Vague information given by DIT (inv) there is no other material the AO collected after preliminary enquiry which could have enabled him at the time of recording reasons to come to a conscious independent conclusion that income of the assessee has escaped assessment.
Gautam Jhunjhunwala Vs ITO (ITAT Kolkata) in the light of the definition of ‘transfer’ as defined u/s. 2(47) of the Act it is clear that when any right in respect of any capital assets is extinguished and that right is transferred to someone, it would amount to transfer of a capital asset. In the light […]
Rahul Kheria Vs ITO (ITAT Kolkata) The commission claimed to have been paid to under section 133(6) to M/s Jessop and Co and we note that the said Jessop replied to the notice. The AO however doubted the reply by Jessop on the ground it was a reputed company so the logo in the letter-head […]
Where after setting off interest earned against the interest expenditure no further interest expense remains, then disallowance could not be made under section 14A.
Gautam Jhunjhunwala Vs ITO (ITAT Kolkata) In order to avail the benefit of sec. 54 of the Act, one must purchase a residential house/new asset within one year before or two years after the date on which transfer of the old residential house in respect of which the long term capital gain had arisen. In […]
Rajesh Agarwal Vs ITO (ITAT Kolkata) We have heard the arguments of both the sides and also perused the relevant material available on record. The first contention raised by the learned counsel for the assessee in support of the assessee’s case is that the gross receipts of his business as declared by the assessee in […]
Medicare TPA Services India Pvt. Ltd. Vs ACIT-TDS (ITAT Kolkata) Interest u/s 201(1A) of the Act could be charged only upto the date of payment of taxes by the deductees and not upto the date of filing of return of income. We find lot of force in this argument of the ld AR in as […]
As per section 10B for an undertaking to be eligible as 100% Export Oriented Undertaking, it should fulfill the following conditions: i) The undertaking must have approved by the Development Commissioner ii) The approval so granted by the Development Commissioner should be subsequently ratified by the Board of Approval for Export Oriented Unit (EOU) Scheme.
Joy Beauty Care (P) Ltd. Vs DCIT (ITAT Kolkata) Ld. CIT(A) had accepted that the gains on sale of shares through Portfolio Management Services (PMS) providers to be taxed under the head capital gains. Against these findings of the Ld. CIT(A), the revenue has not preferred the appeal before us as per the material available […]
M/s Himadri Chemicals & Industries Ltd. Vs Pr. CIT (ITAT Kolkata) Ordinarily under the mercantile system of accounting, expenditure is deductible when the liability to settle the same is accrued, irrespective of whether it is ‘due’ or not. However, in the case of a contingent liability, there is no present existence to discharge the same […]
