ACIT, LTU - 2, KOLKATA , KOLKATA vs. M/S. UCO BANK, KOLKATA

In the result, appeal of the Revenue is dismissed

Bench: Shri S. S. Godara, Jm & Dr. A.L. Saini, Am Vs. M/S Uco Bank Acit, Ltu-2, Kolkata 10, Btm, Sarani, Kolkata – 700001. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacu3561B .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

68,90,790/-. The expenditure incurred on exempted income from "Investment on Securities" and "Tax Free Bonds are debited in the taxable business income which is liable to be debited in the taxable business income which is liable to be disallowed as per section 14A of Income Tax Act, 1961 read with Rule 8D of Income Tax Rules

ACIT, CIRCLE - 35, , KOLKATA vs. M/S. MACHINERY AGENCIES INDIA , KOLKATA

Bench: Shri P. M. Jagtap(Kz) & Shri A. T. Varkey]

5. Heard Shri Sudhir Mehta, learned advocate appearing on behalf of the revenue. At the outset, it is required to be noted that the Assessing Officer directed to make the addition of Rs. 33,55,011/- under Section 68 of the Income Tax Act with respect to 17 lenders. However, it has been found that with respect to most

K.A.WIRES LTD.,KOLKATA vs. I.T.O.,WARD-8(3), KOLKATA

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2012-13 K.A. Wires Ltd...………………………………………………………..................................……………..….......Appellant Chatterjee Intl Centre 11Th Floor Room No. 11 33A, Chowringhee Road Kolkata – 700 071 [Pan : Aadck 7401 M] Vs. Income Tax Officer, Ward – 8(3), Kolkata…..…................................................….…….....…..Respondent Appearances By: Shri S.M. Surana, Adovate & Shri N.P. Jain, Advocate, Appeared On Behalf Of The Assessee. Shri A.K. Nayak, Cit D/R & Shri Dhrubajyoti Ray, Jcit D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : December 4Th, 2019 Date Of Pronouncing The Order : January 22Nd, 2020 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals) – 3, Kolkata, (Hereinafter The “Ld.Cit(A)”), Passed U/S. 250 Of The Income Tax Act, 1961 (The ‘Act’), Dt. 23/04/2019, For The Assessment Year 2012-13. 2. The Assessee Is A Company & Is Engaged In The Business Of Zinc Manufacturing. It Filed Its Return Of Income Electronically For The Assessment Year 2012-13 On 07/09/2012 Declaring A Loss Of Rs.(-)Rs.37,99,257/-. The Assessing Officer Completed The Assessment U/S 143(3) Of The Act On 30/03/2015 Determining The Total Income Of The Assessee At Rs.1,02,00,743/- Interalia Making An Addition U/S 68 Of The Act Being Share Capital & Share Premium Received By The Company From Three (3) Associate Companies. Out Of This Rs,1,40,00,000/- Addition, The Assessing Officer States That A Protective Addition Of Rs.40,00,000/- Is Made In The Hands Of The Intermediary Companies. Aggrieved The Assessee Carried The Matter In Appeal Without Success. The Ld. First Appellate Authority, Upheld The Order Of The Assessing Officer. 3. Further Aggrieved, The Assessee Is Before Us.

68 of the Act. 5. The ld. D/R, on the other hand, opposed the con The ld. D/R, on the other hand, opposed the contentions of the assessee and tentions of the assessee and submitted that notice u/s 143(2) of the Act was issued by ITO Ward submitted that notice u/s 143(2) of the Act was issued

URVASHI SAREES PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 11(1), , KOLKATA

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

Bench: ITAT, Kolkata were collected and prepared | | 18.01.2025 | 2nd Appeal was filed |

Section 149 68. After 1 April 2021, the Income-tax Act has to be read along with I T A N o . 2 2 2 / K o l / 2 0 2 5

PRAMOD LAKRA DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), KOLKATA, KOLKATA vs. URVASHI SAREES PVT. LTD, KOLKATA

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

Bench: ITAT, Kolkata were collected and prepared | | 18.01.2025 | 2nd Appeal was filed |

Section 149 68. After 1 April 2021, the Income-tax Act has to be read along with I T A N o . 2 2 2 / K o l / 2 0 2 5

COSMAT TRADERS (P) LTD,KOLKATA vs. ITO, WARD-6(2), , KOLKATA

In the result, appeal of the assessee is allowed

68 of the Act on the basis of arbitrary and perverse conclusions drawn by him on the facts of the cases relying on several arbitrary and perverse conclusions drawn by him on the facts of the cases relying on several arbitrary and perverse conclusions drawn by him on the facts of the cases relying on several judgments

M/S. WEEDO VENTURES PVT. LTD. (EARLIER KNOWN AS M/S. EQUAL PROJECTS PVT. LTD.),KOLKATA vs. I.T. O., WARD, 9(2), KOLKATA

In the result, appeal of the assessee

Bench: Sri J. Sudhakar Reddy, Hon’Ble & Sri Aby T. Varkey, Hon’Ble) Assessment Year: 2012-13 M/S. Weedo Ventures Pvt. Ltd......……………………..................................……………..…….............Appellant [Earlier Known As M/S. Equal Projects Pvt. Ltd.] Property No. 11 Block-A, Maharana Pratap Enclave Pitampura Delhi - 110034 [Pan : Aacce 4580 C]

68 of the IT Act 1961 ofRs.17,18,00,000 was uncalled for and hence the same be deleted. 00 was uncalled for and hence the same be deleted. 00 was uncalled for and hence the same be deleted. 3 Assessment Year:- 2011-12 Assessment Year: 2012-13 M/s. Weedo Ventures Pvt. Ltd. M/s. Weedo Ventures Pvt. Ltd. 5

