ITAT Kolkata

Genuine Advances from customers cannot be treated as undisclosed income

Shri Sanjay Agarwal Vs ITO (ITAT Kotkata)

When assessee received advances from customers and the same were subsequently adjusted against goods sold to them, then, the advances could not be treated as unexplained cash credit under section 68, therefore, addition under section 68 made by AO on account of unexplained cash advances was deleted....

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Addition not maintainable on the basis of mere statement recorded during survey

Rohitaswa Das Vs ACIT (ITAT Kolkata)

 Statement recorded during survey, under section 133A, does not have a evidentiary value on its own and, therefore, no addition was maintainable on the basis of statement recorded during the course of survey as there was no evidence supporting the statement....

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Section 269SS not applicable to transactions between relatives

Snehalata Sitani Vs JCIT (ITAT Kolkata)

Where the loans were taken by assessee in cash from his relatives, the transactions between relatives were not in the nature of loans or deposits as envisaged in section 269SS and the penalty imposed under section 271D was accordingly cancelled....

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Brought forward business losses for more than 8 years can be adjusted against book profits

Peerless Hospitex Hospital & Research Centre Ltd. Vs DCIT (ITAT Kolkata)

While computing book profit u/s 115JB, assessee company was entitled, to deduct the B/F business losses as the restriction, contained in Sec.72 of the I.T. Act on carrying forward the unabsorbed business losses for more than 8 years, did not apply in computing the Adjusted Book Profit u/s 115JB....

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Section 10AA Deduction allowable on disallowance proposed in assessment

DIC Fine Chemicals Pvt. Ltd. Vs DCIT (ITAT Kolkata)

DIC Fine Chemicals Pvt. Ltd. Vs DCIT (ITAT Kolkata) It was a case where on account of the disallowance made by the AO, the loss returned by the assessee stood converted into positive sum and made the appellant eligible to claim deduction u/s 10AA of the Act. We thus find that as per the position […]...

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No section 92CA(3) Adjustment for Corporate Guarantees

DCIT Vs Gujarat NRE Coke Ltd (ITAT Kolkata)

The issue under consideration is whether the deletion of adjustment made u/s 92CA(3) of the Act on account of interest on loan and on account of corporate guarantees is justified in law?...

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Depreciation cannot be considered for computing section 14A disallowance

Sudha Apparels Ltd. Vs DCIT (ITAT Kolkata)

Depreciation claimed by assessee under section 32 cannot be considered for the purpose of computing disallowance under section 14A because section 14A deals only with the expenditure and not any statutory allowance, such as depreciation under section 32....

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Section 263 Order on Non-Existent Entity is unsustainable

Durja Vinimay Pvt. Ltd. Vs PCIT (ITAT Kolkata)

The issue under consideration is whether Passing of revisionary order against amalgamating company which was not in existence on the date of order is justified in law?...

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No Penalty for Cash loan received from father for reasonable cause

Ashok Kumar Bagaria Vs JCIT (ITAT Kolkata)

Since assessee had given reasonable cause for availing loan in cash from his father within the meaning of section 271D, therefore, he would be out of the rigours of levy of penalty under section 271D and no penalty could be levied....

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Penalty for Failure to get accounts audited cannot be levied if books not maintained

Somnath Ghosh Vs ITO (ITAT Kolkata)

Assessee assailed the imposition of penalty under section 271B imposed by AO on account of failure to get accounts audited under section 44AB. Assessee contended that penalty was not justified as no books of account were maintained by assessee....

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