D.C.I.T CIR - 3,KOLKATA., KOLKATA vs. M/S THE PEERLESS GENERAL FINANCE & INVESTMENT CO LTD, KOLKATA

In the result, the appeals by the Revenue are dismissed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am ]

271(1)(c) of the Act, the AO passed order giving effect to the order of CIT(A) dated 02.09.2010. In the said orders penalty of Rs.63,20,445/- and Rs.1,73,01,141/- imposed for A.Y.1993-94 and 1994-95 was refunded to the assessee. 3. The assessee was aggrieved by the aforesaid order in as much

M/S PHILIPS INDIA LTD.,KOLKATA vs. DCIT, CIR-12(2), KOLKATA, KOLKATA

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

section 244A of the Act. 13. Penalty u/s 271(1)(c) 13.1. The Learned AO erred in initiating penalty proceedings

DCIT, CIR-12(2), KOLKATA, KOLKATA vs. M/S PHILIPS INDIA LTD., KOLKATA

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

section 244A of the Act. 13. Penalty u/s 271(1)(c) 13.1. The Learned AO erred in initiating penalty proceedings

DONGFANG ELECTRIC CORPORATION,KOLKATA vs. DCIT, INTERNATIONAL TAXATION 1(1), KOLKATA, KOLKATA

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

Bench: Sri N.V. Vasudevan & Sri J. Sudhakar Reddy]

244A of the Act. 13. On the facts and circumstances of the case and in law, the Aa has erred in initiating penalty proceedings under sections 271 (1 )(c) of the Act 14. The appellant craves leave to add, amend, withdraw any grounds of appeal in the interest of natural justice either before or during the course of appeal proceedings

DONGFANG ELECTRIC CORPORATION,KOLKATA vs. DDIT (IT)-1(1), KOLKATA, KOLKATA

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

Bench: Sri N.V. Vasudevan & Sri J. Sudhakar Reddy]

244A of the Act. 13. On the facts and circumstances of the case and in law, the Aa has erred in initiating penalty proceedings under sections 271 (1 )(c) of the Act 14. The appellant craves leave to add, amend, withdraw any grounds of appeal in the interest of natural justice either before or during the course of appeal proceedings

THE ROYAL BANK OF SCOTLAND N.V.,KOLKATA vs. DCIT, ( INTERNATIONAL TAXATION) CIR-2(1), KOLKATA, KOLKATA

In the result, the appeals of the assessee are partly allowed for statistical purposes

Bench: Hon’Ble Shri S.S.Godara, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 36 & 1885/Kol/2017 Assessment Year : 2012-13 & 2013-14 M/S Royal Bank Of Scotland N.V. -Vs- Dcit (It), Circle-2(1), Kolkata [Pan: Aacca 6818 K] (Appellant) (Respondent)

Section 145 of the Act, Accounting Standards prescribed by the CBDT are to be followed in computing the business income of an assessee. Accounting Standard-1 prescribed by the CBDT vide notification No. SO 69 (E) dated 25th January, 1996 provides that accounting policies adopted by an assessee should be such that it represents a true and fair view

THE ROYAL BANK OF SCOTLAND N.V.,KOLKATA vs. DCIT, ( INTERNATIONAL TAXATION) CIR-2(1), KOLKATA, KOLKATA

In the result, the appeals of the assessee are partly allowed for statistical purposes

Bench: Hon’Ble Shri S.S.Godara, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 36 & 1885/Kol/2017 Assessment Year : 2012-13 & 2013-14 M/S Royal Bank Of Scotland N.V. -Vs- Dcit (It), Circle-2(1), Kolkata [Pan: Aacca 6818 K] (Appellant) (Respondent)

Section 145 of the Act, Accounting Standards prescribed by the CBDT are to be followed in computing the business income of an assessee. Accounting Standard-1 prescribed by the CBDT vide notification No. SO 69 (E) dated 25th January, 1996 provides that accounting policies adopted by an assessee should be such that it represents a true and fair view

M/S ABHOY CHARAN BAKSHI,KOLKATA vs. ACIT, CIR-27, HALDIA, HALDIA

In the result, appeal by the Assessee is treated as allowed for statistical purpose

Bench: Hon’Ble Shri P.M.Jagtap, Am & Sri N.V.Vasudevan, Jm ] S.A.No.08/Kol/2016 (A/O Ita No.1492/Kol/2015) Assessment Year : 2012-13 M/S. Abhoy Charan Bakshi -Vs.- D. C.I.T., Circle-27, Kolkata Haldia [Pan : Aaefm9711E) (Respondent) (Appellant) Assessment Year : 2012-13 M/S. Abhoy Charan Bakshi -Vs.- A. C.I.T., Circle-27, Kolkata Haldia [Pan : Aaefm9711E) (Respondent) (Appellant)

244A of the Act Rs. 4,08,524 Total Rs.2,03,38,389 4. As already stated the assessee is in the business of executing civil contracts. As a contractor it debited an amount of Rs.1,99,84,060/-under the head ‘cost of execution ‘ and deducted the TDS as per the following details :- TABLE-1: Details of payment

M/S PHILLIPS INDIA LIMITED,KOLKATA vs. ACIT, CIR-12(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Hon’Ble Shri M.Balaganesh, Am ] I.T.A No. 612/Kol/2017 Assessment Year : 2012-13 M/S Philips India Ltd. -Vs- Acit, Circle-12(2), Kolkata (Formerly Philips Electronics India Ltd.) [Pan: Aabcp 9487 A] (Appellant) (Respondent)

section 32 of the Act and hence, is entitled to claim depreciation in respect of additions made to the trucks, which were leased out.” The ld AR stated that the assessee herein is a lessee and is entitled for deduction towards lease rentals paid towards cars taken on finance lease. He also stated that the lessor had confirmed that