ITAT Kolkata

Employee’s contribution to EPF is covered by section 36(1)(va) r.w. s. 2(24)(x)

DCIT Vs. M/s. Bengal Chemicals & Pharmaceuticals Ltd. (ITAT Kolkata)

Section 43B opens with a non obstante clause which means that it controls the operation of other provisions of the Income-tax Act in that section 43B will have overriding effect notwithstanding other provisions under which a deduction may otherwise be allowable....

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Sec. 269SS Contribution towards share application money received in cash is not loan or deposit

Income Tax Officer Vs. M/s. Avadh Rubber Ltd. (ITAT Kolkata)

Income Tax Officer Vs. M/s. Avadh Rubber Ltd. (ITAT Kolkata) I.T.A. No. 1853/Kol/2008 Dated : 28th May, 2010 Sole dispute is whether the contribution of Abhisek Saraf in cash towards share application money in the sum of Rs. 3 lacs should be construed to be a deposit within the meaning of s. 269SS in order […]...

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Penalty – additions accepted does not necessarily attract penalty

Nemchand Jain & Sons Vs. Deputy CIT (ITAT Kolkata)

It is a settled principle that the power of levying penalty or not is discretionary and not mandatory. The law requires that whenever the AO is to exercise his discretion then it is the AO alone who is to exercise that discretion and the appellate authority cannot exercise that discretion on the part of the AO....

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SB rules income from derivative trading in shares prior to financial year 2005-06 is speculation income

Shree Capital Services Ltd. Vs. ACIT (ITAT Kolkata)

This Tax Alert summarizes a recent ruling of the Special Bench (SB) of Kolkata Income Tax Appellate Tribunal (ITAT) in the case of Shree Capital Services Ltd. (Taxpayer) vs. ACIT (ITA No. 1294 (Kol) of 2008) in which the SB held that, prior to financial year 2005-06 (assessment year 2006-07), derivative transactions in shares were covered...

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Derivative transactions prior to amendment in section 43(5) (effective from AY 2006-07) are speculative transaction

Shree Capital Services Ltd. Vs. ACIT (ITAT Kolkata)

Recently, the Special Bench of the Kolkata Income-tax Appellate Tribunal (the Tribunal) in the case of Shree Capital Services Ltd. v. ACIT (2009-TIOL-542-ITAT-KOL-SB) while dealing with a case prior to the amendment to section 43(5) of the Income-tax Act, 1961 (the Act) exempting derivative transaction as speculative in nature, held that ...

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Derivatives in which underlying asset is shares, will fall within the meaning of ‘commodity’ used in Sec. 43(5) of the Act

Shree Capital Services Ltd. Vs ACIT (ITAT Kolkata)

Speculative transaction is a transaction in which contract for purchase and sale of any commodity is settled otherwise than by actual delivery. It is not in dispute that in the case of transaction in derivatives, the transaction is always settled otherwise than by actual delivery. ...

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Co-operative credit society is not a co-operative bank and not entitled to any deduction u/s. 80P(2)(a)(i) as a bank

Sridharpur Co-operative Bank Vs ITO (ITAT Kolkata)

The assessee co-operative society did not conform to the stipulation and limitation of the types of activities in which a banking company is allowed to engage as per the Banking' Regulation Act, 1949....

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Futures & Options are speculative transactions u/s 43(5), S.43(5)(d) is not retrospective

Shree Capital Services Vs. ACIT (ITAT Kolkata)

A ‘derivative’ is a security representing the value of the underlying stocks and shares and must be given the same treatment as that given to the stocks and shares. Also, s. 43 (5) uses the term “commodity” in a wide sense and covers ‘derivatives’. ...

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Employees Contribution to PF- Section 36(1)(va) will prevail over section 43B

Joint Commissioner Of Income Tax Vs I.T.C. Ltd. (ITAT Kolkata - Special Bench)

The view that section 43B is a general provision which merely bars deduction of specified sums, unless they are actually paid and whereas provisions of section 36(1)(va) specifically deal with deduction in respect of payment of employees’ contribution to provident fund and other funds; therefore, the provisions of section 36(1)(va),...

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