ITAT Kolkata

CIT cannot exercise revision power if AO had taken permissible view on the issues

Eveready Industries India Ltd. Vs PCIT (ITAT Kolkata)

While passing the assessment order AO had followed the permissible view in law which could not be said to be 'unsustainable in law'. Therefore, the jurisdictional facts for usurping the jurisdiction u/s 263, being absent, the action of CIT to exercise revisional jurisdiction was without jurisdiction and all subsequent actions were 'null' ...

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Section 68 not applicable to Share Purchase against Issuance of Share

ITO Vs Pansu Commercial Pvt. Ltd. (ITAT Kolkata)

This is a simple case of acquiring shares of certain companies from certain shareholders without paying any cash consideration and instead the consideration was settled through issuance of shares to the respective parties. Hence, we hold that provision of section 68 of the Act are not applicable in the instant case and accordingly the ent...

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Bogus capital gains from penny stocks- ITAT restricts addition to 30%

Neha Chowdhary Vs ITO (ITAT Kolkata)

Neha Chowdhary Vs ITO (ITAT Kolkata) Bogus capital gains from penny stocks- It emerges that from a perusal of these case files that although the assessee has produced her documentary evidence before the lower authorities about the impugned sums to be in the nature of income derived from the sales of shares, the fact remains […]...

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No Section 68 Addition for issue of Shares on Premium in lieu of shares

Blooming Tradelink Pvt. Ltd. Vs ITO (ITAT Kolkata)

The sole issue involved in this appeal of assessee is against the action of Ld. CIT(A) in confirming the addition of Rs.5,01,00,000/- made by AO u/s. 68 of the Income-tax Act, 1961 (hereinafter referred to as the Act) on account of bogus share capital including share premium...

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Reopening invalid if reasons for same not speaks of escapement of income

DCIT Vs. Aryan Mining & Trading Corporation Ltd. (ITAT Kolkata)

As there was no whisper about escapement of income, i.e., loss created by misusing client’s code modification, in the reasons for reopening conveyed to the assessee, therefore, no addition in respect of this could be made without making any addition in respect of the item shown to have escaped assessment in the reasons recorded....

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No Section 14A disallowance if Assessee not used borrowed fund to make investment

Motilal Chunilal & Muktalal Shaw (HUF) & Ors. Vs Asstt. CIT (ITAT Kolkata)

The question raised in appeal is challenging the action of CIT(A) in confirming the addition made on account of Section 14(A) r.w.s. 8D(2)(ii)&(iii) of the Rules....

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ITAT deletes adhoc disallowance of payment to Football Players

United Mohan Bagan Football Team Pvt. Ltd. Vs ITO (ITAT Kolkata)

The assessee is a private limited company mainly engaged in the activity of running a football team. It filed its return of income for the Assessment Year 2012-13 declaring Nil Income....

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Section 68 not apply if Assessee proves identity, creditworthiness & genuineness

ITO Vs Sunglow Dealcom Private Limited (ITAT Kolkata)

The assessee is a company and is in the business of investment. An addition of unexplained cash credit u/s 68 of the Act, were made by the Assessing Officer on the ground that the assessee failed to explain the sources of funds for the share capital received by it at a premium. On appeal the ld....

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Interest cannot be charged on Debit Balance of Partner if Partnership Deed prohibits the same

DCIT Vs Ms. India Housing (ITAT Kolkata)

DCIT Vs Ms. India Housing (ITAT Kolkata) We note that as per clause 10 of the Partnership Deed, no interest was to be charged or paid to the partners in respect of balances standing to the debit or credit of their capital account. As per Partnership Act, 1952, the partners can carry on any business […]...

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Benefit of exemption u/s 11 cannot be denied in case of deemed registration u/s 12A

The Bengal Chamber of Commerce & Industry Vs Income-tax Officer (ITAT Kolkata)

Order under section 143(1) denying benefit of exemption under section 11 in case of granting of deemed registration by CIT after expiry of time limit of six months was contrary to the legal principles and thus, rejection of assessee’s application for rectification under section 154 was invalid....

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