ALMATIS ALUMINA PRIVATE LTD,KOLKATA vs. DCIT, CIRCLE-8(1), KOLKATA, KOLKATA

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

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.726&2361/Kol/2017 ("नधा"रणवष" / Assessment Years: 2012-13& 2013-14)

section 144C(13)/143(3) of the Income tax Act, 1961. 8. As per the Transfer pricing (TP) document furnished by the assessee for the A.Y. 2012-13, the assesseecompany has entered into the following international transactions with its Associated Enterprises (AEs). Nature of services Amount (Rs.) Purchase of raw material 88,41,91,807/- Purchase of traded or finished

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

56,650/- and for AY 2015-16, the return was filed on 28.11.2015 reporting total income of Rs.169,46,76,330/-. For both the years. the returns were selected for scrutiny assessment through CASS for which statutory notices were issued and duly served on the assessee and were duly complied in the course of assessment proceedings. The assessee is engaged

ACIT, CIRCLE - 2(1), KOLKATA , 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

56,650/- and for AY 2015-16, the return was filed on 28.11.2015 reporting total income of Rs.169,46,76,330/-. For both the years. the returns were selected for scrutiny assessment through CASS for which statutory notices were issued and duly served on the assessee and were duly complied in the course of assessment proceedings. The assessee is engaged

MADHU JAYANTI INTERNATIONAL LIMITED,KOLKATA vs. DCIT, CIRCLE - 4(1), KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 214/Kol/2016 Assessment Year : 2011-12 Madhu Jayanti International Ltd. -Vs- Dcit, Cc-4(1), Kolkata [Pan: Aabcm 7502 R] (Appellant) (Respondent)

section 144C(5) of the Act dated 15.10.2015 for the Asst Year 2011-12. 2. Though the assessee had raised several grounds of appeal before us with regard to the transfer pricing addition, the only effective issue to be decided in this appeal is with regard to the determination of the Most Appropriate Method (MAM) in the instant case

GAURAV VINIMAY PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(1),, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

section 56(2)(viia) of the Act were introduced with effect from 01.06.2010 to stop the transfer of shares below the fair market value. It was stated that only an allotment of share comes into existence and the shares were allotted, the price

NEWAGE VINIMAY PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(2), KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

section 56(2)(via) of the Act was introduced as an anti-abuse provision to prevent the practice of transferring shares of a private company for no or in adequate consideration. In the present case, it is an admitted fact that shares were allotted to appellant at a price

DCIT, CENTRAL CIRCLE - 4(4), KOLKATA, KOLKATA vs. M/S. ELECTROSTEEL CASTINGS LIMITED., KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

transfer pricing provisions in Chapter X was required. 5.1.4 The aforesaid claim finds strength from the following judgments:  ITAT(Delhi) in case of Kohinoor Foods Ltd. Vs. ACIT[67 SOT 108]  Delhi High Court in case of CIT Vs. Cotton Naturals (I) Pvt. Ltd, [276 CTR 475]  ITAT (Ahmedabad) in case of Micro Links Ltd. [157 TTJ 289]  ITAT(Delhi

M/S. ELECTROSTEEL CASTING LIMITED.,KOLKATA vs. DCIT, CENTAL CIRCLE - 4(4), KOLKATA, KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

transfer pricing provisions in Chapter X was required. 5.1.4 The aforesaid claim finds strength from the following judgments:  ITAT(Delhi) in case of Kohinoor Foods Ltd. Vs. ACIT[67 SOT 108]  Delhi High Court in case of CIT Vs. Cotton Naturals (I) Pvt. Ltd, [276 CTR 475]  ITAT (Ahmedabad) in case of Micro Links Ltd. [157 TTJ 289]  ITAT(Delhi

M/S. ELECTROSTEEL CASTING LIMITED.,KOLKATA vs. DCIT, CENTAL CIRCLE - 4(4), KOLKATA, KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

transfer pricing provisions in Chapter X was required. 5.1.4 The aforesaid claim finds strength from the following judgments:  ITAT(Delhi) in case of Kohinoor Foods Ltd. Vs. ACIT[67 SOT 108]  Delhi High Court in case of CIT Vs. Cotton Naturals (I) Pvt. Ltd, [276 CTR 475]  ITAT (Ahmedabad) in case of Micro Links Ltd. [157 TTJ 289]  ITAT(Delhi

