ITAT Kolkata

Rule 8D r.w. section 14A can not be applied for years prior to A.Y. 2008-09 so invoking of provision of section 263 of the IT Act not justified

Sri Kedar Nath Agarwal, Kolkata Vs D.C.I.T., Circle-35 (ITAT Kolkata)

Since the assessment year involved in this appeal is 2005-06 Rule 8D of the IT Rules is not applicable in the present case keeping in view of the decision of the Hon’ble Bombay High Court in the case of Godrej and Boyce Mfg. Pvt. Ltd. In this case the ld. CIT-Admn has issued jurisdiction u/s 263 of the IT Act based on the order of the ...

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Security deposited against leased property refundable on completion of tenure cannot be consider as Capital Gain

Bypass Properties Private Ltd. Vs- I.T.O. (ITAT Kolkata)

Bypass Properties Private Ltd., Kolkata Vs. ITO (ITAT kolkata)- As per the alteration of security deposit clause dated 10.11.2006 which was placed at page 67 of the paper book it is observed that the lessee shall keep in deposit and advance which is the lessors a sum of Rs. 21 crores by interest free deposit . Then it was further stated i...

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Assessing Officer (AO) should carefully verify the statement given by the Assessee against any claim made by him

D.C.I.T. Vs MBL Infrastructure Ltd. (ITAT Kolkata)

D.C.I.T., Central Circle-XIX Vs. MBL Infrastructure Ltd. (ITAT Kolkata)- All the impugned entries were analysed by the assessee company in detail and the entry to entry correlation with the cash workings filed by the applicants before the Honourable Settlement Commission were submitted by the assessee before the lower authorities. The en...

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No disallowance U/s. 40(a)(ia) of expenses for short-deduction of TDS

Deputy Commissioner of Income Tax Vs. M/s. S. K. Tekriwal (ITAT Kolkata)

DCIT vs. M/s. S. K. Tekriwal (ITAT Kolkata) - In the present case before us the assessee has deducted tax u/s. 194C(2) of the Act being payments made to sub-contractors and it is not a case of non-deduction of tax or no deduction of tax as is the import of section 40a(ia) of the Act. But the revenue’s contention is that the payments ar...

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Addition under section 68 not permissible when the advances are received by account payee cheques and interest and shares have been paid and allotted against these advances

D.C.I.T Vs M/s Bihariji Ispat Udyog Ltd. (ITAT Kolkata)

DCIT Vs. Bihariji Ispat Udyog Ltd. (ITAT Kolkata)- From the record it appears that all the aforesaid transactions were by Account Payee cheques and loan confirmation and also the confirmation for payment of Share Application Money were obtained from the said Ankur Marketing Ltd. with its I.T. File No. and the same were filed with the A.O....

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When the assessee has received Form 15I from the payee and no deduction is made on that basis, no disallowance can be made u/s 194C only for the reason that the forms were not submitted in time before the jurisdictional CIT

ITO Vs Rajesh Kr Garg (ITAT Kolkata)

ITO Vs Rajesh Kr Garg (ITAT Kolkata) In the present case the claim of the asse see is that at the time of paying the interest to the 34 persons mentioned in the assessment order, he had before him the appropriate declarations in the prescribed form from the payees stating that no tax was payable by them in respect of their total income an...

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Assessee not eligible for deduction u/s 80IB on the amount disallowed by AO due to delayed payment of employee’s contribution of P.F

ITO Vs Millennium Writing Products Pvt Ltd. (ITAT Kolkata)

ITO Vs Millenium Writing Products Pvt Ltd. (ITAT Kolkata) Deduction u/s. 80IB of the Act is available to an assessee whose gross total income includes any profits and gains derived from eligible business as specified in the section. Here the assessee is claiming deduction on an item of disallowance made by the Assessing Officer on accoun...

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Expenses reimbursed to recreation clubs and staff clubs of employees are revenue in nature

ITC Limited Vs DCIT (ITAT Kolkata)

ITC Limited Vs DCIT (ITAT Kolkata)– We have carefully considered the submissions of the ld. representatives of the parties and the orders of the authorities below. We have also gone through the details of the expenditure aggregating Rs. 9,00,111 claimed by the assessee, the break-up of which has already been mentioned herein above. ...

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S. 50C -Fair Market Value assessed by DVO to be adopted even if its lower than stamp duty valuation

Income Tax Officer Vs Gita Roy (ITAT Kolkata)

Whether Ld. CIT(A) erred in directing the AO to adopt the value of the property sold as per DVO report for the purpose of computing capital gains in place of value adopted by Stamp Valuation Authority and considered by AO as per provisions of Section 50C(1) of the IT Act, 1961. Held, Yes If the fair market value as assessed by the DVO is ...

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Income derived from repair and maintenance not eligible for Sec 80IB benefits – ITAT Kolkatta

DCIT, Kolkata Vs Rajesh Kumar Drolia (ITAT Kolkata)

DCIT, Kolkata Vs Rajesh Kumar Drolia- (ITAT Kolkata)- The assessee is earning job work charges as well as repairs and maintenance, which are included in job work charges, no doubt it is established that there is commercial connection between profits earned on account of repairs and maintenance and the industrial undertaking but for that s...

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