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

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

disallowing a sum of Rs. 48,72,00,000/- crores on account of provision for mark to market loss both under the normal provisions and while computing book profits under section

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

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

disallowing a sum of Rs. 48,72,00,000/- crores on account of provision for mark to market loss both under the normal provisions and while computing book profits under section

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)

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 2003-04 to 2011-12. The Revenue is very very fair

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)

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 2003-04 to 2011-12. The Revenue is very very fair

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)

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 2003-04 to 2011-12. The Revenue is very very fair

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)

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 2003-04 to 2011-12. The Revenue is very very fair

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

disallowing a sum of Rs. 48,72,00,000/- crores on account of provision for mark to market loss both under the normal provisions and while computing book profits under section

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

72,000/- & Rs. 58,78,000/- u/s 14A of the Act towards expenditure related to exempt income. Ld. AO examined the quantification of the said disallowance but was not satisfied and observed that the company managed its investment portfolio by using the common establishment/infrastructure and therefore, it is not possible to justify the working adopted for computing the disallowance without

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

72,000/- & Rs. 58,78,000/- u/s 14A of the Act towards expenditure related to exempt income. Ld. AO examined the quantification of the said disallowance but was not satisfied and observed that the company managed its investment portfolio by using the common establishment/infrastructure and therefore, it is not possible to justify the working adopted for computing the disallowance without

ACIT, CIRCLE - 13(2), KOLKATA , KOLKATA vs. M/S. PADMA LOGISTICS & KHANIJ PRIVATE LIMITED , KOLKATA

In the result, the revenue’s appeal is partly allowed for statistical purposes

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

72(1), section 73(2) section 73A(2) or sub-section (1) or sub- section (3) of section 74, or sub-section (3) of section 74A, being the sections mentioned in section 139(3) of the Act. Section 72A(4) of the Income-tax Act, 1961 reads as under: "Notwithstanding anything contained in any other provisions of this

JCIT, (OSD), CIR-4(1), KOLKATA, KOLKATA vs. M/S JAY SHREE TEA & INDUSTRIES LTD., KOLKATA

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita Nos.736 & 737/Kol/2016 ("नधा"रणवष" / Assessment Years: 2009-10 & 2012-13) Jcit (Osd), Cir-4(1), Kolkata Vs. M/S. Jay Shree Tea & Industries Ltd. P-7, Chowringhee Square, 10, Camac Street, Industry House, 15Th Floor, Kolkata – Kolkata – 700 069. 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Aaacj 7788 D (Appellant) .. (Respondent)

72,445/- ( consisting disallowance under Rule 8D (2) (ii) at Rs.4,61,32,040/- and disallowance under Rule 8D (2) (iii) at Rs.45,40,405/-). We note that in the original assessment U/s 143(3) the disallowance of Rs. 1,23,30,872/-, under section

JCIT, (OSD), CIR-4(1), KOLKATA, KOLKATA vs. M/S JAY SHREE TEA & INDUSTRIES LTD., KOLKATA

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita Nos.736 & 737/Kol/2016 ("नधा"रणवष" / Assessment Years: 2009-10 & 2012-13) Jcit (Osd), Cir-4(1), Kolkata Vs. M/S. Jay Shree Tea & Industries Ltd. P-7, Chowringhee Square, 10, Camac Street, Industry House, 15Th Floor, Kolkata – Kolkata – 700 069. 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No. : Aaacj 7788 D (Appellant) .. (Respondent)

72,445/- ( consisting disallowance under Rule 8D (2) (ii) at Rs.4,61,32,040/- and disallowance under Rule 8D (2) (iii) at Rs.45,40,405/-). We note that in the original assessment U/s 143(3) the disallowance of Rs. 1,23,30,872/-, under section

SRI AMIT KUMAR SEN,KOLKATA vs. D.C.I.T CIR - 51,KOLKATA, KOLKATA

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

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

disallowance under section 40(a)(ia) on account of transport charges, which is sustained by the ld. CIT(Appeals) to the extent of Rs.7,26,274/-. 4. The assessee in the present case is an individual, who is engaged in transport business. The return of income for the year under consideration was filed by him on 19.09.2008 declaring total income

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

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

disallowing a sum of Rs. 48,72,00,000/- crores on account of provision for mark to market loss both under the normal provisions and while computing book profits under section

ACIT, CIRCLE-34, KOLKATA, KOLKATA vs. M/S BANWARILALL PASARI, KOLKATA

In the result, the appeal of the revenue for A

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 2114 & 2115/Kol/2016 Assessment Years: 2012-13 & 2013-14 Acit Cir 34..............................………………………...........................................................Appellant Aayakar Bhawan, Poorva, 7Th Floor, 110, Shantipally, Kolkata – 107. M/S. Banwarilall Pasari………………………………………………...............................Respondent 16, India Exchange Place, Kolkata – 1. [Pan: Aacfb 7611 A] Appearances By: Shri Arindam Bhattacharjee, Addl. Cit Appearing On Behalf Of The Revenue. Shri S. Jhajharia, Fca Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : February 15, 2018 Date Of Pronouncing The Order : March 14, 2018 Order

72,65,727/- and made a disallowance to that extent under section 14A. 16. The disallowance made by the A.O. under

ACIT, CIRCLE-34, KOLKATA, KOLKATA vs. M/S BANWARILALL PASARI, KOLKATA

In the result, the appeal of the revenue for A

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 2114 & 2115/Kol/2016 Assessment Years: 2012-13 & 2013-14 Acit Cir 34..............................………………………...........................................................Appellant Aayakar Bhawan, Poorva, 7Th Floor, 110, Shantipally, Kolkata – 107. M/S. Banwarilall Pasari………………………………………………...............................Respondent 16, India Exchange Place, Kolkata – 1. [Pan: Aacfb 7611 A] Appearances By: Shri Arindam Bhattacharjee, Addl. Cit Appearing On Behalf Of The Revenue. Shri S. Jhajharia, Fca Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : February 15, 2018 Date Of Pronouncing The Order : March 14, 2018 Order

72,65,727/- and made a disallowance to that extent under section 14A. 16. The disallowance made by the A.O. under

LAUREL SECURITIES PVT. LTD.,KOLKATA vs. ITO, WD-6(2), KOLKATA, KOLKATA

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

Bench: Shri P.M. Jagtap

72 & 85/PNJ/2012, wherein a similar disallowance made under section 14A by applying Rule 8D was held to be not sustainable

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

72,38,59,254/- Rs.36,19,296/- 9.5. Thus, the actual disallowance of expenses (as envisaged in Rule BD) is determined of Rs.1,25,21,596/-) 89,02,300/- Rs.36,19,296/-) but disallowed only Rs.1.19,67,718/- (Rs.1,25,21,596/- 5,53,878/- (the assessee has suo-moto disallowed Rs.5,53,878/- Thus, the disallowance under Rule