Addition made by AO on account of profit allegedly earned by assessee on undisclosed turnover was directly related to the ground on which the case of the assessee was selected for limited scrutiny. Since same being fall-out of the verification made by AO on issue, on which case of assessee was selected for limited scrutiny, there was no merit in contention raised by assessee that addition made by AO was beyond scope of limited scrutiny.
The issue under consideration is whether Penalty u/s 271(1)(c) can be levied in the case where the assessee surrendered the income voluntarily during the course of the assessment?
ITO Vs Bata India Ltd. (ITAT Kolkata) There is no dispute on the basic fact that the Assessing Officer’s order herein dated 10.06.2009 passed u/s 201(1A) r.w.s. 195 of the Act has raised interest payment in issue of ₹1,02,545/- for the reason that it failed to pay the TDS deducted on royalty payments to the […]
PCIT’s action under challenge is not sustainable since the Assessing Officer had taken one of the possible views only in this factual backdrop. It is reversed therefore.
The issue under consideration is whether the AO is correct in disallowing the net interest as debited to Profit & Loss A/ c of the proprietary concern?
Jagannath Cement Works P.Ltd Vs ITO (ITAT Kolkata) In this case ld. CIT(A) has noted that appeal was posted for hearing on thrice i.e 13-08-2019, 14-08-2019 and 22-08-2019 and finding that none appeared on behalf of assessee, he dismissed the appeal preferred by the assessee. However, from a perusal the impugned order there is no […]
The issue under consideration is whether CIT(A) is correct in treating the interest from Fixed deposits made in connection with Contract business as income from ‘Other sources’ in place of income from ‘Business’?
The issue under consideration is whether the addition made by AO by considering the transaction entered by the assessee as bogus transactions are justified in law?
It is noted that the assessee is into the business of truck plying in North-East States and it is common knowledge that the drivers and cleaners before they start their journey on their trucks conduct puja of the God they believe and they incur expenses for buying garlands, bhog etc. for safe and smooth running of the vehicle while they go to the pre-destined location which are located in the remote areas of Assam, Meghalaya and Mizoram to deliver/collect goods. The expenses thus it is noted are incurred by the assessee for puja is for the smooth functioning of the business of transport as discussed cannot be disallowed.
In the light of judgment of Coordinate Bench of ITAT Kolkata in the case of REI Agro Ltd, we note that only dividend bearing securities should be considered for disallowance under rule 8D(2)(iii) of I.T. Rules.
