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ITAT - Deduction u/s 43B is allowed even where no sales tax liability was shown in the balance sheet where the same has been paid before due date of filing of return.
D.C.I.T, CC-V, Kolkata Versus M/s. Sai Iron India Ltd and Vica-Versa
(2016) TaxCorp(LJ) 11333 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51727&Category=ITAT&CategoryType=Zip
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ITAT - Where the association’s primary purpose was advancement of objects of general public utility it would remain charitable even if an incidental or ancillary activity or purpose, for achieving the main purpose was profitable in nature. Proviso to section 2(15) not applicable.
D.C.I.T (E) , Cir-I, Kolkata Versus Indian Chamber of Commerce
(2016) TaxCorp(LJ) 11323 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51706&Category=ITAT&CategoryType=Zip
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ITAT - Magnitude of transactions carried out by the assessee should not be very material in coming to the conclusion that income in question is income from business.
Shree Padmasagar Exports Pvt. Ltd. Versus Deputy Commissioner of Income Tax, Circle-5, Kolkata
(2016) TaxCorp(LJ) 11264 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51629&Category=ITAT&CategoryType=Zip
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ITAT - Since broker was not suspended during the period, when the transactions for sale & purchase of the shares taken place, the suspension of the broker by SEBI will not hold the transaction invalid. Loss on shares allowed.
Pavil lion Commercial Pvt. Ltd. Versus ITO Ward-5 (2), Kolkata
(2016) TaxCorp(LJ) 11188 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51489&Category=ITAT&CategoryType=Zip
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ITAT - Where AO failed to make inquiries about difference of TDS as per 26AS and TDS as declared in Return, revision order u/s 263 is valid.
M/s. PBN Construction (P) Ltd., Siliguri Versus Pr. C.I.T. - Siliguri
(2016) TaxCorp(LJ) 11187 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51490&Category=ITAT&CategoryType=Zip
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ITAT - Depositing cash into the Bank Account of Supplier against issue / purchasers of Country Spirit is not evasion of tax. No additions u/s 40A(3). Genuineness of the transactions being free from vice of any device of evasion of tax is relevant consideration.
Smt. Shila Mondal Versus Commissioner of Income Tax (Appeals) Asansol, Office of the ITO, Ward-2 (2) , Asansol
(2016) TaxCorp(LJ) 11186 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51491&Category=ITAT&CategoryType=Zip
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ITAT - TDS certificate even though issued in the name of the previous owner of the bond, still the fact remains that the assessee has not claimed credit for TDS in any other assessment year. Credit allowed.
I.T.O., Ward-31 (1), Kolkata Versus M/s. Bata India Ltd. Employees Statutory Provident Fund, Kolkata
(2016) TaxCorp(LJ) 11173 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51433&Category=ITAT&CategoryType=Zip
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ITAT - The monies received by the assessee are only trade advances and the same has been proved by the assessee as a genuine credit. Cannot be the subject matter of addition u/s 68.
Income-tax Officer, Wd-3 (4), Kolkata Versus M/s. Chitravali Sales (P) Ltd. and Vica-Versa
(2016) TaxCorp(LJ) 11148 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51399&Category=ITAT&CategoryType=Zip
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ITAT - The disallowance made u/s 14A cannot be imputed in the computation of book profits u/s 115JB.
Deputy Commissioner of Income-tax, Circle-3, Kolkata Versus M/s. Surya Alloys Industries Ltd.
(2016) TaxCorp(LJ) 11147 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51400&Category=ITAT&CategoryType=Zip
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ITAT - Where assessee retail vendor had made cash payment to the wholesale licensee agent, same would fall under the exception provided in Rule 6DD(k) of the Rules.
Tushar Kanti Banerjee Versus Income-tax Officer, Wd-1 (2), Asansol
(2016) TaxCorp(LJ) 11118 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51342&Category=ITAT&CategoryType=Zip
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ITAT - Company was treated as deemed owner for the limited purpose of claiming of depreciation. Therefore, company never became the owner of the land and building. As such, sale proceeds received by Director of the company is taxable in the hands of Director and not in the hands of assessee-company.
