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ITAT - Central Excise Refund and Sales Tax Remission are eligible deductions u/s 80IC and that the CIT was not justified in initiating proceedings u/s 263 of the Act.
Shri Manoj Garg Vs. C.I.T., Kolkata
(2015) TaxCorp(LJ) 8640 (ITAT-KOLKATA) · Section. 80IC
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ITAT - Slight difference in the name of the person does not mean that it is not the same person provided the genuineness of the transaction is proved.
I.T.O Vs. Smt. Mala Gupta
(2015) TaxCorp(LJ) 8638 (ITAT-KOLKATA)
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ITAT - Wherever the assessee earned the interest-free income, the corresponding expenditure incurred in earning that income is to be disallowed u/s 14A. In the absence of any interest-free income, there cannot be any disallowance.
ACIT. Vs. M/s Standard Vinimoy Pvt Ltd.
(2015) TaxCorp(LJ) 8505 (ITAT-KOLKATA) · Section 14A
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ITAT - Explanation 4(a) to 271(1)(C) is not applicable as the addition made does not affect the loss declared in the return or converts the loss into income. Therefore, no penalty as taxable income and tax remains the same after adjusting the addition due to concealment.
The W.B.State Co-Opt. Marketing Federation Ltd. vs. DCIT
(2015) TaxCorp(LJ) 8504 (ITAT-KOLKATA) · Section. 271(1)(C)
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ITAT - Provisions of section 35D are applicable only to those expenditure, which cannot be regarded to be the revenue expenditure but since the fees paid to the Registrar of Companies has not been included under section 35D(2)(c)(iv), therefore, the assessee cannot get deduction for the same.
M/s. Rohit Ferro Tech Limited vs. DCIT
(2015) TaxCorp(LJ) 8503 (ITAT-KOLKATA) · Section 35D
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ITAT - Withdrawal of deduction u/ 80IB in the subsequent years cannot be dealt in the proceedings u/s 154 as the same cannot be construed as a patent, glaring, obvious mistake apparent from record.
Vinod Kumar Surana Vs. I.T.O Ward 56(2), Kolkata
(2015) TaxCorp(LJ) 8497 (ITAT-KOLKATA) · Sections. 80IB, 154
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ITAT - The satisfaction of the Assessing Officer is the basis of invocation of the powers u/s 68 of the Act and the satisfaction must be derived from relevant factors on the basis of proper inquiry.
Neeraj Murarka Vs. I.T.O Ward 35(2), Kolkata
(2015) TaxCorp(LJ) 8496 (ITAT-KOLKATA) · Section 68
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ITAT - CIT can direct AO to examine the genuineness of share capital with premium as proviso to Sec 68 inserted vide Finance Act 2012 which empowers AO to examine the genuineness of the share capital in the case of a company was only ‘clarificatory’.
Subhlakshmi Vanijya Pvt. Ltd. vs. CIT
(2015) TaxCorp(LJ) 8345 (ITAT-KOLKATA) · Section 68
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Supply of equipment and design and drawings by foreign company in India from outside India is not taxable in India
Outotec GMbd vs. Deputy Director of Income Tax
(2015) TaxCorp(LJ) 7247 (ITAT-KOLKATA)
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Letting out Commercial Property on composite rent is taxable as Business Income
M/s. Dutta Properties Vs. I.T.O
(2015) TaxCorp(LJ) 7216 (ITAT-KOLKATA)
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ITAT - If assessee fails to deduct TDS and prove that the deductee had taken the same amount in his ITR and paid taxes on the same then that amount could not be disallowed as per second proviso to sec 40(a)(ia) as it will result in double taxation on the same amount.
M/s Debdutta Construction Vs. ITO
(2015) TaxCorp(LJ) 7152 (ITAT-KOLKATA)
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ITAT - If assessee failed to deduct TDS during the previous year and AO fails to make disallowance for such expenses than such order passed by AO is erroneous and prejudicial to the interest of the revenue and revision proceedings under section 263 initiated by CIT under section 263 is valid.
Menally Sayaji Engineering Ltd. Vs. CIT
(2015) TaxCorp(LJ) 7151 (ITAT-KOLKATA) · Section 263
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ITAT - In the case of short deduction no disallowance can be made by invoking the provisions of section 40(a)(ia) of the Act.
M/s. Mission vs. Income-tax Officer
(2015) TaxCorp(LJ) 7073 (ITAT-KOLKATA) · Section. 40(a)
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ITAT - Law on what is “undisclosed income” and levy of penalty on the basis of a “dumb” document and surrender by the assessee explained
SPS Steel & Power Ltd vs. ACIT
(2015) TaxCorp(LJ) 7032 (ITAT-KOLKATA) · Section 271AAA
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ITAT - Law on levy of penalty u/s 271(1)(c) in a case where satisfaction is recorded in s. 153C/153D assessments by AO who is common to the searched party and the assessee explained
KPC Medical College & Hospital vs. DCIT
(2015) TaxCorp(LJ) 7027 (ITAT-KOLKATA) · Section 271(1)(c)
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ITAT - Offshore designs/drawings were used by the Indian customers for setting up their plants and not for any commercial exploitation; income not "royalty" and taxable as ‘business income’ in the hands of German co. (‘assessee’).
Outotec GmbH Vs Deputy Director of Income Tax, (International Taxation)-2(1)
(2015) TaxCorp(LJ) 6956 (ITAT-KOLKATA)
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ITAT - Section 40(a)(ia) second proviso is curative and retrospective. Legitimate business expenditure cannot be disallowed if the payee has paid tax thereon
Santosh Kumar Kedia vs. ITO
(2015) TaxCorp(LJ) 6933 (ITAT-KOLKATA) · Section 40(a)(ia)
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ITAT - No Exemption U/s 54B on amount invested for Leveling and filling of new agriculture land.
A.C.I.T. Vs. Smt Sudha Jajodia
(2015) TaxCorp(LJ) 6911 (ITAT-KOLKATA) · Section. 54B
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ITAT - Cost of reworking done abroad reimbursed to NR is not FTS (not taxable in India under section 9(1)(vii)), where re-working has no link with business of payer in India
Deputy Commissioner of Income-tax, Circle -11, Kolkata v. A. T. & S India (P.) Ltd.
(2015) TaxCorp(LJ) 6907 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=41223&Category=ITAT&CategoryType=Zip
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ITAT - In the absence of PE and business connection in India, no disallowance u/s 40(a)(ia) for not deducting TDS u/s 195.
JCIT. Vs. M/s. Tirupati Plywood Industries
(2015) TaxCorp(LJ) 6872 (ITAT-KOLKATA) · Sections. 40(a)(ia), 195
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