ITAT Kolkata

AO cannot treat Assessee differently for Short and Long term Capital Gain on Sale of Shares

I.T.O. Vs Dilip B. Desai (HUF) (ITAT Kolkata)

Respectfully following the aforesaid judicial precedents and in the aforesaid facts and circumstances of the case, we hold that the ld CITA had rightly classified the assessee as an investor and treated the gains received on sale of shares and mutual funds as short term capital gains as against business income and granted relief to the as...

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Capital Gain on Penny Stocks cannot be bogus if Paper work is in order

Surya Prakash Toshniwal VS. ITO (ITAT Kolkata )

This article deal with the issue of Long Term Capital Gain on Sale of Small Company Shares or on Penny Stocks. Article is based on ITAT Kolkata order in the case of Surya Prakash Toshniwal VS. ITO in which it held that Long-term capital gains claimed exempt u/s 10(38) cannot be treated as bogus unexplained […]...

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Improper Notice for Assessment- Assessment can be quashed

DCIT Vs. M/s. M.K Enterprise (ITAT Kolkata)

Notice as prescribed U/s. 143(2) was not properly served on assessee, ITAT Kolkata, held, that assessment made U/s. 144 of the Act was not valid & it was quashed....

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Sections 194C(6) & Section 194C(7) are independent of each other

Soma Rani Ghosh Vs. Deputy Commissioner of Income Tax (ITAT Kolkata)

Sections 194C(6) and Section 194C(7) are independent of each other, and cannot be read together to attract disallowance u/s 40(a)(ia) read with Section 194C of the Act; and If the assessee complies with the provisions of Section 194C(6), no disallowance u/s 40(a)(ia) of the Act is permissible, even there is violation of the provisions of ...

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Direct cash deposit in suppliers bank a/c not attract disallowance u/s 40A (3)

Bolkunda Pachwai & (S) C.S. Shop vs. Income-tax Officer (ITAT Kolkata)

ITAT Kolkata held that the consequence, which were to be fall on account of non-observation of section 40A(3) must have nexus to the failure of object of introducing of the provision. Therefore, no disallowance can be made if the transactions do not defeat the object of Sec 40A(3) in as much as there genuiness is not challenged and they ...

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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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