ITAT Kolkata reduces Rs.31.78 lakh addition for excess stock found during a survey. Tribunal rules that since the stock was business income, only the profit element, fixed at 12%, is taxable.
ITAT Kolkata allows Durgapur Education Society’s appeal, remanding the case to the CIT(A) for fresh consideration. The Tribunal condoned a 369-day delay and ordered examination of the society’s S. 12A exemption claim and its retrospective application for AY 2015-16.
ITAT Kolkata partially reverses CPC’s Rs.6.56 lakh disallowance for Payal Enterprise. S. 38 of EPF Scheme means due date is 15 days from salary payment month, not due month, making certain payments timely.
ITAT Kolkata quashes assessment for Lily Sarkar (AY 2011-12), ruling that the S. 148 notice issued to the deceased assessee was invalid. Consequential proceedings were void as per S. 159 and judicial precedents.
ITAT Kolkata quashes S. 271(1)(c) penalty against Baidya Nath Dey (AY 2011-12). Penalty notice invalid as the AO failed to strike off the irrelevant limb, a defect confirmed by the Calcutta High Court.
ITAT Kolkata remands PF/ESI disallowance for AY 2018-19, 2019-20 to AO for verification of statutory due dates. Follows Supreme Court’s Checkmate ruling: employee contributions must be paid by special Act due dates.
ITAT Kolkata allows Begpur Samabay Krishi Unnayan Samity Ltd. 80P(2)(d) deduction on Rs.28 lakh interest. Tribunal distinguished the Totgars SC ruling, holding that interest from deposits with a cooperative bank is eligible for deduction.
ITAT Kolkata remands 80P deduction appeal of Jotesriram Samabay Society back to CIT(A). The Tribunal orders fresh consideration of Rs.89 lakh interest income, stressing need for bifurcation and compliance with the Totgars SC ruling.
ITAT Kolkata deletes the Section 271(1)(c) penalty against Asit Kumar Dutta. The Tribunal ruled that an incorrect deduction claimed by mistake, with full disclosure, does not constitute furnishing inaccurate particulars of income.
ITAT Kolkata remands the Rs.77 lakh Section 69A cash addition against Kulut Samabay Krishi Unnayan Samity Ltd. back to the CIT(A). New evidence on cash source and Section 80P claim to be examined; Rule 46A procedure is mandatory.
