ITAT Kolkata

Additions u/s 68 merely for not producing directors of investment companies is not sustainable

Income Tax Officer Vs BSNI Commercial Pvt. Limited (ITAT Kolkata)

Whether Additions u/s 68 merely on the ground that the assessee could not produce the directors of the share subscribing companies is sustainable....

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No tax on Foreign allowances received for service rendered outside India through TCC

Shri Sudipta Maity Vs DCIT(IT) (ITAT Kolkata)

Where assessee, a non-resident, had received foreign allowances outside India for the services rendered in Netherlands, the foreign allowances received by assessee were not liable to tax under section 5(2)....

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Losses cannot be treated as Bogus merely for client code modifications

Manoj Kumar Damani Vs ACIT (ITAT Kolkata)

When purchase and sale of shares were supported by proper Contract Notes, shares were purchased and sold through recognised broker and sale considerations were received by Account Payee Cheques, the transactions could not be treated as bogus and loss on account of client code modifications should be allowed....

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Future Development Expenses provision for unascertained liability by Builder Allowable

DCIT Vs Ashiana Housing Ltd. (ITAT Kolkata)

He held that the amount in question thus represented provision for meeting unascertained liabilities which was not allowable as deduction in the case of the assessee. He accordingly made a disallowance of Rs. 2,25,01,129/- on account of future development expenses and made addition to that extent to the total income of the assessee in the...

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Liquidated damages claim are allowable for non-fulfilment of business obligations to own customers

DCIT Vs M/s Hindustan Urban Infrastructure Ltd. (ITAT Kolkata)

Liquidated damages which were in nature of contractual liability on account of non-compliance of business obligations to customers were allowable expenditure...

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Initiation of Penalty proceeding against Dead Person is Bad in Law

ACIT Vs Vijay Kumar Agarwal (ITAT Kolkata)

ACIT Vs Vijay Kumar Agarwal (ITAT Kolkata) The ld. counsel for the assessee before us has raised a preliminary issue that the penalty proceedings having been initiated by the Assessing Officer against a dead person, initiation itself was bad-in-law and the penalty imposed under section 271AAB is not sustainable. He has pointed out that th...

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Capital contribution by partner in cash- No violation of section 269SS

ITO Vs Dayamayee Marble & Granite (ITAT kolkata)

Where assessee received capital from the partner in cash, it did not tentamount to loan or deposit and therefore, penalty under section 271D was not to be levied for violation of section 269SS....

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Section 54F benefit allowable in case of part performance of contract

Smt. Sabita Devi Agarwal Vs ITO (ITAT Kolkata)

section 2(47) laid down that transfer would include a transaction allowing possession of an immovable property in part performance of a contract of a nature referred to in Section 53A of the transfer of Property Act. In the case on hand, part performance of a contract had taken place and possession had been handed over. Thus, the claim of...

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CSR Expenses prior to 1st April 2015 Deductible from Total Income: ITAT

Bengal NRI Complex Ltd. Vs DCIT (ITAT Kolkata)

Bengal NRI Complex Ltd. Vs DCIT (ITAT Kolkata) Since the ‘CSR’ expenses are mandatory for companies incorporated as per the Companies Act, 2013 and the expenditure have been incurred by the assessee as envisaged under the Companies Act, 2013. So we are of the opinion that it has to be allowed and we take note […]...

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Section 54 Exemption when Agreement to sell old property and investment in new residential property within one year

Gautam Jhunjhunwala Vs ITO (ITAT Kolkata)

Agreement to sell old property and investment in new residential property within one year, whether to be claimed as exemption under section 54....

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