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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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ITAT - Information is not synonymous to truth - AO simply on the basis of the investigation report of DIT (Inv.) has jumped into conclusion that there is an escapement of income which is erroneous since it does not satisfy the jurisdictional fact and law for reopening as envisaged u/s. 147.
SHRI UDIT KUMAR DUGAR VERSUS INCOME-TAX OFFICER, WARD-36 (4), KOLKATA
(2019) TaxCorp(LJ) 19212 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=74997&Category=ITAT&CategoryType=Zip
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ITAT - AO had made the enquiry or verification as required in the facts of the case to ascertain the applicability of section 2(22)(e) - Revision u/s 263 not valid.
M/S. MANIPUR TEA CO. PVT. LIMITED VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX, KOLKATA
(2019) TaxCorp(LJ) 19211 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=74998&Category=ITAT&CategoryType=Zip
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ITAT - Salary received by individual in his NRE A/c in India for services rendered in Nigeria is not taxable in India on receipt basis u/s. 5(2) despite services rendered outside India.
Deepak Kumar Todis Vs DDIT, International Taxation, Circle-1(1)
(2019) TaxCorp(LJ) 19125 (ITAT-KOLKATA)
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S. 68 Bogus Share Capital: The judgement in PCIT vs. NRA Iron & Steel 103 TM.com 48 (SC) is distinguishable on facts & does not apply to a case where the assessee has discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants by producing the PAN details, bank account statements, audited financial statements and Income Tax acknowledgments and the investors have shown the source of source & personally appeared before the AO in response to s. 131 summons
Baba Bhootnath Trade & Commerce Ltd vs. ITO
(2019) TaxCorp(LJ) 18031 (ITAT-KOLKATA) · Section 68
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ITAT - Future development expense allowable to the real estate developer in respect of completed projects based on the project completion method.
M/s. Ashiana Housing Limited Vs DCIT
(2019) TaxCorp(LJ) 16882 (ITAT-KOLKATA)
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ITAT - Adhoc disallowance of 30% made by the AO out of business promotion expenses without making any enquiry whatsoever from the parties to whom the said expenses were paid by the assessee is not sustainable.
ACIT, CIRCLE - 31 KOLKATA VERSUS M/S. AB CAPITAL
(2019) TaxCorp(LJ) 16871 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=71079&Category=ITAT&CategoryType=Zip
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ITAT - Show cause notice issued u/s 274 does not specify the charge against the assessee as to whether it is for concealing particulars of income or furnishing inaccurate particulars of income - Penalty u/s 271(1)(c) not sustained.
SEIKH BONI ISRAIL VERSUS ITO, WARD – 48 (3) KOLKATA
(2019) TaxCorp(LJ) 16739 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=70692&Category=ITAT&CategoryType=Zip
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S. 10(38) Bogus long-term capital gains from penny stocks: If the assessee has filed evidences for (a) purchase of shares, (b) payment by account payee cheque, (c) balance sheet disclosing investments, (d) demat statement (e) evidence of sale of shares through stock exchange, (e) bank statement reflecting sale receipts, (f) brokers ledger, (g) Contract Notes etc, the gains cannot be treated as bogus on human probabilities, suspicion, conjectures and surmises (All contra judgements distinguished)
Mahavir Jhanwar vs. ITO
(2019) TaxCorp(LJ) 16652 (ITAT-KOLKATA) · Section 10(38)
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ITAT - TDS u/s 194J is not applicable to a person who is not a qualified professional and who is an accountant writing the accounts.
NIKHIL CHANDRA MITRA VERSUS INCOME TAX OFFICER, WARD-49 (4), KOLKATA
(2019) TaxCorp(LJ) 16561 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=70009&Category=ITAT&CategoryType=Zip
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ITAT - Short-fall OR excess of TDS payment - Assessee is entitled for adjustment of the excess deposit of TDS made in the earlier year against the TDS payable for the subsequent year/(s).
STEEL AUTHORITY OF INDIA LIMITED VERSUS DEPUTY COMMISSIONER OF INCOME TAX (TDS), CIRCLE-4, DURGAPUR
(2019) TaxCorp(LJ) 16554 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=69993&Category=ITAT&CategoryType=Zip
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ITAT - Penalty u/s 271AAB(1)(a) is attracted automatically where a search and seizure operation is carried out in which the assessees have surrendered the amount u/s 132(4).
KOLKATA HOME PRODUCTS (P.) LTD., RAJ KUMAR MISRA AND OTHERS (HUF), SUSIL KUMAR MISRA, SONS (HUF), GOODWILL COMMERCIAL COMPANY PVT. LTD., MISRA CONSTRUCTION PVT. LTD. VERSUS DCIT, CENTRAL CIRCLE-1 (4)
(2019) TaxCorp(LJ) 16553 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=69994&Category=ITAT&CategoryType=Zip
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ITAT - Software development expenditure for application software is revenue in nature.
INCOME-TAX OFFICER, WD-2 (3) , KOLKATA VERSUS I.T.C. INFOTECH INDIA LTD.
(2018) TaxCorp(LJ) 16232 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=68757&Category=ITAT&CategoryType=Zip
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ITAT - Merely because trust was engaged in some unauthorized activity does not mean that it is not entitled to claim benefit u/s 80G by treating donation as bogus.
M/S. M.K. SHAH EXPORTS LTD. VERSUS A.C.I.T, CIRCLE-4 (1) , KOLKATA
(2018) TaxCorp(LJ) 16117 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=68229&Category=ITAT&CategoryType=Zip
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ITAT - No penalty u/s 271(1)(c) for capital gains not disclosed by assessee on switch over of investment from one Mutual Fund scheme to another.
Kamalesh Basu Vs CIT(A)-XVI
(2018) TaxCorp(LJ) 16049 (ITAT-KOLKATA)
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