ITAT Kolkata

AO cannot make disallowance on ad hoc basis without pointing out any defect / error in submission of assessee

DCIT Vs M/s Lexicon Auto Ltd. (ITAT Kolkata)

It is settled law that the disallowance on account of ad hoc basis is not permissible under the provision of the Act. If the AO is not satisfied with the submission of assessee then he has to make the disallowance after making specific reference to such documents / vouchers. AO cannot just make the disallowance on ad hoc basis without poi...

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Expenditure incurred to earn exempt Income computed u/s 14A can’t be added while computing Book Profit: ITAT

A.C.I.T. Vs M/s. Ridhi Portfolion (p) Ltd (ITAT Kolkata)

These four appeals are preferred by the revenue against the four separate orders passed by the Ld. CIT (Appeals) all dated 27th July, 2016 for A.Y. 2010-11, 2011-12, 2012-13 and 2013-14 and since a common issue involved therein, the same have been heard together and are being disposed of by a single consolidated order....

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Denial of application for approval u/s 80G justified as society spends more than 5% of Total Income on religious activities

Bhuvaneshwari Kali Thakuranir Seva Samity Vill Vs Commissioner of Income Tax (ITAT Kolkata)

This is an appeal by the Assessee directed against the order dated 22.12.2016 of the ld. CIT, Exemptions (ld. CIT(E)), Kolkata relating to A.Y.2016-17, wherein the ld. CIT(E) has passed an order rejecting grant of the approval u/s 80G of the Income-tax Act, 1961 (here nafter referred to as the Act)....

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Addition cannot be made on estimate basis without rejection of Books of Accounts

Arup Kumar Hazra Vs I.T.O. (ITAT Kolkata)

This is an appeal filed by the assessee directed against the order of the Commissioner of Income Tax (Appeals)-11, Kolkata, (hereinafter the Ld. CIT(A)), dt. 22/09/2017, passed u/s 250 of the Income Tax Act, 1961 (hereinafter the Act), relating to Assessment Year 2012-13...

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Addition U/s. 69 cannot be made for investment out of Salary Received in Cash

Sri Sudipta Ghosh Vs DCIT (ITAT Kolkata)

As assessee received salary in cash, his claim that investments were made from such salary could not be brushed aside and keeping in view the overall facts and capacity of the assessee, addition under section 69 was deleted....

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Exemption U/s. 54 for Reinvestment in 3 residential houses having common amenities?

A.C.I.T. Vs Smt. Reshmi P. Loyalka (ITAT Kolkata)

Whether the reinvestment made by the assessee in 3 residential houses having common amenities, kitchen, common entrance, common house name, common electrical, common storage, common water, common garden, common boundary wall, common guard room, etc would give eligibility to claim exemption u/s 54 of the Act by construing all the three uni...

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Section 40(a)(ia) not applicable to charitable or religious trust before 01.04.2019

Pediatric Infectious Diseases Academy Vs I.T.O. (ITAT Kolkata)

Where the income of the assessee was exempt under section 11 and the assessee was not carried on the business, section 40(a)(ia) had no application. Moreover, the insertion of Explanation 3 to Section 11 by the Finance Act, 2018 making inter alia the provisions of Section 40(a)(ia) applicable in case of charitable or religious trust or in...

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Deduction U/s. 80-IA(4) cannot be denied merely because assessee was paid by Government for development work

Adhunik Infrastructure (P)Ltd. Vs J.C.I.T (ITAT Kolkata)

Adhunik Infrastructure (P)Ltd. Vs JCIT (ITAT Kolkata) ITAT held that even if an assessee is merely developing the infrastructural facility (without operating and maintaining the same), it is entitled to deduction u/s 80-1A. Further, condition (b) laid out in sub-section (4) of section 80-IA mandates the existence of an agreement with the ...

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ITAT accepts LIFO method of Closing Stock Valuation by Jewellery Company

M/s Roopshree Jewellers (P) Ltd Vs ITO (ITAT Kolkata)

It is not in dispute that the assessee had been following LIFO method regularly for valuation of closing stock since its inception. It is not in dispute that the LIFO method adopted by the assessee had been accepted by the revenue in the past. It is not in dispute that the LIFO method is also one of the recognized methods for valuation of...

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LTCG on slump sale can be set off against unabsorbed brought forward business loss

Gouranga Cement Pvt. Ltd. Vs DCIT (ITAT Kolkata)

Gouranga Cement Pvt. Ltd. Vs DCIT (ITAT Kolkata) We have heard the rival contentions and perused the material available on record. In the instant case the assessee has shown business income of ₹13,36,761/- and LTCG income of ₹86,30,498/- only. Besides the above assessee has shown unabsorbed brought forward business loss of ₹16,64,54...

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