ITAT Kolkata

LTCG on sale of shares cannot be treated bogus merely on investigation report

Mr. Sanjiv Shroff Vs ACIT (ITAT Kolkata)

When AO has not brought any material on record to show that the assessee has paid over and above the purchase consideration as claimed and evident from the bank account then, in the absence of any evidence it cannot be held that the assessee has introduced his own unaccounted money by way of bogus long term capital gain....

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A firm not being shareholder cannot be Taxed for Deemed Dividend

Modern Impex Vs Assistant Commissioner of Income-tax (ITAT Kolkata)

Firm being not a shareholder of the Pvt. Ltd. company which lent the money cannot be taxed by applying sec. 2(22)(e) of the Act. So, the addition is deleted....

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TDS U/s. 195 not deductible on commission paid to USA based payee

ACIT Vs M/s Calcutta Export Co. (ITAT Kolkata)

ACIT Vs M/s Calcutta Export Co. (ITAT Kolkata) The Revenue has failed to place on record even a single document throwing light towards the fact that the payee herein has rendered any of its services in India thereby making it liable to be assessed u/s 9 r.w.s 5 of the Act. The assessee’s payee has […]...

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Sec. 68 addition unjustified when assessee explains both nature & source of share capital

M/s Baba Bhootnath Trade & Commerce Ltd. Vs ITO (ITAT Kolkata)

Since assessee had explained both the nature & source of share capital received with premium and also submitted PAN details, bank account statements, audited financial statements and Income Tax acknowledgments to prove the identity, creditworthiness and genuineness of the share applicants, therefore, addition under section 68 was unjustif...

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S. 68 Cash Receipt from Debtors: Addition justified on failure to prove

ITO Vs Sanjeev Kejriwal (ITAT Kolkata)

Addition under section 68 on aacount of entire credits shown by assessee in form of realization from debtors was justified as the onus was primary on assessee to prove that the said cash was sourced by realization from debtors, which had not been proved by assessee except making an oral statement and taking credence from the entries passe...

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Interest on late deposit of TDS allowable u/s 37

D.C.I.T Vs M/s. Rungta Mines Ltd (ITAT Kolkata)

Interest expenses claimed by assessee on account of delayed deposit of TDS liability was allowable under section 37(1) as the TDS amount did not represent the tax of  assessee but it was the tax of the party which had been paid by assessee. ...

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No TDS on Export commission paid to NRI for services rendered abroad

ACIT Vs Lux Industries Ltd. (ITAT Kolkata)

ACIT Vs Lux Industries Ltd. (ITAT Kolkata) Since export commission payments to non-resident agents were not taxable in India, as agents were remaining outside, services were rendered abroad and payments were also made abroad TDS under section 195 was therefore, not deductible from payment made to NRI agents. FULL TEXT OF THE ITAT JUDGMENT...

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Exemption U/s. 11 can be denied for Advances given to unregistered trusts in violation of Section 13

ACIT Vs Hooghly Engineering & Technology College Society (ITAT Kolkata)

Where assessee registered under section 12AA had given advances to unregistered trusts, then it could be held guilty for violation of provisions of section 13 and consequently be denied exemption under section 11, if it was established that the president of the recipient trusts was having substantial interest in such trusts....

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Capital Gain cannot be treated as bogus on human probabilities, suspicion, conjectures and surmises

Mahavir Jhanwar Vs ITO (ITAT Kolkata)

CIT(A) has in his order relied upon circumstantial evidence and human probabilities to uphold the findings of the AO. He also relied on the so called rules of suspicious transaction...

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No addition for cash deposits when Assessee offered Income u/s 44AE

Bijoy Shribastab & Anr. Vs ITO (ITAT Kolkata)

Bijoy Shribastab & Anr. Vs ITO (ITAT Kolkata) It is not in dispute that the assessee had not maintained books of accounts for his transport business. It is not in dispute that the assessee owns less than 10 vehicles and is accordingly entitled to offer income u/s 44AE of the Act. It is not the […]...

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