DCIT, CENTRAL CIRCLE - 4(4), KOLKATA, KOLKATA vs. M/S. ELECTROSTEEL CASTINGS LIMITED., KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

438/- .......3 Total Disallowance as per rule 8D (2) (1+2+3) = Rs.6,18,02,973/- In view of the fact that the assessee had offered a suo moto disallowance of Rs,76,85,257/- the net disallowance stands at Rs,6,01,17,776. 06. In respect of this ground, during the course of the appeal, the appellant-company

DCIT, CENTRAL CIRCLE - 4(4), KOLKATA, KOLKATA vs. M/S. ELECTROSTEEL CASTINGS LIMITED., KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

438/- .......3 Total Disallowance as per rule 8D (2) (1+2+3) = Rs.6,18,02,973/- In view of the fact that the assessee had offered a suo moto disallowance of Rs,76,85,257/- the net disallowance stands at Rs,6,01,17,776. 06. In respect of this ground, during the course of the appeal, the appellant-company

M/S. ELECTROSTEEL CASTING LIMITED.,KOLKATA vs. DCIT, CENTAL CIRCLE - 4(4), KOLKATA, KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

438/- .......3 Total Disallowance as per rule 8D (2) (1+2+3) = Rs.6,18,02,973/- In view of the fact that the assessee had offered a suo moto disallowance of Rs,76,85,257/- the net disallowance stands at Rs,6,01,17,776. 06. In respect of this ground, during the course of the appeal, the appellant-company

M/S. ELECTROSTEEL CASTING LIMITED.,KOLKATA vs. DCIT, CENTAL CIRCLE - 4(4), KOLKATA, KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

438/- .......3 Total Disallowance as per rule 8D (2) (1+2+3) = Rs.6,18,02,973/- In view of the fact that the assessee had offered a suo moto disallowance of Rs,76,85,257/- the net disallowance stands at Rs,6,01,17,776. 06. In respect of this ground, during the course of the appeal, the appellant-company

DCIT, CIR-5(1), , KOLKATA vs. M/S COAL INDIA LTD., KOLKATA

disallowed\nunder Rule 8D of the IT Rules and the disallowance has been made only\nunder clause (iii) of Rule 8D as per the formulae mentioned therein and\nthe same is not to be considered for the purpose of MAT and the\naddition, if any, made to the book profit on account of disallowance u/s\nPage 43\nITA

DCIT, CIR-5(1), , KOLKATA vs. M/S COAL INDIA LTD., KOLKATA

section 37(1) of the Income Tax Act, though claimed by the assessee\ncompany in the return of income. Further, the liability has been raised out\nof fine or penalty imposed by the forest department, and the provision out\nof the liability is also not allowable u/s. 37(1) of the Income Tax Act. In the\npresent case, the assessee

DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA vs. M/S. COAL INDIA LIMITED , KOLKATA

In the result, the appeals filed by the assessee in ITA Nos

section 37(1) of the Income Tax Act, though claimed by the assessee\ncompany in the return of income. Further, the liability has been raised out\nof fine or penalty imposed by the forest department, and the provision out\nof the liability is also not allowable u/s. 37(1) of the Income Tax Act. In the\npresent case, the assessee

M/S. COAL INDIA LIMITED ,KOLKATA vs. DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA

section 115JB of the\nAct is a self-contained code and only the disallowances mentioned in\nthe explanation could have been made. Further, clause (f) of\nExplanation 1 to section 115JB of the Act refers to the amount or\namounts of expenditure relatable to any income to which section 10\napplies. The Ld. AO has not made any disallowance

COAL INDIA LIMITED ,KOLKATA vs. DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA

section 115JB of the\nAct is a self-contained code and only the disallowances mentioned in\nthe explanation could have been made. Further, clause (f) of\nExplanation 1 to section 115JB of the Act refers to the amount or\namounts of expenditure relatable to any income to which section 10\napplies. The Ld. AO has not made any disallowance

ACIT-6(2), KOLKATA vs. M/S NATIONAL INSURANCE CO.LTD., KOLKATA

In the result, the appeal filed by the Revenue is partly allowed for statistical purposes

Bench: Sri Rajpal Yadav & Dr. Manish Borad

sections 30 to 438 of the Act and there is no specific mentioning of adding back of any amount written off out of investments. From the above-referred Supreme Court decisions it is clear that if the particular item of dispute (debit entry made in the Profit & Loss Account) falls under the category of "expenditure" or "allowance" or "provision

