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DATE: November 5, 2014 (Date of pronouncement)
DATE: November 11, 2014 (Date of publication)
AY: 2004-05
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CIT(A) cannot decline to condone delay in filing appeal and still decide it on merits

We are of the view that in case CIT(A) chose not to condone the delay, he has no business to adjudicate the appeal on merits. For this, we are of the view that first of all, the appeal should be …

Dr. Murari Mohan Kokey vs. ITO (ITAT Kolkata) Read More »

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DATE: April 30, 2014 (Date of pronouncement)
DATE: November 3, 2014 (Date of publication)
AY: 2006-07
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S. 195: Reimbursement of share of costs towards administrative and management support services in connection with technology updates etc is not taxable

The assessee company is a member of the international organization of Ernst & Yound and its several associate concerns worldwide. Ernst & Young Global Services LLP and Ernst Young UK LLP provide administrative and management support services in connection with …

DCIT vs. Ernst & Young Pvt. Ltd (ITAT Kolkata) Read More »

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DATE: October 27, 2014 (Date of pronouncement)
DATE: October 28, 2014 (Date of publication)
AY: 2006-07
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S. 50C: AO cannot straightaway adopt stamp duty value as consideration for capital gains but must offer assessee benefit of reference to DVO for valuation

It is difficult to accept the proposition that the assessee had accepted that the price fixed by the District Sub Registrar was the fair market value of the property. No such inference can be made as against the assessee because …

ITO vs. Onkarmal Kajaria Family Trust (ITAT Kolkata) Read More »

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DATE: October 21, 2014 (Date of pronouncement)
DATE: October 24, 2014 (Date of publication)
AY: 2009-10
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CITATION:
Rule 8D(ii) & 8D(iii) do not apply to shares held as stock-in-trade. Loss arising out of derivatives from the income arising out of buying and selling of shares

(i) Both trading of shares and derivative transactions are not coming under the purview of Section 43(5) of the Act which provides definition of “speculative transaction” exclusively for purposes of section 28 to 41 of the Act. Again, the fact …

DCIT vs. Baljit Securities Private Limited (ITAT Kolkata) Read More »

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DATE: October 14, 2014 (Date of pronouncement)
DATE: October 21, 2014 (Date of publication)
AY: 2007-08
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Failure to record detailed reasons in assessment order does justifying s. 147 action. There is a statutory presumption that AO has applied his mind while passing assessment order

Section 147 of the Act, as substituted w.e.f. 01.04.1989 does not postulates conferment of power upon the AO to initiate reassessment proceeding upon his mere change of opinion. Further, if ‘reason to believe’ of the AO is founded on an …

Munshi Mini Rice Mill vs. ITO (ITAT Kolkata) Read More »

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DATE: September 2, 2014 (Date of pronouncement)
DATE: October 16, 2014 (Date of publication)
AY: 2008-09
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Rule 37BA (credit for TDS) inserted w.e.f. 01.04.2009 to mitigate hardship to taxpayers has to be treated as being retrospective in nature

Rule 37BA of the Rules clearly mentions that credit for tax deducted at source and paid to the Central Government shall be given to the person provided that the deductee files a declaration with the deductor and the deductor reports …

Parmanand Tiwari vs. ITO (ITAT Kolkata) Read More »

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DATE: September 24, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2004-05
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CITATION:
An assessment u/s 153A & 153C cannot be made in the absence of incriminating material found in search

It has been held by the ITAT, Kolkata Bench in the case of LMJ International Limited vs DCIT 119 TTJ (Kol) 214 where nothing incriminating is found in the course of search relating to any assessment years, the assessments for …

Trishul Hi-Tech Industries vs. DCIT (ITAT Kolkata) Read More »