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

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

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

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)(iv) read with Section 40A(9) of the Act is to restrict the tax avoidance by the employer by creating trust wherein the utilization of contribution made to trust is left to the discretion of the trustee and wherein the amounts flows back to the employer in the form of the deposits or investment. Thus, the Bank submits that

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)(iv) read with Section 40A(9) of the Act is to restrict the tax avoidance by the employer by creating trust wherein the utilization of contribution made to trust is left to the discretion of the trustee and wherein the amounts flows back to the employer in the form of the deposits or investment. Thus, the Bank submits that

EIH LIMITED,KOLKATA vs. DCIT, CIRCLE - 8, KOLKATA, KOLKATA

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

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

246 restricted the disallowance to 1% of dividend income to Rs. 95,479/-. Aggrieved, the assessee as well as the revenue both are in appeal before us. The assessee has raised the following ground:- “9. That on the facts and in the circumstances of the case, the Ld. CIT(A) erred in sustaining the disallowance

DCIT, CIRCLE - 8, KOLKATA, KOLKATA vs. M/S. EIH LIMITED, KOLKATA

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

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

246 restricted the disallowance to 1% of dividend income to Rs. 95,479/-. Aggrieved, the assessee as well as the revenue both are in appeal before us. The assessee has raised the following ground:- “9. That on the facts and in the circumstances of the case, the Ld. CIT(A) erred in sustaining the disallowance

EXIDE INDUSTRIES LIMITED,KOLKATA vs. ADDL. CIT, RANGE - 1, KOLKATA, KOLKATA

In the result, the appeal of the assessee for A

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

1 of the assessee’s appeal for A.Y. 2003-04, which has been decided by us in the foregoing portion of this order. Following our conclusion drawn in A.Y. 2003-04, we delete the disallowance made by the Assessing Officer and confirmed by the ld. CIT(Appeals) on this issue and allow Ground No. 2 of the assessee’s appeal

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)(iv) read with Section 40A(9) of the Act is to restrict the tax avoidance by the employer by creating trust wherein the utilization of contribution made to trust is left to the discretion of the trustee and wherein the amounts flows back to the employer in the form of the deposits or investment. Thus, the Bank submits that

PARAMARTH SADHAK SANGH ,KOLKATA vs. ADIT(E) CIR -2/NOW ITO(EXEM), WARD - 1(4), KOLKATA , KOLKATA

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

Bench: Sri J. Sudhakar Reddy) Assessment Year: 2010-11 Paramarth Sadhak Sangh……..………………....…………..……………...……..….…….........Appellant P-113, New Raipur Road (E) Kolkata – 700 084 [Pan : Aaatp 4767 F] Vs. Adit (E), Circle-2/ Now I.T.O. (Exem), Ward-14, Kolkata….……………............Respondent

246 also, a clear distinction is made between an intimation and an order of assessment. The Assessing Officer cannot, under section 143(1)(a), change the status of a firm to 'association of persons' which can be done under section 185 of the Act, at the time of assessment." We are in respectful agreement with the judgements in Samtel Color

ACIT, CIRCLE-2(3), KOLKATA, KOLKATA vs. LATE BAIJNATH AGARWAL, KOLKATA

In the result, appeal of revenue as well as the Cross Objection of assessee is dismissed

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

1) of section 271 of the Income-tax Act empowers the Assessing Officer to levy penalty for certain offences listed in that sub-section. It is a requirement that the Assessing Officer is required to be satisfied before such a penalty is levied. 40.2 In the context of levy of penalty under section 271 of the Income-tax Act, there

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. I M C LTD, KOLKATA

Appeal is dismissed

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

disallowed the said provision and added back to the book profit computed u/s.115JB of the Act. 30. Aggrieved, assessee preferred an appeal before Ld. CIT(A) who deleted the addition made by AO by observing as under:- “In the computation of book profit u/s. 115JB of the Income-tax Act, the Assessing Officer added back the amount of Rs.24

M/S. IMC LTD.,KOLKATA vs. DCIT, CIRCLE - 11, KOLKATA, KOLKATA

Appeal is dismissed

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

disallowed the said provision and added back to the book profit computed u/s.115JB of the Act. 30. Aggrieved, assessee preferred an appeal before Ld. CIT(A) who deleted the addition made by AO by observing as under:- “In the computation of book profit u/s. 115JB of the Income-tax Act, the Assessing Officer added back the amount of Rs.24

DCIT, CIRCLE - 11, KOLKATA, KOLKATA vs. M/S. IMC LTD., KOLKATA

Appeal is dismissed

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

disallowed the said provision and added back to the book profit computed u/s.115JB of the Act. 30. Aggrieved, assessee preferred an appeal before Ld. CIT(A) who deleted the addition made by AO by observing as under:- “In the computation of book profit u/s. 115JB of the Income-tax Act, the Assessing Officer added back the amount of Rs.24

AMIT GHOSE,KOLKATA vs. DCIT,CIR-22, KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1412/Kol/2016 Assessment Year : 2010-11 Amit Ghose -Vs- Dcit, Circle-22, Kolkata [Pan: Adxpg 4852 G] (Formerly Jcit, Range-22, Kolkata) (Appellant) (Respondent)

Section 37(1) of the Income Tax Act, 1961- Business expenditure –Allowability of – Assessment Years 2002-03 & 2003-04 Fine paid by assessee stock broker who was a member of NSE, on account of unfair trade practice and un-business like conduct is not for violation of law and hence, cannot be disallowed. The members of NSE Ltd are bound

ITO, WARD-36(1), KOLKATA, KOLKATA vs. SRI RAGHU NANDAN MODI, KOLKATA

In the result, Revenue’s appeal is dismissed

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

246 (Born); wherein Hon'ble Bombay High Court has observed as follows :- "However, the questions posed to us are not whether the annual value of the property for the purpose of section 23(1)(a) should be taken at the actual compensation received or on the basis of standard rent. The question is whether the annual value should be taken

DCIT, CIRCLE - 5(1) , KOLKATA vs. M/S. KESORAM INDUSTRIES LTD., , KOLKATA

In the result, all the appeals of the revenue for AYs 2012-13, 2014-

Bench: Hon’Ble Shri P. M. Jagtap, Vp (Kz) & Hon’Ble Shri A. T. Varkey]

disallowance under section 14A to Rs.10,00,000/-. Therefore, grounds raised by assessee's appeal are partly allowed for statistical purposes." 15. Since the facts and circumstances involved in the relevant year are similar to that of AYs 2008-09 & 2009-10, we do not find any infirmity in the order of the Ld. CIT(A) on this issue