ITAT Kolkata

Section 72A(7) Hospitals can’t be treated as an Industrial Undertaking for Set Off of Unabsorbed Depreciation

M/s. Healthcare Global Enterprises Ltd. Vs. The Joint Commissioner of Income Tax (ITAT Bangalore)

The Bangalore bench of Income Tax Appellate Tribunal recently rejected the plea for setting off of unabsorbed depreciation since Hospitals can’t be treated as an industrial undertaking for the purpose of section Section 72A(7) of the Income Tax Act, 1961. ...

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Cost inflation index for Transfer of capital asset acquired by inheritance

ITO Vs. Sudip Roy (ITAT Kolkata)

Where an assessee sells an inherited capital asset, the capital gain is computed with reference to the period of holding and cost of acquisition incurred by the previous owner....

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TDS can be granted only in year in which income on which such TDS is assessable to tax

ACIT Vs. M/s Rahee Jhajharia E to E JV (ITAT Kolkata)

As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only in the year in which the income/receipt on which such tax deducted at source is asses sable to tax....

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Disallowance cannot be made by only giving weight age to nomenclature and without seeing real purpose for payment

Abhijit Majumder Vs. ITO (ITAT Kolkata)

Where assessee paid amount to deliveryman to deliver the newspapers and delivery persons were nothing but casually engaged labourers and they have no other work to perform and assessee had wrongly debited the amount as commission in its books, AO was not justified in making dis allowance under section 40(a)(ia) for no TDS by only giving w...

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Reimbursement of expense to Director by Company is not Taxable as Perquisite

Gaurav Seksaria Vs. ITO (ITAT Kolkata)

Gaurav Seksaria Vs. ITO (ITAT Kolkata) Reimbursement of expense incurred during foreign visit to Director by Company is not taxable as Perquisite  It is not in dispute that the assessee employee had not claimed any expenditure as deduction which were incurred by him through credit card during his foreign travel. He incurred expenses thro...

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Section 194C TDS not applicable on Transport Charges Reimbursed to suppliers

Assistant Commissioner of Income Tax Vs Sri Gobinda Gupta (ITAT Kolkata)

This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals), Burdwan dated 20.01.2016 and the solitary issue involved therein relates to the deletion by the ld. CIT(Appeals) of the disallowance of Rs.32,06,445/- and Rs.3,58,000/-...

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Additional depreciation allowable to Company in Generation and distribution of electricity even prior to 1-4-2013

Damodar Valley Corporation Vs. Dy. CIT (ITAT Kolkata)

Damodar Valley Corporation Vs. Dy. CIT (ITAT Kolkata) We find that on perusal of section 32(1)(iia) of the Act as it stood upto assessment year 2012-13, it is evident that the additional depreciation is permissible to all assessees who are engaged in the business of manufacture or production of any article or thing. In the […]...

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Abated assessments cannot be disturbed if no incriminating material found during search

Shri Krishna Kumar Singhania Vs. DCIT (ITAT Kolkata)

Legislature had conferred powers on AO to just follow assessments already concluded unless there is an incriminating material found in search to disturb concluded assessment....

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TDS not deductible on Interest paid to a company carrying on Insurance business

I.T.O., Ward-8(1) Vs. M/s. Batram Properties Pvt. Ltd. (ITAT Kolkata)

The Income Tax Appellate Tribunal recently proclaimed that the provisions relating to TDS would not be applicable in case of interest paid to a Non-Banking Finance Companies (NBFC) which is also engaged in business of insurance. ...

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No Section 14A disallowance for dividend earned on Strategic Investment in Subsidiary Company

DCIT Vs M/s Development Constultant Pvt. Ltd. (ITAT Kolkata)

This appeal as well as Cross Objection (CO) by the Revenue and assessee is directed against the order of Commissioner of Income Tax (Appeals)-9, Kolkata dated 01.12.2015. Assessment was framed by DCIT, Circle-11, Kolkata u/s 143(3) of the Income Tax Act, 1961...

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