SARDA MINES PVT. LIMITED,KOLKATA vs. DCIT, CIRCLE-05(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 867/Kol/2017 Assessment Year: 2007-08 Sarda Mines Pvt. Ltd...............................………………………………………………Appellant 6Th Floor, Circular Court, 8, Ajc Bose Road, Kolkata – 700017. [Pan : Aahcs 2419 R] D.C.I.T., Cir 5(2) Kolkata………………………………………………......................Respondent Aayakar Bhawan, P-7, Chowringhee Square, Kolkata - 69 Appearances By: Shri A.K. Gupta, Fca Appearing On Behalf Of The Assessee. Md. Usman, Cit Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 21, 2017 Date Of Pronouncing The Order : December 14, 2017 Order Per P.M. Jagtap, Am This Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Principal Cit – 2, Kolkata Dated 28.03.2017 Passed Under Section 263 Of The Income Tax Act, 1961 & The Grounds Raised By The Assessee Therein Read As Under: “1. For That The Order Passed Under Section 263 Of The Income Tax Act, 1961 (In Short ‘The Act’) By The Principal Commissioner Of Income Tax -2, Kolkata (In Short ‘Cit’) Dated 28.03.2017 Is Without Jurisdiction & Illegal As None Of The Condition Precedent For Exercise Of The Power Under Section 263 Of The Act Exists And/Or Has Been Satisfied & As Such The Said Order Is Erroneous & Without Jurisdiction & Liable To Be Cancelled. 2. For That The Order Passed By The Assessing Officer Was Not In Any Way Erroneous Or Prejudicial To The Interest Of Revenue & As Such The Cit Would Not Exercise Any Power Under Section 263 Of The Act. The Cit Erred In Holding That The Order Of Assessment Is Erroneous & Prejudicial To The Interest Of Revenue.

1.(d). Further and in any event without prejudice to the above, even if it is contended that the points which had been discussed or decided in the reassessment order can be gone into in a proceeding under section 263 of the Act, we submit that the increase in the sale price referred to in para 4 of the notice

PHILIPS INDIA LTD.,KOLKATA vs. PCIT-IV, KOLKATA, KOLKATA

In the result, appeal of the assessee is dismissed

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi] I.T.A. No. 1142/Kol/2016 Assessment Year: 2009-10 Philips India Limited..........……………………………………....………………..…………………….….Appellant Earlier Known As Philips Electronics India Limited 7 No. Justice Chandra Madhab Road Kolkata – 700 020 [Pan : Aabcp 9487 A] Principal Commissioner Of Income Tax - Iv, Kolkata…….............…....................…...Respondent Appearances By: Shri P.J. Pardiwala, Sr. Advocate & Shri Navneet Misra, Advocate, Appeared On Behalf Of The Assessee. Shri Robin Choudhury, Addl. Cit D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : January 10Th, 2019 Date Of Pronouncing The Order : March 27Th, 2019 O R D E R Per J. Sudhakar Reddy :-

Transfer Pricing Officer (TPO). The final assessment order was passed u/s 143(3)/144C on 01/03/2013, computing the total income at Rs.412,94,85,880/-. Subsequently the Pr. CIT-4, Kolkata issued a notice u/s 263 of the Act, on 13/11/2015 proposing revision of the order on the ground that there were certain errors which caused prejudice to the interest

DCIT, CENTRAL CIRCLE - 1(4), KOLKATA , KOLKATA vs. M/S. HINDUSTAN URBAN INFRASTRUCTURE LTD.(HINDUSTAN VIDYUT PRODUCT LTD.,), NEW DELHI

Bench: Shri S.S.Godara & Shri, M. Balaganesh

price for the GK 3 project equal to: i) 4.10% of the FOB Mill value in U.S. Dollar for the quantity shipped is last (18") Shipment. a) GLOBAL SYNERGY INTERNATIONAL LTD agrees to unconditionally to fulfill the scope set therein by the virtue of this addendum. b) This commission is over the above the commission payable by Welspun to Global

DCIT, CENTRAL CIRCLE - 1(4), KOLKATA , KOLKATA vs. M/S. HINDUSTAN URBAN INFRASTRUCTURE LTD.(HINDUSTAN VIDYUT PRODUCT LTD.,), NEW DELHI

Bench: Shri S.S.Godara & Shri, M. Balaganesh

price for the GK 3 project equal to: i) 4.10% of the FOB Mill value in U.S. Dollar for the quantity shipped is last (18") Shipment. a) GLOBAL SYNERGY INTERNATIONAL LTD agrees to unconditionally to fulfill the scope set therein by the virtue of this addendum. b) This commission is over the above the commission payable by Welspun to Global

D.C.I.T.,CIRCLE-2(2), KOLKATA vs. M/S SHALIMAR WIRES INDUSTRIES LTD., KOLKATA

Appeal is dismissed

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2013-14

price for the GK 3 project equal to: i) 4.10% of the FOB Mill value in U.S. Dollar for the quantity shipped is last (18”) Shipment. a) GLOBAL SYNERGY INTERNATIONAL LTD agrees to unconditionally to fulfill the scope set therein by the virtue of this addendum. b) This commission is over the above the commission payable by Welspun to Global