DCIT, Circle-1, Kolkata Versus M/s Ajanta Fine Foods Pvt. Ltd.
(2016) TaxCorp(LJ) 11054 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50186&Category=ITAT&CategoryType=Zip
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ITAT - If it is found that the assessee was accepting bogus donations, then that fact can only lead to an inference that the activities of the trust are not genuine or are not carried out in accordance with the objects of the trust. Continuance of registration under section 12A denied.
Dr. B.G. Memorial Trust Versus Commissioner Of Income-Tax (Exemption)
(2016) TaxCorp(LJ) 10916 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50336&Category=ITAT&CategoryType=Zip
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ITAT - No disallownce u/s 40A(3) in view of Rule 6DD as assessee made cash deposits directly in payee’s bank account.
Ramnagar Pachwai & C.S. (S) Shop vs. ITO
(2016) TaxCorp(LJ) 10862 (ITAT-KOLKATA) · Section. 40A(3)
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ITAT - Assessee's “bonafide ignorance” of relevant provisions (filing AIR) as sufficient cause for non-compliance accepted. No penalty u/s 271FA for delay in furnishing annual information return u/s 285BA.
Malda District Central Co-op Bank Ltd. vs. DIT
(2016) TaxCorp(LJ) 10791 (ITAT-KOLKATA)
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ITAT - Since relationship between assessee and the stockists was of principal to principal holds that disbursal of prize monies on lottery tickets was not in the nature of commission as defined in clause (i) of Explanation to Sec. 194H so as to attract the provision of section 40(a)(ia) r.w.s 194G.
Future Distributors vs. PCIT
(2016) TaxCorp(LJ) 10789 (ITAT-KOLKATA)
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ITAT - Revenue’s attempt of resorting to Explanation 1 to Sec. 147 by holding that “Explanation-1 to Sec.147 cannot be read in a manner so as to override Proviso to Sec.147.
Epcos India Pvt. Ltd. vs. ACIT
(2016) TaxCorp(LJ) 10748 (ITAT-KOLKATA) · Section. 147
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ITAT - If the AO fails to make an enquiry on an issue, which in the given facts and circumstances of the case, calls for an enquiry then the order of the AO should held to be erroneous and prejudicial to the interest of the revenue.
M/s. SPML Infra Ltd. Versus Pr. C.I.T. -3, Kolkata
(2016) TaxCorp(LJ) 10703 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50396&Category=ITAT&CategoryType=Zip
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ITAT - In absence of primarily evidence of nature of services rendered for which commission was paid is not on record, it is not possible to ascertain whether the expenditure was wholly and exclusively incurred for the purpose of business.
I.T.O., Ward-7 (1) , Kolkata Versus M/s. Hitech Visual Channel Pvt. Ltd.
(2016) TaxCorp(LJ) 10683 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50270&Category=ITAT&CategoryType=Zip
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ITAT - Show cause notice u/s. 274 does not spell out the grounds on which the penalty is sought to be imposed, no penalty u/s 271(1)(c).
Bengal Infertility and Reproductive Therapy Hospital Pvt. Ltd. Versus A.C.I.T., Central Circle-VII, Presently DCIT-C. C. VII. Kolkata
(2016) TaxCorp(LJ) 10669 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50251&Category=ITAT&CategoryType=Zip
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ITAT - Non filing of tax audit report and non filing of return in time by placing reliance on erstwhile Accountant is not reasonable cuase. Penalty u/s. 271B and 271F confirmed.
M/s. Laxmi Vayaapar Pvt. Ltd. Versus Income-tax Officer, Wd-3 (4), Kolkata
(2016) TaxCorp(LJ) 10668 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50252&Category=ITAT&CategoryType=Zip
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