ITAT Kolkata

Ad hoc disallowance without rejection of books of account is not sustainable

Pioneer Himudyog P. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Kolkata)

This is an appeal filed by the assessee against the order of Ld. CIT(A)-6, Kolkata dated 13.01.2017 for AY 2011-12. The first issue raised by the assessee is against the action of the Ld. CIT(A) in confirming the addition of Rs.10,747/- which was made by the AO as donation and subscription account....

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Deduction u/s. 54EC allowable on Actual sale Consideration, not on value determined U/s. 50C

Sri Nikhilesh Sadhukhan Vs Income Tax Officer (ITAT Kolkata)

In the instant case the impugned property was sold at a value lesser than the value adopted for the purpose of stamp duty. Therefore the valuation determined for the purpose of stamp valuation is taken as sale consideration. However, such deeming provision cannot be applied to the provision of law as specified Section 54EC of […]...

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Salary Exemption to Non-Resident for services rendered outside India

Sudhanshu Mohapatra Vs. DCIT (International Taxation)-2(1) (ITAT Kolkata)

Brief facts of the case are that the assessee is an individual and derives his income from salary and other sources. The assessee claiming himself as non-resident filed his return declaring total income at Rs. Nil. Under scrutiny, notices u/s. 143(2) and 142(1) of the Act were issued. ...

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Purchase of Sales Tax Exemption Certificate is Revenue Expense

DCIT Vs. M/s. Orient Paper & Industries Ltd. (ITAT Kolkata)

In this appeal the only issue that is to be decided as to whether the CIT-A justified in holding that the purchase of sales tax exemption certificates is a revenue expenditure in the facts and circumstances of the case....

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No Sec. 14A disallowance for shares held as stock in trade

D.C.I.T. Vs M/s. Kredent Brokerage Services (ITAT Kolkata)

Calcutta High Court in the case of CIT Vs GKK Capital Markets (P)Ltd 392 ITR 196 (Calcutta) has taken a view that the shares held as stock in trade and the expenses in relation to shares so held cannot be disallowed u/s 14A of the Act. In view of the aforesaid decision and the decision of the ITAT in assessee’s own case, we are of the v...

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Rent-Free Accommodation cannot be taxed if Salary is NIL

ITO Vs Sri Raghu Nandan Modi (ITAT Kolkata)

As the assessee was not drawing any salary from POL then in our considered view the perquisites cannot be determined in terms of the provision of Sec. 17(2) r.w.r. 3 of the Rules. ...

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Deemed Dividend- Shares held by Subsidiary Co. is irrelevant

D.C.I.T Vs M/s. The Hooghly Mills Co.Ltd. (ITAT Kolkata)

In DCIT v. M/s. The Hooghly Mills Co.Ltd, the ITAT Kolkata held that shareholding by Subsidiary Company is irrelevant while considering ‘deemed dividend’ liability of Holding Company under section 2(22)(e) of the Income Tax Act....

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Reassessment in absence of fresh material indicating income escapement is invalid

A.C.I.T., Circle-2(1) Vs M/s. BNK E Solution Pvt.Ltd. (ITAT Kolkata)

In absence of fresh material indicating escaped income, the AO cannot assume jurisdiction to reopen already concluded assessment. It was further held that since there was no whisper in reasons recorded, of any tangible material which came to possession of AO subsequent to issue of intimation, therefore, it was an arbitrary exercise of po...

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Every loss of revenue due to AO order cannot be treated as prejudicial to revenue interest

M/s. Ernst & Young Pvt. Ltd. Vs C.I.T., Kol-3, (ITAT Kolkata)

In a major relief to the Ernst & Young Pvt Ltd (EY), the Kolkata bench of the ITAT confirmed the original assessment order passed by the Assessing Officer allowing deduction under sections 10A and 10AA of the Income Tax Act to the Company without set off of loss of taxable unit....

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Registration u/s 12A cannot be denied to a Trust for mere Fee Collection

Gyaan Vikas Foundation Siliguri Vs C.I.T. (ITAT Kolkata)

There is nothing brought on record to show that the activities of the assessee are driven by profit motive. In these circumstances we are of the view that the conditions for grant of registration u/s 12AA of the Act are duly satisfied as the activities of the assessee are genuine and its objects are also charitable....

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