ITAT Kolkata

Loss from Hedging Contracts of Foreign Exchange is Normal Business Loss

M/s ITT Shipping Pvt. Ltd. Vs Pr. CIT-3 (ITAT Kolkata)

This appeal filed by the assessee directed against the Ld. Principal of Commissioner of Income Tax-3, Kolkata for the assessment year 2012-13, wherein he has revised the order passed u/s 143(3) by the Assessing officer on 24.02.2015 by exercising his jurisdiction u/s 263 of the Income Tax Act, 1961(the Act) on 8thMarch, 2017....

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Expenses on replantation without any expansion of plantation area or replantation in an abandoned area are not capital expenditure

A.C.I.T. Vs M/s Gillanders Arbuthnot & Co.Ltd.(ITAT Kolkata)

ACIT Vs M/s Gillanders Arbuthnot & Co. Ltd. (ITAT Kolkata) 1. Expenses on replantation without any expansion of plantation area or replantation in an abandoned area are not capital expenditure Capital expenditure involves an investment increasing the capital for higher profit. The expansion means extension of plantation to an addition...

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Penalty U/s. 272A (2)(k) cannot be imposed for a mere technical venial breach

The New India Assurance Co. Ltd. Vs JCIT (ITAT Kolkata)

Explanation offered by the assessee would constitute ‘reasonable cause’ within the meaning of section 273B of the Act and hence the assessee would be entitled for immunity from levy of penalty u/s 272A(2)(k) of the Act. ...

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Interest from Lending business is taxable as Business Income and write off of bad debt allowable U/s. 36(1)(vii) read with Section 36(2)

Zen Industrial Services Ltd. Vs DCIT (ITAT Kolkata)

In view of the aforesaid fact and findings we hold that the write off of bad debt of Rs. 56,94,685/- would be squarely allowable as deduction u/s 36(1)(vii) read with Section 36(2) of the Act and the ld. AO is directed accordingly to grant the same. ...

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AO cannot make disallowance on ad hoc basis without pointing out any defect / error in submission of assessee

DCIT Vs M/s Lexicon Auto Ltd. (ITAT Kolkata)

It is settled law that the disallowance on account of ad hoc basis is not permissible under the provision of the Act. If the AO is not satisfied with the submission of assessee then he has to make the disallowance after making specific reference to such documents / vouchers. AO cannot just make the disallowance on ad hoc basis without poi...

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Expenditure incurred to earn exempt Income computed u/s 14A can’t be added while computing Book Profit: ITAT

A.C.I.T. Vs M/s. Ridhi Portfolion (p) Ltd (ITAT Kolkata)

These four appeals are preferred by the revenue against the four separate orders passed by the Ld. CIT (Appeals) all dated 27th July, 2016 for A.Y. 2010-11, 2011-12, 2012-13 and 2013-14 and since a common issue involved therein, the same have been heard together and are being disposed of by a single consolidated order....

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Denial of application for approval u/s 80G justified as society spends more than 5% of Total Income on religious activities

Bhuvaneshwari Kali Thakuranir Seva Samity Vill Vs Commissioner of Income Tax (ITAT Kolkata)

This is an appeal by the Assessee directed against the order dated 22.12.2016 of the ld. CIT, Exemptions (ld. CIT(E)), Kolkata relating to A.Y.2016-17, wherein the ld. CIT(E) has passed an order rejecting grant of the approval u/s 80G of the Income-tax Act, 1961 (here nafter referred to as the Act)....

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Addition cannot be made on estimate basis without rejection of Books of Accounts

Arup Kumar Hazra Vs I.T.O. (ITAT Kolkata)

This is an appeal filed by the assessee directed against the order of the Commissioner of Income Tax (Appeals)-11, Kolkata, (hereinafter the Ld. CIT(A)), dt. 22/09/2017, passed u/s 250 of the Income Tax Act, 1961 (hereinafter the Act), relating to Assessment Year 2012-13...

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Addition U/s. 69 cannot be made for investment out of Salary Received in Cash

Sri Sudipta Ghosh Vs DCIT (ITAT Kolkata)

As assessee received salary in cash, his claim that investments were made from such salary could not be brushed aside and keeping in view the overall facts and capacity of the assessee, addition under section 69 was deleted....

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Exemption U/s. 54 for Reinvestment in 3 residential houses having common amenities?

A.C.I.T. Vs Smt. Reshmi P. Loyalka (ITAT Kolkata)

Whether the reinvestment made by the assessee in 3 residential houses having common amenities, kitchen, common entrance, common house name, common electrical, common storage, common water, common garden, common boundary wall, common guard room, etc would give eligibility to claim exemption u/s 54 of the Act by construing all the three uni...

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