KESORAM INDUSTRIES LIMITED,KOLKATA vs. DCIT, CIRCLE-5(1), , KOLKATA

In the result, the appeal of Revenue as well that of assessee both are dismissed

Bench: Shrip.M.Jagtap, Vice- & Shri S.S.Godara

Section 43(5) of the Act However. it appears that the decision of this court m CIT v Badridas Gauridu (P) Ltd. [2003] 261 ITR 256/ [2004] 134 Taxman 376 (Mum) was not brought to the notice of the Tribunal when it rendered its decision in S Vinod Kumar Diamonds (P) Ltd (supra). In the above case, this court

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

In the result, the appeal of Revenue as well that of assessee both are dismissed

Bench: Shrip.M.Jagtap, Vice- & Shri S.S.Godara

Section 43(5) of the Act However. it appears that the decision of this court m CIT v Badridas Gauridu (P) Ltd. [2003] 261 ITR 256/ [2004] 134 Taxman 376 (Mum) was not brought to the notice of the Tribunal when it rendered its decision in S Vinod Kumar Diamonds (P) Ltd (supra). In the above case, this court

JCIT, (OSD), CIR-4(1), KOLKATA, KOLKATA vs. M/S JAY SHREE TEA & INDUSTRIES LTD., KOLKATA

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita Nos.736 & 737/Kol/2016 ("नधा"रणवष" / Assessment Years: 2009-10 & 2012-13) Jcit (Osd), Cir-4(1), Kolkata Vs. M/S. Jay Shree Tea & Industries Ltd. P-7, Chowringhee Square, 10, Camac Street, Industry House, 15Th Floor, Kolkata – Kolkata – 700 069. 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Aaacj 7788 D (Appellant) .. (Respondent)

disallowance under section 14A was based in the original assessment order under section 143(3) of the Act. Hence there is no ‘tangible material’ to come to the conclusion that there is escapement of income. The reasons must have a live link with the formation M/s. Jay Shree Tea & Industries Ltd. ITA Nos.736 & 737/Kol/2016 Assessment Years

JCIT, (OSD), CIR-4(1), KOLKATA, KOLKATA vs. M/S JAY SHREE TEA & INDUSTRIES LTD., KOLKATA

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita Nos.736 & 737/Kol/2016 ("नधा"रणवष" / Assessment Years: 2009-10 & 2012-13) Jcit (Osd), Cir-4(1), Kolkata Vs. M/S. Jay Shree Tea & Industries Ltd. P-7, Chowringhee Square, 10, Camac Street, Industry House, 15Th Floor, Kolkata – Kolkata – 700 069. 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Aaacj 7788 D (Appellant) .. (Respondent)

disallowance under section 14A was based in the original assessment order under section 143(3) of the Act. Hence there is no ‘tangible material’ to come to the conclusion that there is escapement of income. The reasons must have a live link with the formation M/s. Jay Shree Tea & Industries Ltd. ITA Nos.736 & 737/Kol/2016 Assessment Years

BRITANNIA INDUSTRIES LTD,KOLKATA vs. DCIT, CIR-7(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

256 ITR 625, wherein it has been held that the date of registration is not decisive to ascertain the date of acquisition/ownership of the property. In defence of his argument, ld. A.R. stated that the ld. PCIT’s direction was unjustified and unlawful so far as the provisions of section 56(2)(x) of the Act were

M/S MCC PTA INDIA CORPN. PVT. LTD.,PURBA MEDINIPUR vs. ACIT, CIR-59, TDS, KOLKATA, KOLKATA

In the result, the appeals filed by the Assessee are allowed

disallowance of expenditure for non-deduction of TDS u/s. 194-I of the act, by invoking provisions of section 40(a)(ia) of the act, on rent paid to Kolkata Port Trust (KPT). 3. Brief facts are that the assessee has claimed expenditure on account of rent paid to KPT at Rs.54,21,256