THE PEERLESS GEN. FIN. & INV. CO. LTD.,KOLKATA vs. DCIT, CIRCLE-3(1), KOLKATA, KOLKATA

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

Bench: Shri P.M. Jagtap, Vice- & Shri A.T. Varkey

Price LTCG Indexation LTCG after before cost indexation indexatio n Governmen 1,20,00,00,0 1,19,83,82,4 16,17,57 2,31332838 1,11,33,28,3 t Securities 00 22 8 8 88 The LTCL of Rs.1,11,33,28,388/- was not allowed to the assessee in the assessment order passed. However, the assessee

SARDA MINES PVT. LIMITED,KOLKATA vs. DCIT, CIRCLE-05(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap, Am & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 868/Kol/2017 Assessment Year: 2012-13 Sarda Mines Pvt. Ltd...............................………………………………………………Appellant 6Th Floor, Circular Court, 8, Ajc Bose Road, Kolkata – 700017. [Pan : Aahcs 2419 R] D.C.I.T., Cir 5(2) Kolkata………………………………………………......................Respondent Aayakar Bhawan, P-7, Chowringhee Square, Kolkata - 69 Appearances By: Shri A.K. Gupta, Fca Appearing On Behalf Of The Assessee. Md. Usman, Cit Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : November 21, 2017 Date Of Pronouncing The Order : December 14, 2017 Order Per P.M. Jagtap, Am This Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Principal Cit – 2, Kolkata Dated 28.03.2017 Passed Under Section 263 Of The Income Tax Act, 1961 & The Grounds Raised By The Assessee Therein Read As Under: “1. For That The Order Passed Under Section 263 Of The Income Tax Act, 1961 (In Short ‘The Act’) By The Principal Commissioner Of Income Tax -2, Kolkata (In Short ‘Cit’) Dated 28.03.2017 Is Without Jurisdiction & Illegal As None Of The Condition Precedent For Exercise Of The Power Under Section 263 Of The Act Exists And/Or Has Been Satisfied & As Such The Said Order Is Erroneous & Without Jurisdiction & Liable To Be Cancelled. 2. For That The Order Passed By The Assessing Officer Was Not In Any Way Erroneous Or Prejudicial To The Interest Of Revenue & As Such The Cit Would Not Exercise Any Power Under Section 263 Of The Act. The Cit Erred

1,2, and 3 respectively. 2.(c) lt is therefore, submitted that the legal position is well settled that where an issue has been gone into detail by the AO in course of the assessment proceeding and the decision taken by him is a possible view the same cannot be revised under section 263

M/S. ELECTROSTEEL CASTING LIMITED.,KOLKATA vs. ITO (INTERNATIONAL TAXATION) WARD, KOLKATA , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey)

Price list etc. m) To make the office profitable as soon as possible. Responsibilities of Electrosteel Electrosteel will be responsible to help facilitate Mr Firpo to do the above activities will all its guidance and support Mr Firpo will interact mainly with Mr Rajesh Bang, Mr Deepak Kumar Agarwal, Mr Arpan Poddar and with senior management of Electrosteel

M/S PRICEWATERHOUSE COOPERS PVT. LTD.,KOLKATA vs. ACIT, CIRCLE-2(2), KOLKATA, KOLKATA

In the result, appeal of the assessee is allowed in part

Bench: Sri J. Sudhakar Reddy & Sri S.S. Godara) Assessment Year: 2011-12 M/S. Pricewaterhouse Coopers Private Limited……...............................……………………......Appellant Block-Ep, Plot –Y14 Salt Lake City Sector-V Kolkata – 700 091 [Pan : Aabcp 9181 H] Vs. Deputy Commissioner Of Income Tax (It), Circle-2(1), Kolkata……..........................…....Appellant Appearances By: Shri Kanchun Kaushal, A/R & Shri Bikash Kr. Jain, Ca, Appeared On Behalf Of The Assessee. Shri Vijay Shankar, Cit, D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : February 25Th, 2020 Date Of Pronouncing The Order : May 29Th, 2020 Order Per J. Sudhakar Reddy, Am :-

section 144C sets out the procedure to be Provisions of subsection 6, 7, 8 and 9 of section 144C sets out the procedure to be Provisions of subsection 6, 7, 8 and 9 of section 144C sets out the procedure to be followed by the dispute resolution panel in followed by the dispute resolution panel in issue of the direction

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

In the result, all the appeals of the revenue for AYs 2012-13, 2014-

Bench: Hon’Ble Shri P. M. Jagtap, Vp (Kz) & Hon’Ble Shri A. T. Varkey]

263 proceedings. Learned co-ordinate bench's order to this effect in ITA No.1189/Kol/2016 decided on 04.11.2016. forms part ofserved before us. We are informed that Revenue's appeal against the same is pending before hon'ble jurisdictional high court. There is no distinction on facts or law pointed out at either parties' behest in these two assessment years

KESORAM INDUSTRIES LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-5(1), KOLKATA

