ITAT Kolkata

Transfer of division under scheme of arrangement can’t termed as Slump Sale

ACIT Vs Mcnally Bharat Engineering Co. Ltd. (ITAT Kolkata)

ITAT states that, in the given facts and circumstances and going by the clauses of the Scheme and reading them harmoniously and together the Tribunal held that the transfer of Lift Division comes within the purview of Section 2(47) of the Act but cannot be termed as a slump sale....

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Sale of tea manufactured from leaves purchased from third parties is agricultural activity & eligible for deduction of 60%

DCIT Vs Luxmi Tea Company Ltd (ITAT Kolkata)

The issue under consideration is whether income from sale of tea manufactured and sold from tea leaves purchased from third parties was from non-agricultural activity and therefore, was not eligible for deduction of 60%?...

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FMV determination without giving opportunity of being heard to Assessee is Unjustified

Astik Mondal Vs ITO (ITAT Kolkata)

The issue under consideration is whether Fair Market Value of property determined without giving access to the DVO’s report to Assessee and without considering the Assessee’s objections is justified in law?...

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No Section 263 invocation If AO taken One possible view out of Many

Electro Urban Co-Operative Credit Society Ltd. Vs PCIT (ITAT Kolkata)

PCIT’s action under challenge is not sustainable since the Assessing Officer had taken one of the possible views only in this factual backdrop. It is reversed therefore....

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Section 201(3)(ii) Limitation not applicable to Non resident Assessee

ITO (International Taxation) Vs Bata India Ltd. (ITAT Kolkata)

ITO Vs Bata India Ltd. (ITAT Kolkata) There is no dispute on the basic fact that the Assessing Officer’s order herein dated 10.06.2009 passed u/s 201(1A) r.w.s. 195 of the Act has raised interest payment in issue of ₹1,02,545/- for the reason that it failed to pay the TDS deducted on royalty payments to the […]...

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Interest on Loan cannot be disallowed on mere assumptions

Subhakaran Sampatlall (HUF) Vs ITO (ITAT Kolkata)

The issue under consideration is whether the AO is correct in disallowing the net interest as debited to Profit & Loss A/ c of the proprietary concern?...

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ITAT grants stay as appellant already paid 20% Tax Demand

Shubh Share Broking Pvt. Ltd Vs ITO (ITAT Kolkata)

Assessee needs to seek stay of outstanding demand since his Bank account has been attached by the department. Also he has financial stringency. Attachments to bank accounts withdrawn to enable assessee to pay tax demand....

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Merely reason to believe not sufficient to reopen assessments beyond 4 year period

Amrabathi Investra (P) Ltd. Vs ITO (ITAT Kolkata)

Amrabathi Investra (P) Ltd. Vs ITO (ITAT Kolkata) In the assessee`s case in the reasons supplied to the assesseee, as noted in above para, there is no whisper, what to speak of any allegation, that the assessee had failed to disclose fully and truly all material facts necessary for assessment and that because of this […]...

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Section 50C- No addition for Minor Valuation Differences

Dulari Devi Hetamsaria (L/H of Shyam Sundar Hetamsaria) Vs ACIT (ITAT Kolkata)

Dulari Devi Hetamsaria (L/H of Shyam Sundar Hetamsaria) Vs ACIT (ITAT Kolkata) ITAT Mumbai, in the case of M/s John Flower ( India) Pvt. Ltd, in ITA No.7545/Mum/2014, for A.Y. 2010-11, order dated 25.01.2017 held that if the difference between the valuation adopted by the Stamp Valuation Authority and declared by the assessee is less [&he...

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Transactions not Bogus, if All Ingredients necessary for Genuine Business Transaction Exist

Dhandhia Gems Vs ITO (ITAT Kolkata)

The issue under consideration is whether the addition made by AO by considering the transaction entered by the assessee as bogus transactions are justified in law?...

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