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ITAT - No disallowance for delayed contribution of employees’ contribution beyond the due date under respective acts, but before the due date of filing return as amendment to Sec.43B by Finance Act 2021 is prospective in application.
Harendra Nath Biswas Vs DCIT
(2021) TaxCorp(LJ) 27331 (ITAT-KOLKATA) · Section 43B
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No document has been produced on the file by the Department to show that the case was transferred by the competent authority from ITO, Ward-23(3), Hooghly to ACIT, Circle- 23(1), Hooghly.
HIRAK SARKAR VERSUS ACIT, CIRCLE-23 (1) , HOOGHLY
(2021) TaxCorp(LJ) 27042 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=91319&Category=ITAT&CategoryType=Zip
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Mere fact that the debenture redemption reserve is labeled as a reserve will not render it as a reserve and an amount which is retained by way of providing a known liability is not a reserve within the meaning of explanation (b) of section 115JA of the Act.
ASSISTANT COMMISSIONER OF INCOMETAX, CIRCLE-2 (1) , KOLKATA. VERSUS M/S. INDIA POWER CORPORATION LTD. AND (VICE-VERSA)
(2021) TaxCorp(LJ) 27026 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=91290&Category=ITAT&CategoryType=Zip
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The MTM loss incurred on currency interest rate arrangements with the bank was non-speculative in nature and deductible from the profits of the business.
Sisecam Flat Glass India Ltd Vs D.C.I.T
(2021) TaxCorp(LJ) 26381 (ITAT-KOLKATA) · Section 195
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Where assessee has been awarded contracts as turnkey projects and has been entrusted with the full responsibility of execution and completion of work for which the assessee has to undertake huge risks the assessee is engaged in development of infrastructure facility.
Simplex Infrastructures Ltd Vs ACIT
(2021) TaxCorp(LJ) 26376 (ITAT-KOLKATA) · Section 80IA
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CIT(A) has not enquired properly which fact is discernible from the show cause notice. According to us, the action of the Ld. CIT(A) is bad for not conducting proper enquiry and for non-application of mind.
United Teleservices Ltd Vs Assistant Commissioner of Incometax
(2021) TaxCorp(LJ) 26254 (ITAT-KOLKATA)
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The assessee may be given benefit of set off of income determined u/s 68 of the Act against unabsorbed loss as the assessment years involved in these appeals are 2013-14 and 2014-15 which are prior to assessment year 2017-18.
M/s Inter State Oil Carrier Ltd Vs DCIT
(2021) TaxCorp(LJ) 26220 (ITAT-KOLKATA) · Section 68
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The assessee had acquired a capital asset in the form of tenancy rights and its transfer resulted in capital gain.
Deputy Commissioner of Income Tax Vs Smt. Shikha Roy
(2020) TaxCorp(LJ) 24878 (ITAT-KOLKATA)
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Although M/s KPL share price were being jacked up by some people but it can also not be presumed that everyone claiming LTCG on sale of shares of M/s. KPL has been participant in this conspiracy to make windfall gain/loss.
Sunil Kumar Agarwal (HUF) Vs Principal Commissioner of Income-tax
(2020) TaxCorp(LJ) 24765 (ITAT-KOLKATA)
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When the cash did not pass at any stage and since neither the respective parties received any cash nor paid any cash, there was no real credit of cash in the cash book and the question of inclusion of the amount of the entry as unexplained cash credit could not arise.
ITO Vs M/s Josan Deposits & Advances Pvt. Ltd.
(2020) TaxCorp(LJ) 24756 (ITAT-KOLKATA) · Section 68
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Assessee is directed to file before AO, the amount of dividend paid, copy of agreement and other relevant documents, as required by AO.
DCIT Vs Reckitt Benckiser (I) Pvt. Ltd.
(2020) TaxCorp(LJ) 24700 (ITAT-KOLKATA)
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ITAT - When effect of excess purchase price had already been neutralized in the Profit & Loss A/c by way of enhancing the closing stock value of almost same value, no addition is called for.
ITO, WARD-27 (2) , HALDIA VERSUS SHRI AJABULL KHAN
(2020) TaxCorp(LJ) 24670 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=86831&Category=ITAT&CategoryType=Zip
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ITAT - Assessing Officer after issuing the notice u/s 148 for AY 2009-10 within the limitation period on 31.03.2016, had got jurisdiction to re-open the assessment for AY 2009-10 and after having served the assessee notice u/s 148 on 22.09.2016 has passed the assessment order within the prescribed time u/s. 153(2) of the Act on 11.12.2017, so these actions of Assessing Officer are legal and valid in the eyes of law.
DCIT, CENTRAL CIR-1 (1) , KOLKATA VERSUS M/S. ALEMBIC MERCHANTS PVT. LTD
(2020) TaxCorp(LJ) 24667 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=86838&Category=ITAT&CategoryType=Zip
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Addition made by the AO on account of profit allegedly earned by the assessee on undisclosed turnover was directly related to the ground on which the case of the assessee was selected for limited scrutiny.
SUKUMAR MONDAL VERSUS INCOME TAX OFFICER, WARD-47 (4), KOLKATA
(2020) TaxCorp(LJ) 24660 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=86808&Category=ITAT&CategoryType=Zip
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Assessee has failed to demonstrate the total turnover before expenses, which was required by the assessing officer and ld CIT(A), thus assessee has failed to substantiate his claim, hence there should be made an addition of INR 17,95,000 as unexplained income u/s 68 of the Act.
Rajnarayan Prasad Singh, Guwahati Vs ACIT
(2020) TaxCorp(LJ) 24390 (ITAT-KOLKATA) · Section 68
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Since the right in the flat was acquired at the time of booking on 08.11.2009, accordingly the right in the property was held for more than three years before its transfer on 23.11.2013 and therefore, capital gains were, in the nature of Long term capital gains.
Ashok Behl Vs ITO
(2020) TaxCorp(LJ) 24310 (ITAT-KOLKATA)
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Expense incurred by the assessee should be treated as revenue expenditure.
M/s Landis+ Gyr Ltd. Vs DCIT
(2020) TaxCorp(LJ) 23013 (ITAT-KOLKATA)
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It is settled law that at the time of registration, the authority need to satisfy himself that the objects are charitable in nature and the activities being carried out are genuine, meaning thereby that the activities are in consonance for achieving the charitable objects and nothing else.
KALYAN EDUCATIONAL SOCIETY VERSUS COMMISSIONER OF INCOME-TAX-DURGAPUR
(2020) TaxCorp(LJ) 22987 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=84192&Category=ITAT&CategoryType=Zip
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The set apart amount u/s. 11(1) of the Act, should be calculated on gross revenue income and not on net income after expenses.
Eastern Zonal Cultural Centre Vs Income Tax Officer
(2020) TaxCorp(LJ) 22972 (ITAT-KOLKATA) · Section 11(1)
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Revenue did not dispute that that it is not the profit but turnover criteria which is more suitable involving such a factual backdrop of eligible and non eligible units since the former may or may not involve deduction in earlier years under the provisions of the Act whereas the turnover benchmark is always applicable even it involves losses as well.
DCIT Vs M/s. A.P. Fashions Pvt. Ltd.
(2020) TaxCorp(LJ) 22950 (ITAT-KOLKATA) · Section 80IA
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