D.C.I.T., CENTAL CIRCLE - 3(3) KOLKATA, KOLKATA vs. SHRI BISWANATH GARODIA, KOLKATA

In the result, all the appeals of the revenue are dismissed and cross objections of assessee are also dismissed being academic in nature

Bench: Shri A. T. Varkey, Jm & Dr. (Shri) Arjunlalsaini, Am]

III to the Companies Act, 2013 or in accordance with the provisions of the Act governing such company. To our mind, this is some what curious provision. In the original form, sub­section (2) of section 115JB of the Act did not offer any such option to a banking company, insurance company or electricity company to prepare its profit and loss

M/S.G.S. ATWAL & CO.(ENGG)(P)LTD,KOLKATA vs. DCIT, CIR-11(1), KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

36(1)(iii) of the Act…" 20. So far as the reliance by the ld. counsel for the assessee on the decision of the Hon'ble Supreme Court in the case of "Harshad Shantilal Mehta" (supra) is concerned, we find that the issue for determination before the Hon'ble Supreme Court was entirely a different issue relevant to the interpretation

M/S.G.S. ATWAL & CO.(ENGG) (P)LTD.,KOLKATA vs. DCIT, CIR-11(1), KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

36(1)(iii) of the Act…" 20. So far as the reliance by the ld. counsel for the assessee on the decision of the Hon'ble Supreme Court in the case of "Harshad Shantilal Mehta" (supra) is concerned, we find that the issue for determination before the Hon'ble Supreme Court was entirely a different issue relevant to the interpretation

DCIT, C.C.XXVII, KOLKATA, KOLKATA vs. M/S. PRATAP PROPERTIES LTD., KOLKATA

Accordingly, the grounds raised by the revenue for all the assessment years are dismissed

Bench: Hon. Sri Mahavir Singh & Hon. Sri M.Balaganesh

36,51,503/- 4. The Learned CITA appreciated the contentions of the assessee and the various case laws relied upon by the assessee deleted the penalty u/s 271(1)(c ) of the Act for all the three years. Aggrieved, the revenue is in appeal before us for all the three years. The grounds raised for Asst Year

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

In the result, the appeal of the assessee stands dismissed

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A No.413/Kol/2023 Assessment Year: 2014-15 Coal India Ltd…………..………...................................................……Appellant Coal Bhawan, Premise No.4, Mar, Plot Af-Iii, New Town, Rajarhat, Kolkata-700156. [Pan: Aabcc3929J] Vs. Dcit, Circle-5(1), Kolkata..............................……........……...…..…..Respondent Appearances By: None Appeared On Behalf Of The Appellant. Shri S. Datta, Cit- Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : September 21, 2023 Date Of Pronouncing The Order : November 16, 2023 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 07.03.2023 Of The National Faceless Appeal Centre (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. No One Has Come Present On Behalf Of The Assessee. Even On Earlier Dates, Despite Several Notices, No One Has Put In Appearance On Behalf Of The Assessee, Therefore, We Proceed To Decide The Appeal After Hearing The Ld. Dr.

III, New Town, Rajarhat, Kolkata-700156. [PAN: AABCC3929J] vs. DCIT, Circle-5(1), Kolkata..............................……........……...…..…..Respondent Appearances by: None appeared on behalf of the appellant. Shri S. Datta, CIT- DR, appeared on behalf of the Respondent. Date of concluding the hearing : September 21, 2023 Date of pronouncing the order : November 16, 2023 आदेश / ORDER संजय गग", "या"यक सद"य "वारा

AT&S INDIA PRIVATE LIMITED,KARNATAKA vs. D.C.I.T., CIRCLE-11(1), KOLKATA, KOLKATA

In the result, appeal filed by the assessee, is allowed

Bench: Shri S. S. Godara, Jm & Dr. A.L.Saini, Am At&S India Private Limited Vs. Dcit, Circle 11(1), Kolkata P-7, Chowringhee Square, 12A, Industrial Area, Nanjangud – 571 301 Kolkata – 700 069. Mysore District, Karnataka, India "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeca 2930 J (अपीलाथ" /Appellant) (""यथ" / Respondent) ..

