ITAT Kolkata

Sec. 68 addition of share application money cannot be made if assessee explains nature & source of credit

ITO Vs M/s. Panchsheel Commotrade Pvt. Ltd. (ITAT Kolkata)

Since all the three conditions as required u/s. 68 i.e. the identity, creditworthiness and genuineness of the transaction was satisfied by assessee and the onus shifted to AO to disprove the materials placed before him, therefore, without doing so, the addition made by AO based on conjectures and surmises could not be justified....

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Notional Rent cannot be taxed on Non-Habitable House

Shri Basant Kumar Nahata Vs ACIT (ITAT Kolkata)

Shri Basant Kumar Nahata Vs ACIT (ITAT Kolkata) It is noted that a house property was inherited by the assessee in his native village situated at Rajasthan which was duly shown in his Balance Sheet. Since the assessee has residential house at Kolkata, the AO invoked sec. 22 and 23 of the Act, estimated the […]...

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Disallowance of Interest -Alleged conversion of shares held as opening stock to investments 

M/s MKJ Developers Ltd Vs ACIT (ITAT Kolkata)

Where AO had made addition of proportionate interest paid on borrowed funds on the allegation that assessee dealing in share-trading had converted its opening stock of shares to investments, the matter was remanded back to AO to determine the actual date of conversion of shares before computing any disallowance....

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AO cannot doubt share premium if he accepts receipt of share capital as genuine

ITO Vs Savera Towers (P) Ltd. (ITAT Kolkata)

Once receipt of share capital had been accepted as genuine within the ken of section 68 there was no reason for AO to doubt share premium component received from the very same shareholders as bogus in view of the fact that assessee had duly discharged burden cast on it to prove genuineness of transaction and identity and creditworthiness ...

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No addition for unabated assessment unless incriminating materials unearthed during search

Rashmi Metaliks Ltd. Vs DCIT (ITAT Kolkata)

No addition could  be made under section 153A for an unabated assessment unless incriminating materials unearthed during search qua the assessment year under consideration. ...

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Applicability of TDS U/s. 194C on Payment made to truck owners

ITO Vs Shri Anil Kumar Nevatia (ITAT Kolkata)

ITO Vs Shri Anil Kumar Nevatia (ITAT Kolkata) The ld. DR vehemently argued that the assessee had used the same truck numbers for transporting its goods and hence explanation of the assessee that payments were made only to the truck drivers and that no oral or written contract was entered into with the truck owners […]...

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India-Ireland DTAA: Software sale consideration not constitute royalty

Ixia Technologies International Ltd. Vs ACIT (ITAT Kolkata)

Consideration received by assessee for use of or for granting the right to use a computer software would not amount to royalty as the amount received by assessee towards sale of software was on account of sale of 'copyrighted article' and not on transfer of any 'copyright right'.Hence, the said sale proceeds could not be characterised as ...

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TDS U/s. 192 deductible on car running & maintenance expenses paid to staff

TCG Lifesciences Pvt. Ltd. Vs ITO (ITAT Kolkata)

TCG Lifesciences Pvt. Ltd. Vs ITO (ITAT Kolkata)  In the present case, the requisite details as specified in Clause (B) of sub-rule 2 of rule 3 of Income Tax Rules 1962 were not maintained by the assessee and this being the undisputed position, we find ourselves in agreement with the authorities below that the value […]...

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Period of holding to count from the date of provisional allotment letter

DCIT Vs Smt. Jennifer Chakraborty (ITAT Kolkata)

The word held used in section 2(14) implies right over a capital asset. In the instant case, right over the property was held by assessee for the period of 36 months, by paying first installment and builder issued a provisional letter of allotment and from that period, assessee had been enjoying legal right over the said property. ...

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LTCG on shares cannot be treated as Bogus on mere alleged share price rigging

ITO Vs Shri Suresh Chand Gupta 16 (ITAT Kolkata)

ITO Vs Shri Suresh Chand Gupta (ITAT Kolkata) On the basis of evidences filed by assessee its claim was to be allowed where income in question was a bona fide long-term capital gains arising from sale of shares and hence, exempt from tax as there was no material indicating assessee’s nexus with alleged share price rigging. FULL [&hell...

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