If there is no tax-free income, then no section 14A disallowance is to be made based on assumption that in future, some tax-free income will result to assessee on investment.
Interest from staff welfare fund, interest income from staff loan, charges for closing flexi account and fine against non-payment of R/D amount due in time are eligible for deduction u/s 80P(2)(a)(i).
In the present case, the very addition in the declared income has been deleted by the Tribunal therefore, there is no foundation to compute the penalty upon the assessee. In view of the deletion of the additions in the quantum appeal, no penalty is imposable upon the assessee.
Binayak Hi-Tech Engineering Ltd. Vs ITO (ITAT Kolkata) The Assessing Officer observed from the evidence furnished by the assessee that during the year, the assessee has incurred sales promotion expenses to the tune of Rs.10,51,242/-. The Assessing Officer noted that these payments were made towards payment of credit card bills of Ms. Priyanka Jhunjhunwala and […]
ITAT Kolkata held that addition based on such retracted statement of third person and that too without giving any opportunity of cross examination to the assessee deserves to be deleted.
ITAT Kolkata held that reassessing income post completion of assessment u/s 143(3) without any incriminating material found and seized during the course of search is unsustainable. Accordingly, addition thereof is liable to be deleted.
ITO Vs Marda Associates (ITAT Kolkata) CIT (A) held that A.0. misunderstood that the benefit/ incentive/additional margin passed on by the appellant through credit notes was in the nature of commission. He further, misunderstood that discount/ additional margin could be given only on the invoice and not post invoice. It is submitted that the commission […]
Addition has been made as unexplained expenditure u/s 69C of the Act which is incorrect and against the provision of Act as the said explanation deals with the disallowance and addition of expenditure the source whereof is not explained by the assessee.
If depreciation as per Income Tax Act is taken into account then the accumulated profits of the assessee would be working out to be in negative meaning thereby that there are no accumulated profits for Section 2(22)(e)
Assessee submitted that there were violations of principles of natural justice as only one date of hearing was fixed and assessee was not given sufficient opportunity to argue his case.
