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

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

The appeal is dismissed

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

438 ITR 1 (SC). The Ld. CIT(A), following the decision of the Hon'ble Calcutta High Court in CIT Vs. Rasoi Ltd., passed in ITA No. 109 of 2016 dated February 15, 2017, has held that the Ld. AO was not justified in disallowing interest of ₹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

The appeal is dismissed

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

438 ITR 1 (SC). The Ld. CIT(A), following the decision of the Hon'ble Calcutta High Court in CIT Vs. Rasoi Ltd., passed in ITA No. 109 of 2016 dated February 15, 2017, has held that the Ld. AO was not justified in disallowing interest of ₹89,02,300/- under Rule 8D(2)(ii) and directed the same

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

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

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

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

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

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

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

M/S A.S. SYNDICATE WAREHOUSING (P) LTD.,KOLKATA vs. I.T.O, WD -11(3), KOLKATA, KOLKATA

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

Bench: Shri N.V. Vasudevan & Shri M. Balaganesh

438 (Del]; (v) CIT –vs.- Ancherry Pauoo Kakku [1986] 160 ITR 88 (Ker.); (vi) Ambica Mills Limited –vs.- CIT [54 ITR 167 (Guj.)]; (vii) CIT –vs.- Silver Cotton Mills Co. Limited [254 ITR 728 (Guj.). The ld. A.R. also filed additional evidence together with the prayer for receipt of additional evidence showing the evidence for writing back of this liability

KAUSHAL KUMAR,RANIGANJ vs. ITO, WARD 3(1),, ASANSOL

In the result, both the appeals filed by the Assessee are partly allowed for statistical purposes

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

disallowed by the CPC, Bengaluru u/s 36(1)(va) of the Act as the same was deposited after due dates of the respective legislation. Aggrieved with the intimation, the assessee filed an appeal before the Ld. CIT(A) who has considered the facts of the case, the amendment to section 43B of the Act and has relied upon the decision

KAUSHAL KUMAR,RANIGANJ vs. ITO, WARD 3(1),, ASANSOL

In the result, both the appeals filed by the Assessee are partly allowed for statistical purposes

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

disallowed by the CPC, Bengaluru u/s 36(1)(va) of the Act as the same was deposited after due dates of the respective legislation. Aggrieved with the intimation, the assessee filed an appeal before the Ld. CIT(A) who has considered the facts of the case, the amendment to section 43B of the Act and has relied upon the decision

SARDA MINES PVT. LIMITED,KOLKATA vs. DCIT, CIRCLE-05(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 867/Kol/2017 Assessment Year: 2007-08 Sarda Mines Pvt. Ltd...............................………………………………………………Appellant 6Th Floor, Circular Court, 8, Ajc Bose Road, Kolkata – 700017. [Pan : Aahcs 2419 R] D.C.I.T., Cir 5(2) Kolkata………………………………………………......................Respondent Aayakar Bhawan, P-7, Chowringhee Square, Kolkata - 69 Appearances By: Shri A.K. Gupta, Fca Appearing On Behalf Of The Assessee. Md. Usman, Cit Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 21, 2017 Date Of Pronouncing The Order : December 14, 2017 Order Per P.M. Jagtap, Am This Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Principal Cit – 2, Kolkata Dated 28.03.2017 Passed Under Section 263 Of The Income Tax Act, 1961 & The Grounds Raised By The Assessee Therein Read As Under: “1. For That The Order Passed Under Section 263 Of The Income Tax Act, 1961 (In Short ‘The Act’) By The Principal Commissioner Of Income Tax -2, Kolkata (In Short ‘Cit’) Dated 28.03.2017 Is Without Jurisdiction & Illegal As None Of The Condition Precedent For Exercise Of The Power Under Section 263 Of The Act Exists And/Or Has Been Satisfied & As Such The Said Order Is Erroneous & Without Jurisdiction & Liable To Be Cancelled. 2. For That The Order Passed By The Assessing Officer Was Not In Any Way Erroneous Or Prejudicial To The Interest Of Revenue & As Such The Cit Would Not Exercise Any Power Under Section 263 Of The Act. The Cit Erred In Holding That The Order Of Assessment Is Erroneous & Prejudicial To The Interest Of Revenue.

438/- under the normal provisions of the Act and book profit of Rs. 5,78,57,816/- under section 115JB of the Act. In the assessment originally completed under section 143(3) vide an order dated 24.12.2009, the total income as declared by the assessee company in its return of income was accepted by the A.O. Subsequently, the assessment

DCIT, CIR-8(1), KOLKATA, KOLKATA vs. M/S ITC LTD., KOLKATA

In the result, the appeal of revenue is dismissed

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी वसीम अहमद, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri Waseem Ahmed, Am]

section 438 of the Income Tax Act, 1961. It is noted, that this issue was examined by Kolkata bench of tribunal in ITA NO.1640/Ko1/2012 in the case of DCIT Cir-1, Kolkata vs. Exide Industries Ltd. A.Y.2006-0, in which addition for similar ground had been made. In its order dated 19.4.2013, the tribunal had, following its own order

M/S. SPML INFRA LIMITED ,KOLKATA vs. DCIT, CIRCLE - 8(2), KOLKATA , KOLKATA

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

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1228/Kol/2018 ("नधा"रणवष" / Assessment Year:2011-12)

disallowed under section 14A of the Act cannot be added to arrive at book of profit for purposes of Section 115JB of the Act. The Revenue’s appeal against the order of the Tribunal in M/s Essar Teleholdings (supra) was dismissed by this Court in the ITA No. 438