M/S. WEEDO VENTURES PVT. LTD. (EARLIER KNOWN AS M/S. EQUAL PROJECTS PVT. LTD.),KOLKATA vs. CIT(A)-3, KOLKATA

In the result, appeal of the assessee

Bench: Sri J. Sudhakar Reddy, Hon’Ble & Sri Aby T. Varkey, Hon’Ble) Assessment Year: 2012-13 M/S. Weedo Ventures Pvt. Ltd......……………………..................................……………..…….............Appellant [Earlier Known As M/S. Equal Projects Pvt. Ltd.] Property No. 11 Block-A, Maharana Pratap Enclave Pitampura Delhi - 110034 [Pan : Aacce 4580 C]

68 of the IT Act 1961 ofRs.17,18,00,000 was uncalled for and hence the same be deleted. 00 was uncalled for and hence the same be deleted. 00 was uncalled for and hence the same be deleted. 3 Assessment Year:- 2011-12 Assessment Year: 2012-13 M/s. Weedo Ventures Pvt. Ltd. M/s. Weedo Ventures Pvt. Ltd. 5

M/S. MATARANI VINTRADE PVT. LTD., ,KOLKATA vs. ITO, WARD - 15(1), KOLKATA , KOLKATA

Bench: Hon’Ble Shri P.M. Jagtap, V.P (Kz) & Hon’Ble Shri A. T. Varkey, Jm Assessment Year: 2012-13

5, Kolkata dated 31-03-2017 for the assessment year 2012-13. 2. The main grievance of the assessee is against the action of the Ld. CIT(A) in enhancing the addition by violating the law inter alia in violation of section 251(2) of the Income-tax Act, 1961 ( hereinafter, referred to as the ‘Act’). According to assessee

M/S ABHIJEET ENTERPRISE LTD.,KOLKATA vs. ITO, WARD 2(2), KOLKATA, KOLKATA

In the result the appeal of the assessee is allowed for statistical purpose

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

2)(a), the donation must be a sum of money paid by the assessee.” 12. In view of the above decision we are of the considered view that the phrase ‘any sum’ employed in Section 68,cannot be extended to include any book entry, notional adjustment, payment in kind etc. The Ld. AR’s reliance on the findings recorded

EXIMCORP INDIA PRIVATE LIMITED. ,KOLKATA vs. ACIT,CIR-5(2),KOLKATA. , KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

68,246/-debited in the P/L account of the appellant, by wrongfully invoking Section 40(a)(i) of the Income Tax Act, 1961 ("the Act"). 2. FOR THAT, the CIT(A) failed to appreciate that there is no obligation upon the appellant to deduct tax at source (TDS) under Section 195(1) of the Act against the amount

EXIMCORP INDIA (P) LTD. ,KOLKATA vs. ACIT,CIR-5(2),KOLKATA. , KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

68,246/-debited in the P/L account of the appellant, by wrongfully invoking Section 40(a)(i) of the Income Tax Act, 1961 ("the Act"). 2. FOR THAT, the CIT(A) failed to appreciate that there is no obligation upon the appellant to deduct tax at source (TDS) under Section 195(1) of the Act against the amount

M/S. VODAFONE ESSAR EAST LTD.,KOLKATA vs. ADDL. CIT, RANGE - 7, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

5 “the assessee will get the benefit of the “loss brought forward excluding depreciation” unabsorbed depreciation only when both of them are present. Even otherwise, there are several material differences between old section 115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation

M/S. VODAFONE ESSAR EAST LTD.,KOLKATA vs. JCIT, RANGE - 7, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

5 “the assessee will get the benefit of the “loss brought forward excluding depreciation” unabsorbed depreciation only when both of them are present. Even otherwise, there are several material differences between old section 115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation

M/S VODAFONE EAST LIMITED (FORMERLY KNOWN AS VODAFONE ESSAR EAST LIMITED),KOLKATA vs. ACIT, CIR-7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

5 “the assessee will get the benefit of the “loss brought forward excluding depreciation” unabsorbed depreciation only when both of them are present. Even otherwise, there are several material differences between old section 115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation

DCIT, CIRCLE - 7, KOLKATA, KOLKATA vs. VODAFONE ESSAR EAST LIMITED, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

5 “the assessee will get the benefit of the “loss brought forward excluding depreciation” unabsorbed depreciation only when both of them are present. Even otherwise, there are several material differences between old section 115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation

M/S. VODAFONE ESSAR EAST LIMITED,KOLKATA vs. ACIT, CIRCLE - 7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

5 “the assessee will get the benefit of the “loss brought forward excluding depreciation” unabsorbed depreciation only when both of them are present. Even otherwise, there are several material differences between old section 115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation

M/S. VODAFONE ESSAR EAST LIMITED,KOLKATA vs. ACIT, CIRCLE - 7, KOLKATA, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

5 “the assessee will get the benefit of the “loss brought forward excluding depreciation” unabsorbed depreciation only when both of them are present. Even otherwise, there are several material differences between old section 115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation

ACIT, CIRCLE - 7, KOLKATA vs. HUTCHISON TELECOM EAST LIMITED, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

5 “the assessee will get the benefit of the “loss brought forward excluding depreciation” unabsorbed depreciation only when both of them are present. Even otherwise, there are several material differences between old section 115J and Section 115JB. 10(b) In view of the above it is held that the lower of “loss excluding depreciation “unabsorbed depreciation