ITAT Cuttack

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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Mere discrepancies in books results not sufficient to change status of assessee

Asst. Commissioner of Income - tax Vs Cuttack Development Authority (ITAT Cuttack)

The discrepancies brought on record have culminated into rejection of the books result could not wash away the fact finding insofar as the assessee continues to be a local authority which it was prior to Assessment Year 2003- 04. The submissions of the learned Counsel for the assessee on the issue of the learned CIT(A) upholding the statu...

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Expense cannot be disallowed for Mistakes in form 15G

Pareek Electricals Vs Assistant Commissioner of Income-tax (ITAT Cuttack)

With respect to the deduction u/s.194-I,the learned Counsel for the assessee has submitted that the land lady being a senior citizen has submitted Form 15G to the assessee declaring that no tax should be deducted on the rent paid to her when the taxable limit for taxation in her hand was to be Rs. 1,95,000. ...

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S. 80P not applies to District level Central Cooperative Bank

The Sundergarh District Central Co-operative Bank Ltd. Vs Dy. Commissioner of Income Tax (ITAT Cuttack)

Statute makes the amended provision Section 80P(4) inserted by Finance Act, 2006 to be effective from 1.4.2007, which therefore clearly indicates that it is applicable from the Assessment Year 2007-08 onwards. The said provision clearly mandates that the provisions of Section 80P shall not apply in relation to any co-operative bank other ...

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Section 194I – TDS not deductible on transmission and wheeling charges paid by power trading companies as same in not rent

M/s. Grid-Co Limited Vs Asst. Commissioner of Income- Tax (ITAT Cuttack)

GRID-CO Limited Vs. ACIT (ITAT Cuttack)-The Tribunal observed that Circular No. 5 and Circular No. 736 had given restricted meaning to the word ‘rent’. However, in view of the decisions relied by the tax department, the word ‘rent’ is to be given a wider meaning. Accordingly, the contention of the taxpayer on this aspect was rejec...

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In case of difference between sales as per books and TDS certificate only profit element is taxable

R.R. Caryying Corpn. Vs. ACIT (ITAT Cuttack)

Cuttack bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of R.R. Caryying Corpn. v. ACIT [2009] 126 TTJ 240 (Cuttack) held that only the embedded portion of the profits is to be considered as taxable and not the entire amount in the case of discrepancies between the sales or receipt amount as per books of accounts ...

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