Sandeep Modi Vs DCIT (ITAT Kolkata) It is noted that the assessee has taken a life insurance policy in AY 2012-13 of the SBI of sum assured to the tune of Rs.10,88,000/- (along with credit bonus of 3.25%) by paying single premium of Rs.10,00,000/-. And in this year (AY 2017-18), the assessee received the LIC […]
ITAT Kolkata allowed assessee’s deduction for LIC group gratuity scheme. Relying on precedent, control over funds is key for Section 36(1)(v) applicability.
In our opinion, the addition of such types which are made during the course of survey on oath cannot be made unless there is a supporting material. In our opinion, the addition on estimated basis cannot be justified for reasons, the AO has not rejected the books of account.
Arman Advisory Pvt. Ltd. Vs PCIT (ITAT Kolkata) ITAT noted that the Ld. CIT(A) has made a bald statement that the AO’s assessment order attracts Explanation 2(c) u/s. 263 of the Act. However, he failed to spell out in his impugned order how the action of AO while framing the assessment order is not in […]
Shri Bhaskar Roy Vs ITO (TDS) (ITAT Kolkata) ITAT held that demand raised by the Income Tax Authorities for levying late fee u/s. 234E of the Act for the period prior to 01.06.2015 cannot be sustained and we order accordingly. However, we hasten to add that Hon’ble Karnataka High Court while passing the order had […]
Luit Developers Private Limited Vs Commissioner of CGST & Central Excise it is trite law that figures of Form 26AS are not to be used for determining Service Tax liability unless there is proof to show that it was on account of any taxable service and relies on the order of the Tribunal in Kush […]
Prodyut Kumar Ghos Vs ITO (ITAT Kolkata) ITAT noted that assessee in his R.O.I (return of income) erroneously reflected the sale consideration that he received to the tune of Rs.26,96,250/- as agricultural income. On being confronted by the AO and when asked by the AO to produce evidence of agricultural income, the assessee realized the […]
Eastern Coalfields Ltd. Vs DCIT (ITAT Kolkata) We note that the assessee has made a claim of deduction regarding donation made to the tune of Rs. 27,27,000/- but the AO disallowed the claim. On appeal, the Ld. CIT(A) has given partial relief by allowing 50% of expenditure claimed as donation. We note that on similar […]
Massive Infrastructure Pvt. Ltd. Vs ITO (ITAT Kolkata) In this case Ld. CIT(A) has passed the order without hearing the assessee and not on merits there is a violation of Natural Justice. Therefore, we are inclined to set aside the impugned order of Ld. CIT(A) and restore the appeal back to the file of the […]
Sheo Shakti Coke Industries Vs ACIT (ITAT Kolkata) From the perusal of above finding of the Ld. CIT(A), we find that he has lucidly dealt with all the facts pertaining to discrepancies noticed in the financials of the assessee-firm and has also referred to various charts depicting the profitability of the assessee-firm in preceding years […]