D.C.I.T CIR - 10(1), KOLKATA vs. M/S EUREKA FORBS LTD, KOLKATA

438 ITR 1 (SC). The Ld.\nCIT(A), following the decision of the Hon'ble Calcutta High Court in CIT\nVs. Rasoi Ltd., passed in ITA No. 109 of 2016 dated February 15,\n2017, has held that the Ld. AO was not justified in disallowing interest\nof ₹89,02,300/- under Rule 8D(2)(ii) and directed the same

D.C.I.T CIR - 10(1), KOLKATA vs. M/S EUREKA FORBS LTD, KOLKATA

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

438 ITR 1 (SC). The Ld.\nCIT(A), following the decision of the Hon'ble Calcutta High Court in CIT\nVs. Rasoi Ltd., passed in ITA No. 109 of 2016 dated February 15,\n2017, has held that the Ld. AO was not justified in disallowing interest\nof ₹89,02,300/- under Rule 8D(2)(ii) and directed the same

D.C.I.T CIR - 10(1), KOLKATA vs. M/S EUREKA FORBS LTD, KOLKATA

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

438 ITR 1 (SC). The Ld.\nCIT(A), following the decision of the Hon'ble Calcutta High Court in CIT\nVs. Rasoi Ltd., passed in ITA No. 109 of 2016 dated February 15,\n2017, has held that the Ld. AO was not justified in disallowing interest\nof ₹89,02,300/- under Rule 8D(2)(ii) and directed the same

D.C.I.T CIR - 10(1), KOLKATA vs. M/S EUREKA FORBS LTD, KOLKATA

438 ITR 1 (SC). The Ld.\nCIT(A), following the decision of the Hon'ble Calcutta High Court in CIT\nVs. Rasoi Ltd., passed in ITA No. 109 of 2016 dated February 15,\n2017, has held that the Ld. AO was not justified in disallowing interest\nof ₹89,02,300/- under Rule 8D(2)(ii) and directed the same

HALDIA PETROCHEMICALS LTD.,KOLKATA vs. ACIT, CIR-8, KOLKATA, KOLKATA

In the result, the appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

Bench: Hon’Ble Shri P.M.Jagtap, Am & Shri S.S.Viswanethra Ravi, Jm ] Assessment Year : 2004-05

438 (Cal) has held that the Sales Tax Incentive granted by the West Bengal Government to the assessee with the object to a provide incentive to set up new industrial undertaking or substantial expansion of the existing undertakings was capital receipt and not revenue in nature. The relevant extract of the judgment is extracted below:- "From the objects

DCIT, CIR-11(1), KOLKATA, KOLKATA vs. M/S HALDIA PETROCHEMICALS LTD., KOLKATA

In the result, the appeal of the assessee is partly allowed and appeal of the Revenue is dismissed

Bench: Hon’Ble Shri P.M.Jagtap, Am & Shri S.S.Viswanethra Ravi, Jm ] Assessment Year : 2004-05

438 (Cal) has held that the Sales Tax Incentive granted by the West Bengal Government to the assessee with the object to a provide incentive to set up new industrial undertaking or substantial expansion of the existing undertakings was capital receipt and not revenue in nature. The relevant extract of the judgment is extracted below:- "From the objects

M. K. SHAH EXPORTS LTD.,KOLKATA vs. DCIT, CIR-4, KOLKATA, KOLKATA

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

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.506 & 507/Kol/2017 ("नधा"रणवष" / Assessment Years: 2009-10& 2010-11) M/S. M. K. Shah Exports Ltd. Vs. D.C.I.T, Circle-4, Kolkata

disallowance made u/s 14A to the book profit computed by the Assessee. M/s. M. K. Shah Exports Ltd. Revenue-ITA Nos.1274 & 1275/Kol/2016,andAssessee- 506 & 507/Kol/2016 Assessment Years: 2009-10 & 2010-11 (ii). Ground No.2 raised by the Revenue in ITA No.1274/Kol/2016, for Assessment Year 2009-10 relates to issue of addition of Rs.10,24,804/- on account of income

JCIT, (OSD), CIR-4(1), KOLKATA, KOLKATA vs. M/S M. K. SHAH EXPORTS LTD., KOLKATA

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

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.506 & 507/Kol/2017 ("नधा"रणवष" / Assessment Years: 2009-10& 2010-11) M/S. M. K. Shah Exports Ltd. Vs. D.C.I.T, Circle-4, Kolkata

disallowance made u/s 14A to the book profit computed by the Assessee. M/s. M. K. Shah Exports Ltd. Revenue-ITA Nos.1274 & 1275/Kol/2016,andAssessee- 506 & 507/Kol/2016 Assessment Years: 2009-10 & 2010-11 (ii). Ground No.2 raised by the Revenue in ITA No.1274/Kol/2016, for Assessment Year 2009-10 relates to issue of addition of Rs.10,24,804/- on account of income