ITAT Kolkata

Addition for Share premium U/s. 68 cannot be made merely on the ground that directors of share subscribers did not turn up before AO

Income Tax Officer Vs M/s. Wiz-Tech Solutions Pvt. Ltd. (ITAT Kolkata)

ITO Vs. Wiz-Tech Solutions Pvt. Ltd (ITAT Kolkata)  The main plank on which the AO made the addition was because the directors of the share subscribers did not turn up before him. In such a case the Hon’ble Apex Court in the case of Orissa Corpn. (P) Ltd. (supra) 159 ITR 78 and the Hon’ble […]...

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Section 14A can be put in motion only when there is exempt income

M/s Adhunik Metaliks Ltd. Vs ACIT (ITAT Kolkata)

This appeal by the revenue arises out of the order of the Learned Commissioner of Income Tax(Appeals)-20, Kolkata [in short the ld CIT(A)] in Appeal No.1044/CIT(A)-20/CC-1(1)/15-16 dated 25.07.2016 against the order passed by the ACIT, CC-1(1), Kolkata...

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Depreciation allowable on Assets ready to use but not put to use

Betterman Engineers Pvt. Ltd. Vs I.T.O. (ITAT Kolkata)

Betterman Engineers Pvt. Ltd. Vs I.T.O. (ITAT Kolkata) In the instant case the assessee has acquired certain fixed assets on lease and has charged depreciation on the same. The assets being the godown building, office building, power house building, Weigh Bridge room and machinery. The ld. AO on the basis of the statement made by [&hellip...

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No tax on Mesne Profits for wrongful deprivation of use & occupation of property

Income-tax Officer Vs Shri Kamal Kumar Ghosh (ITAT Kolkata)

Special Bench of Mumbai Tribunal in the case of Narang Overseas Pvt Ltd vs ACIT reported in 111 ITD 1 (Mum ITAT ) (SB) had held that mesne profits received by assessee for wrongful deprivation of use and occupation of property constitutes capital receipt and hence not chargeable to tax. Respectfully following the same , we hold that the l...

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Addition for Bogus expenditure U/s. 69C justified on failure to prove rendition of services

Sun Steel Industries (P) Ltd. Vs DCIT (ITAT Kolkata)

Where assessee had not proved actual rendition of the foundation services and also whether alleged service providers possessed necessary expertise and infrastructure to render the foundation services, AO was justified in making addition of payments made to them, under section 69C....

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No addition in Section 153A assessment for unexplained share capital In absence of incriminating material

M/s. Garg Brothers Pvt. Ltd. Vs DCIT (ITAT Kolkata)

In respect of assessments completed prior to date of search that have not abated, the scope of proceedings under section 153A has to be confined only to material found during search. As no material, whatsoever, was found in the course of search, question of making addition on account of unexplained share capital could not have been the su...

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Penalty levied by IRDA for non-compliance of Regulation is allowable

Microsec Insurance Brokers Ltd. Vs ITO Ward (ITAT Kolkata)

This appeal filed by the assessee is directed against the order of Ld. CIT (Appeals) – 18, Kolkata dated 15.04.2016 and the solitary issue involved therein relates to the disallowance of Rs. 5,00,000/- made by the A.O. and confirmed by the Ld. CIT(A) on account of penalty charges paid to Insurance Regularly and Development Authority (IR...

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CSR expense incurred on peripheral development prior to 01.04.2014 allowable

Ms. Misrilall Mines Pvt. Ltd. Vs Dcit circle (ITAT Kolkata)

This appeal filed by the assessee is directed against the order of Ld. CIT(A) – 2, Kolkata dated 30.01.2017 and the solitary issue involved therein relates to the disallowance of Rs. 3 6,92,842/- made by the AO and confirmed by the Ld. CIT(a) on account of peripheral development expenses....

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Expense on Pujas, Functions & related donations at construction sites is allowable

M/s. Power Max (India) Pvt. Ltd. Vs Dcit Circle (ITAT Kolkata)

At the time of hearing before the Tribunal, the learned counsel for the assessee has not pressed ground no 1 raised in the appeal of the assessee. It is also noted that ground no 4 raised by the assessee in this appeal in general which does not call for specific adjudication....

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Penalty U/s. 271(1)(c) cannot be levied if AO did not specify grounds on which penalty was imposed

Associated Trading Vs. ITO ( ITAT Kolkata)

The appeal filed by the assessee is against the order of learned Commissioner (Appeals), Durgapur dated 31-3-2015 for assessment year 2010-11 in respect of upholding the penalty of Rs. 3,01,031 imposed by the assessing officer under section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as the Act)....

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September 2020