ITAT Kolkata

Document which is already on file of AO cannot be treated as additional evidence

DCIT Vs Ashok Walia (ITAT Kolkata)

DCIT Vs Ashok Walia (ITAT Kolkata) As far the second limb of Assessing Officer’s grievance, i.e. against the admission of additional evidence by way of admitting a copy of acknowledgment of the return dated 31.07.2008, we find that this contention is also devoid of legally sustainable merits. A document which is already on the file [&he...

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Penalty cannot be levied for mere filing of Form No. 3CB instead of Form 3CA

M/s. PMC Rubber Chemicals India Pvt. Ltd. Vs ACIT (ITAT Kolkata)

M/s. PMC Rubber Chemicals India Pvt. Ltd. Vs ACIT (ITAT Kolkata) We note that the assessee has filed form no. 3CD and 3CB and the same has not been disputed therefore the tax audit report was on record and hence the penalty should not be levied. However the Assessing Officer disputed that instead of form […]...

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Section 54F Exemption cannot be denied if assessee invests entire consideration in construction of residential house

Vijay Mahipal v. ITO (ITAT Kolkata)

Vijay Mahipal v. ITO (ITAT Kolkata) If the assessee invests the entire consideration in construction of the residential house within three years from the date of transfer he cannot be denied deduction u/s 54F of the Act on the ground that he did not deposit the said amount in capital gain account scheme before the […]...

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Uniform Allowance to staff not Taxable under Fringe Benefits

Mumtaz Hotels Limited Vs DCIT (ITAT Kolkata)

Mumtaz Hotels Limited Vs DCIT (ITAT Kolkata) CIT(A) opined that the said clothes were not protective ones and they are not uniforms and not compulsory uniform under the statute. We find that the employees’ uniforms have traditionally been used as a functional necessity. It is noted from the record that the assessee assumed the financial...

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Reassessment based on usurpation of jurisdiction on non-existing jurisdiction is invalid

Dipti Mehta Vs ITO (ITAT Kolkata)

When income which was the foundation on which he based his belief of escapement of income was absent /disappeared then AO’s very usurpation of jurisdiction was on non-existing jurisdictional fact which rendered his usurpation of jurisdiction to reopen the assessment legally untenable and so null in the eyes of law and therefore, the rea...

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No addition u/s 68 if burden of proof discharged by filing sufficient evidences

ITO Vs M/s Megasun Merchants Pvt. Ltd. (ITAT Kolkata)

ITO Vs M/s Megasun Merchants Pvt. Ltd. (ITAT Kolkata) Conclusion: Since assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants by filing sufficient evidences and accordingly, the onus shifted to AO to disprove the materials placed before him and as AO failed to do so, addition of s...

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Deduction allowable on interest on late deposit of VAT, Service Tax, TDS

M/s. Emdee Digitronics Pvt. Ltd Vs PCIT (ITAT Kolkata)

Interest paid on late deposit of VAT, Service Tax, TDS etc, was not penal in nature and the same was allowable as business expenditure under section 37(1)...

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TDS return filing delay due to sudden resignation of Accountant constitute Sufficient Cause

Sudip Roy Choudhury Vs JCIT(TDS) (ITAT Kolkata)

Sudip Roy Choudhury Vs JCIT (TDS) (ITAT Kolkata) in the present case, the assessee deducted the TDS and deposited the same. Even there was no failure to submit return in Form 26Q. There was only failure for its timely submission – which by all counts is a technical breach. Further the delay had happened due […]...

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Subsidy received under TUF Scheme is Capital Receipt

M/s Deepak Spinners Ltd Vs DCIT (ITAT Kolkata)

M/s Deepak Spinners Ltd Vs DCIT (ITAT Kolkata) We note that the issue under consideration whether the subsidy received under TUF scheme is a capital receipt or revenue receipt. The ld. CIT(A) treated it as part of fixed assets and held that said subsidy should be reduced from the cost of fixed assets. Held by […]...

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No addition u/s 68 of short-term capital loss merely on Investigation Wing report

Nicholson Vanijya (P) Ltd. Vs ITO (ITAT Kolkata)

Addition under section 68 of short term capital loss on sale of shares alleged as bogus on the basis of investigation wing report was not justified as the transaction of purchase and sale of shares were supported and evidenced by Bills, Contract Notes, Demat statements and bank statements, ledger accounts of brokers and payment of STT, et...

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