ITAT Kolkata

TDS u/s 194H not deductible on Cash Discounts to Customers for Bulk purchase of Goods

EPCOS India Pvt. Ltd. Vs. ITO (ITAT Kolkata)

EPCOS India Pvt. Ltd. Vs. ITO (ITAT Kolkata) Briefly stated facts are that the assessee in the present case is a private limited company and engaged in the business of manufacturing and sale of soft ferrite components, DC and AC capacitors, metalized films etc. The assessee in the year under consideration has claimed expenses under [&hell...

Read More

Penalty u/s. 271AAB is not mandatory and is discretionary

DCIT Vs. Subhas Chandra Agarwala & Sons (HUF) (ITAT Kolkata)

Sub-section (1) of Sec. 271AAB of the Act uses the word may not shall. May cannot be equated with shall especially in penalty proceeding. Using the word may in our opinion, gives a discretion to the AO to levy the penalty or not to levy, even if the assessee has made default under said provision. Therefore we hold that penalty u/s. 271AAB...

Read More

No penalty for addition to Income based on mere credit card A/c entries

Sri Joy Barman Vs. Income Tax Officer (ITAT Kolkata)

Sri Joy Barman Vs. ITO (ITAT Kolkata) From the foregoing discussion we note that the addition has been made by the AO on account of unexplained money and cessation of liability on basis of lack of evidence. Though the assessee’s explanation in respect of the credit card transactions and cessation of liability in the absence […]...

Read More

Section 80P: Interest on Surplus Fund invested in Short Term Deposits is Other Income

ITO Vs The New India Assurance Co. Ltd. Employees' Co-op. Credit Society Ltd. (ITAT Kolkata)

Hon’ble Supreme Court in the case of M/s. Totagars Co-operative Sale Society Ltd. is binding on the revenue authority for the proposition that the interest income arising out of surplus fund invested in short term deposits and securities is the income from other sources. ...

Read More

Even Part Performance is ‘Transfer’ for attracting Capital Gain

M/s Mangilall Estates (P) Ltd. Vs. DCIT (ITAT Kolkata)

Under section 2(47)(v ) any transaction involving allowing of possession to be taken over or retained in part performance of a contract of the nature referred to in section 53A of the 1882 Act would come within the ambit of section 2(47)(v). ...

Read More

Issuance & service of notice U/s. 143(2) is mandatory & not procedural

Pankaj Dutta Vs ITO (ITAT Kolkata)

Pankaj Dutta Vs ITO (ITAT Kolkata) Issuance and service of notice under section 143(2) is mandatory and not procedural. If the notice is not served within the prescribed period, assessment framed would be invalid and such irregularity cannot be treated as curable under section 292BB.  FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:- This [&he...

Read More

Reference to DVO can be made only if AO think that value claimed in registered valuer’s report was less than FMV

Royal Calcutta Turf Club Vs. DCIT (ITAT Kolkata)

Reference made to DVO under section 55A on the ground that value declared by assessee, as per Government registered valuer’s report was more than FMV, was not justified as AO could make reference to DVO only when he was of the opinion that value claimed in the registered valuer’s report was less than the fair market value....

Read More

Tax on interest on Security deposit with government linked with construction of Power Plant

Jhabua Power Limited Vs Deputy Commissioner of Income Tax (ITAT Kolkata)

Jhabua Power Limited Vs DCIT (ITAT Kolkata) It is observed that the construction of Power Plant of the assessee-company was under progress during the year under consideration and in connection with the same, security deposit was required to be kept by the assessee to Commercial Tax Officer for sales-tax registration as well as with Execut...

Read More

‘Initial intention’ of assessee to decide whether an activity amounts to ‘trading activity’ or ‘investment activity’

I.T.O Vs. M/s Nupur Carpets Pvt. Ltd. (ITAT Kolkata)

ITO Vs. M/s Nupur Carpets Pvt. Ltd. (ITAT Kolkata) We note that the AO treated net ‘surplus’ as business income instead of capital gains on the ground that the assessee carried out business of share trading as evident from large volume of transactions and systematic, organized, repeated and regular activity in shares with a clear [&he...

Read More

Expense of Corporate Membership of Director is allowable Expenditure

M/s MKJ Tradex Ltd. Vs DCIT (ITAT Kolkata)

Many clubs allow membership to companies or other business entities. The membership is given in name of company or other concern. It is very well known that the clubs are a platform to meet people....

Read More

Browse All Categories

CA, CS, CMA (4,438)
Company Law (5,279)
Custom Duty (7,558)
DGFT (4,090)
Excise Duty (4,317)
Fema / RBI (3,944)
Finance (4,105)
Income Tax (31,600)
SEBI (3,295)
Service Tax (3,506)