ITAT Kolkata

Interest on late deposit of TDS allowable u/s 37

D.C.I.T Vs M/s. Rungta Mines Ltd (ITAT Kolkata)

Interest expenses claimed by assessee on account of delayed deposit of TDS liability was allowable under section 37(1) as the TDS amount did not represent the tax of  assessee but it was the tax of the party which had been paid by assessee. ...

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No TDS on Export commission paid to NRI for services rendered abroad

ACIT Vs Lux Industries Ltd. (ITAT Kolkata)

ACIT Vs Lux Industries Ltd. (ITAT Kolkata) Since export commission payments to non-resident agents were not taxable in India, as agents were remaining outside, services were rendered abroad and payments were also made abroad TDS under section 195 was therefore, not deductible from payment made to NRI agents. FULL TEXT OF THE ITAT JUDGMENT...

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Exemption U/s. 11 can be denied for Advances given to unregistered trusts in violation of Section 13

ACIT Vs Hooghly Engineering & Technology College Society (ITAT Kolkata)

Where assessee registered under section 12AA had given advances to unregistered trusts, then it could be held guilty for violation of provisions of section 13 and consequently be denied exemption under section 11, if it was established that the president of the recipient trusts was having substantial interest in such trusts....

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Capital Gain cannot be treated as bogus on human probabilities, suspicion, conjectures and surmises

Mahavir Jhanwar Vs ITO (ITAT Kolkata)

CIT(A) has in his order relied upon circumstantial evidence and human probabilities to uphold the findings of the AO. He also relied on the so called rules of suspicious transaction...

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No addition for cash deposits when Assessee offered Income u/s 44AE

Bijoy Shribastab & Anr. Vs ITO (ITAT Kolkata)

Bijoy Shribastab & Anr. Vs ITO (ITAT Kolkata) It is not in dispute that the assessee had not maintained books of accounts for his transport business. It is not in dispute that the assessee owns less than 10 vehicles and is accordingly entitled to offer income u/s 44AE of the Act. It is not the […]...

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No TDS U/s. 194J on charges paid to unqualified professional

Nikhil Chandra Mitra Vs ITO (ITAT Kolkata)

Nikhil Chandra Mitra Vs ITO (ITAT Kolkata) Disallowance of Rs.60,000/- made on account of accounting charges by invoking the provisions u/s 40(a)(ia) of the Act.  The assessee submits that the person whom the amount was paid was not a qualified professional and he was an accountant writing the accounts and hence 194J of the Act, [&hellip...

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Concluded assessment cannot be disturbed if no incriminating material found during search

M/s. Bhansali Fincom Pvt. Ltd. Vs DCIT (ITAT Kolkata)

Unabated/concluded assessment, on the date of search, deserved to be undisturbed in the absence of any incriminating material found during search and accordingly impugned addition was deleted....

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TDS U/s. 195 not deductible on Payment of commission to non-resident if No operations of foreign agent carried on in India

Bengal Tea & Fabrics Ltd. Vs Dy. CIT(ITAT Kolkata)

Bengal Tea & Fabrics Ltd. Vs Dy. CIT (ITAT Kolkata) ITAT held that when no business operations of commission agent were carried on in India, commission earned by them would be outside the ambit of income ‘deemed to accrue or arise in India’ for the purpose of section 5(2)(b) read with section 9(1)(i) of Income […]...

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Respondent in an appeal before Tribunal cannot seek any further or more relief than what had been granted to him by CIT(A)

M/s. Tongani Tea Co. Limited Vs JCIT (ITAT Kolkata)

M/s. Tongani Tea Co. Limited Vs JCIT (ITAT Kolkata) Rule 27 of Income Tax (Appellate Tribunal) Rules can be invoked only to support the order appealed against on any of the grounds decided against the respondent Conclusion – The scope of rule 27 of the Income Tax (Appellate Tribunal) Rules, 1963 is limited only to support […]...

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 No Penalty U/s. 271E on conversion of the loan into equity

Arkit Vincom (P) Ltd. Vs ACIT (ITAT Kolkata)

The loan received by the assessee was squared off by way of conversion of loan into equity by the assessee through book entries without any physical outflow of funds. It is usual business practice and is part of routine corporate debt restructuring exercise carried out by various banks and financial institutions. Therefore, the said trans...

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