ITAT Kolkata

Share application money not to be included in average investment in disallowance u/s 14A r.w. Rule 8D

ITO Vs M/s LGW Ltd. (ITAT Kolkata)

ITAT Kolkata held In the case of ITO vs. M/s LGW Ltd that share application money is only in the nature of an offer to buy shares made by the assessee. It is only after the offer is accepted by the company; the Assessee becomes the shareholder in a company. ...

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Interest income on NPA need not to be accrued in books of account in case of Bank and NBFCs

West Bengal Infrastructure Development Finance Corporation Vs ACIT (ITAT Kolkata)

ITAT Ahmedabad held In the case of West Bengal Infrastructure Development Finance Corporation vs. ACIT that in the case of CIT vs Vasisth Chayt Vyapar Ltd. 330 ITR 440 (Delhi) , it was held that the real income theory was still relevant and recognition of income in terms of Prudential Norms of RBI did not deviate from the mercantile syste...

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Mutual Transactions can’t come under section 2(22)(e)

ITO Vs Smt. Gayatri Chakroborty (ITAT Kolkata)

ITAT Kolkata held in case of ITO v Smt. Gayatri Chakroborty that where the transactions are mutual in nature or there is benefit or no benefit to each other, then these kind of transactions will not come under the purview of section 2(22)(e)....

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S. 40A(3) Purchase of poultry feeds falls under exceptions clause provided in Rule 6DD(e)

Sri Rampada Panda Vs I.T.O. (ITAT Kolkata)

Admittedly, the assessee had made payments to M/s Pickme Feeds in cash by directly depositing cash in the bank account of M/s Pickme Feeds for supply of poultry feeds to the assessee. The assessee in turn supplies the poultry feeds to various farmers in the rural areas....

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TDS not deductible on reimbursement of Information technology costs

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

DCIT V/s. M/s AT & S India Pvt Ltd.(ITAT Kolkata) Reimbursement of Information technology costs does not result in income in the hands of the recipient an hence, the payments are allowable deductions and not fall within the mischief of section 40(a)(i) read with section 195....

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Loan given in the course of trade and written off is allowable as business loss

I.T.O Vs M/s Shree Gouri Shankar Jute Mills Ltd (ITAT Kolkata)

I.T.O Vs. M/s. Shree Gouri Shankar Jute Mills Ltd (ITAT Kolkata)-It is not in dispute that the advance was made for purchase of Jute during the course of business of the assessee. Since the supplies could not materialize, the assessee to protect its money started charging interest...

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Proviso to section 12A(2) is to be construed as retrospective in operation

Sree Sree Ramkrishna Samity Vs D.C.I.T (ITAT Kolkata)

since the only reason for denial of exemption u/s 11 was absence of registration u/s 12AA (which was granted to assessee society on 29.10.2010 with effect from 1.4.2010) for the relevant assessment years and on no other ground...

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Bad Advance written off is allowable expense if it was given in the course of business

M/s. Summit Investments Ltd Vs J.C.I.T (ITAT Kolkata)

The brief facts of this issue is that the assessee advanced a sum of Rs. 2 crores on 20.5.1992 to Broker Shri.Pallav Sheth under portfolio management scheme. The said broker is supposed to manage the trading portfolio of shares and securities on behalf of the assessee....

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Revision u/s 263 permitted for rectification of mistake apparent from records

Infinity Infotech Parks Limited Vs DCIT (ITAT Kolkata)

Infinity Infotech Parks Limited vs. DCIT (ITAT Kolkata) Revision u/s 263 is duly authorized where there is a mistake apparent from the records which itself proves that the order passed on this issue by the Assessing Officer was erroneous as well as prejudicial to the interest of the revenue....

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Profit Exempt U/s. 10AA not to be included in calculation of Book Profit U/s. 115JB

ITO Vs M/s. Last Peak Data Pvt. Ltd (ITAT Kolkatta)

ITAT held in ITO Vs M/s.Last Peak Data Pvt. Ltd that if the assesse was an existing recognized Software Technology Park (STP) then it would be considered at par at of Special Economic Zone(SEZ) and exemptions available to SEZ would also be available to STP...

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