Prity Tubes Pvt. Ltd. Vs JCIT (ITAT Kolkata) Coming to the next issue of sales promotion and advertisement expenses, we note that despite several queries and opportunities made available by the authorities below, the assessee has not been able to establish the nexus between the expenses incurred and the business of the assessee. Assessee has […]
Ashim Kumar Mahanta Vs ITO (ITAT Kolkata) The undisputed fact is that in this case Rs.27,68,700/- has been found deposited in the joint account of assessee as well as his wife in the savings bank account of Axis Bank. When confronted by the AO after reopening the assessment, according to the assessee, this amount was […]
Once assets have been put to use, claim of depreciation allowance on said assets cannot be restricted. ITAT allows claim of depreciation in respect of closed units or non-functional undertakings
Held that revisionary proceedings bad in law as initiated without conducting any enquiry or verification to establish that the assessment order is unsustainable
Held that payment towards management support services is allowable as business expenditure as the same is paid for smooth and effective running of the business.
ITAT not agreed with Conclusion that whatever income was shown in Form 26AS under assess’s PAN is his income
Baid Trade Fina Pvt. Ltd. Vs ITO (ITAT Kolkata) Facts in brief are that the assessee filed its return of income on 26.09.2010 claiming TDS of Rs. 79,028/- as per Form 26AS, however in the intimation/order dated 25.04.2011 u/s 143(1) of the Act, the assessee was not granted the credit of TDS without assigning any […]
Held that impugned order without any DIN is in violation of CBDT circular no. 19/2019 dated 14.08.2019 and hence held as invalid.
Jai Balaji Industries Limited vs DCIT (ITAT Kolkata) The assessee has pointed out that it has made advance payment of Rs.9,39,708/- to Tata Metaliks DI Pipes Limited for purchase of scrap materials. This claim of the assessee has been rejected by the Revenue Authorities on the ground that this exact amount is not discernable from […]
A perusal of Section 271AAB would reveal that it is applicable where search has been initiated under section 132 of Income Tax Act
