APEEJAY PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(1), KOLKATA, KOLKATA

In the result, appeals of the assessee for Assessment Year 2013-14

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 116/Kol/2023 Assessment Year: 2013-14

disallowance under section 14A of the Act as well as deemed dividend under section 2 (22)(e) of the Act. The ld. AO observed that during the year assessee company has received a sum of Rs. 21,92,55

APEEJAY PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(1), KOLKATA, KOLKATA

In the result, appeals of the assessee for Assessment Year 2013-14

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 116/Kol/2023 Assessment Year: 2013-14

disallowance under section 14A of the Act as well as deemed dividend under section 2 (22)(e) of the Act. The ld. AO observed that during the year assessee company has received a sum of Rs. 21,92,55

APEEJAY PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(1), KOLKATA, KOLKATA

In the result, appeals of the assessee for Assessment Year 2013-14

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 116/Kol/2023 Assessment Year: 2013-14

disallowance under section 14A of the Act as well as deemed dividend under section 2 (22)(e) of the Act. The ld. AO observed that during the year assessee company has received a sum of Rs. 21,92,55

THE DCIT, CIR-3(2) GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED , GANGTOK SIKKIM

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

disallowed the claim of deduction under section 80P (2) (d) and held that the entire interest income of Rs. 2,59,49,002/-, was taxable as Income from Other Sources under section 56, as the assessee has failed to produce any evidence to show that it has incurred any expenditure wholly and exclusively to earn such interest income.” 3.3. During

DEPUTY COMMISSIONER OF INCOME TAX, CIR-3(2), GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED, GANGTOK SIKKIM

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

disallowed the claim of deduction under section 80P (2) (d) and held that the entire interest income of Rs. 2,59,49,002/-, was taxable as Income from Other Sources under section 56, as the assessee has failed to produce any evidence to show that it has incurred any expenditure wholly and exclusively to earn such interest income.” 3.3. During

INDIAN CHAMBER OF COMMERCE. ,KOLKATA vs. DCIT, CIR-1(1), (EXEMPTION), KOLKATA

In the result, both the appeals of the assessee are allowed

Bench: Shri Rajpalyadav, Vice-(Kz) & Shri Rajesh Kumar]

disallowing exemption u/s 11 of the Act ,the AO observed that the assessee has received sponsorship fees from the sponsors for the purpose of holding meetings, conferences and seminars and in exchange they were allowed to display their banners and promote their business and brand names on its platforms and also for taking part in the deliberation of the said

INDIAN CHAMBER OF COMMERCE,KOLKATA vs. DCIT,CIR-1(1), (EXEMPTION), KOLKATA. , KOLKATA

In the result, both the appeals of the assessee are allowed

Bench: Shri Rajpalyadav, Vice-(Kz) & Shri Rajesh Kumar]

disallowing exemption u/s 11 of the Act ,the AO observed that the assessee has received sponsorship fees from the sponsors for the purpose of holding meetings, conferences and seminars and in exchange they were allowed to display their banners and promote their business and brand names on its platforms and also for taking part in the deliberation of the said

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

2% of charges. Disallowance under section 14A required finding of incurring of expenditure and where it was found that for earning exempted income no expenditure had been incurred, disallowance under section 14A could not stand. We notice that assessee itself disallowed the interest which is directly applicable, Dmat charges and administrative exp on estimation totaling to Rs.1,55

LEBONG INVESTMENTS PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE-11, KOLKATA, KOLKATA

In the result, assessee’s appeal stands allowed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2009-10

2% of charges. Disallowance under section 14A required finding of incurring of expenditure and where it was found that for earning exempted income no expenditure had been incurred, disallowance under section 14A could not stand. We notice that assessee itself disallowed the interest which is directly applicable, Dmat charges and administrative exp on estimation totaling to Rs.1,55

RAMPURIA INDUSTRIES & INVESTMENTS LTD., ,KOLKATA vs. PRINCIPAL CIT, CENTRAL - 1, KOLKATA , KOLKATA

In the result, appeal of the assessee is allowed

55 taxmann.com 469 (Mum.-Trib Trib.) (APB 272 - 277), the Mumbai Tribunal, has referred to the definition of derivatives as contained in 277), the Mumbai Tribunal, has referred to the definition of derivatives as contained in 277), the Mumbai Tribunal, has referred to the definition of derivatives as contained in clause (ac) of section 2 of the Securities Contract (Regulation

