THE DCIT, CIR-3(2) GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED , GANGTOK SIKKIM

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

disallowed the claim of deduction under section 80P (2) (d) and held that the entire interest income of Rs. 2,59,49,002/-, was taxable as Income from Other Sources under section 56, as the assessee has failed to produce any evidence to show that it has incurred any expenditure wholly and exclusively to earn such interest income.” 3.3. During

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

disallow the said sum of Rs.551,30,41,569/-, while passing the assessment order in our case on March, 2013 under section 143(3)/144 of the said Act in respect of the assessment year 2010-11, the said Assessment Order, according to you, was allegedly erroneous as well as prejudicial to the interest of the Revenue within the meaning

D.C.I.T CIR - 3,KOLKATA, KOLKATA vs. M/S JAROLI VINCOM PVT LTD, KOLKATA

In the result, both appeal of Revenue is dismissed and that of assessee’s CO is dismissed as infructous

Bench: Shri N.V. Vasudevan & Shri Waseem Ahmed

d) of the proviso Section 43(5) of the Act. In view of such amendment under the Act, the income/loss arrived on derivative shall be treated as non-speculative loss. Taking a consistent view and relying on the above cited case law, we confirm the order of Ld. CIT(A) and this ground of Revenue’s appeal is dismissed

D.C.I.T CIR - 3,KOLKATA, KOLKATA vs. M/S JAROLI VINCOM PVT LTD, KOLKATA

In the result, both appeal of Revenue is dismissed and that of assessee’s CO is dismissed as infructous

Bench: Shri N.V. Vasudevan & Shri Waseem Ahmed

d) of the proviso Section 43(5) of the Act. In view of such amendment under the Act, the income/loss arrived on derivative shall be treated as non-speculative loss. Taking a consistent view and relying on the above cited case law, we confirm the order of Ld. CIT(A) and this ground of Revenue’s appeal is dismissed

SHETH COMMERCIAL CO.,KOLKATA vs. PR.CIT-14, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1100/Kol/2019 ("नधा"रणवष" / Assessment Year: 2014-15)

d) of the proviso to section 43(5) of the Income-tax Act, 1961 ('the Act')/ was applicable to the transactions in foreign currency futures entered into by the appellant and therefore that the loss from these transactions was not in the nature of speculation loss." 7. The Tribunal decided the issue as under:- "considering the relevant provisions

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

D was to be upheld, there would have been no disallowance at all since not only that no investments were held by the assessee, admittedly there are no direct expenses are incurred on earning of the dividends and as such in all the ITA No.1199/Kol/2012 &1282/Kol/2012- Allahabad Bank A.Y.2008-09 three segments of disallowance under rule

TATA GLOBAL BEVERAGE LIMITED,KOLKATA vs. ACIT, CIR-4, KOLKATA, KOLKATA

In the result ITA No.1869/Kol/2014 is allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

5) of section 10 of the Income-tax Act. Accordingly, it would not be liable to FBT. However, if the leave travel concession/assistance is not included in 'salary' as defined in section 17 will be classified as an expense for the purposes referred to clause (F) of sub-section (2) of section 115WB and will accordingly be liable

TATA GLOBAL BEVERAGE LIMITED,KOLKATA vs. ACIT, CIR-4, KOLKATA, KOLKATA

In the result ITA No.1869/Kol/2014 is allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

5) of section 10 of the Income-tax Act. Accordingly, it would not be liable to FBT. However, if the leave travel concession/assistance is not included in 'salary' as defined in section 17 will be classified as an expense for the purposes referred to clause (F) of sub-section (2) of section 115WB and will accordingly be liable

TATA GLOBAL BEVERAGE LIMITED,KOLKATA vs. ACIT, CIR-4, KOLKATA, KOLKATA

In the result ITA No.1869/Kol/2014 is allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

5) of section 10 of the Income-tax Act. Accordingly, it would not be liable to FBT. However, if the leave travel concession/assistance is not included in 'salary' as defined in section 17 will be classified as an expense for the purposes referred to clause (F) of sub-section (2) of section 115WB and will accordingly be liable

TATA GLOBAL BEVERAGE LIMITED,KOLKATA vs. ACIT, CIR-4, KOLKATA, KOLKATA

In the result ITA No.1869/Kol/2014 is allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

