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ITAT - Where principal business of company was trading in shares, in view of by Finance Act 2014 with retrospective effect from 1-4-1988, assessee won't be deemed as carrying on speculative business. Explanation to section 73 was not applicable to assessee's case.
Jalan Cement Works Ltd. v. Commissioner of Income-tax, Kolkata-1
(2016) TaxCorp(LJ) 11700 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51769&Category=ITAT&CategoryType=Zip
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ITAT - No disallowance can be made u/s 40A(2) towards salary and professional fees paid to the relative of a director of the company as assessee had duly provided the complete details of nature of services rendered.
M/s. Divakar Solar System Ltd. Versus Deputy Commissioner of Income-tax
(2016) TaxCorp(LJ) 11694 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53602&Category=ITAT&CategoryType=Zip
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ITAT - No addition on foreign exchange gain on restatement of liability as the same is contingent gain.
DCIT, Circle-12, 3, Govt. Place (West), Kolkata-1 Versus Usha Martin Telematics Limited
(2016) TaxCorp(LJ) 11684 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53544&Category=ITAT&CategoryType=Zip
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ITAT - Since television set was installed in the office of the assessee, it was used for the purpose of the business of the assessee and depreciation thereon was rightly claimed.
Arpan Kumar Ghosh Versus Income Tax Officer
(2016) TaxCorp(LJ) 11660 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53528&Category=ITAT&CategoryType=Zip
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ITAT - Where purchases and payments made to many sundry creditors continuing from earlier years were accepted by AO then the same could not be treated as bogus.
Income-tax Officer, Ward-12(1), Kolkata v. Standard Leather (P.) Ltd.
(2016) TaxCorp(LJ) 11653 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53522&Category=ITAT&CategoryType=Zip
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ITAT - Since provision of loan and guarantee was not that of a lender or guarantor, but to protect assessee's investment interest, no TP adjustment for corporate guarantee.
Tega Industries Ltd. v. Deputy Commissioner of Income Tax, Circle-12
(2016) TaxCorp(LJ) 11642 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53503&Category=ITAT&CategoryType=Zip
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ITAT - Where assessment for relevant years had already been completed under section 143(1) and no incriminating material was found in course of search relating to amount deposited in foreign bank, no addition can be made for such deposit.
Bishwanath Garodia v. Deputy Commissioner of Income-tax , Central Circle-3(3), Kolkata
(2016) TaxCorp(LJ) 11641 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53502&Category=ITAT&CategoryType=Zip
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ITAT - Use of multiple year data and adopting weighted average data of comparables is permissible only in respect of international transactions entered into on or after 1-4-2014 as per amendment to rule 10B and rule 10CA of 1962 Rules.
Lee Hours Pomeroy Architects v. Deputy Commissioner of Income-tax, (IT), Cir-1 (2), Kolkata
(2016) TaxCorp(LJ) 11623 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenINTL.aspx?ID=10699&Category=INTLDecisions&CategoryType=Zip
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ITAT - On failure of AO to cut the irrelevant portion of the printed Show cause notice, it was not clear whether it was issued for furnishing of inaccurate particulars of income or concealment of particulars of such income. Penalty deleted.
Vaibhav Tulsyan Versus I.T.O Ward 29 (4), Kolkata
(2016) TaxCorp(LJ) 11539 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=52197&Category=ITAT&CategoryType=Zip
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ITAT - Cash payments (in excess of ₹ 20,000 on each occasion) to purchase stock-in-trade to the agent (wholesale licensee) would fall under the exception provided in rule 6DD(k) of the Rules.
Ramnagar Pachwai and C.S. (S) Shop Versus Income-Tax Officer
(2016) TaxCorp(LJ) 11538 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50706&Category=ITAT&CategoryType=Zip
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ITAT - TDS u/s 192 and not sec. 194C is applicable on payment of wages to the labourers.
ITO Ward-2 (2), Hooghly Versus Ratna Mukherjee (L/h of Late Kamal Mukherjee)
(2016) TaxCorp(LJ) 11516 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=52153&Category=ITAT&CategoryType=Zip
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ITAT - Denial of loss suffered on handling charges - Since the impugned disallowance is made on assumptions and surmises the same is deleted.
Arabinda Kundu Versus I.T.O., Ward-49 (1), Kolkata
(2016) TaxCorp(LJ) 11502 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51286&Category=ITAT&CategoryType=Zip
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ITAT - The issue of additional depreciation could not be examined by the AO in assessment proceedings u/s 153A.
Ujjal Transport Agency vs. CIT
(2016) TaxCorp(LJ) 11452 (ITAT-KOLKATA) · Section. 153A
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ITAT - The cost of inflation index should be made applied with reference to the year in which the capital asset was first acquired by the previous owner.
ITO Ward-23 (3) , Kolkata Versus Sudip Roy
(2016) TaxCorp(LJ) 11430 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51872&Category=ITAT&CategoryType=Zip
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ITAT - Revaluation of an asset which an assessee continues to hold is not a taxable event and does not give rise to any taxable capital gains. Revaluation at market value results in notional imaginary profit which cannot be taxed.
I.T.O., Ward-1 (4) Kolkata Versus M/s. Orchid Griha Nirman Pvt. Ltd.
(2016) TaxCorp(LJ) 11429 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51873&Category=ITAT&CategoryType=Zip
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ITAT - There is sufficient cause for the assessee for noncompliance with the requirement of Section 285BA till the notice was served. No penalty u/s 271FA for delay of 561 days in furnishing AIR u/s 285BA.
Durgapur Steel Peoples’ Cooperative Bank Limited Versus Director of Income Tax (Intelligence and Criminal Investigation), Kolkata
(2016) TaxCorp(LJ) 11418 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51503&Category=ITAT&CategoryType=Zip
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ITAT - Sale & purchase of shares in F&O market which was undertaken to safe guard the loss in holdings of stocks and shares against price fluctuations is not speculative in nature.
DCIT, Circle-6, Kolkata Versus Nariman Finvest Pvt. Ltd. And Vice-Versa
(2016) TaxCorp(LJ) 11417 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51801&Category=ITAT&CategoryType=Zip
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ITAT - Since no material whatsoever was found in the course of search, the question of allowing additional depreciation or not could not have been subject matter of proceedings u/s 153A.
M/s. Ujjal Transport Agency Versus CIT, Central-II, Kolkata
(2016) TaxCorp(LJ) 11408 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51869&Category=ITAT&CategoryType=Zip
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ITAT - Cost inflation index for year 1981 to be adopted while computing capital gains on sale during AY 2007-08 of ‘inherited’ property.
ITO. vs. Sudip Roy
(2016) TaxCorp(LJ) 11401 (ITAT-KOLKATA) · Section. 48
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ITAT - Management fees received by a company of Finland rendered to its Indian group company not taxable FTS under the provisions of Article 13 of India-Finland DTAA.
Outotec Oyj vs. DDIT(International Taxation)
(2016) TaxCorp(LJ) 11376 (ITAT-KOLKATA)
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