DCIT, CIRCLE - 6(1), KOLKATA, KOLKATA vs. M/S. INTEGRATED COAL MINING LIMITED, KOLKATA

Appeal is partly allowed in above terms

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2010-11 Dcit, Circle-6(1), V/S. M/S Integrated Coal P-7, Chowringhee Mining Ltd., 6, Church Square, Kolkata-69 Lane, 1Ste Floor, Kolakta-700001 [Pan No.Aaaci 5584 L] .. अपीलाथ" /Appellant ""यथ"/Respondent Dr. P.K. Srihari, Cit-Dr अपीलाथ" क" ओर से/By Appellant Shri Diparun Mukherjee, Aca & ""यथ" क" ओर से/By Respondent Shri Alolk Goenka, Aca 15-01-2019 सुनवाई क" तार"ख/Date Of Hearing 15-03-2019 घोषणा क" तार"ख/Date Of Pronouncement

section 143(3) of the Act by the Assessing Officer for the AY 2008-09 is reproduced below: "1. Disallowance u/s 14A The assessee company has earned exempt income i.e. dividend of Rs. 33,61,665/- during this financial year relevant to the assessment year 2008- 09 for which the assessee company offered Rs. 29,760/- as disallowance

ALLAHABAD BANK,KOLKATA vs. ADD.CIT,RANGE-6, 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 : 2008-09

Disallowance under section 14A = 90,099+ (1 % of Rs.45,30,38,502) = 90,099 + 45,30,385 = 46,20,484 The above

D.C.I.T CIR - 10,KOLKATA, KOLKATA vs. M/S PHILLIPS CARBON BLACK LTD, KOLKATA

In the result, the appeals of Revenue in ITA 2123/Kol/13 and ITA

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

45. At the time of hearing before us the Ld.AR submits that the Asseesee suo moto disallowed an amount of Rs.2,22,500/- and argued assessee’s own funds are larger than the investments and no part of loan was utilized for investments. Further submitted that the assesse is a promoter of CEAT company and earned exempt income and relied

RITA GUPTA,KOLKATA vs. DCIT, CEN. CIR.2(2), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

45. Section 48 provides for computation of capital gain.After perusing the aforesaid sections conjointly and together ,we find that nowhere any exclusion or exception has been provided to the long term capital gain resulting from sale of equity shares. In our opinion, its only the long term capital gain resulting from sale of shares/securities which was granted exemption

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

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

disallowance of provision for Mine Closure Expenses. The Ld. AO held that the said provision was contingent in nature and was dependent on future occurrence of events. Further, the amount to be incurred also included sums on account of fine or penalty imposed by the Forest Department, hence was disallowable u/s 37(1) of the Act. The Ld. CIT(Appeals

PUNJAB PRODUCE HOLDINGS LTD,KOLKATA vs. D.C.I.T., CIRCLE - 5(1),KOLKATA, KOLKATA

In the result, the appeal of the assessee is treated as allowed

Bench: Shri P.M. Jagtap, Am] I.T.A. No. 2057/Kol/2017 Assessment Year: 2009-10 M/S. Punjab Produce Holdings Ltd................................……………….....................Appellant Birla Building, 4Th Floor, 9/1, R.N. Mukherjee Road, Kolkata – 700 001 [Pan: Aabcm 7053 M] Dcit Cir 5(1),...................………………………………………………………………………Respondent Aayakar Bhawan, 8Th Floor, P-7, Chowringhee Square, Kolkata – 700 069 Appearances By: Shri Akkal Dudhuwala, Ar Appearing On Behalf Of The Assessee. Shri Pinaki Mukherjee, Addl. Cit Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : February 22, 2018 Date Of Pronouncing The Order : March 21, 2018

45,26,761/- and made a disallowance to that extent under section 14A while computing the income of the assessee

SPEED & MOVERS INDIA PVT. LTD.,BEHALA vs. I.T.O.,WARD-10(4), KOLKATA

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

Bench: Shri P.M. Jagtap, Vice-(Kz & Hz)

45,100/- 4. Car Hire Charges (Freight Rs.19,93,575/- Charges) Since the above payments were made by the assessee in cash in violation of provisions of section 40A(3) and there were no exceptional circumstances explained by the assessee for making the said payments in cash as specified in Rule 6DD, the Assessing Officer disallowed

M/S RECKITT BENCKISER (I) LTD.,KOLKATA vs. JCIT, R-12, KOLKATA, KOLKATA

In the result, both the appeals of the assessee are partly allowed while both the appeals of the revenue are dismissed

