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]

section 14A of the Act.” 3.1. The ld AR argued that the assessee had own interest free funds many times over the investment made in Indian subsidiaries and further there was no direct nexus between interest bearing borrowed funds and such investment. The ld AR placed reliance on the following decisions in support of her arguments :- CIT vs Suzlon Energy

OBEROI HOTELS PRIVATE LIMITED,KOLKATA vs. DCIT, CIRCLE - 8, KOLKATA, KOLKATA

In the result, assessee’s appeals in ITA Nos

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

disallowed interest on loan amounting to Rs.14,21,35,269/- and de mat charges at Rs.6,85,115/- under the provisions of section

OBEROI HOTELS PRIVATE LIMITED,KOLKATA vs. DCIT, CIRCLE -8, KOLKATA, KOLKATA

In the result, assessee’s appeals in ITA Nos

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

disallowed interest on loan amounting to Rs.14,21,35,269/- and de mat charges at Rs.6,85,115/- under the provisions of section

DCIT, CIRCLE -8, KOLKATA, KOLKATA vs. M/S. OBEROI HOTELS PVT. LTD., KOLKATA

In the result, assessee’s appeals in ITA Nos

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

disallowed interest on loan amounting to Rs.14,21,35,269/- and de mat charges at Rs.6,85,115/- under the provisions of section

JCIT(OSD), CIRCLE - 8, KOLKATA, KOLKATA vs. M/S. OBEROI HOTELS PVT. LTD., KOLKATA

In the result, assessee’s appeals in ITA Nos

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

disallowed interest on loan amounting to Rs.14,21,35,269/- and de mat charges at Rs.6,85,115/- under the provisions of section

GIFFORD & PARTNERS LTD.(SINCE MERGED WITH GIFFORD LLP),KOLKATA vs. DDIT, INTERNATIONAL TAXATION - 1(1), KOLKATA, KOLKATA

In the result ITA No.1489/Kol/11 is partly allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2007-08

Section 198 & 199 of the Act. In view of this legal position, the difference amount of Rs. 37,33,151 was correctly added by the AO to the total income of the assessee.” 42. The AO passed the fair order of assessment dated 21.9.2010 giving effect to the directions of the DRP. Aggrieved by the order of the AO dated

GIFFORD & PARTNERS LTD.(SINCE MERGED WITH GIFFORD LLP),KOLKATA vs. ADIT (INTERNATIONAL TAXATION) - 1(1), KOLKATA, KOLKATA

In the result ITA No.1489/Kol/11 is partly allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2007-08

Section 198 & 199 of the Act. In view of this legal position, the difference amount of Rs. 37,33,151 was correctly added by the AO to the total income of the assessee.” 42. The AO passed the fair order of assessment dated 21.9.2010 giving effect to the directions of the DRP. Aggrieved by the order of the AO dated

SRI RAMPADA PANDA.,PURBA MEDINIPUR vs. I.T.O WD - 2,HALDIA., PURBA MEDINIPUR

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

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Vishwanetra Ravi, Jm] Assessment Year : 2008-09 (Appellant ) (Respondent) Sri Rampada Panda -Versus- I.T.O., Ward-2, Purba Medinipur Haldia. (Pan : Ahnpp 8129 P) For The Appellant : Shri Manish Tiwari, Fca For The Respondent : Shri Pinaki Mukherjee, Jcit Date Of Hearing : 01.10.2015. Date Of Pronouncement : 7.10.2015. Order

section 40A(3) of the Act read with Rule 6DD of IT Rules. Accordingly, a sum of Rs. 62,06,269/- was disallowed

DCIT, CIR-1(1), KOLKATA, KOLKATA vs. M/S GARDEN REACH SHIPBUILDERS & ENGINEERS LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

section 36(1)(va) for credit the amount of the employees with their own contributions. Further, the appellant has also relied upon judgements of various High Courts and Tribunals that is employees contribution to Provident Fund are deposited before due date of filing of return of income, than there, should 110t be any disallowance