DCIT, CENTRAL CIRCLE - 4(4), KOLKATA, KOLKATA vs. M/S. ELECTROSTEEL CASTINGS LIMITED., KOLKATA

Bench: Shri S. S. Godara, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./I.T.A Nos.138 & 139/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) M/S. Electrosteel Castings Ltd. Vs. Dcit, Central Circle-4(4), Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Assessee) .. (Revenue) & आयकरअपीलसं./I.T.A Nos.191 & 192/Kol/2018 ("नधा"रण वष" / Assessment Year: 2012-13 & 2013-14) Dcit, Central Circle-4(4), Vs. M/S. Electrosteel Castings Ltd. Kolkata. 19, G. K. Tower, Camac Street, Kolkata – 700 017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaace 4975 B (Revenue) .. (Assessee)

transfer pricing provisions in Chapter X was required. 5.1.4 The aforesaid claim finds strength from the following judgments:  ITAT(Delhi) in case of Kohinoor Foods Ltd. Vs. ACIT[67 SOT 108]  Delhi High Court in case of CIT Vs. Cotton Naturals (I) Pvt. Ltd, [276 CTR 475]  ITAT (Ahmedabad) in case of Micro Links Ltd. [157 TTJ 289]  ITAT(Delhi

MILK MANTRA DAIRY (P) LTD.,BHUBANESWAR vs. DCIT, CIR.-12(1), KOLKATA

In the result, the appeal of the assessee is partly allowed

Bench: Shri Aby T. Varkey & Shri Girish Agrawalassessment Year: 2013-14 Milk Mantra Dairy Pvt. Ltd. Deputy Commissioner Of Pan: Aagcm1112L Income-Tax Vs. 7Th Floor, Z Tower, Patia Circle-12(1) Nandan Kanan Road, Kolkata. Bhubaneswar-751024. (Appellant) (Respondent) Present For: Appellant By : Shri Rajib Sharma & Shri Jai Somani, Ars Respondent By : Shri Sudipta Guha, Cit, Dr Date Of Hearing : 05.04.2022 Date Of Pronouncement : 04.07.2022 O R D E R Per Girish Agrawal: This Appeal By The Assessee Is Arising Out Of The Order Of Cit(A)-4, Kolkata In Appeal No. 491/Cit(A)-4/16-17 Dated 03.02.2020 Against The Assessment Order Of Dcit, Circle-12(1), Kolkata Passed U/S. 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As The “Act”) Dated 13.01.2017. 2. There Is A Delay Of 73 Days In Filing The Present Appeal For Which A Petition For Condonation Of Delay Is Placed On Record. From The Condonation Petition, We Note That The Present Appeal Ought To Have Been Filed On Or Before 17.04.2020 Which Falls During The Lockdown Period On Account Of Pandemic Of Covid-19. It Is Requested By The Assessee That Since It Is Prevented By Sufficient & Reasonable Cause, The Delay Of 73 Days In Filing The Appeal May Be Condoned & Appeal Be Admitted For Meritorious Disposal. We Have Heard Both The Sides & Find That Vide Order Dated 10.01.2022, Hon’Ble Supreme Court Has Directed That The Period From 15.03.2020 To 28.02.2022 Is To Be Excluded For The Purpose Of Computing The 2 Milk Mantra Dairy (P) Ltd. A.Y. 2013-14 Limitation Period During The Covid-19 Pandemic. Further, A Period Of 90 Days Is Allowed After 28.02.2022 Vide Same Order. Considering The Facts & The Explanation Of The Assessee, We Condone The Delay In Filing The Appeal & Admit It For Adjudication.

price of equity shares in the sum of Rs.17,45,07,000/- u/s. 56(2)(vii)(b) of the Act as income from other sources. Ld. AO adopted the figures from the audited Balance Sheet of the assessee as on 31.03.2012 for calculating the FMV of equity shares by applying NAV method and calculated it at negative Rs.294/-. Since

