ITAT Kolkata

Disallowance of wages not justified when Assessee maintained Muster & full detail of Workers

Delta Construction Vs ITO (ITAT Kolkata)

Where the assessee has maintained the Attendance Register of labourers shown the ledger account of labour charges and office expenses, which were all duly produced before the AO and also placed before us which contained the details of wages paid to and accepted by the labourers, no defect in the same has been pointed by the revenue. The a...

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Section 50C applicable even if registration takes place subsequent to transfer

Deputy Commissioner of Income-tax, Circle-9 Vs Bagri Impex (P.) Ltd. (ITAT Kolkata)

The Revenue's case is that the provision of sec. 50C having come on the statute book with effect from 1-4-2003, and the capital asset which is the subject-matter of transfer, being land, the same would apply, and thus stands rightly invoked by the AO. The assessee's case, and on the basis of which it found favour with the first appellate...

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Interest u/s. 244A payable on gross amount including principal as well as interest

Joint Commissioner of Income-tax (OSD) Vs M/s. ITC Hotels Ltd. (Merged with ITC Ltd.) (ITAT Kolkata)

The High Court has failed to appreciate that while charging interest from the assessees, the Department first adjusts the amount paid towards interest so that the principal amount of tax payable remain outstanding and they are entitled to charge interest till the entire outstanding is paid. But when it comes to granting of interest on ref...

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Show Cause notice not mentioning ground for initiating action u/s 263 is invalid

GPSK Capital Private Limited Vs C.I.T. (ITAT Kolkata)

It was the submission by the ld. AR that the show cause notice issued u/s 263 of the IT Act on 23.01.2012 had not mentioned which order was erroneous nor had he mentioned the error in the assessment order. It was the submission that the show cause notice did not show as to how and what was the issue in which order the said issue arose whi...

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Judges do not make law, they only discover or find correct law

Deputy Commissioner of Income Tax Vs M/s. North Brook Jute Co. Ltd. (ITAT Kolkata)

As is the settled legal position, in the light of Hon’ble Supreme Court’s decision in the case of ACIT vs. Saurashtra Kutch Exchange Ltd. (305 ITR 227) , a judicial decision acts retrospectively. As Their Lordships observed in this case, judges do not make the law, they only discover or find the correct law and, therefore, a rectific...

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RBI Norms cannot override Income Tax Provisions

All Bank Finance Ltd. Vs. Deputy Commissioner of Income-tax (ITAT Kolkata)

It is a fact that assessee has not booked the lease rentals as noted by the AO but on the reason that the assessee being NBFC is following the guidelines issued by RBI and guidelines states that once the party has become a defaulter for at least twelve months that party can be declared as NPA and no income on that part can be booked from ...

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Rebate u/s. 88E is to be allowed from tax computed u/s. 115JB

Nakamichi Securities Limited Vs. Commissioner of Income Tax (ITAT Kolkata)

Rebate under section 88E was to be allowed from the tax computed as per provisions of section 115JB to find out whether after set off of rebate under section 88E, any tax liability remained or not. Admittedly the tax liability as per MAT provisions was Rs.7,56,694/- and rebate admissible under section 88E was Rs.26,98,260/-. Therefore, in...

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Disallowance of discount by estimating the same hypothetically not permissible

Sri Arun Kumar Paul Vs ITO, Ward 51(3), Kolkata (ITAT Kolkata)

A perusal of the assessment order clearly shows that the Assessing Officer questioned the assessee why there is a difference in the rate of discount. Assessee replied to the questions raised by the Assessing Officer. However, the Assessing Officer has proceeded to compute the discount by hypothetical calculation to arrive at discount rate...

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S. 36(1)(vii) -Bad debt written off is liable to be allowed

D.C.I.T. Vs M/s. Sky B (Bangla) Pvt. Ltd (ITAT Kolkata)

A perusal of the order of the learned Commissioner of Income-tax (Appeals) clearly shows that the assessee had written off bad debt in the books. Further, it is noticed that the Learned Commissioner of Income-tax (Appeals) had followed the decision of the Hon’ble Bombay High Court in the case of Director of Income-tax (International Tax...

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Ex-parte assessment -ITAT Set aside the order for denovo assessment

M/s. Nabisco Confectionery & Food India Pvt. Ltd. Vs I.T.O., Ward-12(4), (ITAT Kolkata)

it is noticed that the assessment is an ex-parte assessment and also before the ld. CIT(A) there has been no representation. We are of the view that the assessee may be granted one more opportunity to substantiate its case before the ld. AO. It is also noticed that the ld. AR has specifically agreed that there would be no default on the p...

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September 2020