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S. 50C + S. 10(38) Bogus Penny Stocks Capital Gains: (i) Though the 3rd Proviso to s. 50C, which provides a safe harbour of 5%, applies w.e.f. 01.04.2019, it must be interpreted to apply since the insertion of s. 50C (01.04.2003) because it is curative and removes an incongruity and avoids undue hardship to assesseess (ii) LTCG from penny stocks cannot be treated as bogus if the documentation is in order and no fault is found by the AO
Chandra Prakash Jhunjhunwala vs. DCIT
(2019) TaxCorp(LJ) 19880 (ITAT-KOLKATA) · Section 50C
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A.O has nowhere in the assessment order referred to any material which can prove the complicity of assessee in the alleged accommodation entry operation.
MS. AYUSHI JAIN VERSUS ITO, WARD – 22 (4), KOLKATA
(2019) TaxCorp(LJ) 19876 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=77023&Category=ITAT&CategoryType=Zip
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Income tax has to be levied on real income and on correct facts. It cannot be levied based on patently incorrect facts or estimates.
Shri Shyam Sundar Rawat Vs Income Tax Officer
(2019) TaxCorp(LJ) 19869 (ITAT-KOLKATA)
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Where loan and advance is given in return to an advantage (interest) then provisions of section 2(22)(e) does not apply.
ACIT, CC-1 (2) , KOLKATA VERSUS CORPORATE ISPAT ALLOYS LTD.
(2019) TaxCorp(LJ) 19855 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=76966&Category=ITAT&CategoryType=Zip
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As the third proviso relates to 'determination of value of property', and it is only a procedural amendment and not a substantive amendment which is normally prospective in nature.
Chandra Prakash Jhunjhunwala Vs DCIT, CC-3(4)
(2019) TaxCorp(LJ) 19825 (ITAT-KOLKATA) · Section 50C
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The assessee-company having received money as shareholder on the liquidation of a Company, Sec. 46(2) is clearly applicable and the capital gain or loss is required to be computed by applying the said provision.
Turner Morrison Limited Vs DCIT
(2019) TaxCorp(LJ) 19771 (ITAT-KOLKATA) · Section 46(2)
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It has not been shown that the assessee’s sales at any time in the past exceeded the threshold monetary limit required for tax audit. An assessee would normally heed to the advice by his counsel, who, it is stated, failed to advise him in the matter.
PANKAJ BHOTIKA VERSUS ITO, WARD-46 (2), KOLKATA
(2019) TaxCorp(LJ) 19762 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=76631&Category=ITAT&CategoryType=Zip
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It is now well settled that the expression “sufficient cause” is to be construed liberally in order to advance the substantial cause of justice and not strictly to defeat it.
ALIT KUMAR SARKAR VERSUS INCOME TAX OFFICER, WARD-1 (1), SILIGURI
(2019) TaxCorp(LJ) 19683 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=76462&Category=ITAT&CategoryType=Zip
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AO / CIT(A) has not made any negative/adverse remarks or finding against the aforesaid documents produced before the AO. However, they have brushed aside these documents and has relied heavily upon the general investigation report of the department, which has not found any wrong doing on the part of the assessee or her broker who sold the shares.
SMT. ANITA AGARWAL VERSUS ITO, WARD – 34 (3), KOLKATA
(2019) TaxCorp(LJ) 19606 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=76227&Category=ITAT&CategoryType=Zip
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The hoardings are temporary structures and are made with angles of steel and iron rods to affix them to the ground since these are vulnerable to rain, storm, theft and other damages. As such, affixation of the same using steel angles and iron rods was a necessity else the assessee would have not received any advertising orders. To receive advertising orders, these hoardings were required to be maintained by the assessee in a good quality condition.
ABHISHEKH KEJRIWAL VERSUS ACIT, CIRCLE-45, KOLKATA
(2019) TaxCorp(LJ) 19598 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=76191&Category=ITAT&CategoryType=Zip
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The appellant had furnished the copies of contract notes, Demat statement, Bank Statement, broker’s ledger. The transactions in listed shares took place through a registered share broker, namely M/s. Sosha Credit Pvt. Ltd. The purchase of shares was acquired through public offer by way of direct subscription in Initial Public offering.
