ITAT Kolkata

Income from Sub-letting of Property is taxable as Other Income

ITO Vs. M/s Natraj Vinimay Pvt. Ltd. (ITAT Kolkata)

Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently held that income earned by the assessee from sub-letting of property under leave and license agreement for a temporary period is taxable under the head income from other sources and not under the head business income since the sub-letting was not an object of the assessees’ ...

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Income from Sub-Letting of Property is not Assessable as House Property Income

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

ITO. Vs. M/s Batram Properties Pvt. Ltd. (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 […]...

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TDS U/s. 194C applies on amount paid under Oral Agreement

Sales Emporium (ULG) Vs. Income Tax Officer (ITAT Kolkata)

The Kolkata bench of ITAT recently held that TDS provisions under the Income Tax Act, 1961 are applicable to payments made under an oral agreement....

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Tips paid by bank to casual workers on festive occasion is allowable expense

West Bengal State Co-operative Bank Ltd. Vs. DCIT (ITAT Kolkata)

In West Bengal State Co-operative Bank Ltd. v. DCIT, the Kolkata bench of Income Tax Appellate Tribunal in its recent order has held that the payment made by banks to casual workers on festive occasion can be allowed as deduction under section 37 of the Income Tax Act. ...

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Service of notice U/s. 148 by affixture at wrong address is bad in law

Aminex Merchant Pvt. Ltd. Vs. I.T.O. (ITAT Kolkata)

Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently quashed the re-assessment under section 147/148 of the Income Tax Act since service of notice by affixture was done at a wrong address. ...

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S. 269SS: Cash Transactions with Sister-in-Law & Nephew not amounts to Loan

Sri Jagmohan Sharma Vs. JCIT (ITAT Kolkata)

Sri Jagmohan Sharma Vs. JCIT (ITAT Kolkata) The transactions between these family members are neither loans nor deposit and purely a family system and purely a family requirement to help each other in the needy hours, for example medical help, education help and expenses to run the family. That is, one member of the family […]...

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AO cannot Review his Own Order by invoking Sec 147 of Income Tax Act

Deputy Commissioner of Income-tax Vs. M/s. ABCI Infrastructure Pvt. Ltd. (ITAT Kolkata)

Right or wrong, the decision taken by AO cannot be revisited or reviewed by AO invoking Sec. 147 of the Act because the AO does not have the power to review his own order....

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Section 292BB not applicable on failure to issue notice U/s. 143(2)

Alok Mittal Vs. Dy. CIT (ITAT Kolkata)

Where notice was not issued by assessing officer under section 143(2) before passing order under section 143(3) read with section 147, assessment made by him was bad in law. Provisions of section 292BB are not applicable where there is failure to issue notice under section 143(2)....

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Addition U/s. 69 for Jewellery duly reflected in Books with evidenced source not sustainable

Smt. Kusum Bhura Vs. I.T.O. (ITAT Kolkata)

The Kolkata bench of Income Tax Appellate Tribunal, in its recent order said that Investment in Jewellery cannot be treated as Unexplained when it is reflected in the books & the source of Fund is evidenced through Bank A/c. ...

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Pre-commencement Interest on advances to contractors is capital receipt

I.T.O Vs. M/s Kolkata Metro Rail Corpn. Ltd. (ITAT Kolkata)

Where the assessee had earned interest on advance paid to contractors during pre- commencement period was found to be 'inextricably linked' to the setting up of the plant of the assessee and hence was held to be a capital receipt which was permitted to be set off against pre- operative expenses....

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