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ITAT - Retention money to be excluded from book profits for the purposes of MAT calculation u/s. 115JB.
Mcnally Bharat Engg. Co. Ltd. Vs. DCIT
(2017) TaxCorp(LJ) 12272 (ITAT-KOLKATA)
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ITAT - Assessee is old aged and disclosure of amounts in revised and payment of taxes thereon and taking into consideration the submissions, facts and circumstances of the case, penalty u/s. 271(1)(c) is cancelled.
Dr. Kalyan Chaudhuri Versus Income Tax Officer, Ward 19 (3) , Kolkata
(2017) TaxCorp(LJ) 12267 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54782&Category=ITAT&CategoryType=Zip
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ITAT - Where delay in appointment of auditors was by the co-operative department, no penalty u/s 271B as appointment is not in the control of the assessee.
Arambagh Co-op Agricultural Marketing Society Ltd Versus Asstt. Commissioner of Income-tax, Circle-1, West Bengal
(2017) TaxCorp(LJ) 12266 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54781&Category=ITAT&CategoryType=Zip
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Entire law on Permanent Establishment, Force of Attraction principle, taxability of software embedded in hardware as royalty, make available of technical services etc explained (all important judgements referred)
HITT Holland Institute of Traffic Technology B.V. vs. DDIT
(2017) TaxCorp(LJ) 12184 (ITAT-KOLKATA)
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ITAT - Certificate u/s 197 of the Act is with reference to the person to whom the income is paid and is not with reference to any sum as may be specified in the certificate.
M/s. Twenty First Century Securities Ltd. Versus I.T.O. Ward-59 (4) (TDS) Kolkata
(2017) TaxCorp(LJ) 12116 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54472&Category=ITAT&CategoryType=Zip
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ITAT - Since no installation activity happened during the relevant AY, PO did not constitute installation PE, therefore profits arising out of off-shore supply of equipments was not taxable in India.
HITT Holland Institute of Traffic Technology B.V. vs DDIT
(2017) TaxCorp(LJ) 12113 (ITAT-KOLKATA)
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ITAT - Once the certificate u/s 197(2) is issued for lesser/no TDS deduction, the person making the payment is at liberty to deduct tax at rates specified in the certificate and it does not make any reference to any income specified in such certificate.
Twenty First Century Securities Ltd. Vs I.T.O.
(2017) TaxCorp(LJ) 12111 (ITAT-KOLKATA) · Sections 197, 201(1A)
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ITAT -No TDS u/s 194H on payment made by the assessee to the Hawkers.
Abhijit Majumder Versus Income Tax Officer Ward- 4, Nadia
(2017) TaxCorp(LJ) 12109 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54451&Category=ITAT&CategoryType=Zip
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ITAT - Addition on account of undisclosed current assets was part of gross receipt and as shown income in the profit and loss account, thus, it can not become an addition again bringing the same for taxation for not following the principles of accountancy.
Susanta Biswas Versus Income Tax Officer Ward 50 (4), Kolkata
(2017) TaxCorp(LJ) 12097 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54425&Category=ITAT&CategoryType=Zip
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S. 10(38): If the AO has accepted the claim for exemption for long-term capital gains and conceded that the assessee is an "investor", he cannot change his stand and treat the assessee as a "trader" in respect of the claim of short-term capital gains alone
ITO vs. Dilip B. Desai HUF
(2017) TaxCorp(LJ) 12024 (ITAT-KOLKATA) · Section 10(38)
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Bogus capital gains from penny stocks: Long-term capital gains claimed exempt u/s 10(38) cannot be treated as bogus unexplained income if the paper work is in order. The fact that the Company whose shares were sold has violated SEBI norms and is not traceable does not mean that the assessee is at fault
Surya Prakash Toshniwal HUF vs. ITO
(2017) TaxCorp(LJ) 11907 (ITAT-KOLKATA) · Section 10(38)
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S. 9(1)(vii)/ Article 12: There is a difference between a 'contract of work' and a ‘contract of service’. In a 'contract of work', the activity is predominantly physical while in a 'contract of service', the dominant feature of the activity is intellectual. Fees paid with respect to a ‘contract of work’ does not constitute "fees for technical services" and consequently the assessee is not liable to deduct TDS u/s 195
ITO vs. Emami Paper Mills Ltd
(2017) TaxCorp(LJ) 11906 (ITAT-KOLKATA) · Section 9(1)(vii)
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ITAT - Both the tour expenses and fashion show expenses incurred by the assessee society would have to be construed as application of income.
Assistant Director of Income-tax (E) -1, Kolkata Versus Bhowanipur Gujarati Education Society
(2017) TaxCorp(LJ) 11865 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54009&Category=ITAT&CategoryType=Zip
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ITAT - No additio u/s sec. 40(a)(ia) for non-deduction of TDS while making payment on account of commission as the said commission was paid to his staff.
M/s D.D. Infotech Versus ITO, Ward-50 (1), Kolkata
(2017) TaxCorp(LJ) 11861 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54022&Category=ITAT&CategoryType=Zip
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ITAT - Merely interest has been disallowed does not mean that the assessee has filed inaccurate particulars of income. Also there is no finding that any details furnished by the assessee in its return were found to be incorrect or false.
M/s. Twenty First Century Securities Ltd Versus Income Tax Officer, Ward 4 (I), Kolkata
(2017) TaxCorp(LJ) 11860 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54025&Category=ITAT&CategoryType=Zip
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S. 143(2)/ 143(3): Proper service of the notice u/s 143(2) is mandatory and its failure renders the assessment order void. The fact that an unauthorized person appeared on behalf of the assessee before the AO does not mean that the notice was properly served
DCIT vs. M. K. Enterprise
(2016) TaxCorp(LJ) 11813 (ITAT-KOLKATA) · Sections 143(2), 143(3)
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ITAT - No Addition u/s 28(iv) for huge increase in the capital on account of revaluation of the jewellery as this is merely a book entry passed by the assessee.
I.T.O., Ward-46 (1) Kolkata Versus Shri Anupam Nandi
(2016) TaxCorp(LJ) 11759 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53748&Category=ITAT&CategoryType=Zip
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Penny Stocks: The fact that the stock is thinly traded and there is unusually high gain is not sufficient to treat the long-term capital gains as bogus when all the paper work is in order. The revenue has to bring material on record to support its finding that there has been collusion / connivance between the broker and the assessee for the introduction of its unaccounted money
Dolarrai Hemani vs. ITO
(2016) TaxCorp(LJ) 11731 (ITAT-KOLKATA)
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ITAT - The period of three or more years as specified in section 72A clearly signifies three or more calendar years and not certainly three or more previous years as defined in section 3.
Deputy Commissioner of Income-tax, Circle-8, Kolkata v. Unique International (P.) Ltd.
(2016) TaxCorp(LJ) 11719 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53678&Category=ITAT&CategoryType=Zip
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ITAT - Deduction under section 80JJA for bio-fertilizer business cannot be denied just because the assessee was doing the business in the land belonging to his father without sharing the profit with his other brother and sisters. The reasons for holding that there was no business were not correct.
Income Tax Officer Versus Bijaya Kumar Sahoo And Vice-Versa
(2016) TaxCorp(LJ) 11716 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53662&Category=ITAT&CategoryType=Zip
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