RAIGANJ CENTRAL CO-OPERATIVE BANK LTD.,RAIGANJ, UTTAR DINAJPUR vs. D,C,I.T., CIRCLE - 2, JALPAIGURI, JALPAIGURI

In the result, the appeal filed by the Revenue in ITA No

Bench: Shri George Mathan & Shri Rakesh Mishra

68,963/- under section 115-O of the Income Tax Act, 1961 and interest thereon Rs.4,06,965/- under section 115-P of the Act considering the appellant as a Domestic Company instead of Co-operative Society, which is illegal, arbitrary and bad in law. 5. THAT on the facts of the case, the Ld. CIT (Appeals)-NFAC

INDUSTRIAL INVESTMENT BANK OF INDIA LTD.,KOLKATA vs. DCIT, CIR-6, KOLKATA, KOLKATA

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

Bench: Shri N.V.Vasudevan Jm & Dr. A.L.Saini, Am आयकर अपील सं./Ita No.1416/Kol/2014 ("नधा"रण वष" / Assessment Year :2004-2005) Industrial Investment Bank Vs. Dcit, Circle-6, Kolkata, Of India Limited, Aayakar Bhawan, P-7, 19, Netaji Subhas Road, Chowringhee Square, Kolkata-700001 Kolkata-700001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabci 0324 D .. (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से /Revenue By : Shri Sanjay Bhattacharya,Fca "नधा"रती क" ओर से /Assessee By : Shri R.K.Kureel, Jcit सुनवाई क" तार"ख / Date Of Hearing : 28/02/2017 घोषणा क" तार"ख/Date Of Pronouncement 05/04/2017 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: ` The Captioned Appeal Filed By The Assessee, Pertaining To Assessment Year 2004-2005, Is Directed Against The Order Passed By The Ld. Commissioner Of Income Tax (Appeals)-Vi, Kolkata, In Appeal No.343/08-09/Cit(A)-Vi/Cir-6/Kol, Dated 29.04.2014, Which In Turn Arises Out Of An Order Passed By The Ao U/S.143(3) Of The Income Tax Act 1961, (Hereinafter Referred To As The ‘Act’), Dated 17.11.2006. 2. Brief Facts Of The Case Qua The Assessee Are That The Assessee Is A Public Sector Undertaking Bank & Its Operations Are Solely In The Segment Of Non-Banking Financial Intermediation Services. The Assessee Being A Financial Institution, Its Activities Are Subject To Guidelines Issued By The Reserve Bank Of India For Banking Companies. During The Financial Year Under Consideration, The Assessee Company Written Off A Sum Of Rs.1,42,48,266/- On Account Of Debts As Irrecoverable. The Assessee Is An Organization To Which The Provisions Of Section 36(1)(Viia) Is Applicable.

VIA is allowed after setting off of brought forward losses under the scheme of the Act. The appellant has, without citing any authority, tried to interpret the meaning of the term 'total income' as per its own convenience. However, it is well settled that once the meaning of the words used in the statute is clear and unambiguous, question

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED , PATNA

The appeal of the Revenue is dismissed

via the network of shell companies.\nThe entry operator clearly explained the circular trading of bogus purchases and sales\nthrough bank guarantees/LC. The entry provider is giving the purchase entry as well\nthe sales entry also. As a result, the entire circuit of the bogus sale is started and\nended at the entry operator only However, the assessee had already

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED, PATNA

The appeal of the Revenue is dismissed

via the network of shell companies.\nThe entry operator clearly explained the circular trading of bogus purchases and sales\nthrough bank guarantees/LC. The entry provider is giving the purchase entry as well\nthe sales entry also. As a result, the entire circuit of the bogus sale is started and\nended at the entry operator only However, the assessee had already

ACIT, CIRCLE-5, KOLKATA, KOLKATA vs. M/S KESORAM INDUSTRIES. LTD, KOLKATA

In the result the revenue’s appeals for A

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

68 to 73 of Paper Book]. 21. We have considered the rival submissions and perused the documents in the paper book which inter alia contained Electricity Act, 2003, KERC Regulations 2004, copy of KERCs order dated 27.02.2007 approving ‘open access’ to CPPs for supply of electricity etc. The bone of contention between the parties is the adoption of the most

KESORAM INDUSTRIES LTD.,KOLKATA vs. ADD.CIT,RANGE-5,, KOLKATA

In the result the revenue’s appeals for A

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

68 to 73 of Paper Book]. 21. We have considered the rival submissions and perused the documents in the paper book which inter alia contained Electricity Act, 2003, KERC Regulations 2004, copy of KERCs order dated 27.02.2007 approving ‘open access’ to CPPs for supply of electricity etc. The bone of contention between the parties is the adoption of the most

D.C.I.T CIR - 5,KOLKATA, KOLKATA vs. M/S KESORAM INDUSTRIES LIMITED, KOLKATA

In the result the revenue’s appeals for A

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

68 to 73 of Paper Book]. 21. We have considered the rival submissions and perused the documents in the paper book which inter alia contained Electricity Act, 2003, KERC Regulations 2004, copy of KERCs order dated 27.02.2007 approving ‘open access’ to CPPs for supply of electricity etc. The bone of contention between the parties is the adoption of the most

