Tag: ITAT KOLKATA
Addition u/s 69C towards alleged bogus purchase deleted due to failure of AO to bring on record any material/evidence for alleging such transactions. In a recent judgment, Kolkata ITAT has deleted addition made u/s 69C towards alleged bogus purchase due to failure of the AO to bring on …
Self-made cash payment vouchers disallowance additions made for truck hire charges doubting genuineness of expenditure without making any enquiry was deleted by ITAT Kolkata. Case Law Details: I.T.A. No. 1182 /KOL/ 2013 Assessment Year: 2008-2009 Assistant Commissioner of Income Tax vs. Shyam Sundar Agarwal Date of Judgment/Order: 27/05/2016 Important …
Penalty 271(1)(c) quashed for non-malafide conduct to evade tax payment in the case of 68 years aged retired scientist not very much conversant with the provisions of the Income Tax Act by ITAT Kolkata in its recent judgment as under: Case Law Details: ITA No.1900/Kol/2014 Assessment year : 2006-07 Dr.S.N.Ganguly vs. ACIT Date …
Addition made as stop gap arrangement till TDS return revised to ascertain the true nature of the transactions set aside by ITAT Kolkata in a recent judgment as under: Case Law Details: ITA No.2301/Kol/2013 Assessment year : 2009-10 Ashok Kumar Shaw vs. ITO Date of Judgment/Order: 06/05/2016 Brief Facts of …
In a recent judgment, ITAT Kolkata has held that the re-assessment under section 143(3)/147 is independent and separate from the original assessment order passed u/s 143(3) and it can not be said that the both the orders of assessment made u/s 143(3) originally and the assessment made subsequently u/s …
Itemized sale of the plant and machinery of chemical unit vide agreement was not the sale of the unit as a going concern and hence, the sale cannot be treated as slump sale u/s 2(42C) INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA I.T.A No.330/Kol/2013 Assessment Year: 2009-10 Hindustan Engineering & …
Loans Advance given on interest not deemed dividend u/s 2(22)(e) as shareholder not derive benefit from funds of company 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 …
Property Fair market value as on 01-04-1981 based on market rates taken from Sub-Registry records not without basis 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 …
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 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 …
CIT Appeals order passed ex parte without giving another opportunity or mentioning reasons for additions sustained is bad 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. …
