ITAT Kolkata

Expenditure on payment of software – Revenue or Capital?

DCIT Vs Lovelock & Lewes ITAT (ITAT Kolkata)

Lovelock & Lewes  case: Expenditure incurred by the assessee on payment of software licence fees for applications software for the right to use the software for limited/particular period of time held to be revenue expenditure...

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Penalty U/s. 271B cannot be levied for technical venial breach

Md. Salim Qurasi Vs ITO (ITAT Kolkata)

Md. Salim Qurasi Vs ITO (ITAT Kolkata) We have heard rival submissions. From the papers available on the record including the paper book of the assessee, we find that the assessee had got his accounts tax audited for the Assessment Year 2013-14, on 27/09/2013.We find that the same has been filed before the ld. Assessing […]...

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Denial of Tax relief for non-submission of Tax Residency Certificate: ITAT remand back the case to AO

ACIT(IT) Vs Shri Ayan Majumdar (ITAT Kolkata)

ACIT (IT) Vs Shri Ayan Majumdar (ITAT Kolkata) It is not in dispute that the assessee is a non-resident in India and is a tax resident of UK during the year under consideration. It is not in dispute that his employment is exercised in UK. We find that the ld AO had denied the relief […]...

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Discount cannot be treated as bogus merely because some parties denied it

Mondal Construction Co. Ltd. Vs ACIT (ITAT Kolkata)

Mondal Construction Co. Ltd. Vs ACIT (ITAT Kolkata) We note that assessee had debited a sum of Rs.10,99,907/-in the profit & loss account on account of discount on sale of flat. However, the Assessing Officer disallowed the said discount stating that some of the parties to whom the discount had been given, had informed that […]...

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ITAT allows Finance Charges paid to NBFCs without TDS deduction as NBFCs included the same in their Income

ACIT Vs Smt. Champa Nandi (ITAT Kolkata)

ACIT Vs Smt. Champa Nandi (ITAT Kolkata) The Income Tax Appellate Tribunal ( ITAT ), Kolkata has held that the finance charges to Non-Banking Financial Companies (NBFCs) are not subject to Tax Deduction at Source ( TDS ) under the provisions of section 194A of the Income Tax Act. The assessee has debited in his […]...

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Additions u/s 68 merely for not producing directors of investment companies is not sustainable

Income Tax Officer Vs BSNI Commercial Pvt. Limited (ITAT Kolkata)

Whether Additions u/s 68 merely on the ground that the assessee could not produce the directors of the share subscribing companies is sustainable....

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No tax on Foreign allowances received for service rendered outside India through TCC

Shri Sudipta Maity Vs DCIT(IT) (ITAT Kolkata)

Where assessee, a non-resident, had received foreign allowances outside India for the services rendered in Netherlands, the foreign allowances received by assessee were not liable to tax under section 5(2)....

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Losses cannot be treated as Bogus merely for client code modifications

Manoj Kumar Damani Vs ACIT (ITAT Kolkata)

When purchase and sale of shares were supported by proper Contract Notes, shares were purchased and sold through recognised broker and sale considerations were received by Account Payee Cheques, the transactions could not be treated as bogus and loss on account of client code modifications should be allowed....

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Future Development Expenses provision for unascertained liability by Builder Allowable

DCIT Vs Ashiana Housing Ltd. (ITAT Kolkata)

He held that the amount in question thus represented provision for meeting unascertained liabilities which was not allowable as deduction in the case of the assessee. He accordingly made a disallowance of Rs. 2,25,01,129/- on account of future development expenses and made addition to that extent to the total income of the assessee in the...

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Liquidated damages claim are allowable for non-fulfilment of business obligations to own customers

DCIT Vs M/s Hindustan Urban Infrastructure Ltd. (ITAT Kolkata)

Liquidated damages which were in nature of contractual liability on account of non-compliance of business obligations to customers were allowable expenditure...

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