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ITAT - No TDS on remission of employee training expenses to overseas parent by an Indian company for payment to a overseas training agency (i.e. third party) as the same is not reimbursement.
Ershisanye Construction Group India Private Limited vs. DCIT
(2017) TaxCorp(LJ) 12857 (ITAT-KOLKATA)
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ITAT - Assessee is always obliged to prove the receipt of share capital with premium etc. to the satisfaction of the AO, failure of which calls for addition u/s 68.
M/s. Classic Flour & Food Processing Pvt. Ltd. Versus C.I.T., Kol-IV, Kolkata
(2017) TaxCorp(LJ) 12823 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55972&Category=ITAT&CategoryType=Zip
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ITAT - Notice under section 143(2) not issued by the jurisdictional Income-tax Officer but issued by the Assistant Commissioner of Income-tax. Therefore the notice is invalid and consequently the assessment framed by the Income-tax Officer becomes void.
Krishnendu Chowdhury Versus Income-Tax Officer
(2017) TaxCorp(LJ) 12777 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54620&Category=ITAT&CategoryType=Zip
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A disallowance u/s 14A & Rule 8D has to be made even in respect of securities that are held as stock-in-trade by the assessee. However, the disallowance has to be computed by taking into consideration only those shares which have yielded dividend income in the year under consideration
Kalyani Barter (P) Ltd. vs. ITO
(2017) TaxCorp(LJ) 12583 (ITAT-KOLKATA) · Section. 14A
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ITAT - Revenue cannot take undue advantage of the ignorance of the assessee or genuine mistake committed by the assessee and is always duty bound to assess only the real income of the assessee.
C.P.L. Tannery Versus ACIT (CPC), Bangalore
(2017) TaxCorp(LJ) 12571 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55444&Category=ITAT&CategoryType=Zip
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ITAT - Forex losses (pre search period) are business losses and are allowed to be set off u/s 70(1) with the income surrendered during search.
D.C.I.T., Central Circle-XIX, Kolkata Versus M/s. Atha Mines Pvt. Ltd.
(2017) TaxCorp(LJ) 12570 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55443&Category=ITAT&CategoryType=Zip
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ITAT - No doubt, if the person (payer) who had to make payments to the non-resident had defaulted in deducting the tax at source from such payments, the non- resident is not absolved from payment of taxes thereupon. However, in such a case, the non-resident is liable to pay tax and the question of payment of advance tax would not arise.
A.D.I.T. (International Taxation) -3 (1) Kolkata Versus M/s. White Industries Australia. Ltd. And Vice-Versa
(2017) TaxCorp(LJ) 12569 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55441&Category=ITAT&CategoryType=Zip
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ITAT - Since the principal business of the Assessee was giving of loans and advances therefore the Assessee was outside the mischief of Explanation to Sec.73.
I.T.O., Ward-12 (3), Kolkata Versus Amrabathi Investra Pvt. Ltd.
(2017) TaxCorp(LJ) 12568 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55440&Category=ITAT&CategoryType=Zip
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ITAT - Depreciation available on plant and machinery installed at customer's site free of cost. Not necessary to install at the assessee s factory premises and it can be said that the equipments were used for the purpose of assessee s business.
D.C.I.T., Circle-11, Kolkata Versus M/s. Nalco Water India Ltd.
(2017) TaxCorp(LJ) 12567 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55439&Category=ITAT&CategoryType=Zip
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ITAT - Since the claim of depreciation is not payment or expenditure in strict sense but the same is statutory allowance, so strictly the claim of depreciation will not be covered u/s 40(a)(ia). There is no question of deducting the TDS on capital expenditure..
DCIT, Central Circle-VII, Kolkata Versus M/s Saltee Infrastructure Ltd. and Vice-Versa
(2017) TaxCorp(LJ) 12488 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55231&Category=ITAT&CategoryType=Zip
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ITAT - Provision of section 40(a)(ia) of the Act are applicable not only to the amounts which is shown as payable on the date of balance sheet but it is applicable to such expenditure which becomes payable at any time during the relevant previous year and was actually paid within the previous year.