5) of section 10 of the Income-tax Act. Accordingly, it would not be liable to FBT. However, if the leave travel concession/assistance is not included in 'salary' as defined in section 17 will be classified as an expense for the purposes referred to clause (F) of sub-section (2) of section 115WB and will accordingly be liable

TATA GLOBAL BEVERAGE LIMITED,KOLKATA vs. ACIT, CIR-4, KOLKATA, KOLKATA

In the result ITA No.1869/Kol/2014 is allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am ]

5) of section 10 of the Income-tax Act. Accordingly, it would not be liable to FBT. However, if the leave travel concession/assistance is not included in 'salary' as defined in section 17 will be classified as an expense for the purposes referred to clause (F) of sub-section (2) of section 115WB and will accordingly be liable

M/S JMS MINING PVT. LTD,KOLKATA vs. PCIT-2, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P. M .Jagtap, Vice-(Kz) & Shri A. T. Varkey, Jm]

17 80G of the Act, for computing "Total taxable income", which has been disallowed by authorities below. In our view, assessee cannot be denied the benefit of claim under Chapter VI A, which is considered for computing 'Total Taxable Income". If assessee is denied this benefit, merely because such payment forms part of CSR, would lead to double disallowance, which

BIBHISANPUR SAMABAY KRISHI UNNAYAN SAMITY LTD.,KOLKATA vs. I.T.O., WARD - 27(4), HALDIA/ WBG-W-176(3), HALDIA

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

5. In view of the above discussion, the deduction claimed by the assessee with respect to interest Income earned from co-operative banks, commercial banks and other financial institutions is not found to be allowable deduction under any provision of section 80P of the I.T. Act. Thus, the deduction claimed u/s 80P(2)(a)(i) of Rs.32

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

In the result, appeal of the Revenue is dismissed

Bench: Shri S. S. Godara, Jm & Dr. A.L. Saini, Am Vs. M/S Uco Bank Acit, Ltu-2, Kolkata 10, Btm, Sarani, Kolkata – 700001. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacu3561B .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

disallowance of Rs.31,35,91,170/- made by the Assessing Officer u/s 14A r.w.r 8D of the Rules. Therefore, grounds raised by the Revenue are dismissed. 13. Ground Nos.6 & 7 relates to book profit adjustment u/s 115JB of the Act. The Ld. CIT (A)-11, erred in law and on facts by holding that the provision of section 115JB

MEGAPODE VYAPAAR PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 1(2), KOLKATA, KOLKATA

In the result, ITA No. 98/KOL/2023 is allowed for statistical purposes

Bench: Sri Rajesh Kumar & Sri Anikesh Banerjee

disallowed 20% of these expenses and added Rs.1,02,976/- to the total income. Assessee has not filed any supporting evidences in appellate proceedings. Hence, these expenses remained unverified. Under the circumstances, I don’t have any option but to agree with AO’s view on this issue. Hence, addition of Rs.1,02,976/- is confirmed. vi. Grounds of appeal

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

disallowance made by the Assessing Officer under section 14A read with Rule 8D. Grounds No. 3 to 5 of the Revenue’s appeal are accordingly dismissed. 5 Assessment Year: 2010-2011 M/s. UCO Bank 9. In Grounds No. 6 to 9, the Revenue has challenged the decision of the ld. CIT(Appeals) holding that the provisions of section 115JB

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

17, 2015 Date of pronouncing the order : November 20, 2015 O R D E R Per Shri P.M. Jagtap:- This appeal is preferred by the assessee against the order of ld. Commissioner of Income Tax (Appeals)-VI, Kolkata dated 24.11.2011 for the assessment year 2008-09. 2. The issue involved in Ground No. 1 relates to the addition of Rs.2

DCIT, CIRCLE - 6, KOLKATA, KOLKATA vs. M/S. NARIMAN FINVEST (P) LTD., KOLKATA

In the result, Revenue’s appeal stands dismissed and that of assessee’s CO is partly allowed

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

d) of section 43(5), derivative transaction in shares is also not speculation transaction as defined in section 43(5); and therefore, both profit/loss from all share delivery transactions and derivative transactions have same meaning as far as section 43(5) is concerned - Held, yes - Whether loss from share dealing should be allowed to be set off from profits from