Principal Commissioner Of Income Tax – 2, Kolkata v. M/S. West Bengal Agro Industries Corporation Ltd

OD6 IA No. GA. 2 of 2020GA No. 317 of 2020ITA No. 45 of 2020IN THE HIGH COURT AT CALCUTTASPECIAL JURISDICTION (INCOME TAX)CIVIL APPELLATE JURISDICTIONORIGINAL SIDE Principal Commissioner of Income Tax – 2, KolkataVersusM/s. West Bengal Agro Industries Corporation Ltd. Before:The Hon'ble Justice I. P. MUKERJIAndThe Hon’ble Justice MD. NIZAMUDDINDate: 4[th] January 2021 Appearance:Mr. S. N. Dutta, AdvocateMr. M. N. Bandopadhyay, Advocatefor the appellantMr. J. P. Khaitan, Sr. AdvocateMr. Samrat Bagaria, AdvocateMs. Sarmila Das, Advocate The Court: This appeal is misconceived. We have perused the reasons given by the learned tribunal inparagraph 4 of its impugned order dated 18[th] July 2018. It has ruled thatsection 43B(d) has no application to the loan taken by the assessee fromthe government. As the loan in question was taken by the respondentassessee from the Government of West Bengal, it held that section 43B(d)was not applicable and allowed the “provision for Rs.15,02,64,000/-“ inrespect of the said loan. We are of the view that the tribunal has made a very plausibleinterpretation of the said section and applied it to the facts of the case. There is no question of law involved far less any substantial question oflaw. Accordingly we dismiss the appeal (ITA 45 of 2020) and theconnected application (GA No. 317 of 2020). (I. P. MUKERJI, J.) (MD. NIZAMUDDIN, J.) R. Bose