iii) The adjusted price arrived at under sub-clause (ii) is taken to be an arm's length price in respect of the property transferred or services provided in the international transaction [or the specified domestic transaction] ;" 7 AT&S India Pvt. Ltd. Assessment Year: 2013-14 The term 'comparable uncontrolled transaction' has not been defined

D.C.I.T, CIR-8, KOLKATA, KOLKATA vs. M/S NEWDEAL FINANCE & INVESTMENT LTD., KOLKATA

In the result, all the three appeals of the revenue are treated as allowed for statistical purposes

reassessment proceedings, the claim of the assessee for deduction on account of interest expenditure of Rs. 3,00,94,451/- was examined by the AO. On such examination, he found that the said interest was paid by the assessee on the borrowed funds which were utilised for making investment in shares. He also noted that the shares purchased

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

In the result, the appeal filed by the assessee is allowed

Bench: Shri George Mathan & Shri Rakesh Mishra

36,420/- Information has been received from ADIT (Inv.). Unit 5, Kolkata vide Letter No.ADIT (Inv.)/U-5/Kol/10011802/2017-18/7488 dated 05-09/03/2018 regarding fund remittances by various entities through a number of bank accounts. High RTGS credits were observed in the account bearing account no. 0459083000000005. The account number is in the name of Ambika Ispat Udyog. On enquiry/investigation

NEZONE TUBES LIMITED,KOLKATA vs. DCIT, CIRCLE 1(1), KOLKATA

In the result, the appeal filed by the assessee is allowed

Bench: Shri George Mathan & Shri Rakesh Mishra

36,420/- Information has been received from ADIT (Inv.). Unit 5, Kolkata vide Letter No.ADIT (Inv.)/U-5/Kol/10011802/2017-18/7488 dated 05-09/03/2018 regarding fund remittances by various entities through a number of bank accounts. High RTGS credits were observed in the account bearing account no. 0459083000000005. The account number is in the name of Ambika Ispat Udyog. On enquiry/investigation

ACIT, CC-2(1), KOL, KOLKATA vs. SHALIMAR HATCHERIES LIMITED, KOLKATA

In the result, the appeal of the Revenue is allowed and the Cross Objection filed by the assessee is dismissed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 546/Kol/2023) Assessment Year: 2012-2013 Assistant Commissioner Of Income Tax,....Appellant Central Circle-2(1), Kolkata, Aayakar Bhawan Poorva, 3Rd Floor, 110, Shanti Pally, Kolkata-700107 -Vs.- Shalimar Hatcheries Ltd.,......................Respondent 46C, Chowringhee Road, Park Street, 17Th Floor, Everest House, Kolkata-700071 [Pan: Aadcs6537J] - A N D - C.O. No. 13/Kol/2023 (In I.T.A. No. 546/Kol/2023) Assessment Year: 2012-2013 Shalimar Hatcheries Ltd.,..................Cross Objector 46C, Chowringhee Road, Park Street, Kolkata-700071 [Pan: Aadcs6537J] -Vs.- Assistant Commissioner Of Income Tax,....Respondent Central Circle-2(1), Kolkata, Aayakar Bhawan Poorva, 110, Shanti Pally, Kolkata-700107 Appearances By: Shri P.P. Barman, Addl. Cit, Appeared On Behalf Of The Revenue

iii) Bayer Material Science Pvt. Limited –vs.- DCIT – 66 taxmann.com 335 (Bombay)- Order dated 27.01.2016; (iv) Swadesh Trading Co. –vs.- DCIT 111 taxmann.com 446 (Karnataka)- Order dated 03.09.2019; (v) Torrent Power SEC Ltd. –vs.-ACIT – 45 taxmann.com 443 (Gujarat)- Order dated 12.03.2014; (vi) Nimitaya Hotel & Resorts Ltd. –vs.- ACIT – 109 taxmann.com 185 (delhi)- Order daed 01.04.2019; (vii) Arvind Sahdeo Gupta

