ITAT Kolkata

Same income cannot be Taxed Twice offered erroneously in two different years

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

The instant appeal has been filed before us by the assessee against the order dated 16.12.2015 passed by the Commissioner of Income Tax(Appeals)-16, Kolkata under section 143(3) of the Income Tax Act, 1961 arising out of the order dated 30.12.2008 passed by the Income Tax Officer, Ward-7(3), Kolkata for the assessment year 2006-07 with th...

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Non-Chargeability of Interest U/s. 234C leviable on Cash was Seized after the Expiry of Previous Year

Nitin Kumar Vs ACIT (ITAT Kolkata)

With regard to interest u/s 234C of the Act , it is levied for deferment of payment of advance tax for the period of 01.04.2010 to 31.03.2011. In the instant case, since, the cash was seized after the expiry of the previous year i.e. after 31.03.2011, the assessee cannot claim non-chargeability of interest u/s 234C on that account. Hence,...

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In case of Loan, bank rate of country of currency should be adopted for TP ALP calculation

Deputy Commissioner of Income-tax Vs M/s. Russell Credit Limited (ITAT Kolkata)

Action of the assessee in adopting the bank rate prevailing in Australia is correct and the AO erred in adopting the Indian bank rate. The loan amount was given in Australian currency and as per the promissory note the AE has to return the amount in Australian Dollar. Therefore, applying the ratio laid by the Hon’ble High Courts discuss...

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No TDS U/s. 194H on Commission by sub-broker on Security Transactions

ACIT Vs Rajesh Falor (ITAT Kolkata)

This appeal by the Revenue arises out of the order of the Learned Commissioner of Income Tax(Appeals)-Durgapur [in short the ld CIT(A)] in Appeal No. 08/CIT(A)/DGP/2015-16 dated 31.08.2016 against the order passed by the DCIT, Circle-1, Dgp [ in short the ld AO] under section 143(3) of the Income Tax Act...

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CIT cannot exercise Revisionary power u/s 263 merely because he has different opinion on the matter

Poonam Bhotika Vs Income Tax Officer (ITAT Kolkata)

The assessee has filed this appeal disputing the order of Pr. Commissioner of Income Tax-15, Kolkata passed u/s 263 of the Income Tax Act, 1961 (hereinafter referred to as the Act) dated 22.03.2017 by which the Ld. Pr. CIT set aside the assessment order dated 02.03.2015 passed u/s 143(3) of the Act for Assessment Year 2012-13 with a direc...

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Reopening cannot be done for Mistake committed by AO in Original Assessment

ITO Vs M/s. Epkon Associates (ITAT Kolkata)

This appeal filed by the revenue is directed against the order of Ld. CIT(Appeals) – 19, Kolkata dated 05.03.2014 and in the solitary ground raised therein, the revenue has challenged the action of the Ld. CIT(A) in cancelling the assessment made by the A.O. under section 143(3) / 147 of the Income Tax Act, 1961 by holding the same to b...

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Without any basis AO cannot shift profit from trading to manufacturing activity to disallow deduction u/s 80IE

Aristo Industries Vs ITO (ITAT Kolkata)

Aristo Industries Vs ITO (ITAT Kolkata) It is not in dispute that the assessee had maintained separate books of accounts for trading activity and manufacturing activity. We find that the assessee had claimed deduction u/s 80IE of the Act only in respect of profits derived from manufacturing activity only. It is not in dispute that [&helli...

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Section 2(22)(e) not applicable to Current Account Transactions

Rajesh Pagaria Vs I.T.O. Ward 48(2) (ITAT Kolkata)

Provisions of section 2(22)(e) related to deemed dividend are not applicable where the relevant transactions are in the nature of current account transactions and not loans and advances. ...

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Power of AO to change assessee’s status while processing Return and issuing intimation U/s. 143(1)

Radharaman Jew Trust Fund Vs ITO (ITAT Kolkata)

It is clear from bare reading of section 143(1) that change of status as done by AO does not fall within any of the clauses thereof. Also, it could not be said that change of status of assessee fell within the meaning of expression ‘an incorrect claim apparent from any information in the return’ as laid down in Explanation (a) to sec...

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Income from Share cannot be treated as Business merely for Frequent Transactions

DPJ Viniyog Pvt. Ltd. Vs DCIT (ITAT Kolkata)

DPJ Viniyog Pvt. Ltd. Vs DCIT (ITAT Kolkata) Assessing Officer treated the income on account of purchase and of shares under the head ‘business income’ instead of under the head ‘capital gain’ as claimed by the assessee. On Appeal CIT(A) held that assessee is making purchase and sale on a continuous basis and besides being [&helli...

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