ITAT Kolkata

Issuance & service of notice U/s. 143(2) is mandatory & not procedural

Pankaj Dutta Vs ITO (ITAT Kolkata)

Pankaj Dutta Vs ITO (ITAT Kolkata) Issuance and service of notice under section 143(2) is mandatory and not procedural. If the notice is not served within the prescribed period, assessment framed would be invalid and such irregularity cannot be treated as curable under section 292BB.  FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:- This [&he...

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Reference to DVO can be made only if AO think that value claimed in registered valuer’s report was less than FMV

Royal Calcutta Turf Club Vs. DCIT (ITAT Kolkata)

Reference made to DVO under section 55A on the ground that value declared by assessee, as per Government registered valuer’s report was more than FMV, was not justified as AO could make reference to DVO only when he was of the opinion that value claimed in the registered valuer’s report was less than the fair market value....

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Tax on interest on Security deposit with government linked with construction of Power Plant

Jhabua Power Limited Vs Deputy Commissioner of Income Tax (ITAT Kolkata)

Jhabua Power Limited Vs DCIT (ITAT Kolkata) It is observed that the construction of Power Plant of the assessee-company was under progress during the year under consideration and in connection with the same, security deposit was required to be kept by the assessee to Commercial Tax Officer for sales-tax registration as well as with Execut...

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‘Initial intention’ of assessee to decide whether an activity amounts to ‘trading activity’ or ‘investment activity’

I.T.O Vs. M/s Nupur Carpets Pvt. Ltd. (ITAT Kolkata)

ITO Vs. M/s Nupur Carpets Pvt. Ltd. (ITAT Kolkata) We note that the AO treated net ‘surplus’ as business income instead of capital gains on the ground that the assessee carried out business of share trading as evident from large volume of transactions and systematic, organized, repeated and regular activity in shares with a clear [&he...

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Expense of Corporate Membership of Director is allowable Expenditure

M/s MKJ Tradex Ltd. Vs DCIT (ITAT Kolkata)

Many clubs allow membership to companies or other business entities. The membership is given in name of company or other concern. It is very well known that the clubs are a platform to meet people....

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Income from Sub-letting of Property is taxable as Other Income

ITO Vs. M/s Natraj Vinimay Pvt. Ltd. (ITAT Kolkata)

Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently held that income earned by the assessee from sub-letting of property under leave and license agreement for a temporary period is taxable under the head income from other sources and not under the head business income since the sub-letting was not an object of the assessees’ ...

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Income from Sub-Letting of Property is not Assessable as House Property Income

I.T.O. Vs. M/s Batram Properties Pvt. Ltd. (ITAT Kolkata)

ITO. Vs. M/s Batram Properties Pvt. Ltd. (ITAT Kolkata) Under section 22 of the Act the charge to tax of income from house property is based on the ownership of such property. The admitted position in the present case is that the assessee is only a tenant and not the owner of the property. It is […]...

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TDS U/s. 194C applies on amount paid under Oral Agreement

Sales Emporium (ULG) Vs. Income Tax Officer (ITAT Kolkata)

The Kolkata bench of ITAT recently held that TDS provisions under the Income Tax Act, 1961 are applicable to payments made under an oral agreement....

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Tips paid by bank to casual workers on festive occasion is allowable expense

West Bengal State Co-operative Bank Ltd. Vs. DCIT (ITAT Kolkata)

In West Bengal State Co-operative Bank Ltd. v. DCIT, the Kolkata bench of Income Tax Appellate Tribunal in its recent order has held that the payment made by banks to casual workers on festive occasion can be allowed as deduction under section 37 of the Income Tax Act. ...

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Service of notice U/s. 148 by affixture at wrong address is bad in law

Aminex Merchant Pvt. Ltd. Vs. I.T.O. (ITAT Kolkata)

Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently quashed the re-assessment under section 147/148 of the Income Tax Act since service of notice by affixture was done at a wrong address. ...

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