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]

section 14A read with rule 8D interalia interalia making an addition of Rs.1,46,785/-. 2.1. Aggrieved the assessee carried the matter in appeal before the ld. First Appellate Aggrieved the assessee carried the matter in appeal before the ld. First Appellate Aggrieved the assessee carried the matter in appeal before the ld. First Appellate Authority

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]

section 14A read with rule 8D interalia interalia making an addition of Rs.1,46,785/-. 2.1. Aggrieved the assessee carried the matter in appeal before the ld. First Appellate Aggrieved the assessee carried the matter in appeal before the ld. First Appellate Aggrieved the assessee carried the matter in appeal before the ld. First Appellate Authority

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

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

Section 68 of the Income Tax Act and consequently deleted the disallowance of Rs. 3,10,478/-, which was made with respect to interest and when the same has been confirmed by the ITAT, it cannot be said that ITAT has committed any error and/or illegality, which calls for the interference of this Court. In paragraph 11, ITAT

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

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. 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

section 251(2) of the Act to provide reasonable opportunity to the assessee. Therefore we note that the impugned order was passed enhancing the income without giving proper / reasonable opportunity to the assessee. 9. Be that as it may be, we note that the ld. CIT(A) has passed the impugned order after going through the assessment folder which

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, the Bench has been consistently remanding , the Bench has been consistently remanding such matters back to the file of the Assessing Officer for fresh adjudication, in accordance back to the file of the Assessing Officer for fresh adjudication, in accordance back to the file of the Assessing Officer for fresh adjudication, in accordance with

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 (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

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

BIDIT FINANCIAL MANAGEMENT PVT. LTD.,KOLKATA vs. DCIT, CIRCLE-7(1), KOLKATA, KOLKATA

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.579/Kol/2017 ("नधा"रणवष" / Assessment Year:2012-13)

section 68 is prospective and applicable only from assessment year 2013-14. With this background, now we shall proceed to examine in the assessee`s case under consideration, whether assessee has discharged his onus toprove, prima facie, the identity, creditworthiness and genuineness of the share capital and share premium received by it from share subscribers companies. 9. We note

EIH LTD.,KOLKATA vs. THE DCIT, CIR-8(1), KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 153/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-8(1), Kolkata -Vs- M/S Eih Limited [Pan: Aaace 6898 B] (Appellant) (Respondent) I.T.A No. 110/Kol/2016 Assessment Year : 2011-12 M/S Eih Limited -Vs- Dcit, Circle-8(1), Kolkata [Pan: Aaace 6898 B] (Appellant) (Respondent) For The Appellant : Shri Kanchun Kaushal,Ar For The Department : Shri G.Mallikarjuna, Cit Dr Date Of Hearing : 26.10.2017 Date Of Pronouncement : 12.01.2018 Order Per Bench:

2 to Section 9(1)(vi) or to Section 9(1)(vii) or of “royalties” or “fees for included services” as defined in article 12(3) and 12(4) of the DTAA between India and the U.S.A. In view of the above, it is submitted that the services provided by the foreign residents in relation to advertisement

DCIT, CIR-8(1), KOLKATA, KOLKATA vs. M/S EIH LTD., KOLKATA

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

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 153/Kol/2016 Assessment Year : 2011-12 Dcit, Circle-8(1), Kolkata -Vs- M/S Eih Limited [Pan: Aaace 6898 B] (Appellant) (Respondent) I.T.A No. 110/Kol/2016 Assessment Year : 2011-12 M/S Eih Limited -Vs- Dcit, Circle-8(1), Kolkata [Pan: Aaace 6898 B] (Appellant) (Respondent) For The Appellant : Shri Kanchun Kaushal,Ar For The Department : Shri G.Mallikarjuna, Cit Dr Date Of Hearing : 26.10.2017 Date Of Pronouncement : 12.01.2018 Order Per Bench:

2 to Section 9(1)(vi) or to Section 9(1)(vii) or of “royalties” or “fees for included services” as defined in article 12(3) and 12(4) of the DTAA between India and the U.S.A. In view of the above, it is submitted that the services provided by the foreign residents in relation to advertisement

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

9 as the ‘learned CIT(A)’) erred in confirming the action of the learned Additional Commissioner of Income Tax, Range 7, Kolkata (hereinafter referred to as the ‘Act’) in not allowing set-off of Rs.83,881,000 under clause (iii) of Explanation 1 to sub-section (2) of section 115JB of the Income Tax Act, 1961 (‘Act’), being

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

9 as the ‘learned CIT(A)’) erred in confirming the action of the learned Additional Commissioner of Income Tax, Range 7, Kolkata (hereinafter referred to as the ‘Act’) in not allowing set-off of Rs.83,881,000 under clause (iii) of Explanation 1 to sub-section (2) of section 115JB of the Income Tax Act, 1961 (‘Act’), being

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

9 as the ‘learned CIT(A)’) erred in confirming the action of the learned Additional Commissioner of Income Tax, Range 7, Kolkata (hereinafter referred to as the ‘Act’) in not allowing set-off of Rs.83,881,000 under clause (iii) of Explanation 1 to sub-section (2) of section 115JB of the Income Tax Act, 1961 (‘Act’), being

ACIT, CIRCLE - 7, KOLKATA vs. VODAFONE ESSAR EAST LTD., KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

9 as the ‘learned CIT(A)’) erred in confirming the action of the learned Additional Commissioner of Income Tax, Range 7, Kolkata (hereinafter referred to as the ‘Act’) in not allowing set-off of Rs.83,881,000 under clause (iii) of Explanation 1 to sub-section (2) of section 115JB of the Income Tax Act, 1961 (‘Act’), being

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

9 as the ‘learned CIT(A)’) erred in confirming the action of the learned Additional Commissioner of Income Tax, Range 7, Kolkata (hereinafter referred to as the ‘Act’) in not allowing set-off of Rs.83,881,000 under clause (iii) of Explanation 1 to sub-section (2) of section 115JB of the Income Tax Act, 1961 (‘Act’), being

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

9 as the ‘learned CIT(A)’) erred in confirming the action of the learned Additional Commissioner of Income Tax, Range 7, Kolkata (hereinafter referred to as the ‘Act’) in not allowing set-off of Rs.83,881,000 under clause (iii) of Explanation 1 to sub-section (2) of section 115JB of the Income Tax Act, 1961 (‘Act’), being