ITAT Kolkata

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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Whether issuance of s. 274 notice is merely an administrative device- Conflicting views of High Courts

Jeetmal Choraria Vs. ACIT (ITAT Kolkata)

Jeetmal Choraria Vs. ACIT (ITAT Kolkata) From the aforesaid discussion it can be seen that the line of reasoning of the Honorable Bombay High Court and the Honorable Patna High Court is that issuance of notice is an administrative device for informing the assessee about the proposal to levy penalty in order to enable him […]...

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S. 14A disallowance cannot be made merely based on Audit Report

M/s IMC Ltd. Vs. ACIT (ITAT Kolkata)

Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently quashed the order passed by the lower authorities disallowing the claim of the assessee towards leave encashment for the reason that the order of the High Court invalidating Section 43(f) of the Income tax Act 1961 was not stayed by the Supreme Court. ...

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Penalty for delay in filing Audit Report due to Dispute with Auditor is invalid: ITAT

M/s. Care Concern Hospital Pvt. Ltd Vs. ACIT (ITAT Kolkata)

Due to disputes between the assessee with its earlier auditor and resignation thereof, the same (audited accounts) was filed before AO belatedly. ...

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Kolkata Port Trust is a ‘Local Authority’ for Income Tax Purpose

Deputy Commissioner of Income-tax Vs M/s. Kolkata Port Trust (ITAT Kolkata)

The only issue to be decided in both the appeals of the revenue is that whether the assessee Port Trust can be assessed in the status of Local Authority or in the status of Company in the facts and circumstances of the case....

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No Section 14A Disallowance if investments are business expediency & strategic investments

DCIT Vs. Sri Rikhab Chand Jain (ITAT Kolkata)

No disallowance U/s 14A of Act need to be made by invoking the provisions of Rule 8D (2) (ii) of Rules as investments admittedly are business expediency investments and strategic investments....

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