ITAT Kolkata

Assessee liable to deduct TDS on perquisite Value of Motor Car

TCG Lifesciences Pvt. Ltd Vs ITO (ITAT Kolkata)

Value of perquisite provided by the assessee company to its employees in the form of reimbursement of car running and maintenance charges was chargeable to tax in their hands and the assessee was liable to deduct tax at source from the said value. ...

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Order passed after due examination of issue cannot be called erroneous & prejudice to interest of Revenue

M/s Pricewater House Coopers Sp.z.o.o. Vs. CIT (ITAT Kolkata)

When all requisite details were already on record with supporting evidences and same were duly examined by AO, the order of AO was not erroneous and prejudice to interest of Revenue....

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Lease Rent for Car taken on finance lease allowed in income computation

Philips Electronics India Ltd. Vs ACIT (ITAT Kolkata)

Recently in, Phillips India Ltd. vs. ACIT, ITAT Kolkata held that Deduction of lease rentals paid towards cars taken on finance lease allowed while computing income ...

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Addition for Share premium U/s. 68 cannot be made merely on the ground that directors of share subscribers did not turn up before AO

Income Tax Officer Vs M/s. Wiz-Tech Solutions Pvt. Ltd. (ITAT Kolkata)

ITO Vs. Wiz-Tech Solutions Pvt. Ltd (ITAT Kolkata)  The main plank on which the AO made the addition was because the directors of the share subscribers did not turn up before him. In such a case the Hon’ble Apex Court in the case of Orissa Corpn. (P) Ltd. (supra) 159 ITR 78 and the Hon’ble […]...

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Section 14A can be put in motion only when there is exempt income

M/s Adhunik Metaliks Ltd. Vs ACIT (ITAT Kolkata)

This appeal by the revenue arises out of the order of the Learned Commissioner of Income Tax(Appeals)-20, Kolkata [in short the ld CIT(A)] in Appeal No.1044/CIT(A)-20/CC-1(1)/15-16 dated 25.07.2016 against the order passed by the ACIT, CC-1(1), Kolkata...

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Depreciation allowable on Assets ready to use but not put to use

Betterman Engineers Pvt. Ltd. Vs I.T.O. (ITAT Kolkata)

Betterman Engineers Pvt. Ltd. Vs I.T.O. (ITAT Kolkata) In the instant case the assessee has acquired certain fixed assets on lease and has charged depreciation on the same. The assets being the godown building, office building, power house building, Weigh Bridge room and machinery. The ld. AO on the basis of the statement made by [&hellip...

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No tax on Mesne Profits for wrongful deprivation of use & occupation of property

Income-tax Officer Vs Shri Kamal Kumar Ghosh (ITAT Kolkata)

Special Bench of Mumbai Tribunal in the case of Narang Overseas Pvt Ltd vs ACIT reported in 111 ITD 1 (Mum ITAT ) (SB) had held that mesne profits received by assessee for wrongful deprivation of use and occupation of property constitutes capital receipt and hence not chargeable to tax. Respectfully following the same , we hold that the l...

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Addition for Bogus expenditure U/s. 69C justified on failure to prove rendition of services

Sun Steel Industries (P) Ltd. Vs DCIT (ITAT Kolkata)

Where assessee had not proved actual rendition of the foundation services and also whether alleged service providers possessed necessary expertise and infrastructure to render the foundation services, AO was justified in making addition of payments made to them, under section 69C....

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No addition in Section 153A assessment for unexplained share capital In absence of incriminating material

M/s. Garg Brothers Pvt. Ltd. Vs DCIT (ITAT Kolkata)

In respect of assessments completed prior to date of search that have not abated, the scope of proceedings under section 153A has to be confined only to material found during search. As no material, whatsoever, was found in the course of search, question of making addition on account of unexplained share capital could not have been the su...

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Penalty levied by IRDA for non-compliance of Regulation is allowable

Microsec Insurance Brokers Ltd. Vs ITO Ward (ITAT Kolkata)

This appeal filed by the assessee is directed against the order of Ld. CIT (Appeals) – 18, Kolkata dated 15.04.2016 and the solitary issue involved therein relates to the disallowance of Rs. 5,00,000/- made by the A.O. and confirmed by the Ld. CIT(A) on account of penalty charges paid to Insurance Regularly and Development Authority (IR...

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