ITAT Kolkata

Benefit of concessional tax rate on depreciable Assets cannot be denied if held for more than 3 Years

Dy. CIT Vs Eveready Industries India Ltd. (ITAT Kolkata)

This is an appeal filed by the revenue against the order of learned Commissioner (A)-9, Kolkata dated 24-11-2015 for assessment year 2006-07....

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Commission to Director based on % of Profit is allowable in year of Profit Determination

D.C.I.T. Vs. M/s. Associated Pigments Ltd. (ITAT Kolkata)

Since, the commission to the Managing Director was payable by the assessee company on the profits and the profits for the financial year 2009-10 was determined only in the year under consideration after finalizing the account. The allow ability on account of commission was crystallized in the year under consideration and the Ld. CIT(A) in...

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Getting audit done & timely report submission by CA is duty of Assessee

M/s B. W. M International Vs. I.T.O (ITAT Kolkata)

Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently held that it is the responsibility of the assessee to ensure that the audited books are submitted in stipulated time and that Chartered Accountant (CA) does his job properly. ...

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Franchise fee paid by KKR to BCCI-IPL is revenue expenditure

M/s Knight Riders Sports Private Limited Vs. ACIT (ITAT Mumbai)

Payment of Franchise Fee by Kolkata Knight Riders to the Board of Control for Cricket in India (BCCI) would constitute revenue expenditure for the purpose of allowing Income tax deduction, said Mumbai ITAT. ...

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Interest income on NPA cannot be recognized unless received

Trade link Securities Ltd. Vs. Income Tax Officer (ITAT Kolkata)

The Income Tax Appellate Tribunal in its recent order ruled that no additions can be made since interest has accrued to the assessee but has not been realized. ...

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Addition in the hand of company cannot be made for items belonging to directors which was duly proved with Supporting Evidences

Bagaria Properties & Investment Pvt. Ltd. Vs. ITO (ITAT Kolkata)

The Income Tax Appellate Tribunal in its recent order ruled that addition made under the Income Tax Act, 1961 solely on the basis of confessional statement without any supporting evidence is Invalid. ...

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Imposition of penalty U/s. 271(1)(c) on defective show cause notice without specifying charge against assessee cannot be sustained

M/s. Swarn Ganga Gold Traders (P) Ltd. Vs. I.T.O. (ITAT Kolkata)

These are appeals by the Assessee against three orders all dated 13.06.2016 of C.I.T.(A)-I, Kolkata relating to A.Y. 2006-07 to 2008-09....

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Non mention of specific ground in penalty notice U/s. 274 makes it defective

DCIT Vs. Shyam Sunder Dhanuka (ITAT Kolkata)

Show cause notice under section 274 not spelling out the specific ground on which penalty under section 271(1)(c) was sought to be imposed, was defective and, therefore, penalty was deleted....

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Penalty Notice u/s 274 is invalid if it do not Specify Charge against Assessee and does not Strike out Inappropriate Words

Shri Amit Kumar Gope Vs. D.C.I.T. (ITAT Kolkata)

The Kolkata bench of ITAT recently held that penalty cannot be levied since show cause notice issued in the present case under Section 274 of the Income Tax Act does not specify the charge against the assessee as to whether it is for concealing particulars of income or furnishing inaccurate particulars of income. ...

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Law on Exemption for Partners’ Share of Profit in Income of Firm

Shri Vinod Agarwal Vs. Pr. C.I.T. Central (ITAT Kolkata)

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT), in Vinod Agarwal vs Pr.C.I.T.Central, has explained the law on income tax exemption for partners’ share of profit in the income of the firm in detail. ...

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