ITAT Kolkata

Revisionary jurisdiction u/s. 263 not invocable as AO took plausible view

Kusum Gupta Vs PCIT (ITAT Kolkata)

ITAT Kolkata held that PCIT cannot exercise the revisionary jurisdiction to set aside the assessment where the AO has conducted enquiries and taken a plausible view accepting the contentions of the assessee....

ITAT Grants 30% Depreciation on Philips India’s Business-Owned Moulds

Philips India Limited ACIT (ITAT Kolkata)

Read the full text of the ITAT Kolkata order in the case of Philips India Limited vs. ACIT regarding the grant of 30% depreciation on business-owned moulds....

Transferee Company eligible to take credit of TDS Deducted in Transferor Company’s Hands Upon HC’s Amalgamation Scheme Approval

Popular Complex Advisory Pvt. Ltd. Vs ITO (ITAT Kolkata)

Read about the ITAT Kolkata case of Popular Complex Advisory Pvt. Ltd. vs. ITO involving TDS credit in amalgamation schemes approved by HC....

Section 68 Inapplicable if no Cash Transactions & no sum of money credited in books 

ITO Vs Natraj Mercantile Pvt Ltd (ITAT Kolkata)

Learn about the addition under Section 68 of the Income Tax Act and the importance of explaining identity, creditworthiness, and transaction genuineness in the case of ITO vs. Natraj Mercantile Pvt Ltd....

Interest paid on delayed deposit of income tax not allowable as expenditure

Apeejay Pvt Ltd Vs DCIT (ITAT Kolkata)

ITAT Kolkata held that interest payment on delayed deposit of income tax, whether TDS or otherwise is not an allowable expenditure....

Royalty not embedded in import price paid to AE hence adjustment unsustainable

Reckitt Benckiser (India) Pvt. Ltd Vs DCIT (ITAT Kolkata)

ITAT Kolkata held that TPO failed to demonstrate that royalty payment by assessee to Associated Enterprises (AEs) is embedded in the process of the imported goods. Accordingly, upward adjustment thereon unsustainable....

Distress Sale of Land: ITAT deletes Section 50C addition

Southern Road Carriers Ltd Vs DCIT (ITAT Kolkata)

ITAT Kolkata rules in favor of Southern Road Carriers Ltd, stating the Assessing Officer was not justified in making tax additions based on stamp duty value. Get the full case analysis....

ITAT allows expenditure incurred on amenities provided to tenants against house property income

Bagaria More Co. Ltd Vs ADIT (ITAT Kolkata)

Analysis of ITAT Kolkata's landmark decision in Bagaria More Co. Ltd. vs ADIT, focusing on the treatment of the cost of amenities provided to tenants under Income from House Property....

ITAT allows Additional Depreciation Allowed on Captive Power Plant Equipment

DCIT Vs Tirupati Sugars (ITAT Kolkata)

ITAT Kolkata's ruling on additional depreciation under Section 32(1)(iia) of Income Tax Act on Captive Power Plant Equipment in DCIT Vs Tirupati Sugars....

Disallowance of loss claimed u/s 41 in hypothetical way needs fresh examination

Assam Tea Corporation Ltd Vs CIT(A) (ITAT Kolkata)

ITAT Kolkata held that disallowance of loss claimed by the assessee under section 41 of the Income Tax Act in a hypothetical way is unjustified and accordingly matter set aside for afresh examination....

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September 2023