KESORAM INDUSTRIES LTD.,KOLKATA vs. DCIT, CIR-5, KOLKATA, KOLKATA

In the result the revenue’s appeals for A

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

68 to 73 of Paper Book]. 21. We have considered the rival submissions and perused the documents in the paper book which inter alia contained Electricity Act, 2003, KERC Regulations 2004, copy of KERCs order dated 27.02.2007 approving ‘open access’ to CPPs for supply of electricity etc. The bone of contention between the parties is the adoption of the most

KESORAM INDUSTRIES LIMITED,KOLKATA vs. ADDL C.I.T RG - 5,KOLKATA, KOLKATA

In the result the revenue’s appeals for A

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

68 to 73 of Paper Book]. 21. We have considered the rival submissions and perused the documents in the paper book which inter alia contained Electricity Act, 2003, KERC Regulations 2004, copy of KERCs order dated 27.02.2007 approving ‘open access’ to CPPs for supply of electricity etc. The bone of contention between the parties is the adoption of the most

KESORAM INDUSTRIES LIMITED,KOLKATA vs. DCIT, CIRCLE-5(1), KOLKATA, KOLKATA

In the result the revenue’s appeals for A

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

68 to 73 of Paper Book]. 21. We have considered the rival submissions and perused the documents in the paper book which inter alia contained Electricity Act, 2003, KERC Regulations 2004, copy of KERCs order dated 27.02.2007 approving ‘open access’ to CPPs for supply of electricity etc. The bone of contention between the parties is the adoption of the most

DCIT, CENTRAL CIRCLE- 4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the Revenue is dismissed

via the network of shell companies.\nThe entry operator clearly explained the circular trading of bogus purchases and sales\nthrough bank guarantees/LC. The entry provider is giving the purchase entry as well\nthe sales entry also. As a result, the entire circuit of the bogus sale is started and\nended at the entry operator only However, the assessee had already

DCIT, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND CEMENT & ROOFINGS PRIVATE LIMITED , KOLKATA

The appeal of the Revenue is dismissed

via the network of shell companies.\nThe entry operator clearly explained the circular trading of bogus purchases and sales\nthrough bank guarantees/LC. The entry provider is giving the purchase entry as well\nthe sales entry also. As a result, the entire circuit of the bogus sale is started and\nended at the entry operator only However, the assessee had already

M/S. SPML INFRA LIMITED ,KOLKATA vs. DCIT, CIRCLE - 8(2), KOLKATA , KOLKATA

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

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1228/Kol/2018 ("नधा"रणवष" / Assessment Year:2011-12)

36 taxmann. Com 74 (Mumbai-Trib) by the Hon’ble ITAT Bench, Mumbai. In the said case the facts as follows: M/s SMPL Infra Ltd. ITA Nos. 1228 & 1211/Kol/2018 Assessment Year:2011-12 ■ During the remand report proceedings, the Assessing Officer issued show cause notice to the assessee requiring to explain as to why 100 per cent loss was claimed

DCIT, CIRCLE - 8(2), KOLKATA , KOLKATA vs. M/S. SPML INFRA LIMITED , KOLKATA

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

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1228/Kol/2018 ("नधा"रणवष" / Assessment Year:2011-12)

36 taxmann. Com 74 (Mumbai-Trib) by the Hon’ble ITAT Bench, Mumbai. In the said case the facts as follows: M/s SMPL Infra Ltd. ITA Nos. 1228 & 1211/Kol/2018 Assessment Year:2011-12 ■ During the remand report proceedings, the Assessing Officer issued show cause notice to the assessee requiring to explain as to why 100 per cent loss was claimed

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4(3), KOLKATA, KOLKATA vs. BALMUKUND SPONGE AND IRON PRIVATE LIMITED, PATNA

The appeal of the Revenue is dismissed

via the network of shell companies.\nThe entry operator clearly explained the circular trading of bogus purchases and sales\nthrough bank guarantees/LC. The entry provider is giving the purchase entry as well\nthe sales entry also. As a result, the entire circuit of the bogus sale is started and\nended at the entry operator only However, the assessee had already

BALMUKUND SPONGE & IRON PVT. LTD.,,PATNA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

The appeal of the Revenue is dismissed

via the network of shell companies.\nThe entry operator clearly explained the circular trading of bogus purchases and sales\nthrough bank guarantees/LC. The entry provider is giving the purchase entry as well\nthe sales entry also. As a result, the entire circuit of the bogus sale is started and\nended at the entry operator only However, the assessee had already

BALMUKUND SPONGE & IRON PVT. LTD.,,PATNA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

The appeal of the Revenue is dismissed

via the network of shell companies.\nThe entry operator clearly explained the circular trading of bogus purchases and sales\nthrough bank guarantees/LC. The entry provider is giving the purchase entry as well\nthe sales entry also. As a result, the entire circuit of the bogus sale is started and\nended at the entry operator only However, the assessee had already

BALMUKUND SPONGE & IRON PVT. LTD.,,PATNA vs. DCIT, CENTRAL CIRCLE 4(3),, KOLKATA

The appeal of the Revenue is dismissed

via the network of shell companies.\nThe entry operator clearly explained the circular trading of bogus purchases and sales\nthrough bank guarantees/LC. The entry provider is giving the purchase entry as well\nthe sales entry also. As a result, the entire circuit of the bogus sale is started and\nended at the entry operator only However, the assessee had already