ITAT Kolkata

IPA received as Subsidy is Capital in nature & hence Not Taxable

DCIT Vs SovaIspat Limited (ITAT Kolkata)

The issue under consideration is whether industrial Promotion Assistance (IPA) received by the assessee-Company from the West Bengal Government is taxable under income tax?...

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Hospitalization & Death of Director’s Parent genuine reason for non-attendance

Vasan Technology Pvt. Ltd. Vs ITO (ITAT Kolkata)

If the Assessing Officer passed the order without giving opportunity of being heard to the assessee, then in such situation appellate authority should set aside the impugned order and remand the matter back to the file of AO for fresh adjudication....

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Section 68: Issue of shares in lieu of shares was not unexplained credit

ITO Vs Bhagwat Marcom Pvt. Ltd. (ITAT Kolkata)

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?...

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Students Contribution for Building Development Fund is capital receipt

Vidya Bharati Society for Education & Scientific Advancement Vs ACIT (ITAT Kolkata)

Vidya Bharati Society for Education & Scientific Advancement Vs ACIT (ITAT Kolkata) Merely because the contributions from students were collected under the nomenclature of development fee cannot ipso facto lead to conclusion that it cannot be considered to be corpus contribution. It is true that in terms of section 12(1) read with sec...

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Section 45(2) not apply on Land transferred by partner as capital contribution recorded as stock-in-trade in books of firm

ITO Vs Shri Mahendrabhai D. Zalavadia (ITAT Rajkot)

ITO Vs Shri Mahendrabhai D. Zalavadia (ITAT Rajkot) The issue under consideration is whether section 45(2) will be applicable in situation where Land transferred by partner as capital contribution recorded as stock-in-trade in the books of firm? In the given case, ITAT state that the impugned land was transferred by the partners to the fi...

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Section 68- No addition for duly explained cash deposited in bank

ACIT Vs Siddhartha Bhargava (ITAT Kolkata)

ACIT Vs Siddhartha Bhargava (ITAT Kolkata) The issue under consideration is whether Cash deposits in bank account held as unexplained u/s 68 is justified? During the assessment proceedings, the assessee had produced bank account of the assessee in Punjab National Bank (PNB) and HSBC. On verification of the bank accounts, it was found that...

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Section 80IB(10) deduction not eligible on Income not having Business Connection

Satern Griha Nirman Pvt. Limited Vs ITO (ITAT Kolkata)

Satern Griha Nirman Pvt. Limited Vs ITO (ITAT Kolkata) Facts of the Case: The assessee in the present case is a Company, which is engaged in the business of Builders and Property Developers. The return of income for the year under consideration was filed by it on 17.09.2011 declaring total income at ‘NIL’. During the […]...

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Assessee subjected to search, cannot be placed on a different pedestal than assessee who is not subjected to search

ACIT Vs. Majestic Commercial Pvt. Ltd (ITAT Kolkata)

In our considered view therefore, although the name of the assessee does not feature in the panchnama, in view of the fact that warrant of authorization executed by the Department contained its name, the proceedings u/s 153A were validly initiated against the assessee....

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No section 68 addition can be made on the basis of mere statements

Modern Malleables Limited Vs DCIT (ITAT Kolkata)

Modern Malleables Limited Vs DCIT (ITAT Kolkata) Conclusion: Addition made u/s. 68 only on the basis of two statements which could not stand the scrutiny of law, was not justified and therefore, the addition could not be sustained as per law. Held: AO got information from the Investigation Wing pursuant to search operation conducted at [&...

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Bogus Capital Gain: No adverse inference could be drawn against assessee on the basis of untested statements without allowing opportunity of cross-examination

Shankar Lal Daruka Vs ITO (ITAT Kolkata)

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 Counse...

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