ITAT Kolkata

Penalty U/s. 271B- Turnover means Actual TO not the TO declared in return

Rajesh Agarwal Vs ITO (ITAT Kolkata)

Rajesh Agarwal Vs ITO (ITAT Kolkata) We have heard the arguments of both the sides and also perused the relevant material available on record. The first contention raised by the learned counsel for the assessee in support of the assessee’s case is that the gross receipts of his business as declared by the assessee in […]...

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Interest u/s 201(1A)- Up to Date of Payment or date of filing return of income?

Medicare TPA Services India Pvt. Ltd. Vs ACIT (TDS),(ITAT Kolkata)

Medicare TPA Services India Pvt. Ltd. Vs ACIT-TDS (ITAT Kolkata) Interest u/s 201(1A) of the Act could be charged only upto the date of payment of taxes by the deductees and not upto the date of filing of return of income. We find lot of force in this argument of the ld AR in as […]...

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S. 10B STPI Commissioner approval should be construed as Board approval

Limtex Infotech Ltd. Vs ITO (ITAT Kolkata)

As per section 10B for an undertaking to be eligible as 100% Export Oriented Undertaking, it should fulfill the following conditions: i) The undertaking must have approved by the Development Commissioner ii) The approval so granted by the Development Commissioner should be subsequently ratified by the Board of Approval for Export Oriented...

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PMS Fees deductible from Capital Gain

Joy Beauty Care (P) Ltd. Vs DCIT (ITAT Kolkata)

Joy Beauty Care (P) Ltd. Vs DCIT (ITAT Kolkata) Ld. CIT(A) had accepted that the gains on sale of shares through Portfolio Management Services (PMS) providers to be taxed under the head capital gains. Against these findings of the Ld. CIT(A), the revenue has not preferred the appeal before us as per the material available […]...

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MTM loss is an actual and ascertained liability

M/s Himadri Chemicals & Industries Ltd. Vs Pr. CIT (ITAT Kolkata)

M/s Himadri Chemicals & Industries Ltd. Vs Pr. CIT (ITAT Kolkata) Ordinarily under the mercantile system of accounting, expenditure is deductible when the liability to settle the same is accrued, irrespective of whether it is ‘due’ or not. However, in the case of a contingent liability, there is no present existence to discharge t...

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No TDS on mere facilitating transportation of goods by hiring lorries

I.T.O. Vs Bajaj Roadways (ITAT Kolkata)

I.T.O. Vs Bajaj Roadways (ITAT Kolkata) Assessee had merely hired the lorries and there was no contract between assessee and the concerned payees, i.e., truck owners. Since the assessee did not delegate its liability of transportation of goods to the truck owners by way of any contract or sub-contract, therefore, the payments made by the ...

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TDS not deductible on Internet connectivity charges & specialised line rental

ACIT Vs SDV International Logistics Ltd. (ITAT Kolkata)

ACIT Vs SDV International Logistics Ltd. (ITAT Kolkata) it is observed that the assessee company was held to be liable to deduct tax at source by the A.O. from the payment of internet connectivity charges and specialised line rental u/s 194J of the Act being in the nature of royalty by relying on Explanations 4, […]...

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S.263 CIT cannot treat Loss as speculative which was treated as business by AO with due application of mind

ITT Shipping (P) Ltd. Vs Pr. CIT (ITAT Kolkata)

Where AO after making adequate enquiries and verification held that forward contract loss was allowable as normal business loss, CIT was not justified in treating the same as speculative one and the assessment order as erroneous and prejudicial to the interest of revenue....

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Partner to get his A/cs audited if his Remuneration from Firm exceeds Audit Limit

Sagar Dutta Vs DCIT (ITAT Kolkata)

Sagar Dutta Vs DCIT (ITAT Kolkata) Penalty under section 271B justified on Assessee who was Partner in M/s. Price Waterhouse which is a partnership firm for his Failure to get his accounts audited as his remuneration was exceeding the limit specified U/s. 44AB. We find that in the instant case penalty of Rs.37,080/- was imposed […]...

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To Tax capital Gain from Penny Stocks it is need to be proved that there is a scam and assessee is part of scam

Navneet Agarwal Vs ITO (ITAT Kolkata)

he submission of the assessee that she is just an investor and as she received some tips and she chose to invest based on these market tips and had taken a calculated risk and had gained in the process and that she is not party to the scam etc., has to be controverted by the revenue with evidence....

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