BIBHISANPUR SAMABAY KRISHI UNNAYAN SAMITY LTD.,KOLKATA vs. I.T.O., WARD - 27(4), HALDIA/ WBG-W-176(3), HALDIA

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

2 both relate to the disallowance of claim of deduction u/s 80P on the interest income of Rs. 83,58,850/- from deposits/investments in co-operative/commercial banks and dividend income of Rs. 61,312/- If the interest and dividend income of Rs.84,20,162/- is reduced from the income eligible for deduction u/s 80P, then there remains no income

M/S VODAFONE EAST LIMITED (FORMERLY KNOWN AS VODAFONE ESSAR EAST LIMITED),KOLKATA vs. ACIT, CIR-7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

2 & 3, Provisions/Liabilities written back – others and Bad debts Recovery The Appellant is in the sole business of the providing cellular mobile phone services. There is no business of the Appellant except that of providing cellular mobile phone services. The Provisions/Liabilities made and Bad Debts were allowed as deduction from the business income in previous assessment years. The said provisions/Liabilities

M/S. VODAFONE ESSAR EAST LTD.,KOLKATA vs. ADDL. CIT, RANGE - 7, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

2 & 3, Provisions/Liabilities written back – others and Bad debts Recovery The Appellant is in the sole business of the providing cellular mobile phone services. There is no business of the Appellant except that of providing cellular mobile phone services. The Provisions/Liabilities made and Bad Debts were allowed as deduction from the business income in previous assessment years. The said provisions/Liabilities

M/S. VODAFONE ESSAR EAST LIMITED,KOLKATA vs. ACIT, CIRCLE - 7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

2 & 3, Provisions/Liabilities written back – others and Bad debts Recovery The Appellant is in the sole business of the providing cellular mobile phone services. There is no business of the Appellant except that of providing cellular mobile phone services. The Provisions/Liabilities made and Bad Debts were allowed as deduction from the business income in previous assessment years. The said provisions/Liabilities

M/S. VODAFONE ESSAR EAST LIMITED,KOLKATA vs. ACIT, CIRCLE - 7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

2 & 3, Provisions/Liabilities written back – others and Bad debts Recovery The Appellant is in the sole business of the providing cellular mobile phone services. There is no business of the Appellant except that of providing cellular mobile phone services. The Provisions/Liabilities made and Bad Debts were allowed as deduction from the business income in previous assessment years. The said provisions/Liabilities

DCIT, CIRCLE - 7, KOLKATA, KOLKATA vs. VODAFONE ESSAR EAST LIMITED, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

2 & 3, Provisions/Liabilities written back – others and Bad debts Recovery The Appellant is in the sole business of the providing cellular mobile phone services. There is no business of the Appellant except that of providing cellular mobile phone services. The Provisions/Liabilities made and Bad Debts were allowed as deduction from the business income in previous assessment years. The said provisions/Liabilities

ACIT, CIRCLE - 7, KOLKATA vs. VODAFONE ESSAR EAST LTD., KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

2 & 3, Provisions/Liabilities written back – others and Bad debts Recovery The Appellant is in the sole business of the providing cellular mobile phone services. There is no business of the Appellant except that of providing cellular mobile phone services. The Provisions/Liabilities made and Bad Debts were allowed as deduction from the business income in previous assessment years. The said provisions/Liabilities

ACIT, CIRCLE - 7, KOLKATA vs. HUTCHISON TELECOM EAST LIMITED, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

2 & 3, Provisions/Liabilities written back – others and Bad debts Recovery The Appellant is in the sole business of the providing cellular mobile phone services. There is no business of the Appellant except that of providing cellular mobile phone services. The Provisions/Liabilities made and Bad Debts were allowed as deduction from the business income in previous assessment years. The said provisions/Liabilities

M/S. VODAFONE ESSAR EAST LTD.,KOLKATA vs. JCIT, RANGE - 7, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

2 & 3, Provisions/Liabilities written back – others and Bad debts Recovery The Appellant is in the sole business of the providing cellular mobile phone services. There is no business of the Appellant except that of providing cellular mobile phone services. The Provisions/Liabilities made and Bad Debts were allowed as deduction from the business income in previous assessment years. The said provisions/Liabilities