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

disallowed the marked-to-market loss on\nthe ground that it is not allowable under section 43A or section 37 of\nthe

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

disallowed the marked-to-market loss on\nthe ground that it is not allowable under section 43A or section 37 of\nthe

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

disallowed the marked-to-market loss on\nthe ground that it is not allowable under section 43A or section 37 of\nthe

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

disallowed. Although the assessee had relied on the decisions of the Hon'ble Apex Court In the case of Woodward Governor Pvt. Ltd (312 ITR 254) and ONGC vs CIT (322 ITR 180), the AO has attempted to distinguish the appellant's factual situation, without actually bringing forth the distinction. According to the AO, the case decided

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

disallowed. Although the assessee had relied on the decisions of the Hon'ble Apex Court In the case of Woodward Governor Pvt. Ltd (312 ITR 254) and ONGC vs CIT (322 ITR 180), the AO has attempted to distinguish the appellant's factual situation, without actually bringing forth the distinction. According to the AO, the case decided

DCIT, CIRCLE-10, KOLKATA, KOLKATA vs. M/S. KANORIA CHEMICALS & INDUSTRIES LTD., KOLKATA

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

disallowed u/s 40(a)(i) of the Act. The ld. CIT(A) held as follows:- a) The assessee was liable to redeem the said bonds and hence the liability in question is not a contingent liability. b) Section 43A

DCIT, CIR-10(1), KOLKATA, KOLKATA vs. KANORIA CHEMICALS & INDUSTRIES LTD., KOLKATA

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

disallowed u/s 40(a)(i) of the Act. The ld. CIT(A) held as follows:- a) The assessee was liable to redeem the said bonds and hence the liability in question is not a contingent liability. b) Section 43A

M/S. KANORIA CHEMICALS & INDUSTRIES LTD.,KOLKATA vs. ADDL. CIT, RANGE-10, KOLKATA, KOLKATA

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

disallowed u/s 40(a)(i) of the Act. The ld. CIT(A) held as follows:- a) The assessee was liable to redeem the said bonds and hence the liability in question is not a contingent liability. b) Section 43A

M/S KANORIA CHEMICALS & INDUSTRIES LTD.,KOLKATA vs. DCIT, CIR-10, KOLKATA, KOLKATA

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

disallowed u/s 40(a)(i) of the Act. The ld. CIT(A) held as follows:- a) The assessee was liable to redeem the said bonds and hence the liability in question is not a contingent liability. b) Section 43A

EVEREADY INDUSTRIES INDIA LTD.,KOLKATA vs. DCIT, CIRCLE - 11(1), KOLKATA, KOLKATA

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

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri S.S. Viswanethra Ravi

disallowance under section 14A read with Rule 8D was made by the Assessing Officer in the assessment completed under section 143(3) read with section 144C(5) taking a possible view. It appears that the ld. Principal CIT, however, overlooked this vital aspect while holding the order of the Assessing Officer on this issue as 12 A.Y. 2012-2013 Eveready

ESSEL MINING & INDUSTRIES LTD.,KOLKATA vs. ADDL. CIT, RANGE - 5, KOLKATA, KOLKATA

In the result the appeal of the revenue is dismissed

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

section 43A of the Income Tax Act. It was in this background that the Assessing Officer disallowed depreciation, being 25% as applicable

DCIT, CIRCLE - 5, KOLKATA, KOLKATA vs. M/S. ESSEL MINING & INDUSTRIES LTD., KOLKATA

In the result the appeal of the revenue is dismissed

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

section 43A of the Income Tax Act. It was in this background that the Assessing Officer disallowed depreciation, being 25% as applicable

MSTC LIMITED,KOLKATA vs. JCIT(OSD) CIT - I,KOLKATA, KOLKATA

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

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

Section 43A of the 1961 Act. At this stage, we are concerned only with para 9 which deals with revenue items. Para 9 of AS- 11 recognises exchange differences as income or expense. In cases where, e.g., the rate of dollar rises vis-`-vis the Indian rupee, there is an expense during that period. The important point to be noted

D.C..I.T.,CIRCLE-5(2), KOLKATA vs. M/S SISECAM FLAT GLASS INDIA LTD. (FORMERLY HNG FLAT GLASS LTD.), KOLKATA

In the result, the appeal of revenue is dismissed and cross objection of assessee is allowed for statistical purpose

Bench: Hon’Ble Shri J. Sudhakar Reddy, Am & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2012-13

43A or Section 37(1) and therefore disallowed the same. The AO disallowed net sum of Rs.2,26,10,487/­ after

NATIONAL INSURANCE COMPANY LIMITED,NEW TOWN vs. DCIT, CIRCLE 5(1),, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

disallowance can be made if the expenditure or allowance debited to the profit and loss account is not admissible under the provisions of sections 30 to 43B of the Act in computing the profits and gains of a business. For the purpose of section 43B of the Act, the expenditure shall be allowed in the year in which such

NATIONAL INSURANCE COMPANY LIMITED,NEW TOWN vs. DCIT, CIRCLE 5(1),, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

disallowance can be made if the expenditure or allowance debited to the profit and loss account is not admissible under the provisions of sections 30 to 43B of the Act in computing the profits and gains of a business. For the purpose of section 43B of the Act, the expenditure shall be allowed in the year in which such

NATIONAL INSURANCE COMPANY LIMITED,NEW TOWN vs. DCIT, CIRCLE 5(1),, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

disallowance can be made if the expenditure or allowance debited to the profit and loss account is not admissible under the provisions of sections 30 to 43B of the Act in computing the profits and gains of a business. For the purpose of section 43B of the Act, the expenditure shall be allowed in the year in which such