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

OD6 IA No. GA. 2 of 2020 GA No. 317 of 2020 ITA No. 45 of 2020

IN THE HIGH COURT AT CALCUTTA

SPECIAL JURISDICTION (INCOME TAX) CIVIL APPELLATE JURISDICTION ORIGINAL SIDE Principal Commissioner of Income Tax - 2, Kolkata

Versus

M/s. West Bengal Agro Industries Corporation Ltd. Before:

The Hon'ble Justice I. P. MUKERJI And The Hon'ble Justice MD. NIZAMUDDIN Date: 4th January 2021 Appearance:

Mr. S. N. Dutta, Advocate Mr. M. N. Bandopadhyay, Advocate for the appellant Mr. J. P. Khaitan, Sr. Advocate Mr. Samrat Bagaria, Advocate Ms. Sarmila Das, Advocate The Court: This appeal is misconceived.

We have perused the reasons given by the learned tribunal in paragraph 4 of its impugned order dated 18th July 2018. It has ruled that section 43B(d) has no application to the loan taken by the assessee from the government. As the loan in question was taken by the respondent assessee 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/-" in respect of the said loan.

We are of the view that the tribunal has made a very plausible interpretation 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 of law.

Accordingly we dismiss the appeal (ITA 45 of 2020) and the connected application (GA No. 317 of 2020).

(I. P. MUKERJI, J.) (MD. NIZAMUDDIN, J.) R. Bose