ITAT Kolkata rules that cash withdrawals from a bank account cannot justify reassessment. The assessment was quashed, confirming the taxpayer’s right to use their funds.
ITAT Kolkata addresses procedural lapses in Suryadeo Prasad Vs. ITO, highlighting the need for a speaking order and adherence to Section 250(6) of the Income Tax Act.
ITAT Kolkata ruled that penalties under Section 140A(3) are not applicable for non-payment of taxes on self-assessed income post-AY 1989-90.