In the result, all the appeals of the revenue for AYs 2012-13, 2014-

Bench: Hon’Ble Shri P. M. Jagtap, Vp (Kz) & Hon’Ble Shri A. T. Varkey]

263 proceedings. Learned co-ordinate bench's order to this effect in ITA No.1189/Kol/2016 decided on 04.11.2016. forms part ofserved before us. We are informed that Revenue's appeal against the same is pending before hon'ble jurisdictional high court. There is no distinction on facts or law pointed out at either parties' behest in these two assessment years

M/S. KESORAM INDUSTRIES LTD., ,KOLKATA vs. DCIT, CIRCLE - 5(1) , KOLKATA

In the result, all the appeals of the revenue for AYs 2012-13, 2014-

Bench: Hon’Ble Shri P. M. Jagtap, Vp (Kz) & Hon’Ble Shri A. T. Varkey]

263 proceedings. Learned co-ordinate bench's order to this effect in ITA No.1189/Kol/2016 decided on 04.11.2016. forms part ofserved before us. We are informed that Revenue's appeal against the same is pending before hon'ble jurisdictional high court. There is no distinction on facts or law pointed out at either parties' behest in these two assessment years

DCIT, CIRCLE - 5(1) , KOLKATA vs. M/S. KESORAM INDUSTRIES LTD., , KOLKATA

In the result, all the appeals of the revenue for AYs 2012-13, 2014-

Bench: Hon’Ble Shri P. M. Jagtap, Vp (Kz) & Hon’Ble Shri A. T. Varkey]

263 proceedings. Learned co-ordinate bench's order to this effect in ITA No.1189/Kol/2016 decided on 04.11.2016. forms part ofserved before us. We are informed that Revenue's appeal against the same is pending before hon'ble jurisdictional high court. There is no distinction on facts or law pointed out at either parties' behest in these two assessment years

M/S LANDIS+GYR LIMITED,,KOLKATA vs. DCIT, CIRCLE -1, KOLKATA, KOLKATA

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

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

section 234C of the Act are very clear without any ambiguity that the same is chargeable only on the returned income. Hence, the Ground No. 3 raised by the assessee is allowed. 5. Adjustment to Arm’s Length Price – ITA No. 37/Kol/2012 – Asst Year 2007-08 The assessee is a closely held company engaged in the business of manufacturing

LANDIS + GYR LIMITED,SOUTH 24 PARGANAS vs. DCIT, CIRCLE - 1, KOLKATA, KOLKATA

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

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

section 234C of the Act are very clear without any ambiguity that the same is chargeable only on the returned income. Hence, the Ground No. 3 raised by the assessee is allowed. 5. Adjustment to Arm’s Length Price – ITA No. 37/Kol/2012 – Asst Year 2007-08 The assessee is a closely held company engaged in the business of manufacturing

BRITANNIA INDUSTRIES LTD,KOLKATA vs. DCIT, CIR-7(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

transfer of leasehold interest/rights, which is in consonance with the provisions of section 50C and section 56(2)(vii) of the Act. In defence of his argument, ld. A.R. relied on the following decisions:- (i) Green Fields Hotels & Estates (389 ITR 68) (Bom HC); (ii) Dy. CIT v. Tejinder Singh (19 taxmann.com 4) (ITAT Kolkata) (iii) Atul G Puranik

M/S. EVEREADY INDUSTRIES INDIA LTD.,KOLKATA vs. PR.CIT-4, KOLKATA

In the result, the appeal of the assessee stands allowed

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

263 with reference to assessee’s transactions with persons specified in Section 40A(2)(b) of the Act. In other words in CIT’s opinion assessee’s specified domestic transactions coming within the ambit of Section 92BA(i) of the Act should have been referred for transfer pricing scrutiny. We however note that the relevant provisions of Section 92BA were

ACIT, CIRCLE - 2(1), KOLKATA vs. M/S. ITC INFOTECH INDIA LTD., , KOLKATA

In the result, appeals of the revenue for both the assessment years are dismissed

Bench: Shri Rajpal Yadav & Shri Girish Agrawalassessment Year: 2014-15 & Assessment Year : 2015-16 Assistant Commissioner Of M/S. Itc Infotech India Income-Tax, Circle-2(1), Limited Vs. Kolkata. (Pan: Aaaci7376Q) Virginia House, 37, J. L. Nehru Road, Kolkata-700071. (Appellant) (Respondent) Present For: Appellant By : Shri Manish Kanojia, Cit, Dr Respondent By : Shri J. P. Khaitan, Sr. Counsel & Shri Bikash Chandra, Ar Date Of Hearing : 16.08.2022 Date Of Pronouncement : 18.10.2022

Section 1.482-5 of the Internal Revenue Service (IRC)) The Assessee has also produced a compendium of various judgments by the higher authorities which have held that the least complex entity should be the tested party (including the Kolkata jurisdiction rulings in case of Development Consultants Limited (ITA No. 1591/KOL/2010) and Landis + Gyr Limited (ITA No. 37 and 1623/Kol/2012)).While