Batram Properties Pvt. Ltd. Vs ITO (ITAT Kolkata) Under section 22 of the Act the charge to tax of income from house property is based on the ownership of such property. The admitted position in the present case is that the assessee is only a tenant and not the owner of the property. It is also […]
Where AO had directly made the disallowance under section 14A by abruptly rejecting workings of assessee without having any cogent reason to deny the claim made by the assessee no expenditure was incurred for earning exempt income, the disallowance was deleted.
The AO further relies on the shop increase of 31000% of the value of shares over the period of 2 years. Though this is highly suspicious, it cannot take the place of evidence. The Hon’ble Supreme Court has stated that suspicion however strong cannot be the basis for making an addition.
M/s Aditya Enterprise Vs ITO (ITAT Kolkata) In the instant case, the profit was determined on estimated basis due to the fact that assessee failed to produce books of account during the assessment. Once then profit has been determined on estimated basis then in our considered view no disallowance can be made on account of […]
Where payment of commission on exports to non-resident was not taxable in India due to services rendered outside India, the same was not subject to TDS under section 195.
Value of perquisite provided by the assessee company to its employees in the form of reimbursement of car running and maintenance charges was chargeable to tax in their hands and the assessee was liable to deduct tax at source from the said value.
When all requisite details were already on record with supporting evidences and same were duly examined by AO, the order of AO was not erroneous and prejudice to interest of Revenue.
The word held used in section 2(14) implies right over a capital asset. In the instant case, right over the property was held by assessee for the period of 36 months, by paying first installment and builder issued a provisional letter of allotment and from that period, assessee had been enjoying legal right over the said property.
Recently in, Phillips India Ltd. vs. ACIT, ITAT Kolkata held that Deduction of lease rentals paid towards cars taken on finance lease allowed while computing income
ITO Vs. Wiz-Tech Solutions Pvt. Ltd (ITAT Kolkata) The main plank on which the AO made the addition was because the directors of the share subscribers did not turn up before him. In such a case the Hon’ble Apex Court in the case of Orissa Corpn. (P) Ltd. (supra) 159 ITR 78 and the Hon’ble […]
