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ITAT - S. 40(a)(ia) second proviso was inserted by FA 2012 to rectify the unintended consequence of disallowance in the hands of the payer even if the payee has paid tax. It is curative and retrospective in operation. Assessee's claim of having obtained declarations u/s 197A from the payees should not be disbelieved without evidence. Assessee is not expected to go into the correctness of the declarations filed by the payees
Ballabh Das Agarwal vs. ITO
(2015) TaxCorp(LJ) 6745 (ITAT-KOLKATA) · Section 40(a)(ia)
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ITAT - S. 194-I applies only to amounts paid for “use” of the land and not for amounts paid to “acquire” the rights. Distinction between “lease premium” and “rent” explained
ITO vs. Earnest Towers (P) Ltd
(2015) TaxCorp(LJ) 6727 (ITAT-KOLKATA) · Section 194-I
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ITAT - Even strategic investment in group concerns for purposes of control & not for earning dividend attracts disallowance u/s 14A Rule 8D(2)(iii). Plea that no expenditure is incurred to earn dividend is not acceptable because earning dividend is not an automatic process.
Coal India Limited vs. ACIT
(2015) TaxCorp(LJ) 6726 (ITAT-KOLKATA) · Section 14A
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ITAT - Statement recorded u/s 133A during survey, cannot be taken as evidence to make addition to income
ACIT. Vs. Ajoy Bakli
(2015) TaxCorp(LJ) 6604 (ITAT-KOLKATA) · Section. 133A
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ITAT - Section 80IA tax holiday (For infrastructure development) is available for construction of Foot Over Bridges and Bus Shelters. Bus shelters and FOB be considered as part of ‘infrastructure facility’ for claiming deduction u/s 80IA.
DCIT. vs. Vantage Advertising (P)Ltd.
(2015) TaxCorp(LJ) 6248 (ITAT-KOLKATA) · Section. 80IA
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ITAT - MAT Companies are liable to pay interest under sections 234B and 234C
Binani Cement Ltd. v. Deputy Commissioner of Income-tax, Central Circle-XXVIII, Kolkata
(2015) TaxCorp(LJ) 6203 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=40337&Category=ITAT&CategoryType=Zip
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ITAT - In case the transaction have been treated as genuine in the hands of the seller, the same very transaction cannot be non-genuine in the hands of the purchaser
Income Tax Officer, Ward-9(4), Kolkata Versus Kiran Consortium Trade Pvt Ltd
(2015) TaxCorp(LJ) 5780 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=39710&Category=ITAT&CategoryType=Zip
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ITAT - Reimbursement of the expenditure does not generate any income in the hands of the recipient and consequently there was no requirement of deduction of TDS and consequently the provisions of section 40(a)(ia) could not be invoked
AT & S India Pvt. Limited vs. DCIT
(2015) TaxCorp(LJ) 5156 (ITAT-KOLKATA) · Section 9(1)(vii)
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ITAT - Interest subsidy received under TUF Scheme is capital in nature
Deputy Commissioner of Income-tax v. Gloster Jute Mills Ltd.
(2015) TaxCorp(LJ) 5006 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=37196&Category=ITAT&CategoryType=Zip
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ITAT - Mere fact of receipt of share premium via banking route not enough to prove it as genuine unless AO had made proper enquiries on it; Revision u/s 263 justified
Bisakha Sales (P.) Ltd. v. Commissioner of Income-tax, (Kol-II)
(2014) TaxCorp(LJ) 4831 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=38229&Category=ITAT&CategoryType=Zip
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ITAT - Mere rejection of application u/s 10(23C)(via) cannot be the basis to reject the claim of exemption u/s. 10(23C)(iiib)
Senate of Serampore College Versus Joint Commissioner of Income-tax (OSD), Circle-2, Hooghly
(2014) TaxCorp(LJ) 4828 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=39098&Category=ITAT&CategoryType=Zip
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ITAT - Sec. 2(22)(e) covers only those transactions which benefit the shareholder alone and results in no benefit to the company. The loan account differs from current account and the provisions of section 2(22)(e), being a deeming section, cannot be applied to current account
Mr. Purushottam Das Mimani Versus Dy. Commissioner of Income Tax, Central Circle-V Kolkata
(2014) TaxCorp(LJ) 4825 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=39071&Category=ITAT&CategoryType=Zip
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ITAT - Indian Chamber of Commerce granted exemption u/s 11 having object of development of trade, industry and commerce
Indian Chamber of Commerce vs ITO(E)
(2014) TaxCorp(LJ) 4636 (ITAT-KOLKATA)
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ITAT - No Sec 40(a)(i) disallowance for non-deduction of tax u/s 195 in respect of payments made to person resident out of India for sales & marketing support outside India
ACIT vs. Vilas N. Tamhankar
(2014) TaxCorp(LJ) 4635 (ITAT-KOLKATA) · Section. 195(1)
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S. 2(15)/ 11: Entire law on what is "charitable purpose" and scope of Proviso inserted by Finance (No.2) Act 2009 w.r.e.f. 01.04.2009 explained
Indian Chamber of Commerce vs. ITO
(2014) TaxCorp(LJ) 4607 (ITAT-KOLKATA) · Sections 2(15), 11
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ITAT - Non application of mind while making assessment amounts to erroneous assessment warranting exercise of revisional jurisdiction u/s 263.
Star Griha Private Limited vs CIT
(2014) TaxCorp(LJ) 4558 (ITAT-KOLKATA) · Section. 263
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CIT(A) cannot decline to condone delay in filing appeal and still decide it on merits
Dr. Murari Mohan Kokey vs. ITO
(2014) TaxCorp(LJ) 4314 (ITAT-KOLKATA)
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S. 195: Reimbursement of share of costs towards administrative and management support services in connection with technology updates etc is not taxable
DCIT. vs. Ernst & Young Pvt. Ltd.
(2014) TaxCorp(LJ) 4295 (ITAT-KOLKATA) · Section. 195
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S. 50C: AO cannot straightaway adopt stamp duty value as consideration for capital gains but must offer assessee benefit of reference to DVO for valuation
ITO vs. Onkarmal Kajaria Family Trust
(2014) TaxCorp(LJ) 4283 (ITAT-KOLKATA) · Section. 50C
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Rule 8D(ii) & 8D(iii) do not apply to shares held as stock-in-trade. Loss arising out of derivatives from the income arising out of buying and selling of shares
DCIT. vs. Baljit Securities Private Limited
(2014) TaxCorp(LJ) 4273 (ITAT-KOLKATA)
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