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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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There is no such provision either in the Act or even in the relevant Rules to round off the valuation of shares at the next rupee.
Shresth Dealers Pvt. Ltd Vs ITO
(2019) TaxCorp(LJ) 19445 (ITAT-KOLKATA) · Section 56(2)(viib)
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Income arising from sale of designs and drawings, cannot be classified as royalty / FTS.
Outotec (Finland) Oy Vs DCIT(International Taxation)
(2019) TaxCorp(LJ) 19383 (ITAT-KOLKATA)
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Since original 'reopening reasons' are dropped, therefore re-assessment based on new ground is disallowed.
Aryan Mining & Trading Corporation Ltd Vs Deputy Commissioner of Income-tax, Central Circle-2(2)
(2019) TaxCorp(LJ) 19354 (ITAT-KOLKATA)
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ITAT - Since developer-SPV was promoted by Housing Board, notional rentals cannot be charged u/s. 23 as assessee is not 'owner'.
Bengal DCL Housing Development Vs DCIT
(2019) TaxCorp(LJ) 19332 (ITAT-KOLKATA) · Section 23
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Natural Justice: The assessee cannot be kept in the dark. Adverse statements or materials cannot be kept away from his eyes. If the AO intends to use it to draw adverse inference/finding, the assessee should be provided the adverse material/statements in order to rebut/cross examine the provider/maker of the adverse material. Failure to do so is a serious flaw which renders the assessment a nullity (All imp judgements referred)
Rashmi Metaliks Ltd vs. DCIT
(2019) TaxCorp(LJ) 19252 (ITAT-KOLKATA)
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ITAT - Reopening of assessment u/s 147 - Unless in the order u/s 147 the AO makes addition on the ‘foundational’ issue for which the reason was recorded, the AO is not permitted to make addition in respect of ‘any other issue’ for which reason was not recorded prior to issue of the notice.
DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-12 (1) , KOLKATA VERSUS M/S. DOTEX MERCHANDISE PVT. LTD. AND (VICE-VERSA)
(2019) TaxCorp(LJ) 19213 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=74996&Category=ITAT&CategoryType=Zip
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