A summary of the ITAT Kolkata ruling in the case of Laxmi Agarwal, a doctor, where the tribunal quashed a 60% tax levy on cash deposits.
ITAT Kolkata voids reassessment proceedings for Nirmalkunj Sales Ltd., ruling that the Section 148 notice was invalid due to improper sanction from a Pr.CIT instead of the required Pr.CCIT.
The ITAT Delhi has ruled that reassessment notices issued under Section 148 after the prescribed limitation cut-off date are invalid, providing relief to the assessee.
ITAT Bangalore confirms that the maximum marginal rate for discretionary trusts includes the highest applicable surcharge, regardless of the income amount, dismissing the assessee’s appeal.
The ITAT Chennai rules that the surcharge on a private discretionary trust’s dividend and capital gains income cannot exceed 15%, setting a precedent for similar cases.
ITAT Mumbai dismisses an appeal from the Income Tax Office, ruling that a charitable trust’s reported income accumulation was a punching error.
Kanchenjunga Distilleries & Liquors Vs DCIT (ITAT Kolkata) Late Audit Report No Bar -Substance Over Form – ITAT Kolkata Deletes Disallowance of ₹2.07 Cr for Belated Form 10CCB Assessee filed return of income on 22.12.2021 declaring nil income after claiming deduction of ₹2.07 crore u/s 80IE. The extended due date for return filing was 15.03.2022 […]
ITAT Kolkata rules that a PCIT cannot initiate a Section 263 revision based solely on an AO’s proposal without independent satisfaction, quashing the revisionary order.
The Patna High Court granted bail to an accused in a PMLA case, ruling that the rigors of Section 45 should be balanced with Article 21’s right to liberty, especially when predicate FIRs have been quashed or stalled.
ITAT Bangalore set aside a tax appeal after NFAC dismissed it without reviewing the taxpayer’s submissions. The case involves the rejection of books and a profit estimation.
