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ITAT - Merely because no explanation has been offered by the assessee , AO cannot automatically proceed to levy penalty as penalty proceeding is independent of assessment proceedings.
Manju Devi Dhanuka Versus Commissioner of Income-tax, Kolkata
(2016) TaxCorp(LJ) 10667 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50253&Category=ITAT&CategoryType=Zip
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ITAT - AO cannot mechanically apply the provisions of Rule 8D for the purpose of disallowance u/s 14A. The same could be used only as a last resort only in the event of the AO not able to make a fair substitution of the disallowance figureu/s 14A(2).
M/s. Soyuz Trading Co. Ltd. Versus I.T.O., Ward-8 (4) , Kolkata
(2016) TaxCorp(LJ) 10665 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50255&Category=ITAT&CategoryType=Zip
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ITAT - Payments made by assessee to its foreign subsidiaries is not FTS as per the DTAA . No TDS u/s 195.
Batlivala and Karani Securities (India) Pvt. Ltd. Versus Deputy Commissioner of Income-tax, Circle-5, Kolkata.
(2016) TaxCorp(LJ) 10655 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50234&Category=ITAT&CategoryType=Zip
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ITAT - The entire business of the stock broker constituted as one single composite indivisible business and therefore income or loss cannot be artificially bifurcated. Provisions of Explanation to Section 73 would not be applicable.
Deputy Commissioner of Income-tax, Circle-4, Kolkata Versus M/s. MPC Securities Ltd.
(2016) TaxCorp(LJ) 10648 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50216&Category=ITAT&CategoryType=Zip
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ITAT - AO being quasi judicial authority has not initiated penalty proceedings in the assessment order. CIT u/s 263 cannot just substitute the authority of the AO with his opinion.
M/s Enfield Gems & Jewellery Ltd. Versus Commissioner of Income Tax
(2016) TaxCorp(LJ) 10630 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50046&Category=ITAT&CategoryType=Zip
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ITAT - It is not mandatory for AO to apply Rule 8D the moment he rejects assessee’s basis of disallowance.
Allahabad Bank vs. ACIT
(2016) TaxCorp(LJ) 10308 (ITAT-KOLKATA)
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ITAT - Set off of loss arising from derivative transactions allowed against profit on sale of property to assessee engaged in dealing of shares and property.
ITO. Vs. PKS Holdings
(2016) TaxCorp(LJ) 10301 (ITAT-KOLKATA)
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ITAT - Loss suffered as a result of non-recovery of deposit given for gas and electricity was a loss incidental to the business of the assessee.
Reckitt Benckiser (India) Limited, Deputy Commissioner of Income Tax Versus Joint Commissioner of Income Tax, Reckitt Benckiser (India) Limited
(2016) TaxCorp(LJ) 10269 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenINTL.aspx?ID=10385&Category=INTLDecisions&CategoryType=Zip
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ITAT - No TDS u/s 194C where assessee made the payments on behalf of its clients as there is no liability to deduct tax at source on the assessee.
Income Tax Officer Ward–12 (1) (1) , Mumbai Versus M/s. Rajeshwaree Shipping & Logistics
(2016) TaxCorp(LJ) 10266 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=49328&Category=ITAT&CategoryType=Zip
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ITAT - Contribution to Bata Workers Sickness Benefit Society was constituted bona fidely for the welfare of its employees in the smooth running of the business. Contribution allowable u/s 37(1).
D.C.I.T., Circle-2, Kolkata Versus M/s. Bata India Ltd.
(2016) TaxCorp(LJ) 10222 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=49065&Category=ITAT&CategoryType=Zip
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ITAT - Merely because subsidy received was equivalent to a substantial percentage of the sales tax paid is not a ground to construe the same as a form of refund of sales tax paid. Not exigible to tax.
D.C.I.T., Circle-3, Kolkata Versus M/s. Barjora Steel & Rerolling Mills Pvt. Ltd.
(2016) TaxCorp(LJ) 10221 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=49066&Category=ITAT&CategoryType=Zip
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ITAT - Depreciation at the rate of 60% prescribed for “computers including computer software” on ATM machines.
The Royal Bank of Scotland N.V vs. DDIT
(2016) TaxCorp(LJ) 10115 (ITAT-KOLKATA)
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ITAT - Though Tribunal in first round did not use the words ‘set-aside’ or ‘cancel’ , it had effectively asked AO to make fresh exercise of assessment determining the total income. Time-barred assessment quashed u/s 153(2A).
Sanjay Jaiswal Vs. DCIT
(2016) TaxCorp(LJ) 10048 (ITAT-KOLKATA)
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ITAT - As assessee had antecedent interest over property as early as 3.3.1970 and a vested right over property by paying entire sale consideration prior to 1.4.1981, Sec 55(2)(b)(i) benefit should be allowed.
Stewarts & Lloyds of India ltd. vs. CIT
(2016) TaxCorp(LJ) 9991 (ITAT-KOLKATA)
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ITAT - Share-warrants forfeiture being a capital receipt not liable to be taxed u/s 115JB.
D.C.I.T, C.C-XXVIII. Vs. M/s. Binani Industries Ltd.
(2016) TaxCorp(LJ) 9990 (ITAT-KOLKATA)
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ITAT - Amendment by Finance Act, 2015 to Sec 2(24)(xviii), not retrospective in nature. Subsidy received by assessee under the Government's Quality Upgradation and Product Diversification Scheme is revenue in nature.
Limtex Tea & Industries Ltd. vs. ACIT
(2016) TaxCorp(LJ) 9952 (ITAT-KOLKATA)
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Search and seizure are reasonable cause for delay in filing & Payment of Wealth Tax
Loknath Prasad Gupta Vs. DCIT
(2016) TaxCorp(LJ) 9860 (ITAT-KOLKATA)
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ITAT - Income from transfer of factory-land pursuant to a JDA entered with builder, assessable as “Capital Gains” and not “Business Income”.
DCIT. vs. Eveready Industries India Ltd.
(2016) TaxCorp(LJ) 9836 (ITAT-KOLKATA)
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ITAT - Investment in preference shares by assessee be considered for determining average value of investments under Rule 8D(2)(iii).
West Bengal Infrastructure Development Finance Corporation vs. ACIT
(2016) TaxCorp(LJ) 9800 (ITAT-KOLKATA)
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ITAT - Rent received under contractual obligation is advance, and not taxable as ‘income from other sources’.
ITO vs. Pennar Trading Pvt. Ltd
(2015) TaxCorp(LJ) 9725 (ITAT-KOLKATA)
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