THE STATE FISHERIES DEVELOPMENT CORPORATION LTD.,KOLKATA vs. ACIT, CIR-2, KOLKATA, KOLKATA

In the result, assessee’s appeal stands partly allowed

Bench: Shri Mahavir Singh & Shri Waseem Ahmedassessment Year :2005-06

disallowed it as allowance under section 37(1) of I.T. Act. Out of the entertainment, expenses, amounting to Rs.3865 incurred by the Directors of the assessee company, for entertainment at the Diners club and C.C.1, the I.T.O. regarded Rs.1365 only as permissible deduction under section 37(2) of I.T. Act, taking the view that the remaining sum of Rs.2500

M/S THE STATE FISHERIES DEVELOPMENT CORPORATION LTD.,KOLKATA vs. D.C.I.T CIR - 2,KOLKATA., KOLKATA

In the result, assessee’s appeal stands allowed

Bench: Hon’Ble Shri Waseem Ahmed & Shri K.Narasimha Chary

disallowed it as allowance under section 37(1) of I.T. Act. Out of the entertainment, expenses, amounting to Rs.3865 incurred by the Directors of the assessee company, for entertainment at the Diners club and C.C.1, the I.T.O. regarded Rs.1365 only as permissible deduction under section 37(2) of I.T. Act, taking the view that the remaining sum of Rs.2500

DCIT, CIR-12(2), KOLKATA, KOLKATA vs. M/S. TEGA INDUSTRIES LTD., KOLKATA

In the result, the Cross Objections filed by the assessee (in C

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

disallowed the claim. The Hon'ble High Court held that the assessee was not a dealer in foreign exchange and the foreign exchanges were only incidental to the assessee's regular course of business and the loss was thus not a speculative loss but incidental to the assessee's business and allowable as such. Facts in the present case

DCIT, CIR-12(2), KOLKATA, KOLKATA vs. M/S. TEGA INDUSTRIES LTD., KOLKATA

In the result, the Cross Objections filed by the assessee (in C

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

disallowed the claim. The Hon'ble High Court held that the assessee was not a dealer in foreign exchange and the foreign exchanges were only incidental to the assessee's regular course of business and the loss was thus not a speculative loss but incidental to the assessee's business and allowable as such. Facts in the present case

DCIT, CIR-12(2), KOLKATA, KOLKATA vs. M/S. TEGA INDUSTRIES LTD., KOLKATA

In the result, the Cross Objections filed by the assessee (in C

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

disallowed the claim. The Hon'ble High Court held that the assessee was not a dealer in foreign exchange and the foreign exchanges were only incidental to the assessee's regular course of business and the loss was thus not a speculative loss but incidental to the assessee's business and allowable as such. Facts in the present case

MANIPUR TEA CO. PRIVATE LIMITED,KOLKATA vs. D.C.I.T., CIRCLE-4, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi] I.T.A. No. 2692/Kol/2013 Assessment Year: 2008-09

disallowance of remission of interest of Rs. 36,00,000 under the head of Income from Other Sources instead of Profit and Gains of Business and Profession as interest debit is under this head only. 2. That the DCIT has made an addition of Rs.56,36,381/- u/s 14A of the Income Tax Act, 191 by applying 2nd proviso

M/S MITRA GUHA BUILDERS (INDIA) CO.,KOLKATA vs. ITO, WARD-33(3), KOLKATA, KOLKATA

In the result ITA NO.1594/Kol/2014 is partly allowed for statistical purposes and C

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am]

section 36(1)(vii) of the Act and the decision of the Hon’ble Supreme Court in the case of TRF Limited 323 ITR 397 (SC). 26. Aggrieved by the order of CIT(A) the revenue has raised ground no.2 before the Tribunal. 27. We have heard the submissions of the ld. Counsel for the assessee

D.C.I.T., CIRCLE-10, KOLKATA, KOLKATA vs. M/S VATICAN COMMERCIAL LTD., KOLKATA

In the result, the appeal of the Revenue is dismissed

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

disallowed under original assessment. " I.T.A. No. 2623/KOL./2013 Assessment Year: 2004-2005 Page 5 of 12 The Allahabad High Court in J.P. Bajpai (HUF) v. CIT [2004] 140 Taxman 34 held that the responsibility of the assessee is limited to the disclosure of all primary facts and nothing beyond. Once the assessee has disclosed all the primary facts that

