taxmann.com 158 as also directed that disallowance made under Section 14A of the Act could not be considered while computing MAT under Section 115JB of the Act. These authorities are merely cited as illustrations since there are other judicial pronouncements also on the subject, including an unreported judgement of the Hon’ble Calcutta High Court: CIT vs Jayshree

THE ROYAL BANK OF SCOTLAND N.V. ,KOLKATA vs. DCIT (INTERNATIONAL TAXATION) - 2(1), KOLKATA

In the result, the appeal of assessee is partly allowed

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

1) of the Act, whereby any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid 4 The Royal Bank of Sctoland N.V. India Branches, AY 2014-15 out or expended wholly and exclusively for the purpose of business or profession

DCIT, CIRCLE - 6,, KOLKATA vs. LOKNATH SARAF SECURITIES LTD.,, KOLKATA

In the result, to sum up ITA No

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

disallowed by him in the assessment completed under section 143(3) vide an order dated 13.12.2005. 6. Against the order passed by the Assessing Officer under section 143(3), an appeal was preferred by the assessee before the ld. CIT(Appeals) challenging, inter alia, the action of the Assessing Officer in I.T.A. No. 852/KOL./2008 Assessment year: 2003-2004 Assessment