ITAT Kolkata

Section 50C does not Apply to Land treated as Stock-in-Trade

Amar Das Vs ITO (ITAT Kolkata)

Amar Das Vs ITO (ITAT Kolkata) Admittedly the provisions of section 50C are applicable only for capital assets and not for assets held as stock-in-trade. We find that the legislature in its wisdom had introduced a separate provision to adopt the stamp value in respect of assets other than capital assets by introducing section 43CA [&helli...

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Seized cash eligible for appropriation against interest liability U/s. 234A

Nitin Kumar Vs ACIT (ITAT Kolkata)

Nitin Kumar Vs ACIT (ITAT Kolkata) Interest under section 234A is charged for delay in filing of the return from the prescribed due date. The cash was seized from the possession of the assessee before due date of filing of return under section 139(1) in the relevant assessment year when such seizure took place. Thus, […]...

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Section 50C not applies to transfer of booking rights and to right to purchase flats

Baniara Engineers Pvt. Ltd Vs. ITO (ITAT Kolkata)

Baniara Engineers Pvt. Ltd Vs. ITO (ITAT Kolkata) From the reading of Sec. 50C, it is evident that Sec. 50C is a deeming provision and it extends to only to land or building or both. Section 50C can come into play only in a situation where the consideration received or accruing as a result of […]...

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Firm not Assessable for Unexplained Cash Credits for Capital Introduced by Partner

I.T.O. Vs Bajaj Roadways (ITAT Kolkata)

ITO Vs Bajaj Roadways (ITAT Kolkata) Revenue’s substantive ground seeking to revive unexplained cash credit addition of Rs.64, 10,000/- in assessee’ s partners’ capital Suffice to say, various judicial precedents have settled the law that such addition has to be made in the concerned partners’ hands than in case of a firm assesse...

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ITAT directs AO to treat licence fee derived from tenants as business income

Batram Properties Pvt. Ltd. Vs I.T.O. (ITAT Kolkata)

Batram Properties Pvt. Ltd. Vs ITO (ITAT Kolkata) Under section 22 of the Act the charge to tax of income from house property is based on the ownership of such property. The admitted position in the present case is that the assessee is only a tenant and not the owner of the property. It is also […]...

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No disallowance U/s. 14A if Satisfaction as to incurring of expense against exempt income not recorded

JCIT Vs M/s IMC Ltd (ITAT Kolkata)

Where AO had directly made the disallowance under section 14A by abruptly rejecting workings of assessee without having any cogent reason to deny the claim made by the assessee no expenditure was incurred for earning exempt income, the disallowance was deleted....

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31000% increase in share value can be suspicious but cannot be evidence

Prakash Chand Bhutoria Vs. ITO (ITAT Kolkata)

The AO further relies on the shop increase of 31000% of the value of shares over the period of 2 years. Though this is highly suspicious, it cannot take the place of evidence. The Hon'ble Supreme Court has stated that suspicion however strong cannot be the basis for making an addition....

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No disallowance of sundry trade creditors if profit was determined on estimated basis

M/s Aditya Enterprise Vs ITO (ITAT Kolkata)

M/s Aditya Enterprise Vs ITO (ITAT Kolkata) In the instant case, the profit was determined on estimated basis due to the fact that assessee failed to produce books of account during the assessment. Once then profit has been determined on estimated basis then in our considered view no disallowance can be made on account of […]...

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Assessee liable to deduct TDS on perquisite Value of Motor Car

TCG Lifesciences Pvt. Ltd Vs ITO (ITAT Kolkata)

Value of perquisite provided by the assessee company to its employees in the form of reimbursement of car running and maintenance charges was chargeable to tax in their hands and the assessee was liable to deduct tax at source from the said value. ...

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Order passed after due examination of issue cannot be called erroneous & prejudice to interest of Revenue

M/s Pricewater House Coopers Sp.z.o.o. Vs. CIT (ITAT Kolkata)

When all requisite details were already on record with supporting evidences and same were duly examined by AO, the order of AO was not erroneous and prejudice to interest of Revenue....

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September 2020