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2015 (7) TMI 1132 - ITAT KOLKATA

2015 (7) TMI 1132 - ITAT KOLKATA - TMI - Disallowance in respect of the salary - Held that:- We noted that the Assessing Officer found that the assessee has debited towards salary a sum of ₹ 1,06,339/- in the Profit & Loss A/c. of its proprietary concern M/s. Janardan Hosiery Mills and in addition to this, the salary of ₹ 21,000/- was claimed in the computation of income under the head ‘profit & gains from business’ but the assessee has not adduced any evidence and explain how the sa .....

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lary. - Disallowance towards the consultancy fees in respect of income-tax matters - Held that:- We have heard the rival submissions and carefully considered the same. The assessee is a proprietor of proprietorship concern M/s. Janardan Hosiery Mills and is also carrying on the business. Therefore, the assessee, in our opinion, is required consultancy from time to time in respect of its business. The expenses incurred by the assessee towards income-tax consultancy are for the purpose of busi .....

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ourt in the case of Godrej & Boyce Mfg. Co. Ltd. –vs.- DCIT reported (2010 (8) TMI 77 - BOMBAY HIGH COURT ) has clearly held that Rule 8D is not retrospective but prospective. - The impugned assessment is the assessment year 2007-08 while Rule 8D has been inserted w.e. f. 24t h March, 2008. Therefore, the Assessing Officer, in our opinion, is not correct in law in allowing the disallowance by applying Rule 8D. We further noted that in the case of Sanjiv Jajodia –vs. - DCIT [2010 (9) TMI 1026 .....

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cial Member Shri Amitabha Choudhury, Sr. D.R., for the Department Shri S.L. Kochar & Shri Anil Kochar, Advocates, for the assessee O R D E R Per P.K. Bansal: The appeal as well as the Cross Objection have arisen out of the order of Commissioner of Income Tax (Appeals)-XXX, Kolkata dated 16.06.2011 for the assessment year 2007-08. 2. The appeal is time barred by 04 days. The Department has filed a condonation petition dated 08.09.2011 to condone the delay. We after hearing the ld. D.R. and on .....

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2489 of 2014 in ITAT No. 113 of 2014, in which the Hon ble Calcutta High Court in the case of assessee s wife vide order dated 01.09.2014 took the view on the similar issue in the assessment year 2007-08 that the income will be assessable not as business income but as capital gain. The relevant findings of the Hon ble Calcutta High Court are reproduced as under:- We find that the Tribunal while negating the conclusion of the revenue had referred to the order of the CIT(A). The relevant portion o .....

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evidence in his Assessment Order for the present year to the contrary. He has simply referred to the magnitude of share transaction and come to his own conclusions about the intentions of the appellant. The detailed evidences and write up given by the appellant in support her arguments, substantiate her claim of being an investor. It is also clear that the assertion that she is an investor can only be challenged on the basis of her own records and transactions which could indicate that it is act .....

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factors while holding that the income was normal business profit referring to short period of retention and other factors which are missing in the case of appellant. On the other hand, the decisions in the case of M/s. Astrix Enterprises and M/s. Eterna Steel & Investment Pv t. Ltd. Supra are squarely applicable in the appellant's case. It may also be mentioned that the matter had been considered in appeal in her own case for AY 1992-93, and decided in her favour by the CIT(A)XXVI, Kolk .....

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tion of law arises. Accordingly, the application and the appeal are dismissed. Urgent certified photocopy of this order be supplied to the parties, if applied for, upon compliance of all requisite formalities . Respectfully following the aforesaid order dated 01.09.2014 of the Hon ble Calcutta High Court, in our opinion, no interference is called for in the order of the CIT(Appeals) allowing relief to the assessee and di rect the Assessing Officer to assess the income from purchase and sale of s .....

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ultation fees for income tax matters. (3) For that the CIT(A) erred in marshalling relevant facts of the case of the appellant, who had earned dividend income of ₹ 6,81,596/-, and that there were no expenses incurred and/or claimed for earning of exempt income and hence there was no ground to apply provisions of section 14A. 6. Ground No. 1 relates to the claim of deduction by the assessee in respect of the salary amounting to ₹ 21,000/-. 7. The assesse is a proprietor of M/s. Janard .....

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rn M/s. Janardan Hosiery Mills and in addition to this, the salary of ₹ 21,000/- was claimed in the computation of income under the head profit & gains from business but the assessee has not adduced any evidence and explain how the salary has been claimed. Before us, the assessee contended that the salary has been incurred for the purpose of business. The CIT(Appeals) has simply rejected the submission of the assessee. We find from the order of CIT(Appeal s) that the CIT(Appeal s) with .....

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