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

disallowance under section 14A and addition on account of interest. Thereafter the assessment was again reopened by the Assessing Officer for the second time for the reasons that 15% share of the assessee from joint venture business amounting to Rs.52,93,587/- had escaped assessment. Accordingly, a notice under section 148 was issued by him on 26.05.2010, in reply

BINOD KUMAR BURNWAL,BURDWAN vs. ITO, WARD - 1(3), DURGAPUR, DURGAPUR

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

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey) Assessment Year: 2008-09 Binod Kumar Burnwal…………………….…….............................………………………..……….………..Appellant Prop: Anandlok Infocom Bangram, Nutandanga Gogla Dist-Burdwan – 713 383 [Pan : Aizpb 0692 A] Income Tax Officer, Ward-1(3), Kolkata......................................................……………….…..Respondent

disallowance could be made under section 40A(3) - Held, yes [ Para 23] [In favour of the assessee]" CIT v. Smt. Shelly Passi [2013] 350 ITR 227/213 Taxman 213/31 taxmann.com 173 (Punj. & Har.) In this case the court upheld the view of the Tribunal in not applying section 40A(3) of the Act to the cash payments when ultimately, such amounts

ACIT, CIR-33, KOLKATA, KOLKATA vs. M/S ASHIANA AMAR DEVELOPERS, KOLKATA

In the result, the appeal of the revenue is dismissed

269 Bangalore Bench of ITAT has observed in respect of claim under section 80IB under similar circumstances under:- Even though the projects of the assessee are bigger ones consisting of independent units, the assessee had claimed the benefit under section 80IB only in respect of blocks ‘A’ and ‘C’ namely ‘Mayflower’ and ‘Cassia’. In respect of other units viz. Magnolia

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(2), KOLKATA, KOLKATA vs. M/S NOMURA RESEARCH INSTITUTE & FINANCIAL TECHNOLOGIES PVT. LTD., KOLKATA

In the result the appeal of the assessee is partly allowed and the appeal by the revenue is dismissed

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

269 to 297 of the assessee’s paper book. Copy of profit and loss account was not given to the assessee. However schedule forming part of the profit and loss account has been furnished. The balance sheet has been furnished. The TPO in his order has worked out operating profit to operating cost of this company at 49.94%. On what

NOMURA RESEARCH INSTITUTE FINANCIAL TECHNOLOGIES INDIA PVT. LTD.,KOLKATA vs. DCIT, CIR-2(1), KOLKATA, KOLKATA

In the result the appeal of the assessee is partly allowed and the appeal by the revenue is dismissed

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

269 to 297 of the assessee’s paper book. Copy of profit and loss account was not given to the assessee. However schedule forming part of the profit and loss account has been furnished. The balance sheet has been furnished. The TPO in his order has worked out operating profit to operating cost of this company at 49.94%. On what

DCIT, CENTRAL CIR. VI, KOLKATA vs. M/S J.K. LAKSHMI CEMENT LTD., KOLKATA

In the result, assessee’s CO is partly allowed

Bench: Shri Waseem Ahmed & Shri Partha Sarathi Chowdhury

section 14A. The issue has been decided in my order dated the 29th January, 2013 in the case of the appellant for the am year 2008-09 in Appeal No 157/CC-VI/CIT(A) C-I/10-11. Following the decision, the disallowance of Rs.2,02,56,220/- is confirmed. Ground no 2 is dismissed.” Being aggrieved by this order

D.C.I.T CIR - 3,KOLKATA, KOLKATA vs. M/S CRESCENT FOUNDRY CO PVT LTD, KOLKATA

In the result the Cross Objection of the assessee is dismissed

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

269/- Disallowance of ½% of average value of investment : The average value of investment income from which does not or shall not form part of total income in assessee’s case is Rs.1,80,72,310/-. Therefore, this component of disallowance would be Rs.90,362/-. Therefore, total disallowance u/r. 8D read with sec. 14A = (i) + (ii) = (iii) = Rs.3