DAS BRICK FIELD,HOOGHLY vs. ITO, WD 2(1), HOOGHLY, HOOGHLY

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

Bench: Shri P.M. Jagtap

disallowance of Rs.5,74,256/- under section 40A(3) of the Act. 3. Against the order passed by the Assessing

SHRI KARTICK CHANDRA MONDAL ,HOOGHLY vs. PRINCIPAL CIT - 8, KOLKATA , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri S.S. Godara, Jm & Dr. A.L. Saini, Am

256(2) is to six calendar months and not one hundred and eighty days. In view of the above judgment in the case of Munnalal Shrikishan Mainpuri (supra), we are of the view that the term “Month” means calendar month (and not period of thirty days), which should be applied for the purpose of section 54EC

M/S. CLIFF TREXIM PVT. LTD., ,KOLKATA vs. DCIT, CENTRAL CIRCLE - 3(2), KOLKATA , KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri A. T Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं/.Ita No.2519/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Garg Brothers Pvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaacg 9775 F (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2520/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Cliff Treximpvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aabcc 0961 E (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2521/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Span Foundation Pvt. Vs. Dcit, Central Circle- Ltd. 3(2), Kolkata Aayakar Bhawan Poorva, 110, 57, Burtolla Street, Shantipally, Kolkata – 700 107. Kolkata – 700 007. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaecs 4605 C (Assessee) .. (Revenue)

disallow and to bring to tax expenditure wrongly claimed by the assessee and allowed in original assessment. The said departmental appeal was dismissed on the proposition that the bar which applies to the assessing officer equally applies to the CIT, for the purposes of section 263 of the Act. c) The Full Bench of the Hon'ble Delhi High Court

M/S. SPAN FOUNDATION PVT. LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE - 3(2), KOLKATA , KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri A. T Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं/.Ita No.2519/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Garg Brothers Pvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaacg 9775 F (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2520/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Cliff Treximpvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aabcc 0961 E (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2521/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Span Foundation Pvt. Vs. Dcit, Central Circle- Ltd. 3(2), Kolkata Aayakar Bhawan Poorva, 110, 57, Burtolla Street, Shantipally, Kolkata – 700 107. Kolkata – 700 007. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaecs 4605 C (Assessee) .. (Revenue)

disallow and to bring to tax expenditure wrongly claimed by the assessee and allowed in original assessment. The said departmental appeal was dismissed on the proposition that the bar which applies to the assessing officer equally applies to the CIT, for the purposes of section 263 of the Act. c) The Full Bench of the Hon'ble Delhi High Court

M/S. GARG BROTHERS PVT. LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE - 3(2), KOLKATA , KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri A. T Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं/.Ita No.2519/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Garg Brothers Pvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaacg 9775 F (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2520/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Cliff Treximpvt. Ltd. Vs. Dcit, Central Circle- 3(2), Kolkata 57, Burtolla Street, Aayakar Bhawan Poorva, 110, Kolkata – 700 007. Shantipally, Kolkata – 700 107. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aabcc 0961 E (Assessee) .. (Revenue) & आयकरअपीलसं/.Ita No.2521/Kol/2017 ("नधा"रणवष" / Assessment Year: 2009-10) M/S. Span Foundation Pvt. Vs. Dcit, Central Circle- Ltd. 3(2), Kolkata Aayakar Bhawan Poorva, 110, 57, Burtolla Street, Shantipally, Kolkata – 700 107. Kolkata – 700 007. "थायीलेखासं/.जीआइआरसं/.Pan/Gir No. : Aaecs 4605 C (Assessee) .. (Revenue)

disallow and to bring to tax expenditure wrongly claimed by the assessee and allowed in original assessment. The said departmental appeal was dismissed on the proposition that the bar which applies to the assessing officer equally applies to the CIT, for the purposes of section 263 of the Act. c) The Full Bench of the Hon'ble Delhi High Court