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

disallowance made by the Assessing Officer under section 14A which is confirmed by the ld. CIT(Appals) by applying Rule 8D. 45

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)

Section 43(1) is held to be unjustified in law. Accordingly the disallowance of excess claim of depreciation to the extent of Rs.3,16,92,148/- is directed to be deleted. Ground Nos.6 to 10 are therefore allowed.” 10. It has come on record qua the assessee already succeeded in the instant twin aspects before the Tribunal in Assessment Years

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)

Section 43(1) is held to be unjustified in law. Accordingly the disallowance of excess claim of depreciation to the extent of Rs.3,16,92,148/- is directed to be deleted. Ground Nos.6 to 10 are therefore allowed.” 10. It has come on record qua the assessee already succeeded in the instant twin aspects before the Tribunal in Assessment Years

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)

Section 43(1) is held to be unjustified in law. Accordingly the disallowance of excess claim of depreciation to the extent of Rs.3,16,92,148/- is directed to be deleted. Ground Nos.6 to 10 are therefore allowed.” 10. It has come on record qua the assessee already succeeded in the instant twin aspects before the Tribunal in Assessment Years

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)

Section 43(1) is held to be unjustified in law. Accordingly the disallowance of excess claim of depreciation to the extent of Rs.3,16,92,148/- is directed to be deleted. Ground Nos.6 to 10 are therefore allowed.” 10. It has come on record qua the assessee already succeeded in the instant twin aspects before the Tribunal in Assessment Years

M/S TATA GLOBAL BEVERAGES LIMITED,KOLKATA vs. THE DCIT, CIRCLE-4(2), KOLKATA, KOLKATA

In the result, the appeals filed by the assessee for AY 2012-

Bench: Dr. Manish Borad & Sonjoy Sarma

disallowance as computed under subsection (2) & (3) for the purpose of Section 14A can be applied while making adjustment under clause (f) of Section 115JB. Reliance in this regard can be placed on the following decisions: Hon’ble Jurisdictional High Court in the case of CIT -vs.- Jayshree Tea & Industries Ltd. [G.A. No. 1501 of 2014 dated

M/S TATA GLOBAL BEVERAGES LIMITED,KOLKATA vs. THE DCIT, CIRCLE-4(2), KOLKATA, KOLKATA

In the result, the appeals filed by the assessee for AY 2012-

Bench: Dr. Manish Borad & Sonjoy Sarma

disallowance as computed under subsection (2) & (3) for the purpose of Section 14A can be applied while making adjustment under clause (f) of Section 115JB. Reliance in this regard can be placed on the following decisions: Hon’ble Jurisdictional High Court in the case of CIT -vs.- Jayshree Tea & Industries Ltd. [G.A. No. 1501 of 2014 dated

ACIT, CIR.-10(2), KOLKATA,KOLKATA vs. M/S NAGREEKA SYNTHETICS PVT. LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

disallowance made under section 14A in the assessment originally completed under section 143(3) and also made a further addition of Rs. 4,23,33,500/- on account of deemed dividend under section 2(22)(e) of the Act. Accordingly, the total income of the assessee-company was determined by the A.O. at Rs. 6,64,45

ACIT, CIRCLE-5, KOLKATA, KOLKATA vs. M/S KESORAM INDUSTRIES. LTD, KOLKATA

In the result the revenue’s appeals for A

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

Section 139(1) of the Act. It nowhere provides that once the assessee has filed a return of income within due date and such return includes a claim for deduction, then the quantum of deduction permissible as per law cannot be subsequently altered or modified. We find that for the AY 2008-09 the assessee had filed its return

KESORAM INDUSTRIES LIMITED,KOLKATA vs. ADDL C.I.T RG - 5,KOLKATA, KOLKATA

In the result the revenue’s appeals for A

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

Section 139(1) of the Act. It nowhere provides that once the assessee has filed a return of income within due date and such return includes a claim for deduction, then the quantum of deduction permissible as per law cannot be subsequently altered or modified. We find that for the AY 2008-09 the assessee had filed its return

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

In the result the revenue’s appeals for A

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

Section 139(1) of the Act. It nowhere provides that once the assessee has filed a return of income within due date and such return includes a claim for deduction, then the quantum of deduction permissible as per law cannot be subsequently altered or modified. We find that for the AY 2008-09 the assessee had filed its return