DCIT, CIRCLE - 10, KOLKATA, KOLKATA vs. M/S. DIC INDIA LTD., KOLKATA

In the result, both appeals of Revenue stand dismissed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

section 92C which states that where two different ALPs are worked out by using two different methods then the TPO was required to work out the arithmetical mean of such prices. Similarly the assessee submitted for imported goods that the TNMM method was used to determine the ALP in the AY 2003-04 and the allegation of the TPO that

ZYDUS HEALTHCARE LTD,GANGTOK vs. ACIT, CIR. 3(2), GANGTOK

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawali.T.A. No. 139/Kol/2021 Assessment Year: 2014-2015 Zydus Healhcare Limited,……..................Appellant (Successor To Zydus Healthcare Sikkim), 4Th Floor, ‘D’ Wing, Zudus Corporate Park, Scheme No. 63, Survey No. 536, Khoraj (Gandhinagar), Nr. Vaishnodevi Circle, Ahmedabad, Gandhinagar, Gujrat-382481 [Pan: Aaacg1895Q] -Vs.- Assistant Commissioner Of Income Tax,....Respondent Circle-3(2), Gangtok, Sikkim-737101 Appearances By: Shri Ajit Kumar Jain, Ca & Sonal Pandey, A.R., Appeared On Behalf Of The Assessee Shri G. Hukugha Sema, Cit, Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : January 18, 2023 Date Of Pronouncing The Order : February 20, 2023 O R D E R

Transfer Pricing Officer (TPO) to determine the arm's length price of international transactions undertaken by the assessee. The TPO vide order passed under section 92CA(3) of the Act dated 24.01.2014 applied CUP method and determined the arm's length price of international transactions of payment of service fees at Nil as against Rs.3,45,55,434/- determined

BOTHRA SHIPPING SERVICES(CURRENTLY KNOWN AS BOTHRA SHIPPING SERVICES (P) LTD.,KOLKATA vs. ACIT,CENTAL CIRCLE-1(1), KOLKATA, KOLKATA

In the result ground no. 11 & 12 are allowed for statistical purpose

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey) Assessment Year: 2010-11 Assessment Year: 2011-12 Assessment Year: 2012-13 Bothra Shipping Services ......…..…….……………………..…………………………………..……….……..Appellant (Currently Known As Bothra Shipping Services Pvt. Ltd.) Room No. 10 2Nd Floor “Sagar Estate 2 Clive Ghat Street Kolkata – 700 107 [Pan : Aadfb 8479 P] Assistant Commissioner Of Income Tax, Central Circle-1(1), Kolkata.…….......….......Respondent Appearances By: Shri Naresh Jain & Mrs. Arati Debnath, Ar, Appeared On Behalf Of The Assessee. Shri G. Mallikarjuna, Cit, D/R. Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : June 26Th, 2018 Date Of Pronouncing The Order : July 31St , 2018 Order Per J. Sudhakar Reddy, Am :- All These Appeals Filed By The Assessee Are Directed Against The Separate Orders Passed U/S 144C R.W.S. 143(3) Of The Income Tax Act, 1961 (In Short The ‘Act’). As The Issues Arising In All These Appeals Are Common, For The Sake Of Convenience They Are Heard Together & Disposed Off By Way Of This Common Order. 2. Brief Facts Of This Case Are Brought Out By The Ld. Drp At Page 1 Of His Order Which Is Extracted For Ready Reference:- Bothra India Is Engaged In The Business Of Handling Bulk Cargoes. Its Activities Include Vessel Handling, Stevedoring & Cargo Handling, Clearing & Forwarding & Other Port Related Activities. Jaldhi Overseas Pte Ltd ('Jaldhi Overseas') Engages Bothra India For Vessel Handling At The Port, To Provide Various Vessel Related Services Until The Vessel

section 274 r.w.s. 271 of the Act. The Appellant therefore prays that the Ld. AO be directed to delete the initiation of penalty proceedings u/s. 274 r.w.s. 271 of the Act. The Appellant craves leave to add to and/or to alter, amend, rescind, modify the grounds herein above or produce further documents before or at the time of hearing

