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

disallowance under section 14A read\nwith Rule 8D is not required to be added to the Book Profit for the purpose\nof computation of income under section 115JB of the Act without\nappreciating that section 115JB clearly provides for including the\ndisallowance made u/s. 14A read with Rule 8D for the purpose of\ncomputation of Book Profit u/s. 115JB

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

disallowance under section 14A read\nwith Rule 8D is not required to be added to the Book Profit for the purpose\nof computation of income under section 115JB of the Act without\nappreciating that section 115JB clearly provides for including the\ndisallowance made u/s. 14A read with Rule 8D for the purpose of\ncomputation of Book Profit u/s. 115JB

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

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]

disallowing the claim of set off was upheld by the successive appellate authorities on. On reference u/s 256(1) of the Act, the Hon’ble High Court held that Section 10(27) of the Act excluded term only the income derived from a business of livestock breeding or poultry or dairy farming. The said section did not exclude the business

THE INDRA COMPANY LIMITED(AS SAUMYA TRADE & FISCAL SERVICES P. LTD. MERGED INTO THE INDRA CO. LTD.),KOLKATA vs. I.T.O., WARD - 12(3),, KOLKATA

In the result, the appeal of the assessee is partly allowed for\nstatistical purposes

disallowance of long term\ncapital loss made by ld. Jurisdictional Assessing Officer (JAO) to the extent\nof Rs.26019396 out of the loss of Rs.59862950 incurred by appellant on\nsale of shares of Shree Rama Newsprint Limited (SRNL) (Formerly Rama\nNewsprint and Papers Ltd.)\n02. Against omitting to allow indexing of accepted cost of acquisition as\nprovided in section 48

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

disallowance u/s.14A of the Act.\n3. That on the facts and the circumstances of the case, the Ld. CIT(A) erred\nin correct in restricting the Addition of Rs.51,48,540/- being expenses\nincurred on exempt income, while computing book profit u/s.115JB of the\nAct and directing the AO to restrict the addition in terms of clause (f)\ncontained

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

disallowance u/s.14A of the Act.\n3. That on the facts and the circumstances of the case, the Ld. CIT(A) erred\nin correct in restricting the Addition of Rs.51,48,540/- being expenses\nincurred on exempt income, while computing book profit u/s.115JB of the\nAct and directing the AO to restrict the addition in terms of clause (f)\ncontained

BANI BROTO BANERJEE ,KOLKATA vs. CIT(A), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumari.T.A. No. 520/Kol/2023 Assessment Year: 2014-2015 Bani Broto Banerjee,…………………..…………Appellant Sanskriti, Flat – 3A, 148, Rashbehari Avenue, Near Deshapriya Park, Kolkata-700029 [Pan:Abppb0424P] -Vs.- Commissioner Of Income Tax (Appeals),……Respondent Aayakar Bhawan Dakshin, 2, Gariahat Road (South), Kolkata-700031 Appearances By: Shri Akshay Ringasia, C.A., Appeared On Behalf Of The Assessee Smt. Ranu Bisws, Addl. Cit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : September 24, 2024 Date Of Pronouncing The Order : November 18, 2024 O R D E R

section 48 of the "Act". Therefore, the CIT(A) has rightly accepted the assessee's contention and deleted the addition made by the Assessing officer. Hence, qua this ground, we uphold the order of the CIT(A). 7. Subsequently this judgment and certain other judgments have also been considered by the Hon’ble ITAT, Delhi in ITA No. 6620/DEL/2019, order

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

disallowance u/s.14A of the Act.\n3. That on the facts and the circumstances of the case, the Ld. CIT(A) erred\nin correct in restricting the Addition of Rs.51,48,540/- being expenses\nincurred on exempt income, while computing book profit u/s.115JB of the\nAct and directing the AO to restrict the addition in terms of clause (f)\ncontained

NEW INDIA RETAILING & INVESTMENT LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 5(1), KOLKATA, KOLKATA

In the result, the appeal filed by the assessee is allowed

Bench: Sri Sonjoy Sarma & Sri Sanjay Awasthi

Section 14A provides for disallowance of expenditure in relation to income not 'includible' in total income. [Para 7] ■ The Tribunal while relying upon the judgment of this Court in CIT v. Lakhani Marketing Inc. [2014] 49 taxmann.com 257/226 Taxman 48

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

disallowance u/s.14A of the Act.\n3. That on the facts and the circumstances of the case, the Ld. CIT(A) erred\nin correct in restricting the Addition of Rs.51,48,540/- being expenses\nincurred on exempt income, while computing book profit u/s.115JB of the\nAct and directing the AO to restrict the addition in terms of clause (f)\ncontained

ARTLINE FINANCIAL MANAGEMENT PVT. LTD.,KOLKATA vs. I.T.O., WARD - 14(3), KOLKATA, KOLKATA

In the result, appeal filed by the assessee is allowed

Bench: Sri Sonjoy Sarma & Sri Sanjay Awasthi

Section 14A provides for disallowance of expenditure in relation to income not 'includible' in total income. [Para 7] ■ The Tribunal while relying upon the judgment of this Court in CIT v. Lakhani Marketing Inc. [2014] 49 taxmann.com 257/226 Taxman 48

UNITED BANK OF INDIA,KOLKATA vs. DCIT, LTU, CIRCLE - 1, KOLKATA, KOLKATA

In the result, the Revenue’s appeal is dismissed (ITA No

Bench: the ITAT. The grounds may be extracted for reference:

disallowance is directed to stand as such fo the purposes of section 14A of the Act. 6. The Ld. AR took us through grounds of appeals 4 to 9, which challenge the action of both the Ld. AO and the Ld. CIT(A) in applying the provision of section 115JB of the Act even when the assessee was not incorporated

DCIT/ACIT, LTU - 1, KOLKATA, KOLKATA vs. M/S. UNITED BANK OF INDIA, KOLKATA

In the result, the Revenue’s appeal is dismissed (ITA No

Bench: the ITAT. The grounds may be extracted for reference:

disallowance is directed to stand as such fo the purposes of section 14A of the Act. 6. The Ld. AR took us through grounds of appeals 4 to 9, which challenge the action of both the Ld. AO and the Ld. CIT(A) in applying the provision of section 115JB of the Act even when the assessee was not incorporated

M/S. SALARPURIA HOMES PVT. LTD.,KOLKATA vs. A.C.I.T., CIRCLE - 1(2), KOLKATA, KOLKATA

In the result, appeal filed by the assessee is allowed

Bench: Shri Sonjoy Sarma, Judicial Member Shri Rakesh Mishra (Accountant Member)

Section 14A provides for disallowance of expenditure in relation to income not 'includible' in total income. [Para 7] ■ The Tribunal while relying upon the judgment of this Court in CIT v. Lakhani Marketing Inc. [2014] 49 taxmann.com 257/226 Taxman 48

TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED. ,NOIDA vs. A.O, C.C-2(1),KOLKATA, KOLKATA

In the result appeal filed by the assessee is allowed for statistical purposes

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

disallowance made by the AO under section 14A read with Rule 8D(2)(iii) of I.T. Rules. The assessee is a Limited Company and derived income from Power Generation wind turbine generation. During the course of scrutiny assessment, the AO noted that the assessee has made investments of Rs. 4,13,48

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

48,72,00,000/- crores on account of provision for mark to market loss\nboth under the normal provisions and while computing book profits under\nsection 115JB of the Act.\n2) That on the facts and circumstances of the case, the learned CIT(Appeals)\nerred in confirming the action of the Assessing Officer in disallowing period\nexpenditure amounting