ITAT Kolkata

In granting approval to case manually selected for scrutiny CIT is required to show application of mind

M/s Brothers & Sisters Enterprise Vs JCIT (ITAT Kolkata)

1. The argument of the assessee in this case is that the selection for scrutiny of this case manually done by the Assessing Officer is bad in law and that the Commissioner of Income Tax has granted approval for selection of this case for scrutiny by the AO without application of mind. Ld. Counsel for […]...

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Interest on delayed Service Tax & TDS payment is allowable expense

DCIT Vs M/s Narayani Ispat Pvt. Ltd. (ITAT Kolkata)

This appeal by the Revenue is directed against the order of Commissioner of Income Tax (Appeals)-XX, Kolkata dated 28.08.2014. Assessment was framed by ACIT, Range-3, Kolkata u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred to as the Act) vide his order dated 11.01.2013 for assessment year 2007-08. The grounds raised by the Re...

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No Capital Gain Tax on Income from Compulsory Acquisition of Agricultural Land

Anil Plantations Pvt. Ltd. Vs Pr. C.I.T. (ITAT Kolkata)

The Assessee is a company. It is engaged in the business of growing and manufacturing and selling of tea. The assessee’ s tea estate is located at Harishnagar Tea Estate, P.O.Harishnagar via Bhishalgarh Vill.Gokul Nagar District Sepahijala, Tripura West – 799102. During the previous year a portion of the assessee’s tea plantation co...

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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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