M/S. PRICEWATERHOUSECOOPERS PRIVATE LIMITED,KOLKATA vs. ACIT, CIR-2(2), KOLKATA, KOLKATA

Bench: Shri S.S.Godara & Shri, M. Balaganeshassessment Year :2012-13 M/S Pricewaterhousecoopers V/S. Acit, Circle-2(2), Pvt.Ltd., Block-Ep, Plot-Y-14, Aayakar Bhavan, P-7, Salt Lake City, Sector-V, Chowringhee Square, Kokata-91 Kokata-69 [Pan No.Aabcp 9181 H] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Kanchan Kaushal, Ar अपीलाथ" क" ओर से/By Appellant Shri P.K. Srihari, Cit-Dr ""यथ" क" ओर से/By Respondent 14-06-2018 सुनवाई क" तार"ख/Date Of Hearing 12-09-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee’S Appeal For Assessment Year 2012-13 Arises Against The Asstt. Commissioner Of Income Tax, Circle-2(2), Kolkata’S Assessment Order Dated 30.01.2017, Involving Proceedings Section 144C R.W. 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. 2. The Assessee Appellant’S First Substantive Ground Raised In The Instant Appeal Challenge Correctness Of Transfer Price Adjustment Amounting To ₹345,51,562/- In Course Of Assessment As Pertaining To Its International Transactions With Its Overseas Associate Enterprise (Ae). This Assessee Is A Company Providing Consultancy Including Tax & Regulatory Services. It Filed Its Return On 30.11.2012 Stating Total Income Of ₹51,62,16,310/-. This Followed Its Revised Return Dated 31.03.2014 Reducing Its Taxable Income To ₹49,87,12,700/-. The Assessing Officer Took Up Scrutiny. He Came Across

transfer pricing adjustment back to the TPO for afresh adjudication. We therefore leave it open for him to adjudicate all factual as well as legal issues; as the case may be in consequential proceedings. The assessee’s former five substantive grounds to this effect are accepted for statistical purposes. 18. The assessee’s next substantive ground pleads that

DCIT, CC-4(4), KOLKATA, KOLKATA vs. M/S ELECTROSTEEEL CASTINGS LTD., KOLKATA

In the result, all the appeals of revenue are dismissed

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Transfer Pricing Officer ('TPO') under sub-section (I) of section 92CA of the Act. Notice under sub- section (2) of section 92CA of the Act was issued by the TPO calling for various information and details from the assessee. On the scheduled dates of hearing, the assessee filed detailed submissions/ information/ explanations, as requisitioned by the TPO. After considering

DCIT, CC-4(4), KOLKATA, KOLKATA vs. M/S ELECTROSTEEEL CASTINGS LTD., KOLKATA

In the result, all the appeals of revenue are dismissed

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Transfer Pricing Officer ('TPO') under sub-section (I) of section 92CA of the Act. Notice under sub- section (2) of section 92CA of the Act was issued by the TPO calling for various information and details from the assessee. On the scheduled dates of hearing, the assessee filed detailed submissions/ information/ explanations, as requisitioned by the TPO. After considering

DCIT, CC-4(4), KOLKATA, KOLKATA vs. M/S ELECTROSTEEEL CASTINGS LTD., KOLKATA

In the result, all the appeals of revenue are dismissed

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Transfer Pricing Officer ('TPO') under sub-section (I) of section 92CA of the Act. Notice under sub- section (2) of section 92CA of the Act was issued by the TPO calling for various information and details from the assessee. On the scheduled dates of hearing, the assessee filed detailed submissions/ information/ explanations, as requisitioned by the TPO. After considering

DCIT, CC-4(4), KOLKATA, KOLKATA vs. M/S ELECTROSTEEEL CASTINGS LTD., KOLKATA

In the result, all the appeals of revenue are dismissed

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Transfer Pricing Officer ('TPO') under sub-section (I) of section 92CA of the Act. Notice under sub- section (2) of section 92CA of the Act was issued by the TPO calling for various information and details from the assessee. On the scheduled dates of hearing, the assessee filed detailed submissions/ information/ explanations, as requisitioned by the TPO. After considering

