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

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

section 144C(5) of the Act vide order dated 28.07.2017 after making, inter alia, the following additions:- (i) Transfer Pricing Adjustment Rs.8,82,53,801

NLC NALCO INDIA LTD.,KOLKATA vs. ACIT, CIRCLE - 11, KOLKATA, KOLKATA

In the result, the appeal of assessee in ITA No

Bench: Shri Mahavir Singh, Jm& Shri Waseem Ahmed, Am]

section 36(1) (vii) of the Act with respect to the same. Reference made by Ld. Counsel for the assessee to the judgment of Hon'ble Supreme Court in the case of TRF Ltd v CIT 323 ITR 397 (SC) wherein Hon'ble Supreme Court has held that post 1st April, 1989 it is not necessary for any assessee

N L C NALCO INDIA LTD PREVIOUSLY KNOWN AS ONDEO NALCO INDIA LTD.,KOLKATA vs. ACIT, CIR - 11, KOLKATA, KOLKATA

In the result, the appeal of assessee in ITA No

Bench: Shri Mahavir Singh, Jm& Shri Waseem Ahmed, Am]

section 36(1) (vii) of the Act with respect to the same. Reference made by Ld. Counsel for the assessee to the judgment of Hon'ble Supreme Court in the case of TRF Ltd v CIT 323 ITR 397 (SC) wherein Hon'ble Supreme Court has held that post 1st April, 1989 it is not necessary for any assessee

M/S AKZO NOBEL INDIA LTD.,KOLKATA vs. DCIT, CIR-10, KOLKATA, KOLKATA

In the result appeal by the Revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am]

Section 92 of the Act, “international transaction” means a transaction between two or more associated enterprises, either or both of whom are non-residents, in the nature of purchase, sale or lease of tangible or intangible property, or provision of services, or lending or borrowing money, or any other transaction having a bearing on the profits, income, losses or assets

DCIT, CIR-10, KOLKATA, KOLKATA vs. M/S AKZO NOBEL INDIA LTD., KOLKATA

In the result appeal by the Revenue is dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am]

Section 92 of the Act, “international transaction” means a transaction between two or more associated enterprises, either or both of whom are non-residents, in the nature of purchase, sale or lease of tangible or intangible property, or provision of services, or lending or borrowing money, or any other transaction having a bearing on the profits, income, losses or assets

EMAMI INDRASTRUCTURE LIMITED,KOLKATA vs. ITO, WD-12(1), KOLKATA, KOLKATA

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

section 45 (2A) have no applicability in the case of the assessee. Further, as per the provisions of sec 45 (2A) the transfer of shares held by the depository on behalf of the client will not be taxed in the hands of the depository but will be taxed in the hands of the beneficial owner of the said shares

M/S ADHUNIK INFRASTRUCTURE PVT. LTD.,KOLKATA vs. JCIT, RG-10, KOLKATA, KOLKATA

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

Bench: Hon’Ble Shri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No.1281 /Kol/2015 Assessment Year : 2010-11

801 A to the extent of RS.65,41,560/- if the appellant claim such deduction at any appellate stage.” 9. We have heard the rival submissions and perused the materials available on record. The disallowance of claim of deduction u/s 80IA of the Act for Rs.80,39,696 has been made holding that the said provisions do not apply

OVERTOP VINCOM PRIVATE LIMITED ,KOLKATA vs. ITO, WARD - 7(2), KOLKATA , KOLKATA

Bench: Shri P.M.Jagtap, Vice- & Shri S.S.Godaraassessment Year: 2012-13

transfers. "The role of the revenue authorities in tackling the menace of laundering black money was commented by the learned author as follows:- "It has to be kept in view that India has a problem of black. economy, which is unaccounted and many a time the holders of black money' also launder the black money in order to acquire legitimate

KAMAL SINGH KUNDALIA,SILIGURI vs. I.T.O., WARD - 1(4), SILIGURI, SILIGURI

Appeal is allowed

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2014-15 Kamal Sinigh Kundalia V/S. Income Tax Officer, C/O Pradip Lakhotia, 2Nd Ward-1(4), Aayakar Floor, Metro Plaza, Sf Bhawana, Matigara, Road, Siliguri-734005 Siliguri-734010 [Pan No.Akupk 1029 R] .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Dhiraj Lakhotia, Ar अपीलाथ" क" ओर से/By Appellant Shri Robin Choudhury, Addl-Cit-Dr ""यथ" क" ओर से/By Respondent 07-02-2019 सुनवाई क" तार"ख/Date Of Hearing 08-05-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Assessee’S Appeal Arises Against The Commissioner Of Income Tax (Appeals)-Siliguri’S Order Dated 29.08.2017 Passed In Case No.49/Cit(A)/Slg/2016-17, Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short ‘The Act’. Heard Both The Parties. The Assessee’S Detailed Paper Book Comprising Of Bank Statement (For The Period Of 01.04.2011 To 31.03.2012), Share Certificate In This Taxpayer’S Name Dated 31.12.2011, Allotment Letter Of 15,000 Shares Of Cressanda Solutions After Due Approval Of Hon'Ble Bombay High Court Dated 21.02.2013, Show-Cause Notice, Demat Account With The Broker Firm & Contract Notes Etc.; Stands Perused.

