ITAT Kolkata

No disallowance of interest U/s. 14A if no borrowed funds were utilized for investments

Essel Mining & Industries Ltd. Vs DCIT (ITAT Kolkata)

Where assessee was having sufficient own funds at its disposal for the purpose of making investments, it could be held that no borrowed funds were utilized for making investments. Hence, there could not be any disallowance of interest under second limb of rule 8D(2) of the rules....

Read More

Conversion of unpaid interest into loan not amounts to deemed payment of interest U/s. 43B

Teesta Agro Industries Ltd. Vs. DCIT (ITAT Kolkata)

Interest can only be allowed when it is actually paid and conversion of unpaid interest into loan does not amount to deemed payment of interest in terms of section 43B....

Read More

Section 50C not applies to Sale of right to property

Baniara Engs (P) Ltd. Vs ITO (ITAT Kolkata)

Baniara Engs (P) Ltd. Vs ITO (ITAT Kolkata) From the reading of Sec. 50C, it is evident that Sec. 50C is a deeming provision and it extends to only to land or building or both. Section 50C can come into play only in a situation where the consideration received or accruing as a result of the […]...

Read More

Assessment order invalid if jurisdictional AO not issued notice U/s. 143(2)

M/s. Lexmark International (India) Pvt. Vs. DCIT (ITAT Kolkata)

Impugned assessments are non-est in the eyes of law since the DCIT/ACIT, Circle-, Chennai issuing the section 143(2) notice(s) did not have jurisdiction and the assessing authority in Kolkata did not issue such scrutiny notices....

Read More

No disallowance U/s. 40(a)(ia) for shortfall in TDS Payment due to difference of opinion

M/s. Power Max (India) Pvt. Ltd. Vs DCIT (ITAT Kolkatta)

Where there was any shortfall due to difference of opinion or taxability of any items or the nature of payment falling under various TDS provisions, assessee could be declared to be assessee-in-default under section 201, but no disallowance could be made under section 40(a)(ia) and therefore, disallowance made was to be deleted....

Read More

Tax on Liability of amalgamating company written off by amalgamated company

DCIT Vs. Babcock Borsig Ltd. (ITAT Kolkata)

DCIT Vs. Babcock Borsig Ltd. & Vice-Versa (ITAT Kolkata) Liabilities brought forward from amalgamating company written off by the amalgamated company (assessee) become its Business income- i.e. Profit chargeable to tax under section 41(1) of Income Tax Act, 1961 as the assessee had written off the liabilities after coming to a conscio...

Read More

Set off of unabsorbed business losses against capital income on slump sale

Gouranga Cement Pvt.Ltd. Vs DCIT (ITAT Kolkata)

Gouranga Cement Pvt. Ltd. Vs DCIT (ITAT Kolkata) It is undisputed fact that the assessee has the earned the long term capital income by way of transfer of the business assets such as factory building, Plant & Machinery, electric installation under the head slum sale. Thus the nature of LTCG is in the nature of […]...

Read More

S. 43B Overdue interest converted into loan allowable only on payment

Teesta Agro Industries Ltd Vs DCIT (ITAT Kolkata)

Explanation 3C to section 43B provides that interest payable can only be allowed to an assessee when the same is actually paid and any interest which has been converted into a loan shall not be deemed to have been actually paid. ...

Read More

S. 80IB Deduction cannot be denied for mere non-submission of Form 10CCB Audit Report with Return

DCIT Vs M/s Reckitt Benckiser (India) Ltd. (ITAT Kolkata)

DCIT Vs M/s Reckitt Benckiser (India) Ltd. (ITAT Kolkata) We come to Revenue’s appeal. Its sole grievance reads that the CIT(A) has erred in law and as facts in allowing arrears Section 80IB and 80IC deduction claims totaling to Rs. 1,39,48,12,000/- thereby reversing Assessing Officer’s action not taking any cognizance thereof solely ...

Read More

Notional Income cannot be added for property lying vacant due to Act of Government

DCIT Vs M/s. Turner Morrison Limited (ITAT Kolkata)

Appellant was prevented by sufficient cause not to let out this property. Therefore, the Notional Income from the said property lying vacant due to Act of Government cannot be added back. ...

Read More

Browse All Categories

CA, CS, CMA (3,934)
Company Law (4,145)
Custom Duty (7,114)
DGFT (3,786)
Excise Duty (4,171)
Fema / RBI (3,547)
Finance (3,750)
Income Tax (28,351)
SEBI (2,986)
Service Tax (3,413)

Featured Posts