The Income Tax Appellate Tribunal (ITAT), Kolkata Bench held that CIT(A) was justified in deleting the addition of Rs.10 lacs incurred on account of undisclosed expenses, not reflected in the books of account. The Search

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the re-assessment under section 147/148 cannot be made if the Assessing Officer has no reason to believe that the assessee The Assessing Officer

The Income Tax Appellate Tribunal ( ITAT ), Kolkata Bench recently deleted the addition of Share Premium as calculation of Fair Market Value ( FMV ) of equity shares based on book value by the

The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the delay in filing of TDS return because of the sudden resignation of the assessees accountant would constitute ‘sufficient cause’ for such default. The

Recently, the Kolkata Bench of Income Tax Appellate Tribunal (ITAT) in M/s Rawalwasia & Sons Exim Ltd. vs. ITO held that interest paid in respect of capital borrowed for the purposes of the business or

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the addition under Section 69B of the Income Tax Act, 1961 cannot be made by the Assessing Officer purely based upon the conjectures/surmises

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that the re-assessment cannot be made on the basis of the audit report. The assessee`s main business is manufacturing and trading of irons.

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has recently held that no addition can be made to an undisclosed contract receipt from the business of purchase and sale of fish therefore the bench

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the uniform allowance to the employees is not taxable as fringe benefits under the Income Tax Act, 1961. The assessee

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT), has held that the sale of the software would not constitute ‘royalty’ as per the Double Taxation Avoidance Agreement (DTAA) between India and Ireland. The

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) has observed that the magnitude of profit is not decisive factor about genuineness of existence of an investee company. The assessee has filed

The Income Tax Appellate Tribunal ( ITAT ), Kolkata has held that the finance charges to Non-Banking Financial Companies (NBFCs) are not subject to Tax Deduction at Source ( TDS ) under the provisions of

In the case between Assistant Commissioner of Income Tax and M/s Gillanders Arbuthnot & Co Ltd, Kolkata bench of Income Tax Appellate Tribunal (ITAT) recently held that expenses incurred on plants and for replantation without

The Two member bench of Income Tax Appellate Tribunal ( ITAT ) of Kolkata directed to allow expenditure towards the commission payment made to agents who relate to business expenses. The Assessee Jai Trading Company 

“It is the decision of the business-men how much discount is to be allowed to a particular person and it is the prerogative of the assessee to run the business as per the business strategy