THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 3(2), GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED , GANGTOK SIKKIM

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

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

56(2) (x), case of assessee did not fall in category of under reporting of income and moreover since in penalty notice under section 270A revenue had failed to specify limb "under-reporting" or "misreporting" of income, under which penalty proceedings had been initiated, entire proceeding was not only erroneous but also arbitrary and bereft of any reason

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. SHAKAMBHARI ISPAT & POWER LIMITED, KOLKATA

56,77,000/-\nby applying average rate of Rs.4000/- per MT to the quantity delivered to\nthe assessee of 13919.25, which is again based on presumption and\nsurmises whereas the actual purchase cost of coal varies from\nRs.2,500/MT to Rs.17,000/MT depending upon the Carbon Content, Ash\ncontent and various other factors. Therefore, the very basis of the\nAssessing

M/S. SHAKAMBHARI ISPAT & POWER LTD.,KOLKATA vs. DCIT, CC - 3(3),, KOLKATA

56,77,000/-\nby applying average rate of Rs.4000/- per MT to the quantity delivered to\nthe assessee of 13919.25, which is again based on presumption and\nsurmises whereas the actual purchase cost of coal varies from\nRs.2,500/MT to Rs.17,000/MT depending upon the Carbon Content, Ash\ncontent and various other factors. Therefore, the very basis of the\nAssessing

M/S. SHAKAMBHARI ISPAT & POWER LTD., ,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), , KOLKATA

56,77,000/-\nby applying average rate of Rs.4000/- per MT to the quantity delivered to\nthe assessee of 13919.25, which is again based on presumption and\nsurmises whereas the actual purchase cost of coal varies from\nRs.2,500/MT to Rs.17,000/MT depending upon the Carbon Content, Ash\ncontent and various other factors. Therefore, the very basis of the\nAssessing

M/S. SHAKAMBHARI ISPAT & POWER LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), , KOLKATA

56,77,000/-\nby applying average rate of Rs.4000/- per MT to the quantity delivered to\nthe assessee of 13919.25, which is again based on presumption and\nsurmises whereas the actual purchase cost of coal varies from\nRs.2,500/MT to Rs.17,000/MT depending upon the Carbon Content, Ash\ncontent and various other factors. Therefore, the very basis of the\nAssessing

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

reassess the company's income, then it would have stated in section 115J that 'income of the company as accepted by the Assessing Officer'. In the absence of the same and on the language of section 115J, the view taken by the Tribunal was correct and the High Court had erred in reversing the said view of Tribunal. Therefore

D.C.I.T., CC - 3(1),, KOLKATA vs. SHAKAMBHARI ISPAT & POWER LIMITED, KOLKATA

56,77,000/-\nby applying average rate of Rs.4000/- per MT to the quantity delivered to\nthe assessee of 13919.25, which is again based on presumption and\nsurmises whereas the actual purchase cost of coal varies from\nRs.2,500/MT to Rs.17,000/MT depending upon the Carbon Content, Ash\ncontent and various other factors. Therefore, the very basis of the\nAssessing

M/S. SHAKAMBHARI ISPAT & POWER LTD.,,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), , KOLKATA

56,77,000/-\nby applying average rate of Rs.4000/- per MT to the quantity delivered to\nthe assessee of 13919.25, which is again based on presumption and\nsurmises whereas the actual purchase cost of coal varies from\nRs.2,500/MT to Rs.17,000/MT depending upon the Carbon Content, Ash\ncontent and various other factors. Therefore, the very basis of the\nAssessing

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. SHAKAMBHARI ISPAT & POWER LIMITED, KOLKATA

56,77,000/-\nby applying average rate of Rs.4000/- per MT to the quantity delivered to\nthe assessee of 13919.25, which is again based on presumption and\nsurmises whereas the actual purchase cost of coal varies from\nRs.2,500/MT to Rs.17,000/MT depending upon the Carbon Content, Ash\ncontent and various other factors. Therefore, the very basis of the\nAssessing