transfer of those recitals, the taxing authorities were entitled to look into the surrounding circumstances to find out the reality of such recitals. Science has not yet invented any instrument to test the reliability of the evidence placed before a Court or Tribunal. Therefore, the Courts and the Tribunals ITA No.2359/Kol/2017 A.Y 2014-15 Kamal Singh Kundalia

DCIT,CENTRAL CIRCLE-5(1), KOLKATA,KOLKATA vs. M/S PRB SECURITIES PVT.LTD., KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Hon’Ble Shri A T Varkey, Jm & Shri M.Balaganesh, Am] I.T.A No. 211/Kol/2017 Assessment Year : 2013-14 Dcit, Circle-5(1), Kolkata -Vs- M/S Prb Securities Pvt. Ltd. [Pan: Aabcp 5425 G ] (Appellant) (Respondent)

section 143(3) of the Income Tax Act, 1961 (in short “the Act”) dated 22.03.2016 for the Assessment Year 2013-14. 2. The first issue to be decided in this appeal is as to whether the ld CITA was justified in disallowing the business loss treating the same as bogus loss in the sums

SMT. SUSHILA DEVI KAJARIA,KOLKATA vs. ACIT, CIRCLE - 36, KOLKATA , KOLKATA

Bench: Shri S.S, Godara

801) (SC) that the true nature of transaction have to be ascertained in the light of surrounding circumstances. It needs to be emphasized that standard of proof beyond reasonable doubt has no applicability in determination of matters under taxing statutes. In the present case, it is clear that apparent is not the real as evidenced from the investigation report. Further

NAVIN KUMAR KAJARIA,KOLKATA vs. ACIT, CIRCLE - 35, KOLKATA , KOLKATA

Bench: Shri S.S, Godara

801) (SC) that the true nature of transaction have to be ascertained in the light of surrounding circumstances. It needs to be emphasized that standard of proof beyond reasonable doubt has no applicability in determination of matters under taxing statutes. In the present case, it is clear that apparent is not the real as evidenced from the investigation report. Further

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

801 7 2000-01 (514,294) 72,822 (587,116) 72,822 8 2001-02 27,909 94,638 (66,729) 66,729 9 2002-03 372,096 283,715 88,381 0 (1,721,267) 685,136 (2,006,398) 373,512 Less: Amount of deferred tax asset created for the 158,117 first time in the year crediting

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

801 7 2000-01 (514,294) 72,822 (587,116) 72,822 8 2001-02 27,909 94,638 (66,729) 66,729 9 2002-03 372,096 283,715 88,381 0 (1,721,267) 685,136 (2,006,398) 373,512 Less: Amount of deferred tax asset created for the 158,117 first time in the year crediting

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

801 7 2000-01 (514,294) 72,822 (587,116) 72,822 8 2001-02 27,909 94,638 (66,729) 66,729 9 2002-03 372,096 283,715 88,381 0 (1,721,267) 685,136 (2,006,398) 373,512 Less: Amount of deferred tax asset created for the 158,117 first time in the year crediting

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

801 7 2000-01 (514,294) 72,822 (587,116) 72,822 8 2001-02 27,909 94,638 (66,729) 66,729 9 2002-03 372,096 283,715 88,381 0 (1,721,267) 685,136 (2,006,398) 373,512 Less: Amount of deferred tax asset created for the 158,117 first time in the year crediting

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

801 7 2000-01 (514,294) 72,822 (587,116) 72,822 8 2001-02 27,909 94,638 (66,729) 66,729 9 2002-03 372,096 283,715 88,381 0 (1,721,267) 685,136 (2,006,398) 373,512 Less: Amount of deferred tax asset created for the 158,117 first time in the year crediting

DCIT, CIRCLE - 7, KOLKATA, KOLKATA vs. VODAFONE ESSAR EAST LIMITED, KOLKATA

343/K/2009 04-05 Revenue dismissed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

801 7 2000-01 (514,294) 72,822 (587,116) 72,822 8 2001-02 27,909 94,638 (66,729) 66,729 9 2002-03 372,096 283,715 88,381 0 (1,721,267) 685,136 (2,006,398) 373,512 Less: Amount of deferred tax asset created for the 158,117 first time in the year crediting