ITAT Kolkata

Penalty u/s 271C can be levied for non-deduction of TDS and not for delayed deduction of TDS

ITO Vs. M/s Liver Foundation (ITAT Kolkata)

The Income Tax Appellate Tribunal, Kolkata bench recently ordered that the penalty u/s 271C of the Income Tax Act cannot be levied for the delayed deduction of TDS amount....

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Section 2(22)(e) not attracted if appellant has given his personal properties as collateral security to bank for loan

I.T.O. Vs. Sri Siddhartha Paul (ITAT Kolkata)

The fact that the assessee had given his personal property as collateral security for enabling M/s. Palsons Drugs Pvt. Ltd to obtain loan and other credit facilities is not in dispute. Under the circumstances the proposition of law as laid down by the Jurisdictional High Court in the case of ‘Pradip Kumar Malhotra vs CIT’ (supra) squ...

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CIT(A) has no power to give direction to AO to reopen assessment

ITO Vs. Sri Biswajit Chatterjee (ITAT Kolkata)

CIT(A) has been given power u/s. 251 of the Act to confirm the order of AO reduce, enhance or annul assessment order under the provision of Act but there is no power available to Ld. CIT(A) to give direction to AO for reopening the case of other years. ...

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Wealth Tax not payable on Cash Balance generated out of Cash Sales

Surendra Pal Singh Vs DCWT (ITAT Kolkata)

Cash in hand referred to in Section 2(ea)(vi) of the Act represents only the personal cash of the assessee emanating from his personal balance sheet. It nowhere contemplated the inclusion of cash which is held as business asset....

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Penalty for failure to get account audited not justified if assessee acted bona fide

Off- Shore India Ltd. Vs. Deputy Commissioner of Income-tax (ITAT Kolkata)

Even though the net profit / loss arising from the purchase and sale of securities was disclosed by the assessee in the profit and loss account, the value of such securities held by the assessee was fully and truly disclosed by the assessee under the head investment in the relevant balance sheet. ...

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Section 271AAA(2) nowhere mandates offering of undisclosed income in return of income

DCIT Vs. Shri Suresh Karmakar (ITAT Kolkata)

Income declared cannot be called retraced if same was included in 2nd revised return but not in Original and First Revise Return further Sec. 271AAA(2) not mandates offering of undisclosed income in return of income....

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Non-resident seafarer Salary credited by foreign employer to NRE A/c with Indian Bank- Addition not justified

Tarun Kumar Sarkar Vs Dy. DIT (ITAT Kolkata)

Salary accrued to a non-resident seafarer for services rendered outside India on a foreign going ship (with Indian flag or foreign flag) shall not be included in the total income merely because the said salary has been credited in the NRE account maintained with an Indian bank by the seafarer....

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Section 40A(3) not applies to cash payment exceeding Rs. 20000 made to Government controlled electricity distribution company

Narayan Rice Mill Vs. CIT (ITAT Kolkata)

West Bengal State Electricity Distribution Company Limited (WBSEDCL) is covered by the exception Rule 6DD(b) of the IT Rules and as such no dis allowance under section 40A(3) of the Act can be made. Therefore, the grounds raised by the assessee are allowed....

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CIT justified in invoking revisionary jurisdiction in PwC case

M/s Pricewaterhouse Coopers Pvt. Ltd. Vs ACIT (ITAT Kolkata)

This appeal by the Assessee arises out of the order of the Learned Principal Commissioner of Income Tax -1, Kolkata [in short the ld CIT] in M.No. Pr. CIT-1/Kol/Revision u/s. 263/2016-17/13718-21 dated 16.02.2017 passed u/s 263 of the Act against the order passed by the DCIT...

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Additional Income cannot be treated as undisclosed merely for admission during search

Deputy Commissioner of Income-tax Vs. Shri Ravi Kumar Khaitan (ITAT Kolkata)

Merely for the reason that the assessee had admitted additional income in the course of search for taxation, it cannot be said that such admitted income was undisclosed income within the meaning of 'undisclosed income' provided in Explanation to section 271AAA of the Act to impose the penalty. ...

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