DCIT, CIR-22, KOLKATA, KOLKATA vs. SHRI DILIP CHAND KANKARIA, KOLKATA
In the result, the appeal of the revenue is dismissed
ITA 650/KOL/2017[2012-13]Status: DisposedITAT Kolkata13 Apr 2018AY 2012-13
Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 650/Kol/2017 Assessment Year: 2012-13 Dcit Cir 22 Kolkata..............................…………………………......................................Appellant 54/1, Rafi Ahmed Kidwai Road, 4Th Floor, Kolkata – 700 016 Shri Dilip Chand Kankaria...................…………………………………………….........Respondent 87, Lenin Sarani, Kolkata – 700 013 [Pan: Ajxpk 5793 Q] Appearances By: Shri A. Bhattacharjee, Addl. Cit Appearing On Behalf Of The Revenue. Shri Subash Agarwal, Advocate Appearing On Behalf Of The Assessee Date Of Concluding The Hearing : April 10, 2018 Date Of Pronouncing The Order : April 13, 2018 Order Per P.M. Jagtap, Am This Appeal Is Preferred By The Revenue Against The Order Of Ld. Cit(Appeals) – 6, Kolkata Dated 24.01.2017 Whereby He Cancelled The Penalty Of Rs. 45,02,635/- Imposed By The A.O. Under Section 271(1)(C) Of The Income Tax Act, 1961. 2. The Assessee In The Present Case Is An Individual Who Is Engaged In The Business Of Film Exhibition, Investments & Trading In Shares & Running A Service Centre. The Return Of Income For The Year Under Consideration Was Filed By Him On 29.09.2012 Declaring A Loss Of Rs. 2,09,71,354/-. In The Assessment Completed Under Section 143(3) Vide An Order Dated 30.03.2015, The Total Income Of The Assessee Was Determined By The A.O. At A Loss Of Rs. 56,76,140/- After Making Additions Of Rs. 33,96,435/- & Rs. 1,16,91,865/- On Account Of 2 I.T.A. No. 650/Kol/2017 Assessment Year: 2012-13 Shri Dilip Chand Kankaria
Section 143(3)Section 271(1)(c)
56,76,140/- after making additions of Rs. 33,96,435/- and Rs. 1,16,91,865/- on account of
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I.T.A. No. 650/Kol/2017
Assessment Year: 2012-13
Shri Dilip Chand Kankaria
disallowance of brokerage on loan and disallowance of 50% of interest respectively. Consequently penalty proceedings were also initiated by the A.O. under section 271(1)(c) and since
