ITAT Cuttack

S. 271B No penalty for non-furnishing of audit report within due date if same was obtained before due date

Mr Prem Prakash Senapati Vs ITO (ITAT Cuttack)

We find that the audit report was obtained within section 139(1) time limit is not in dispute. It is also not in dispute that the copy of audit report was furnished to the Assessing Officer as and when the Assessing Officer called for the same. ...

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Section 40A(3) provisions not intended to restrict business activities

Sabita Panda Vs ITO ( ITAT Cuttack)

The provisions of section 40A(3) are not intended to restrict the business activities but to caution that payments exceeding Rs.20,000/- are made in cheque/draft. The provisions of section 40A(3) of the Act are to be in consonance with business expediency trade practice and other genuine relevant factors...

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Penalty Notice without Application of Mind by AO is Invalid

ITO Vs. Sri T.Biswanath Patro (ITAT Cuttack)

Assessing Officer has issued notice under section 274 r.w.s. 271(1)(c) of the Act dated 27.03.2015 without striking off the irrelevant words, the penalty proceedings show a non-application of mind by the Assessing Officer and is, thus, unsustainable....

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CIT may consider an order of AO erroneous if it is a stereo typed order

Cuttack Development Authority Vs. CIT (ITAT Cuttack)

CIT may consider an order of the AO to be erroneous not only it contains some apparent error of reasoning or of law or of fact on the face of it but also because it is a stereo typed order which simply accepts what the assessee has stated in his return and fails to make enquirers which are called for in the circumstances of the case....

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Reopening based on mere Tax Audit report Filed during Scrutiny Proceedings is Invalid

Mahanadi Coalfields Ltd. Vs ACIT (ITAT Cuttack)

Mahanadi Coalfields Ltd. Vs. ACIT, (ITAT Cuttack) In the present case found that thee Assessing Officer has initiated reassessment proceedings on the same facts which were available before him at the time of making assessment u/s.143(3) of the Act and no new tangible material has come on the basis of which it could be said […]...

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Leasehold Rights not eligible for Depreciation

Mahanadi Coalfields Ltd. Vs DCIT (ITAT Cuttack)

Lease hold rights are not eligible for depreciation u/s.32(1)(ii) of the Act considering it as intangible asset and, hence, dismiss this ground of appeal of the assessee....

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TDS U/s. 194C not applicable on hiring charges paid to transporter or truck owners in absence of any written or oral contract

Chandrakant Thackar Vs. Asst. CIT (ITAT Cuttack)

When hiring of trucks and payment thereof was not in consequence upon any written or oral agreement, the natural outcome is that the provisions of section 194C, as has been held in the decisions referred to herein before, were also not applicable to the assessee’s case ...

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Interest on bank deposits when project is being setup is a capital receipt: POSCO India case

ACIT Vs. M/s. POSCO India Pvt Ltd. (ITAT Cuttack)

Taxability of income earned by an assessee during the period when the project was not complete and business had not commenced has remained a debatable point in many cases. ...

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Order passed u/s. 263 not sustainable if AO chosen one of the two views in respect of the claim of deduction u/s. 80IA(4)

ARSS Infrastructure Projects Ltd. Vs Asstt. Commissioner of Income-tax (ITAT Cuttack)

A perusal of the provisions of section 80IA(4) of the Act shows that in the explanation ‘infrastructure facility’ has been specified to mean a road including a toll road, a bridge or a rail system. Admittedly, the assessee is doing the business of development of railway tracks and bridges thereof as also roads....

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EPF / ESI contributions allowable, if paid before due date of filing I-T return

Gobindpada Bhanja Chowdhury Vs Income-tax Officer (ITAT Cuttack)

Amounts whether employees' contribution or the employer's contribution are not being shown as payable as on the last date of the Assessment Year cannot be brought to tax if the same has been paid before the due date of filing of the return....

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