ITAT Kolkata

Interest u/s 234A not leviable on extended period of Return FIling

M/s. Nidhi Packers Pvt. Ltd. Vs ITO (ITAT Kolkata)

M/s. Nidhi Packers Pvt. Ltd. Vs ITO (ITAT Kolkata) Learned counsel for the assessee has contended that the due date of filing of return of income for the year under consideration was extended by the CBDT by a period of 15 days and since the return originally filed by the assessee was within such extended […]...

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If assessee have sufficient own funds, Interest on borrowed capital cannot be disallowed for Interest free loans to various parties

ACIT Vs Banwarilall Pasari (ITAT Kolkata)

Moreover, a perusal of the balance sheet of the assessee firm as at 31.03.2012 filed along with the return of income makes it abundantly clear that sufficient own funds in the form of partners capital were available with the assessee firm at the relevant time to give the loans in question free of any interest. ...

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TDS on fees paid for marketing service rendered outside India

Onprocess Technology India Pvt. Ltd. Vs DCIT (ITAT Kolkata)

It was submitted by the assessee that the fees were paid for marketing service rendered outside India and hence, did not become chargeable to tax in India requiring tax deduction u/s. 195 of the Act....

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Deduction U/s. 36(1)(vii) for Bad debts for income offered to tax during earlier year cannot be disallowed

Indo Nabin Proje cts Ltd. (Formerly Indo Power Projects Ltd.) Vs DCIT (ITAT Kolkata)

The very fact that balances were shown under sundry debts itself went to prove that same had emanated out of sales of assessee and hence, income relatable thereto in the form of sales and services had been duly offered to tax in the earlier years in accordance with section 36(2) and therefore, disallowance made towards bad debts was not j...

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Bifurcation of consideration into land and building separately necessary for claiming depreciation

Primarc Story Venture Pvt Ltd Vs ACIT (ITAT Kolkata)

Where assessee made no bifurcation of land and building and claimed depreciation on entire amount, therefore the case was remanded back to AO for bifurcating consideration into land & building and depreciation was to be allowed only on building portion....

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Merely nomenclature of expense does not conclusively determine character and nature of expense

SK. Sajjad Ali Vs ITO (ITAT Kolkata)

Moreover, it has to be kept in mind by the AO that merely because nomenclature of expense is given as ‘Labour Charges Paid’ does not conclusively determine the character and nature of the expense claimed. ...

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Loss from Hedging Contracts of Foreign Exchange is Normal Business Loss

M/s ITT Shipping Pvt. Ltd. Vs Pr. CIT-3 (ITAT Kolkata)

This appeal filed by the assessee directed against the Ld. Principal of Commissioner of Income Tax-3, Kolkata for the assessment year 2012-13, wherein he has revised the order passed u/s 143(3) by the Assessing officer on 24.02.2015 by exercising his jurisdiction u/s 263 of the Income Tax Act, 1961(the Act) on 8thMarch, 2017....

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Expenses on replantation without any expansion of plantation area or replantation in an abandoned area are not capital expenditure

A.C.I.T. Vs M/s Gillanders Arbuthnot & Co.Ltd.(ITAT Kolkata)

ACIT Vs M/s Gillanders Arbuthnot & Co. Ltd. (ITAT Kolkata) 1. Expenses on replantation without any expansion of plantation area or replantation in an abandoned area are not capital expenditure Capital expenditure involves an investment increasing the capital for higher profit. The expansion means extension of plantation to an addition...

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Penalty U/s. 272A (2)(k) cannot be imposed for a mere technical venial breach

The New India Assurance Co. Ltd. Vs JCIT (ITAT Kolkata)

Explanation offered by the assessee would constitute ‘reasonable cause’ within the meaning of section 273B of the Act and hence the assessee would be entitled for immunity from levy of penalty u/s 272A(2)(k) of the Act. ...

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Interest from Lending business is taxable as Business Income and write off of bad debt allowable U/s. 36(1)(vii) read with Section 36(2)

Zen Industrial Services Ltd. Vs DCIT (ITAT Kolkata)

In view of the aforesaid fact and findings we hold that the write off of bad debt of Rs. 56,94,685/- would be squarely allowable as deduction u/s 36(1)(vii) read with Section 36(2) of the Act and the ld. AO is directed accordingly to grant the same. ...

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September 2020