ITAT Kolkata

Systematic / Regular Sub-Leasing of premises is taxable as business Income

Bombay Plaza Pvt. Ltd. vs. A.C.I.T. (ITAT Kolkata)

Assessee carried on a systematic and regular activity in the nature of business and therefore the income from granting the premises on sub-license was to be assessed under the head income from business....

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Interest free loan to AE – Crime?

Instrumentarium Corporation Limited, Finland Vs. Assistant Director of Income Tax International Taxation (ITAT Kolkata)

The critical question before special bench: Whether, on the facts and in the circumstances of the case, no arm’s length rate of interest was required to be charged on the loan granted by the non-resident assessee-company to its wholly owned subsidiary Indian company M/s. Datex-Ohmeda (India) Pvt. Ltd. (Datex)?...

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No TDS on payment for simple marketing services of introducing foreign institutional investors by foreign subsidiary companies

Batlivala & Karani Securities (India) Pvt. Ltd. Vs. DCIT (ITAT Kolkata)

The nature of services rendered by the subsidiaries to the assessee were in respect of simple marketing services of introducing foreign institutional investors to invest in capital markets in India so that the assessee would improve its business in India. ...

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Sec 32(2) amended by FA, 2001applies to Unabsorbed depreciation of prior period

D.C.I.T.Vs M/s.Epcos India Pvt. Ltd. (ITAT Kolkata)

Any unabsorbed depreciation available to an assessee on 1st day of April 2002 (A. Y. 2002-03) will be dealt with in accordance with the provisions of section 32(2) as amended by Finance Act, 2001. And once the Circular No. 14 of 2001 clarified that the restriction of 8 years for carry forward...

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S.145A No Addition for stock valuation if exclusive method followed

DCIT Vs M/s Stone India Limited (ITAT Kolkata)

ITAT Kolkata held that VAT and CST even if not included in value of closing stock do not result in undervaluation of closing stock because of its corresponding non-inclusion in Opening Stock , Purchases and Sales....

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Net realizable of stock to be taken as value it would fetch on actual sale in future

ITO Vs M/s. Mahendra Traders (ITAT Kolkata)

ITAT held that it is generally accepted prudent practice that the closing stock to be valued at lower of cost or net realizable value. Further, net realizable value means the value which the goods would fetch at the time of actual sale....

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No Penalty u/s 271AAA on post search voluntarily disclosed income

DCIT Vs M/s Salasar Stock Broking Ltd. (ITAT Kolkata)

The ITAT Kolkata in the above cited case held that if the additional income disclosed by assessee u/s 132(4) voluntarily without being any incriminating material found during the course of search , then department cannot levy penalty u/s 271AAA on such voluntarily disclosed income. ...

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MAT not payable on Capital receipts on forfeiture of share warrants

DCIT Vs M/s. Binani Industries Ltd. (ITAT Kolkata)

ITAT held that it is not in dispute that the receipt representing forfeiture of share warrants is only a capital receipt & not chargeable to tax. However, the same has been duly credited in the profit and loss account as an extraordinary item....

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Search and seizure are reasonable cause for delay in filing & Payment of Wealth Tax

Loknath Prasad Gupta Vs DCIT (ITAT Kolkata)

We understand that in case of search, assessee is to comply with law and various declaration and formalities which certainly take lot of time. From the aforesaid situation and circumstances, it is clear that there was sufficient cause which prevented the assessee to pay wealth tax in the wealth tax return...

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Payments made as reimbursement towards shared technology services not subject to TDS u/s 195

DCIT Vs M/s AT & S India Pvt . Ltd. (ITAT Kolkata)

The ITAT Kolkata in the case of M/s AT & S India P. Ltd. held that the reimbursement made to holding co. by its subsidiary towards the share technology services is not taxable in the hands of receiving co. (holding co.) because the reimbursement is not an income for the holding co....

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