ITAT Kolkata

If assessee disclosed Profit U/s. 44AD no disallowance u/s 40(a)(ia) can be made

I.T.O. Vs Mark Construction (ITAT Kolkata)

Once under the special provision of section 44AD of the IT Act exemption from maintenance of books of accounts have been provided and the presumptive tax at 8% of the gross receipts itself is the basis for determining the taxable income, the assessee was not under obligation to explain individual entry of cash deposits in the bank unless ...

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CIT(A) must give sufficient time to A.O. for preparation of Remand Report

A.C.I.T. Vs. M/s.Bengal Waterproof Ltd. (ITAT Kolkata)

After hearing the rival submissions and on careful perusal of materials available on record, keeping in view of the fact that sufficient opportunity of being heard to AO has not been given by ld. CIT(A) for preparation of Remand Report and further keeping in view of the fact that all the materials placed before ld. CIT(A)has not been sent...

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Penalty Us/ 271D applies only when Assessee accepts cash Loan Exceeding Rs. 20,000/- from a person

Gopal Sarkar Vs Additional Commissioner of Income-tax (ITAT Kolkata)

Secs. 271C, 271D and 271E, which were inserted in the I T Act w.e.f. 1st April, 1989, by the Direct Tax Laws (Amendment) Act, 1987, provided for the levy of penalties for certain defaults. Penalty under s. 271C was levied for failure to deduct tax at source. Penalty under s. 271D may be levied for failure to comply with the provisions of ...

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S. 14A In case net interest is income, no part of interest paid can be disallowed for earning tax free dividend

Deputy Commissioner of Income Tax Vs M.s. Trade Apartment Ltd. (ITAT Kolkata)

The taxpayer adjusted the interest expenditure against the interest income earned. After such adjustment no interest expenditure remained to be disallowed. The taxpayer offered expenditure other than interest of Rs. 111,521 for disallowance under Section 14A of the Act on the estimated basis. The Kolkata Tribunal held that there was no i...

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Expense Allowable if TDS paid on or before return filing due date

I.T.O. Vs Sk.Mofizul Ali (ITAT Kolkata)

Issue is decided by Hon’ble Calcutta High Court in the case of CIT Vs. Virgin Creations that the amendment in the provisions of section 40(a)(ia) of the Act by Finance Act, 2010 is remedial and curative in nature and TDS paid on or before the due date of filing of return u/s. 139(1) of the Act, deduction in respect to the amount on whic...

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Living allowance on deputation or for temporarily deployment Outside India not taxable

Income Tax Officer Vs Shri Saptarshi Ghosh (ITAT Kolkata)

Living allowance paid in addition to the regular salaries and benefits in India to the employees of Indian Company who are temporarily deployed in US will be exempt from tax. The deputation agreement between the taxpayers and the Indian Company clearly states that the additional compensation in the US has been paid in lump sum without any...

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Assessee can exclude freight and instance from turn over while computing deduction u/s 10B

M/s. World Wide Safety Pvt. Ltd. Vs. Commissioner of Income Tax- III, Kolkata (ITAT Kolkata)

Tribunal in assessee’s own case for A.Y.2003-04 and 2004-05 exactly on the issue of incidental expenses such as freight, octroi and sales tax whether to be included in the total turnover for the purpose of computation of deduction u/s 10B of the Act, respectfully following the same and in view of the above discussion carried out, we all...

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S.14A ITAT disallowed expenditure for year prior to AY 2008-09

MBSK Finvest Pvt. Ltd. Vs. Income Tax Officer (ITAT Kolkata)

The provisions of rule 8D of the Income-tax Rules which have been notified with effect from March 24, 2008, shall apply with effect from the assessment year 2008-09; Even prior to the assessment year 2008-09, when rule 8D was not applicable, the Assessing Officer has to enforce the provisions of sub-section (1) of Section 14A. For that pu...

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Surcharge Not dependent on liability to pay income tax but on assessed tax

A.C.I.T Vs. Loknath Prasad Gupta (ITAT Kolkata)

The Hon’ble Supreme Court in the case of CIT Vs. Raju Bhatra reported in (2009) 310 ITR 105 (SC) has laid down the ratio that surcharge leviable under the Finance Act was a distinct charge not dependent for its leviability on the assessee’s liability to pay incometax but on assessed tax. Therefore, even without the proviso to section ...

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Expenses deductible in the year of TDS payment if TDS been paid after the due date prescribed u/s. 201

Sen Brothers Enterprises Pvt. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Kolkata)

Assessing Officer noticed from audit report Form No. 3CD that the assessee has incurred contractual payments towards fabrication and erection expenses and deducted TDS. But TDS was not deposited within the time limit prescribed u/s. 201 of the Act. The same was deposited on 15.02.2006. The Ld. Counsel for the assessee could not contribute...

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