VANTAGE ADVERTISING PRIVATE LIMITED,CHENNAI vs. DCIT, CIR-12(2), KOLKATA, KOLKATA

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

Bench: Shri A. T. Varkey, Jm & Dr. A.L. Saini, Am]

reassessment order at pages 1& 2. 5. However, according to AO the notice u/s. 133(6) of the Act could not be served upon the six (6) debtors, so he asked the assessee vide letter dated 30.09.2015 to show cause as to why the debtors be treated as ‘bogus’ as well as informed the assessee that pursuant to the notice

GIFFORD & PARTNERS LTD.(SINCE MERGED WITH GIFFORD LLP),KOLKATA vs. ADIT (INTERNATIONAL TAXATION) - 1(1), KOLKATA, KOLKATA

In the result ITA No.1489/Kol/11 is partly allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2007-08

36. It was submitted that in the case of the Assessee, GRSE has not gained any technical knowledge, skill, etc. as a result of service provided to it, which can be subsequently utilized by it. Thus, payments made by it, for services provided do not fall within the scope of FTS, as laid out in Article

GIFFORD & PARTNERS LTD.(SINCE MERGED WITH GIFFORD LLP),KOLKATA vs. DDIT, INTERNATIONAL TAXATION - 1(1), KOLKATA, KOLKATA

In the result ITA No.1489/Kol/11 is partly allowed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2007-08

36. It was submitted that in the case of the Assessee, GRSE has not gained any technical knowledge, skill, etc. as a result of service provided to it, which can be subsequently utilized by it. Thus, payments made by it, for services provided do not fall within the scope of FTS, as laid out in Article

ALLAHABAD BANK,KOLKATA vs. ADD.CIT,RANGE-6, KOLKATA, KOLKATA

In the result the appeal of the revenue is dismissed

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2008-09

III of Schedule VI to the Companies Act . Since the provisions of Section 115 JB do not apply to the assessee company, the reasons recorded for reopening the assessment are clearly wrong and insufficient . We are urged to quash the reassessment proceedings on this short ground. 6. Learned Departmental Representative, on the other hand, vehemently relies upon the orders

INCOME TAX OFFICER, KOLKATA vs. SHIVRASHI VANIJYA PRIVATE LIMITED, KOLKATA

In the result, the appeal is hereby treated as allowed

36,136/-, which is above the monetary limit prescribed by the CBDT Circular No. 9/2024 dated 17.09.2024 for filing appeals u/s 253 of the Act before the ITAT. Moreover, it is humbly prayed that the case falls within the exception clause 3.1(h) of Circular No. 05/2024 dated 15.03.2024 as a modus operandi of evasion is involved in the case

DCIT,CIRCLE-6, KOLKATA, KOLKATA vs. UCO BANK, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: Shri M. Balaganesh, Am & Shri S.S. Viswanethra Ravi, Jm]

36(1) (viia) of the Act had to be restricted to that amount only Since the language of the statute is clear and is not capable of any other interpretation, we are satisfied that no substantial question of law arises in this appeal for consideration by this court. The appeal is, accordingly, dismissed No costs.” UCO Bank

UCO BANK,KOLKATA vs. DCIT, CIRCLE -6, KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

Bench: Shri M. Balaganesh, Am & Shri S.S. Viswanethra Ravi, Jm]

36(1) (viia) of the Act had to be restricted to that amount only Since the language of the statute is clear and is not capable of any other interpretation, we are satisfied that no substantial question of law arises in this appeal for consideration by this court. The appeal is, accordingly, dismissed No costs.” UCO Bank

DCIT, CENTRAL CIRCLE - 1(1), KOLKATA , KOLKATA vs. M/S. ALEMBIC MERCHANTS PVT. LTD., , KOLKATA

In the result, the appeal of revenue fails

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2009-10 Dcit, Central Cir-1(1), Kolkata Vs. M/S. Alembic Merchants Pvt. Ltd Pan: Aacca 0918Q Appellant Respondent

36 ( P & H ) (FB). Similarly, in framing an assessment time period/limitation period as prescribed in Act on date of issue of notice would apply and not on the date of service of such notice as held in the case of C.B Richards Ellis Mauritius Ltd v. ADIT (2012) 208 Taxmann 322 (Delhi). Further, in the case of CIT v. Major