ITAT Kolkata

Railway Punitive Charges for wagon overloading is allowable expense

DCIT Vs. M/s Fee grade & Company Ltd. (ITAT Kolkata)

DCIT Vs. M/s Fee grade & Company Ltd. (ITAT Kolkata) Punitive charges for overloading were actually in the nature of additional freight for transporting goods beyond the permissible carrying capacity which cannot be categorized as an expenditure incurred for any purpose which is an office or infringement of law. Following the aforesai...

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Section 269SS not applies to Cash Transaction between Close Family Members for giving support & help

Sri Nikhil Banik Mazumder Vs. JCIT (ITAT Kolkata)

To support the family members, the money has been given by the assessee to his son/wife. This is simply a transfer of money from one family member to another family member to support day to day expenses, educational expenses and other family expenses...

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Section 41(1) includes remission or cessation of any liability by a unilateral act

DCIT vs Sonodyne Television Co. Ltd.(ITAT Kolkata)

Loss or expenditure or some benefit in respect of any such trading liability by way of remission or cessation shall be includible by a unilateral act by the first person who is assessee, i.e., debtor. There is no stipulation of such unilateral act by the creditor. ...

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ITAT not levied penalty on CA Firm for not paying FBT on traveling & conveyance Expenses of Articled Clerks

M/s. Gujrani & Co. Vs. ITO (ITAT Kolkata)

M/s. Gujrani & Co. Vs. Income Tax Officer (ITAT Kolkata) It is observed that the audit expenses of Rs. 5,19,238/- were claimed to be incurred by the assessee- company towards traveling and conveyance of the Articled Clerks, who were C.A. students receiving training from the assessee- firm. It was contended by the assessee during the [...

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Benefit of concessional tax rate on depreciable Assets cannot be denied if held for more than 3 Years

Dy. CIT Vs Eveready Industries India Ltd. (ITAT Kolkata)

This is an appeal filed by the revenue against the order of learned Commissioner (A)-9, Kolkata dated 24-11-2015 for assessment year 2006-07....

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Commission to Director based on % of Profit is allowable in year of Profit Determination

D.C.I.T. Vs. M/s. Associated Pigments Ltd. (ITAT Kolkata)

Since, the commission to the Managing Director was payable by the assessee company on the profits and the profits for the financial year 2009-10 was determined only in the year under consideration after finalizing the account. The allow ability on account of commission was crystallized in the year under consideration and the Ld. CIT(A) in...

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Getting audit done & timely report submission by CA is duty of Assessee

M/s B. W. M International Vs. I.T.O (ITAT Kolkata)

Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently held that it is the responsibility of the assessee to ensure that the audited books are submitted in stipulated time and that Chartered Accountant (CA) does his job properly. ...

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Franchise fee paid by KKR to BCCI-IPL is revenue expenditure

M/s Knight Riders Sports Private Limited Vs. ACIT (ITAT Mumbai)

Payment of Franchise Fee by Kolkata Knight Riders to the Board of Control for Cricket in India (BCCI) would constitute revenue expenditure for the purpose of allowing Income tax deduction, said Mumbai ITAT. ...

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Interest income on NPA cannot be recognized unless received

Trade link Securities Ltd. Vs. Income Tax Officer (ITAT Kolkata)

The Income Tax Appellate Tribunal in its recent order ruled that no additions can be made since interest has accrued to the assessee but has not been realized. ...

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Addition in the hand of company cannot be made for items belonging to directors which was duly proved with Supporting Evidences

Bagaria Properties & Investment Pvt. Ltd. Vs. ITO (ITAT Kolkata)

The Income Tax Appellate Tribunal in its recent order ruled that addition made under the Income Tax Act, 1961 solely on the basis of confessional statement without any supporting evidence is Invalid. ...

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