M/S. SHAKAMBHARI ISPAT & POWER LTD., ,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), , KOLKATA

56,77,000/-\nby applying average rate of Rs.4000/- per MT to the quantity delivered to\nthe assessee of 13919.25, which is again based on presumption and\nsurmises whereas the actual purchase cost of coal varies from\nRs.2,500/MT to Rs.17,000/MT depending upon the Carbon Content, Ash\ncontent and various other factors. Therefore, the very basis of the\nAssessing

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 3.1, KOLKATA vs. SHAKAMBHARI ISPAT & POWER LIMITED, KOLKATA

56,77,000/-\nby applying average rate of Rs.4000/- per MT to the quantity delivered to\nthe assessee of 13919.25, which is again based on presumption and\nsurmises whereas the actual purchase cost of coal varies from\nRs.2,500/MT to Rs.17,000/MT depending upon the Carbon Content, Ash\ncontent and various other factors. Therefore, the very basis of the\nAssessing

DEPUTY COMMISSIONER OF INCOME TAX, KOLKATA vs. SHAKAMBHARI ISPAT & POWER LIMITED, KOLKATA

56,77,000/-,\nby applying average rate of Rs.4000/- per MT to the quantity delivered to\nthe assessee of 13919.25, which is again based on presumption and\nsurmises whereas the actual purchase cost of coal varies from\nRs.2,500/MT to Rs.17,000/MT depending upon the Carbon Content, Ash\ncontent and various other factors. Therefore, the very basis of the\nAssessing

M/S. SHAKAMBHARI ISPAT & POWER LTD., ,KOLKATA vs. DCIT, CENTRAL CIRCLE 3(3), KOLKATA

Appeals of the assessee are partly allowed and\nappeals of the revenue are dismissed

56,77,000/-\nby applying average rate of Rs.4000/- per MT to the quantity delivered to\nthe assessee of 13919.25, which is again based on presumption and\nsurmises whereas the actual purchase cost of coal varies from\nRs.2,500/MT to Rs.17,000/MT depending upon the Carbon Content, Ash\ncontent and various other factors. Therefore, the very basis of the\nAssessing

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

reassess the company's\nincome, then it would have stated in section 115J that 'income of the\ncompany as accepted by the Assessing Officer'. In the absence of the same\nand on the language of section 115J, the view taken by the Tribunal was\ncorrect and the High Court had erred in reversing the said view of Tribunal.\nTherefore

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

reassess the company's\nincome, then it would have stated in section 115J that 'income of the\ncompany as accepted by the Assessing Officer'. In the absence of the same\nand on the language of section 115J, the view taken by the Tribunal was\ncorrect and the High Court had erred in reversing the said view of Tribunal.\nTherefore

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

reassess the company's\nincome, then it would have stated in section 115J that 'income of the\ncompany as accepted by the Assessing Officer'. In the absence of the same\nand on the language of section 115J, the view taken by the Tribunal was\ncorrect and the High Court had erred in reversing the said view of Tribunal.\nTherefore

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

reassess the company's\nincome, then it would have stated in section 115J that 'income of the\ncompany as accepted by the Assessing Officer'. In the absence of the same\nand on the language of section 115J, the view taken by the Tribunal was\ncorrect and the High Court had erred in reversing the said view of Tribunal.\nTherefore

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

reassess the company's\nincome, then it would have stated in section 115J that 'income of the\ncompany as accepted by the Assessing Officer'. In the absence of the same\nand on the language of section 115J, the view taken by the Tribunal was\ncorrect and the High Court had erred in reversing the said view of Tribunal.\nTherefore

DCIT, CC-1(3), KOLKATA, KOLKATA vs. RAIC INTEGRATED SPONGE AND POWER PVT. LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

x) of the Act and added an amount of Rs. 6,614/- being interest on TDS and further added Rs. 1,00,00,000/- as the assessee did not provide details of the party from whom loan was taken and declared a gross total income of the assessee at Rs. 4,97,56,621.64/-. 3. The said order has been