SMT. APARNA MISRA VERSUS ITO, WARD – 23 (4), KOLKATA
(2019) TaxCorp(LJ) 19588 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=76184&Category=ITAT&CategoryType=Zip
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On perusal of the above Instruction, it is noted that the CBDT had only informed the field officers that a button 'Penny Stock' has been added on their Individual Transaction Screen to display information related to penny stock, including the investigation report of the Kolkata Investigation Directorate.
TANISH DEALERS PVT. LTD. VERSUS PRINCIPAL COMMISSIONER OF INCOME-TAX, CIRCLE-4, KOLKATA.
(2019) TaxCorp(LJ) 19587 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=76185&Category=ITAT&CategoryType=Zip
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Where only one of the streams of income from the 'source' was granted exemption by the Legislature upon fulfilment of specified conditions, then the concept of 'income' includes 'loss' would not apply.
United Investments Vs ACIT
(2019) TaxCorp(LJ) 19580 (ITAT-KOLKATA) · Section 10(38)
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ITAT - Revision u/s 263 - since interest on late deposit of VAT, service tax, TDS etc are allowable expenditure u/s 37(1), the AO has taken a possible view - order passed by the AO u/s 143(3) is neither erroneous nor prejudicial to the interest of Revenue and cannot be held to be unsustainable in law - revision quashed
M/S. EMDEE DIGITRONICS PVT. LTD. VERSUS PR. CIT-4, KOLKATA
(2019) TaxCorp(LJ) 19567 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=76133&Category=ITAT&CategoryType=Zip
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Merely because the transactions had taken place with the related parties, the same cannot be construed as a colorable device.
Apeejay Surrendra Corporate Services Pvt. Ltd Vs DCIT
(2019) TaxCorp(LJ) 19546 (ITAT-KOLKATA)
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Since the housing or other activities should be integral part of highway project in order to claim deduction u/s 80IA(4). Therefore, deduction u/s. 80IA(4) to State Corporation undertaking township project is denied.
West Bengal Housing Infrastructure Development Corporation Vs DCIT
(2019) TaxCorp(LJ) 19522 (ITAT-KOLKATA) · Section 80IA(4)
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For applying provision u/s 56(2)(viib) receipt of share-application money, not share-allotment is relevant.
M/s. Diach Chemicals & Pigments Pvt.Ltd., Vs ACIT
(2019) TaxCorp(LJ) 19509 (ITAT-KOLKATA)
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As per Rule 11UA(2), deduction of revaluation reserve is not required while calculating FMV of shares .
Jupiter International Vs DCIT
(2019) TaxCorp(LJ) 19485 (ITAT-KOLKATA)
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ITAT - Cancellation of Registration u/s 12AA(3) - For cancellation u/s 12AA(3) is that the activities of the trust should not be genuine or the activities of the trust are not being carried out in accordance with the objects of the trust. There is neither an allegation in the impugned order nor finding that any of the aforesaid conditions exist in the case of the assessee. Order is quashed.
SHIVLAL ZADIADEVI JAN-KALYAN NIDHI VERSUS COMMISSIONER OF INCOME-TAX (EXEMPTION), KOLKATA.
(2019) TaxCorp(LJ) 19472 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=75891&Category=ITAT&CategoryType=Zip
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ITAT - Since It was only account of disallowance of the forex loss u/s 37(1) that the returned loss stood converted into positive business income and as a consequence, the assessee became eligible to claim deduction, therefore statutory bar provided in Section 80A(5) did not operate as there was no “failure” on the assessee’s part to claim deduction.
M/S. DIC FINE CHEMICALS PVT. LTD. VERSUS DCIT, CIRCLE – 11 (1), KOLKATA
(2019) TaxCorp(LJ) 19469 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=75852&Category=ITAT&CategoryType=Zip
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