I.T.O., Ward-8 (3) , Kolkata Versus M/s. Ruia Sons Pvt. Ltd. Kolkata
(2017) TaxCorp(LJ) 12308 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54843&Category=ITAT&CategoryType=Zip
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ITAT - Provisions for interest on turnover tax is determined as an ascertained liability and once it is so, the same cannot be added to the book profit u/s. 115J.
Kesoram Industries Limited (Successor of Hindustan Heavy Chemicals Ltd.) Versus Assistant Commissioner of Income-tax, Central Circle-X, Kolkata, Deputy Commissioner of Income-tax, Circle-4, Kolkata
(2017) TaxCorp(LJ) 12307 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54845&Category=ITAT&CategoryType=Zip
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ITAT - No addition of unexplained purchases u/s 68 on the basis of a witness who examined at the back of the assessee.
Veda Commercial Pvt. Ltd. Versus Addl. CIT, Range-10, Kolkata, Income Tax Officer, Kolkata
(2017) TaxCorp(LJ) 12300 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54822&Category=ITAT&CategoryType=Zip
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ITAT - Retention money cannot be regarded as income even for the purpose of book profits u/s.115JB even though credited in the profit and loss account.
D.C.I. T-Circle-1, Kolkata Versus M/s. McNally Bharat Engineering Co. Ltd. and Vice-Versa
(2017) TaxCorp(LJ) 12294 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54835&Category=ITAT&CategoryType=Zip
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ITAT - The absence of the word “erroneous order” u/s 263 is not very fatal where order of the AO was erroneous because the AO failed to make proper enquiries which were warranted in the facts and circumstances of the case.
M/s. Neelakantha Commosales Pvt. Ltd. Versus Commissioner of Income Tax, Kolkata-I, Kolkata
(2017) TaxCorp(LJ) 12289 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54802&Category=ITAT&CategoryType=Zip
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ITAT - Entry relating to the loss of cash at the end of financial year is not a very vital circumstance. Thus the claim of the assessee for loss on account of cash destroyed by fire allowed as deduction.
M/s. Aparna Agency Ltd. Versus I.T.O., Ward-12 (3), Kolkata
(2017) TaxCorp(LJ) 12287 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54805&Category=ITAT&CategoryType=Zip
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ITAT - No TDS U/S 195 as amount paid for grant of license is not in the nature of royalty within the meaning of the DTAA and also there was no PE in India.
I.T.C. Limited Versus A.D.I.T.(I.T.) -2 (1), Kolkata
(2017) TaxCorp(LJ) 12286 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54806&Category=ITAT&CategoryType=Zip
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ITAT - On the very same material which was available when the original assessment proceedings u/s 143(3) were completed, the AO has sought to reopen the assessment proceedings u/s 148 merely on the basis of change of opinion.
D.C.I. T-Circle-1, Circle-1 (2) , Kolkata Versus M/s. Gloster Jute Mills Ltd. and Vice-Verssa
(2017) TaxCorp(LJ) 12285 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54807&Category=ITAT&CategoryType=Zip
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ITAT - If deposit of unutilized capital gain is made within the time limit made in Sec.139(4) of the Act, the deduction u/s 54G cannot be denied.
D.C.I.T. Circle-6, Kolkata Versus M/s. Kilburn Engineering Ltd.
(2017) TaxCorp(LJ) 12284 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54809&Category=ITAT&CategoryType=Zip
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ITAT - No TDS u/s 195 TDS on software payments to a Singaporean company as the same not royalty under Article 12(3) of India-Singapore DTAA. Assessee has a right to use the computer software but no right to use copyright in the computer software.
I.T.C. Limited vs. ADIT
(2017) TaxCorp(LJ) 12274 (ITAT-KOLKATA)
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