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The assessment order is erroneous and prejudicial to the interest of revenue since no verification could be done about the source of receipt of advance.
Karabi Dealers Pvt. Ltd Vs Pr. Commissioner of Income-tax-2
(2022) TaxCorp(LJ) 30391 (ITAT-KOLKATA)
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Service tax collected by service providers is not the income of the service provider since service provider acts as a collecting agency for the Government for collection of service tax.
Cathay Pacific airways Limited Vs Assistant Commissioner of Income Tax (IT)
(2022) TaxCorp(LJ) 30030 (ITAT-KOLKATA) · Section 44BBA
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A Protocol to DTAA is its integral part and carries the same binding force as the MFN clause therein.
Koninklijke Philips N.V Vs Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 30011 (ITAT-KOLKATA)
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The revision order passed under Section 263 is invalid and deemed to have never been issued as it fails to mention DIN in its body or any reason for non-issuance of DIN.
Tata Medical Centre Trust Vs Commissioner of Income tax
(2022) TaxCorp(LJ) 29759 (ITAT-KOLKATA)
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Provisions of section 56(2)(viib) apply to conversion of completely convertible debentures into equity shares.
Milk Mantra Dairy Pvt. Ltd Vs DCIT
(2022) TaxCorp(LJ) 29630 (ITAT-KOLKATA) · Section 56(2)(viib)
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Non-seeking of permission for conversion of limited scrutiny to complete scrutiny in terms of para 4 of the CBDT instruction No. 7/2014, does not per se render the assessment order, erroneous.
Binod Kumar Mahato Vs Pr. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29470 (ITAT-KOLKATA) · Section 263
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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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