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When the necessary details and documents are furnished by the assessee to AO and a particular view is taken by AO, it's not open for the CIT u/s 263 to take a different view.
The Peerless General Finance & Investment Company Limited Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 29384 (ITAT-KOLKATA) · Section 263
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Income declared by assessee is eligible for assessment of income u/s68 or 69, not Sec. 271AAB which requires the case to fall within the expression undisclosed income.
Shiv Bhagwan Gupta Vs ACIT
(2022) TaxCorp(LJ) 29383 (ITAT-KOLKATA) · Section 271AAB
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It is difficult to comprehend the applicability of Rule 27 as the new grounds of appeal are not pure legal issues but mixed question of facts and law.
Emami Agrotech Limited Vs DCIT
(2022) TaxCorp(LJ) 29307 (ITAT-KOLKATA)
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PCIT ventured to exercise his revisional jurisdiction by issuing SCN without satisfying the essential condition precedent to invoke jurisdiction u/s 263 of the act.
Spotlight Vanijya Ltd. Vs PCIT-2
(2022) TaxCorp(LJ) 29258 (ITAT-KOLKATA) · Section 263
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Beneficial DTAA rate shall be applicable over DDT rate specified u/s 115-O.
Indian Oil Petronas Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 29224 (ITAT-KOLKATA)
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In cases of wrong opinion for finding on merit, the revisionary authority has to come to the conclusion and himself decide that order is erroneous, by conducting necessary enquiry, if required and necessary before the order u/s 263 is passed.
Britannia Industries Ltd Vs Principal CIT-1
(2022) TaxCorp(LJ) 28806 (ITAT-KOLKATA) · Section 35(2AB)
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Loss arising on account of valuation of asset arising from exchange rate variation is real loss and it is not a contingent loss.
Orient Cement Ltd Vs DCIT
(2022) TaxCorp(LJ) 28805 (ITAT-KOLKATA)
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The period of limitation has to run from the date of order of assessment and not from the date of order of reassessment, where the item/issue in respect of which order is revised under section 263 is not the subject matter of reassessment proceedings.
Alkem Laboratories Limited Vs Principal Commissioner of Income Tax- 1
(2022) TaxCorp(LJ) 28749 (ITAT-KOLKATA) · Section 263
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The addition of Rs.10 lacs was unwarranted and revenue is directed to delete the same.
Sandeep Modi Vs Deputy Commissioner of Incometax
(2022) TaxCorp(LJ) 28619 (ITAT-KOLKATA) · Section 10(10D)
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Section 90 did not bar in any manner the operation of the relevant provision of DTAA in respect of income earned by the assessee in other country, with whom the Central Government has entered into a DTAA.
Rajat Dhara Vs DCIT (I.T)
(2022) TaxCorp(LJ) 28545 (ITAT-KOLKATA)
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Disallowance made by the AO is not sustainable and, therefore, we set aside the orders of the Ld. CIT(A) and allow the ground raised by assessee challenging the disallowance u/s 40A(3).
GOURI SHANKAR JAIN VERSUS CIT (A) , NATIONAL FACELESS APPEAL CENTRE (NFAC)
(2022) TaxCorp(LJ) 28498 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=95888&Category=ITAT&CategoryType=Zip
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Under the provision of Section 10(23C)(iiiae) of the Act, there is no limit prescribed for application of receipts and accumulation of receipts.
SWASTHYA SEWA SANSTHAN VERSUS COMMISSIONER OF INCOME TAX (EXEMPTION), KOLKATA
(2022) TaxCorp(LJ) 28416 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=95698&Category=ITAT&CategoryType=Zip
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The second AO’s view based on the documents referred to by him is a plausible view.
BHUPATI DEALMARK PRIVATE LIMITED VERSUS PR. CIT-4, KOLKATA
(2022) TaxCorp(LJ) 28379 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=95596&Category=ITAT&CategoryType=Zip
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Any expenditure incurred on account of training and imparting higher education in abroad or even inside the country are treated to be business expenditure provided after completion of their study they have contributed to the business activities of the assessee company irrespective of the fact whether the company has continued business activities or earned profit.
J.D. Jones & Company Private Limited Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 28297 (ITAT-KOLKATA)
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For the purpose of 271AAB of the Act, this amount from SA/1 cannot be termed as undisclosed income as per the definition given under Section 271AAB of the Act (supra) and therefore penalty u/s. 271AAB of the Act cannot be levied in this case.
LATE CHIRANJILAL AGARWAL (LEGAL HEIR SAMEER AGARWAL) VERSUS ACIT CC-2 (1) KOLKATA
(2021) TaxCorp(LJ) 28050 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=94768&Category=ITAT&CategoryType=Zip
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Balance sheet drawn up as on 31/03/2013 was rightly taken by the Assessing Officer as well as the ld. CIT(A) for the determination of the FMV of the shares sold by the assessee.
CHAMUNDI EXTRUSIONS PVT. LTD. VERSUS ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-36 KOLKATA
(2021) TaxCorp(LJ) 28049 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=94769&Category=ITAT&CategoryType=Zip
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Second Ld. Pr. CIT without satisfying the condition precedent u/s 263 of the Act has invoked the revisional jurisdiction, so all his actions are ab initio void.
STARPOINT CONSTRUCTION PVT. LTD. VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX KOLKATA-4, KOLKATA.
(2021) TaxCorp(LJ) 28047 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=94771&Category=ITAT&CategoryType=Zip
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ITAT - Education cess is not deductible u/s 40(a)(ii) since education cess is additional surcharge as per the Finance Acts. Disagrees from Bombay HC ruling in Sesa Goa and Rajasthan HC ruling in Chambal Fertilizerssince. Relied on SC ruling where surcharge and additional surcharge were held to be a part of the income-tax.
Kanoria Chemicals & Industries Ltd Vs Addl. CIT
(2021) TaxCorp(LJ) 27972 (ITAT-KOLKATA) · Section 40(a)(ii)
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In the case of the limited scrutiny assessment the AO could not have travelled beyond such scope to enquire about TDS details which was not the subject-matter of such limited scrutiny. The assessment order is neither erroneous nor prejudicial to the interest of the Revenue.
TRIO TREND EXPORTS PVT. LTD. VERSUS PCIT-2, KOLKATA
(2021) TaxCorp(LJ) 27853 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=94282&Category=ITAT&CategoryType=Zip
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CIT has resorted to the revision proceedings u/s. 263 of the Act in a mechanical manner and has not been pointed out as to what error has been committed by the AO in accepting the explanation/evidences so furnished by the assessee in the process of verifying the nature of transactions.
CHANDRAVADAN DESAI VERSUS THE PCIT-9 KOLKATA
(2021) TaxCorp(LJ) 27623 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=93976&Category=ITAT&CategoryType=Zip
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