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Ca Sandeep

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ITAT Kolkata deletes Addition for Share Capital of Rs. 1.54 Crore

June 30, 2024 24 Views 0 comment Print

Explore the detailed analysis of ITO Vs Axisline Investment Consultants Pvt. Ltd. case where ITAT Kolkata deleted Rs. 1.54 crore addition for share capital under Section 68.

Share application amount cannot be added twice in payees & recipients’ hands u/s 68  

June 30, 2024 21 Views 0 comment Print

ITAT Kolkata held in ITO Vs Happy Structure Pvt. Ltd.  that share application amount cannot be added twice under Section 68 of Income Tax Act in in payees & recipients’ hands u/s 68  

Section 68 addition based on conjectures & surmises not justified: ITAT Kolkata

June 30, 2024 24 Views 0 comment Print

Satyam Smertex pvt. Ltd. Vs DCIT (ITAT Kolkata): Addition made by AO and confirmed by CIT(A) are based on conjectures and surmises, so their impugned action cannot be justified.

ITAT allows taxation of excess stock & unexplained marriage expenses as business Income

June 29, 2024 387 Views 0 comment Print

Discover the ITAT Chennai verdict on Santhilal Jain Vijay Kumar Vs ITO, addressing taxation on excess stock and unexplained marriage expenses. Read the full case analysis.

Reopening a case does not require final proof of suppression but rather prima facie material

June 29, 2024 273 Views 0 comment Print

Read the detailed analysis of the Rajasthan High Court’s judgment in Jugal Kishore Lohiya vs Principal Chief Commissioner of Income Tax, focusing on Sections 148 and 148A.

Alleged circular transactions & Bogus Invoicing: HC upheld validity of reassessment proceedings

June 29, 2024 747 Views 0 comment Print

Explore the detailed analysis of Chetak Enterprises Ltd. Vs ACIT Rajasthan High Court judgment on reopening assessments under Section 148A of the Income Tax Act. Understand the implications and legal nuances.

Late Form 67 filing doesn’t invalidate foreign tax credit claim

June 27, 2024 306 Views 0 comment Print

Explore the detailed analysis of Vinodkumar Lakshmipathi appeal against CIT(A) NFAC regarding foreign tax credit disallowance for AY 2018-19. Understand the implications and legal nuances.

Disallowance post Form 10CCB filing is debatable & not permissible u/s 143(1)

June 27, 2024 183 Views 0 comment Print

Discover the ITAT Kolkata ruling on Surendra Steels vs DCIT, addressing the disallowance of 80IC deduction due to procedural issues and audit report delays.

Filing of Form 67 is procedural or directory requirement not a mandatory one

June 27, 2024 141 Views 0 comment Print

ITAT’s judgment in the case of Eastman Industries Ltd. Vs ACIT addressed critical procedural issues related to the late deposit of employees’ provident fund contributions and the submission of Form 67 for claiming FTC.

SC allows interest on funds given to subsidiaries out of interest free funds

June 27, 2024 210 Views 0 comment Print

CIT Vs Reliance Industries Ltd (Supreme Court of India) The Supreme Court of India adjudicated the appeals filed by the Revenue against the judgment of the Bombay High Court dated 22 & 23 August 2017 for the assessment years 2003-04, 2004-05, 2005-06, and 2006-07. The case dealt with multiple significant questions of law, including the […]

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