THE WEST BENGAL POWER DEVELOPMENT CORPORATION LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-4(2), KOLKATA

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

section 43B of the Act are not applicable. We accordingly set aside the order of the ld. CIT(Appeals) and direct the ld. Assessing Officer to delete the disallowance of Rs. 17,29,58,525/-. Consequently ground no. 1 is allowed. Assessment Years: 2007-2008, 2009-10, 2012-13 & 2014-2015 The West Bengal Power Development Corporation Limited 8

THE WEST BENGAL POWER DEVELOPMENT CORPORATION LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-4(2), KOLKATA

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

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

section 43B of the Act are not applicable. We accordingly set aside the order of the ld. CIT(Appeals) and direct the ld. Assessing Officer to delete the disallowance of Rs. 17,29,58,525/-. Consequently ground no. 1 is allowed. Assessment Years: 2007-2008, 2009-10, 2012-13 & 2014-2015 The West Bengal Power Development Corporation Limited 8

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

8. Whether on the facts and in the circumstances of the case and in law, the Ld. C1T(A) justified by directing that disallowance under section

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

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

disallowable under section 4O(a)(ii) or section 115-O of the Act.” 3. As the issues raised in these appeals are common and the facts are identical, therefore, as agreed by both the parties, they Page 7 of 41 I.T.A. No.: 1854/Kol/2016 Assessment Year: 2012-13 I.T.A. No.: 1899/Kol/2017 Assessment Year: 2013-14 M/s. Tata Global Beverages Limited

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

disallowable under section 4O(a)(ii) or section 115-O of the Act.” 3. As the issues raised in these appeals are common and the facts are identical, therefore, as agreed by both the parties, they Page 7 of 41 I.T.A. No.: 1854/Kol/2016 Assessment Year: 2012-13 I.T.A. No.: 1899/Kol/2017 Assessment Year: 2013-14 M/s. Tata Global Beverages Limited

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

section 37(1) of the Income Tax Act, though claimed by the assessee\ncompany in the return of income. Further, the liability has been raised out\nof fine or penalty imposed by the forest department, and the provision out\nof the liability is also not allowable u/s. 37(1) of the Income Tax Act. In the\npresent case, the assessee

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

section 37(1) of the Income Tax Act, though claimed by the assessee\ncompany in the return of income. Further, the liability has been raised out\nof fine or penalty imposed by the forest department, and the provision out\nof the liability is also not allowable u/s. 37(1) of the Income Tax Act. In the\npresent case, the assessee

PRAMOD LAKRA, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. BALRAMPUR CHINI MILLS LTD , KOLKATA

In the result all the four appeals of the revenue are dismissed

Bench: Shri Rajesh Kumar, Am & Shripradip Kumar Choubey, Jm

8) inserted by the Finance Act, 2012 w.e.f. 01.04.2013 gives an option for determination of "Market Value" as the ALP under the transfer pricing provisions OR as the price of such goods and services as, that it would fetch in the open market. 8.13. If it is taken that ALP is the market value, then we find there

PRAMOD LAKRA, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. BALRAMPUR CHINI MILLS LTD , KOLKATA

In the result all the four appeals of the revenue are dismissed

Bench: Shri Rajesh Kumar, Am & Shripradip Kumar Choubey, Jm

8) inserted by the Finance Act, 2012 w.e.f. 01.04.2013 gives an option for determination of "Market Value" as the ALP under the transfer pricing provisions OR as the price of such goods and services as, that it would fetch in the open market. 8.13. If it is taken that ALP is the market value, then we find there

PRAMOD LAKRA, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. BALRAMPUR CHINI MILLS LTD , KOLKATA

In the result all the four appeals of the revenue are dismissed

Bench: Shri Rajesh Kumar, Am & Shripradip Kumar Choubey, Jm

8) inserted by the Finance Act, 2012 w.e.f. 01.04.2013 gives an option for determination of "Market Value" as the ALP under the transfer pricing provisions OR as the price of such goods and services as, that it would fetch in the open market. 8.13. If it is taken that ALP is the market value, then we find there

PRAMOD LAKRA, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. BALRAMPUR CHINI MILLS LTD , KOLKATA

In the result all the four appeals of the revenue are dismissed

Bench: Shri Rajesh Kumar, Am & Shripradip Kumar Choubey, Jm

8) inserted by the Finance Act, 2012 w.e.f. 01.04.2013 gives an option for determination of "Market Value" as the ALP under the transfer pricing provisions OR as the price of such goods and services as, that it would fetch in the open market. 8.13. If it is taken that ALP is the market value, then we find there

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

BISWANATH HOSIERY MILLS LTD.,KOLKATA vs. ACIT, CIR. 4(2), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Anikesh Banerjee & Shri Rakesh Mishraassessment Year: 2017-18

Section 14A. This judgment reinforced that the disallowance should be proportionate to the actual exempt income.” 7.4. It was further stated that there are several other judicial pronouncements that emphasize that the disallowance u/s 14A is not applicable in the cases where there is no exempt income. The cases relied upon are as under: 1) “Eveready Industries India

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

8 of I. T. Rule, 1962 is\nthe only alternative to disallow judiciously as per section 14A of the I. T. Act,\n1961

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

8 of I. T. Rule, 1962 is\nthe only alternative to disallow judiciously as per section 14A of the I. T. Act,\n1961

SREELEATHERS LIMITED,KOLKATA vs. D.C.I.T., CIRCLE - 8(2),, KOLKATA

In the result, the appeal of the assessee is allowed

disallowance under Section 14A of the Act can be made if\nthe assessee had not earned any exempt income), as the\nrevenue has not been accepted the said decision and has\npreferred an SLP against the said decision.\n4. Learned counsel for the petitioner also submits that in view of\nthe amendment made by the Finance Act, 2022 to Section