ITAT Kolkata

Section 14A also applies to investment with dividend income held as stock in trade

M/s. Kalyani Barter Vs I .T.O. (ITAT Kolkata)

Assessing Officer to compute the disallowance as per Rule 8D by taking into consideration only those shares, which have yielded dividend income in the year under consideration. ...

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1st proviso to Sec. 68 inserted by Finance Act, 2012 is retrospective: ITAT Kolkatta

M/s. Classic Flour & Food Processing Vs C.I.T. (ITAT Kolkata)

1st proviso to Sec.68 of the Act inserted by the Finance Act, 2012 w.e.f. 1-4.2013 was only prospective in operation, we are of the view that since section 68 covers `any sum credited’ in the books without any exception...

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Penalty / Fine for Traffic Violation not allowable

Aparna Agency Ltd. v. Income-tax Officer (ITAT Kolkata)

It is clear from the statutory provisions of the MV Act as well as the law laid down in judicial pronouncements that payments made for any purpose which is an offence or which is prohibited by law and which are not compensatory in nature cannot be allowed as a deduction u/s.37(1) read with Explanation thereto. ...

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Provisions for gratuity actually accrued during the year is allowable

DCIT Vs M/s. Reliance Jute Mills International Ltd (ITAT Kolkata)

Provisions contained in section 40A(7)(b) that provision made by the assessee for the purpose of payment of any gratuity, that has become payable during the year is allowable which means that the liability which has actually accrued during the year is allowable....

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No TDS on mere reimbursement of expenses without Income element

Assistant Commissioner of Income-tax Vs. Devendra Kumar Dugar ( ITAT Kolkta)

It is crystal clear proposition of law that when there is no element of income and there is mere reimbursement made there is no question of deduction of TDS....

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S. 24(b) Interest on Loan taken to repay earlier Loan on property allowable

DCIT Vs M/s. Patton Developers Pvt. Ltd. (ITAT Kolkata)

Whether interest paid by assessee on loan taken for repaying the loan earlier borrowed for acquisition of the property is allowed as deduction u/s 24(b) of the Income Tax Act,1961?...

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sec. 2(22)(e) covers only those transactions which benefit shareholder alone

Deputy Commissioner of Income-tax Vs M/s. The Hooghly Mills Co. Ltd. (ITAT Kolkata)

Thus, section 2(22)( e) of the Act covers only such situations, where the shareholder alone benefits from the loan. In the instant case the company benefits from the said transaction, it will take the character of a commercial transaction and hence will not qualify to be dividend. ...

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Reinstatement of employees benefit obligation allowable in Computation of Book Profit U/s. 115JB

D.C.I.T. VS. M/s. McNally Bharat Engineering Co.Ltd.(ITAT Kolkata)

Amount withdrawn from General Reserve on account of reinstatement of employees benefit obligation is allowable while computing Book Profit u/ s 115JB as same is an obligation of the assessee as an employer and is an ascertained liability....

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Fortified Advance paid for Purchase of Property for business allowable as business expenditure

D.C.I.T. VS. M/s. McNally Bharat Engineering Co.Ltd.(ITAT Kolkata)

Assessee pointed out that the property in question was intended to be purchased for the purpose of constructing office premises and was directly related to the business of the assessee and therefore the deduction claimed should be allowed. As in the present case the Assessee did not acquire any capital asset and merely paid advance [&hell...

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Retention money cannot be treated as Income till performance of contractual obligations

D.C.I.T. VS. M/s. McNally Bharat Engineering Co.Ltd.(ITAT Kolkata)

Retention money is not in the nature of income till such time the contractual obligations are fully performed to the satisfaction of the customer by the Assessee. Therefore the retention money cannot be regarded as income even for the purpose of book profits u/s.115JB of the Act though credited in the profit and loss account […]...

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