DCIT, CC-4(4), KOLKATA, KOLKATA vs. M/S ELECTROSTEEEL CASTINGS LTD., KOLKATA

In the result, all the appeals of revenue are dismissed

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Transfer Pricing Officer ('TPO') under sub-section (I) of section 92CA of the Act. Notice under sub- section (2) of section 92CA of the Act was issued by the TPO calling for various information and details from the assessee. On the scheduled dates of hearing, the assessee filed detailed submissions/ information/ explanations, as requisitioned by the TPO. After considering

SUVAPRASANNA BHATTACHARYA,KOLKATA vs. ACIT, CIRCLE - 55, KOLKATA, KOLKATA

In the result, appeal filed by assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Waseem Ahmedassessment Year :2006-07 Suvaprasanna Bhatacharya V/S. Acit, Circle-55, Bh-167, Salt Lake, Sector- 54/1, Rafi Ahmed Ii, Kolkata-700 016 Kidwai Road, [Pan No.Aedpb 2611 R] Kolkata – 700 016 .. अपीलाथ" /Appellant ""यथ"/Respondent

274 and 275; (vii) the proceedings for initiation of penalty proceeding cannot be set aside only on the ground that the assessment order states ‘penalty proceedings are initiated separately’ if otherwise, it conforms to the parameters set out hereinabove are met. The prayers made in the writ petitions are thus rejected with the caveat that provisions

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

274 read with section 270A of the Act was issued on 08.09.2022. Subsequently, notices/reminder letters were issued on various dates but there was no response from the assessee. Accordingly, the Ld. AO imposed a penalty u/s 270A of the Act amounting to (i) Rs. 1,00,18,578/- at the rate of 200% of tax payable on under-reported income

ZAFAR IQBAL,SILIGURI vs. DCIT, CIRCLE - 1, SILIGURI, SILIGURI

In the result, the appeal filed by the assessee is partly allowed for\nstatistical purposes

274.\nSame view has been expressed in the following cases also\nCIT vs. Smt. Virenda P. Issac (2011) 64 DTR (Kar HC) 376\nCIT vs. Jagtar Singh Chawla (2013) 87 DTR (P&H) 217\nIt has been held in Jagan Nath Singh Lodha vs. ITO, (2004) 85 TTJ (Jd) 173\n{relying on the decisions of apex court

DCIT, CIR-12(1), KOLKATA, KOLKATA vs. M/S BENGAL AMBUJA HOUSING DEVELOPMENT LTD., KOLKATA

In the result, the both appeals of the Revenue are dismissed

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

price realization for each phase differed significantly. We also note that the completion of each phase was certified by the architect on different dates and the relevant certificates were furnished before the lower authorities. Having regard to these foundational facts and the judicial decisions cited above, we therefore do not find merit in the Revenue’s arguments to the effect

M/S. PHILIPS INDIA LIMITED,KOLKATA vs. ACIT, CIRCLE - 12(2), , KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawali.T.A. No.2308/Kol/2019 Assessment Year: 2004-05 M/S Philips India Limited.….............……….........…..........….…… Appellant 3Rd Floor, Tower A, Dlf Park, 08 Block Af, Major Arterial Road, New Town (Rajarhat), Kolkata-700156. [Pan: Aabcp9487A] Vs. Acit, Circle-12(2), Kolkata.......….....……........…...…...…..…..... Respondent Appearances By: Shri Ketan K Ved, Ca, Appeared On Behalf Of The Appellant. Shri Amal Kamat, Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : November 17, 2022 Date Of Pronouncing The Order : February 06, 2023 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 31.07.2019 Of The Assessing Officer (In Short The ‘A.O’) Passed U/S 92Ca(3) & 144C Read With Section 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) In Pursuance Of The Directions Of The Dispute Resolution Panel (Drp) Dated 14.05.2019. 2. At The Outset, The Ld. Counsel For The Assessee Has Submitted That The Impugned Assessment Order Framed By The Assessing Officer Is Null & Void Being Framed Without Passing Of Draft Assessment Order. That The Assessing Officer Without Passing Of Draft Assessment Order & Without Giving Opportunity To The Assessee To File Objections Against The Said Draft Assessment Order As Per Provisions To Section 144C Of The

