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ITAT - Quarry land & development is an intangible asset being in nature of license for commercial right and for which the prescribed rate of depreciation as per the Income Tax Rules is at 25%.
DCIT, CC-XI, Kolkata Versus M/s Himalaya Granites Pvt. Ltd.
(2017) TaxCorp(LJ) 13501 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=57618&Category=ITAT&CategoryType=Zip
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ITAT - Since assessee has paid tax on tax and not claimed exemption u/s 10(10CC) , there can not be any disallowance u/s 40(a)(v).
Asstt. DIT, International Taxation-1 (1) Kolkata Versus M/s. Joy Partnership And Vice-Versa
(2017) TaxCorp(LJ) 13406 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=57439&Category=ITAT&CategoryType=Zip
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ITAT - Salary accrued to non-resident seafarers for services rendered outside India on foreign ships shall not be included in the total income merely because such salary was credited in NRE account in India.
Shyamak Gopal Chattopadhyay. vs. DDIT (I.T.)
(2017) TaxCorp(LJ) 13007 (ITAT-KOLKATA)
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ITAT - Cash payments made to West Bengal State Electricity Distribution Company Limited (WBSEDCL) is covered by the exception Rule 6DD(b) - No disallowance u/s. 40A(3).
Narayan Rice Mill Versus Commissioner of Income-tax
(2017) TaxCorp(LJ) 13004 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=56547&Category=ITAT&CategoryType=Zip
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ITAT - TPO and the DRP were in error in holding that the nature of services rendered by ANPAP were in the nature of stewardship activity or shareholder activity. Charges paid by the Assessee to ANPAP are at Arm’s Length.
M/s. Akzo Nobel India Limited Versus D.C.I.T., Circle-10, Kolkata, And Vice-Versa
(2017) TaxCorp(LJ) 12961 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=56361&Category=ITAT&CategoryType=Zip
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ITAT - No adddition on account of gain on settlement of loan either u/s 28(iv) or 41(1) as the instant loan was not utilized for the trading liability of the assessee and therefore the waiver off the same cannot amount to income which is chargeable to tax.
M/s J.K. Lakshmi Cement Ltd. Versus DCIT, Central Circle-VI Kolktaa, And Vice-Versa
(2017) TaxCorp(LJ) 12953 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=56342&Category=ITAT&CategoryType=Zip
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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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