D.C.I.T.,CIRCLE-6(1), KOLKATA vs. SHRI SAROJ KUMAR PODDAR, KOLKATA

In the result, the appeal of the Revenue is dismissed as not maintainable

Bench: Shri J. Sudhakar Reddy, Hon’Ble & Shri Aby T. Varkey, Hon’Ble]

56(2)(vii) of the Act. He subm the taxability of the compensation u/s 56(2)(vii) of the Act. He submits that the averments of its that the averments of the special counsel before the Tribunal were his personal/private views and not the views of the special counsel before the Tribunal were his personal/private views and not the views

DCIT, CIR-12(2), KOLKATA, KOLKATA vs. M/S. TEGA INDUSTRIES LTD., KOLKATA

In the result, the Cross Objections filed by the assessee (in C

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

transfer of the commodity or scrips : Provided that for the purposes of this section,-- (a) a contract in respect of raw materials or merchandise entered into by a person in the course of his manufacturing or merchanting business to guard against loss through future price fluctuations in respect of his contracts for actual delivery of goods manufactured

DCIT, CIR-12(2), KOLKATA, KOLKATA vs. M/S. TEGA INDUSTRIES LTD., KOLKATA

In the result, the Cross Objections filed by the assessee (in C

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

transfer of the commodity or scrips : Provided that for the purposes of this section,-- (a) a contract in respect of raw materials or merchandise entered into by a person in the course of his manufacturing or merchanting business to guard against loss through future price fluctuations in respect of his contracts for actual delivery of goods manufactured

DCIT, CIR-12(2), KOLKATA, KOLKATA vs. M/S. TEGA INDUSTRIES LTD., KOLKATA

In the result, the Cross Objections filed by the assessee (in C

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

transfer of the commodity or scrips : Provided that for the purposes of this section,-- (a) a contract in respect of raw materials or merchandise entered into by a person in the course of his manufacturing or merchanting business to guard against loss through future price fluctuations in respect of his contracts for actual delivery of goods manufactured

DCIT/ACIT, CIRCLE-6(2), KOLKATA, KOLKATA vs. M/S. EMAMI LIMITED, KOLKATA

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

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.1065 & 1066/Kol/2017 ("नधा"रणवष" / Assessment Years: 2011-12& 2012-13)

section 92C, the arm’s length price in relation to an international transaction shall be determined by any of the following methods, being the most appropriate method, in the following manner, namely: (a) comparable uncontrolled price method, by which,— (i) the price charged or paid for property transferred or services provided in a comparable uncontrolled transaction, or a number

DCIT/ACIT, CIRCLE-6(2), KOLKATA, KOLKATA vs. M/S. EMAMI LIMITED, KOLKATA

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

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.1065 & 1066/Kol/2017 ("नधा"रणवष" / Assessment Years: 2011-12& 2012-13)

section 92C, the arm’s length price in relation to an international transaction shall be determined by any of the following methods, being the most appropriate method, in the following manner, namely: (a) comparable uncontrolled price method, by which,— (i) the price charged or paid for property transferred or services provided in a comparable uncontrolled transaction, or a number

MADHUR COAL MINING PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(1),, KOLKATA

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

Bench: Shri George Mathan & Shri Rakesh Mishra

section 56(2)(via) of the Act was introduced as an anti- abuse provision to prevent the practice of transferring shares of a private company for no or in adequate consideration. In the present case, it is an admitted fact that shares were allotted to appellant at a price

M/S. TCG LIFESCIENCES PRIVATE LIMITED.,KOLKATA vs. ACIT, CIRCLE-11(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is partly allowed

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri S.S. Viswanethra Ravi

Transfer 6 A.Y. 2013-2014 M/s. TCG Lifesciences Pvt. Limited Pricing Adjustment made on account of interest by treating the investment made by the assessee in the share capital of Associated Enterprises as deemed loans is squarely covered in favour of the assessee by the decision of the Tribunal rendered in assessee’s own case for A.Y. 2010-11 vide