274 of the Act dated 29.11.2018 are withdrawn. Vide same letter, I.T.A. No.2308/Kol/2019 Assessment Year: 2004-05 M/s Philips India Limited the AO enclosed the impugned draft assessment order passed on 21.12.2018. 3.5 In terms of the provisions of section 144C(1) of the Act, after reference to the TPO on the transfer pricing

SRI SURYA PRAKASH BAGLA,KOLKATA vs. DCIT, CEN. CIR-VII, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 398/Kol/2014 Assessment Year : 2010-11 Shri Surya Prakash Bagla -Vs- Dcit, Central Circle-Vii, Kolkata [Pan: Aebpb 4558 F] (Appellant) (Respondent)

section 2(42A) of the Act, the Board, in case of transactions take place directly between the parties and not through stock exchanges, the date of contract for sale as declared by the parties shall be treated as the date of transfer, provided it is followed up by actual delivery of shares and the transfer deeds. In view of this

DCIT, CIRCLE - 6,, KOLKATA vs. LOKNATH SARAF SECURITIES LTD.,, KOLKATA

In the result, to sum up ITA No

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

price fluctuations; or (iii) a contract entered into by a member of a forward market or a stock exchange in the course of any transaction in the nature of jobbing or arbitrage to guard against loss which may arise in the ordinary course of his business as such member. The following clause (d) inserted after clause (C) in the proviso

ANIL KUMAR PAIK ,KOLKATA vs. ACIT, CIR-8(1), KOL, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 492/Kol/2023 Assessment Year: 2017-18 Anil Kumar Paik Acit, Circle-8(1), Kolkata C/O S.N. Ghosh & Associates, Advocates Vs 2, Garstin Place, 2Nd Floor Suite No. 203 Off Hare Street Kolkata - 700001 [Pan : Aflpp6567R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri B.K. Singh, Jcit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 01/12/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/02/2024 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi (Hereinafter The “Ld. Cit(A)”) Dt. 15/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal:- “1. For That The Ld. Commissioner, Of Income Tax (Appeals)- N.F.A.C. Acted Unlawfully In Impliedly Sustaining; The Purported Addition Of Rs. 1,67.44,907/- Made The Ld. Assistant Commissioner, Of Income Tax, Circle 8(1) Kolkata By Invoking The Mischief U/S. 43Ca Of The Income Tax Act, 1961 Without Satisfying The Parameters Thereof & The Adverse Conclusion Reached On That Behalf In Violation Of The Statutory Prescription Is Completely Unfounded, Unjustified & Untenable In Law. 2. For That The Specious Approach Of The Ld. Commissioner Of Income Tax (Appeals)-N.F.A,C. Of Misreading Evidence, Considering Improper Facts

274, the Division Bench of this Court had an occasion to consider the value of the flat in case of sale by the Developer in the context of section 50C and section 56(2)(vii)(b)(ii) of the Act. The Division Bench observed thus: "3. Regarding question No. (i): ** ** ** (f) It is self evident from reading of section

ANIL KUMAR PAIK,KOLKATA vs. ACIT, KOLKATA

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

Bench: Shri Sanjay Garg, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 468/Kol/2023 Assessment Year: 2016-17 Anil Kumar Paik Acit, Circle-8(1), Kolkata C/O S.N. Ghosh & Associates, Advocates Vs 2, Garstin Place, 2Nd Floor Suite No. 203 Off Hare Street Kolkata - 700001 [Pan : Aflpp6567R] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Somnath Ghosh, Advocate Revenue By : Shri P.P. Barman, Addl. Cit, Sr. D/R सुनवाई क" तारीख/Date Of Hearing : 21/09/2023 घोषणा क" तारीख /Date Of Pronouncement: 29/11/2023 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The National Faceless Appeal Centre, Delhi (Hereinafter The “Ld. Cit(A)”) Dt. 15/03/2023, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act”) For The Assessment Year 2016-17. 2. The Assessee Has Raised The Following Grounds Of Appeal:-

274, the Division Bench of this Court had an occasion to consider the value of the flat in case of sale by the Developer in the context of section 50C and section 56(2)(vii)(b)(ii) of the Act. The Division Bench observed thus: "3. Regarding question No. (i): ** ** ** (f) It is self evident from reading of section