Daily Archive: Saturday, March 12, 2016

Non-recovery of income tax demand where tax has been deducted but not deposited by deductor-CBDT

Author: | Categories: Income Tax, Instructions No comments
Non-enforcement of recovery of demand against the assessee where tax has been deducted but not deposited by the deductor . Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11 th March, 2016 The Central Board of Direct Taxes (CBDT)

 

While reversing order of CIT(A), Tribunal duty bound to examine and discuss reasons given

While reversing the order of the CIT(A) the Tribunal is duty bound to examine and discuss the reasons given by the CIT(A) to hold one way or the other and then to dispel those reasons. If the Tribunal fails to make such an exercise the judgment will suffer from

 

Deduction 33AB first allowed from composite income before apportionment under Rule 8(1) between agricultural non-agricultural

The deduction u/s 33AB of the Income Tax Act, 1961 shall be allowed from the total composite income derived from growing and manufacturing tea and only after such deduction is made, Rule 8(1) shall be applied to apportion income between agricultural and non-agricultural income . HIGH COURT AT CALCUTTA ITA 360 of

 

Loans Advance given on interest not deemed dividend u/s 2(22)(e) as the shareholder do not derive any benefit from the funds of the company

Author: | Categories: Income Tax, ITAT, Judgments No comments
When the company was compensated by way of interest on loan taken, the assessee shareholder in real sense did not derive any benefit from the funds of the Company so as to attract the provisions deemed dividend under section 2(22)(e). INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘C’ BENCH, KOLKATA I.T.A. No.

 

Property Fair market value as on 01-04-1981 based on market rates taken from Sub-Registry records not without basis

Author: | Categories: Income Tax, ITAT, Judgments No comments
The fair market value of the property as on 01.04.1981 by the Registered Valuer on the basis of prevailing market rate from the relevant records of Sub-Registry Office as well as inquiry made from local market cannot be said that the valuation done without any basis.  INCOME TAX APPELLATE TRIBUNAL,

 

Allowability of interest as cost of acquisition of capital asset u/s 48(ii) is highly debatable, not open for revision u/s 263 by CIT

Author: | Categories: Income Tax, ITAT, Judgments No comments
The issue relating to the allowability of interest as the part of cost of acquisition of the capital asset under section 48(ii) is highly debatable and since the view taken by the Assessing Officer while allowing the claim of the assessee for deduction on account of such interest under

 

CIT Appeals order passed ex parte without giving another opportunity or mentioning reasons for additions sustained is bad

Author: | Categories: Income Tax, ITAT, Judgments No comments
INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘A’, KOLKATA ITA No. 766/Kol/2013 : Asstt. Year : 2009-2010 Asish Ranjan Chowdhury (APPELLANT)  vs. I.T.O. (RESPONDENT) Date of Order: 11/03/2016 ORDER Per Shri S.S.Viswanethra Ravi, J.M. This appeal is filed by the assessee having aggrieved by the order dated 19.10.2011 passed by the CIT(Appeals)-XXXII, Kolkata