ACIT Vs New Horizons Limited (Kolkata High Court) It is observed that physical verification of stock was carried out by the assessee-company in the month of January and February, 2015 as a matter of internal control and surplus stock of Rs.4,70,54,450/- found on such physical verification was duly incorporated by the assessee-company in its books […]
Chandra Prakash Jhunjhunwala Vs DCIT (ITAT Kolkata) FULL TEXT OF THE ITAT JUDGEMENT The captioned appeal filed by the Assessee, pertaining to assessment year 2014-15, is directed against the order passed by the Commissioner of Income Tax (Appeal)-21, Kolkata, which in turn arises out of an assessment order passed by the Assessing Officer u/s 143(3) […]
We note that the fact that neither the statement relied on by the authorities below were provided to the assessee nor any cross examination was allowed to prove the veracity of the statement. We note that the fact that in the statement of third party, the name of the assessee was not implicated. Even otherwise, according to Learned Counsel, no adverse inference could be drawn against the assessee on the basis of untested statements without allowing opportunity of cross-examination.
The issue under consideration is whether the addition u/s 68 on account of share capital and share premium by treating the same as unexplained cash credit is justified in law?
M/s. United Investments Vs ACIT (ITAT Kolkata) In this case the assessee had incurred loss on sale of shares after paying STT & these shares were held on investment a/c for period more than 12 months. The assessee claimed that the loss incurred was to be assessed under the head ‘capital gains’ and its set […]
The issue under consideration is whether the Lease payment in advance for the period varied from 15 to 99 years considered as Capital Expenditure or Revenue Expenditure?
Interest paid on late deposit of VAT, Service Tax, TDS etc, was not penal in nature and the same was allowable as business expenditure under section 37(1)
M/s. PMC Rubber Chemicals India Pvt. Ltd. Vs ACIT (ITAT Kolkata) We note that the assessee has filed form no. 3CD and 3CB and the same has not been disputed therefore the tax audit report was on record and hence the penalty should not be levied. However the Assessing Officer disputed that instead of form […]
Mumtaz Hotels Limited Vs DCIT (ITAT Kolkata) CIT(A) opined that the said clothes were not protective ones and they are not uniforms and not compulsory uniform under the statute. We find that the employees’ uniforms have traditionally been used as a functional necessity. It is noted from the record that the assessee assumed the financial […]
Sudip Roy Choudhury Vs JCIT (TDS) (ITAT Kolkata) in the present case, the assessee deducted the TDS and deposited the same. Even there was no failure to submit return in Form 26Q. There was only failure for its timely submission – which by all counts is a technical breach. Further the delay had happened due […]
