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 clarifies Section 14A disallowance limits, deletes notional income addition for unsold flats (AY 2014-15), and remands interest expense and unexplained expense issues.
ITAT Kolkata invalidates reassessment in Pradip Kumar Jajodia HUF case, citing lack of tangible evidence for alleged bogus LTCG on penny stock transactions.
ITAT Kolkata partly allows Amarlal Bathija’s appeal, remanding unexplained credit addition and deleting arbitrary disallowance of business expenses.
ITAT Kolkata remands Terai Fruits Co. penalty case, citing substantive compliance with Section 270AA despite missing Form 68. Court emphasizes need to determine misreporting under Section 270A(9).
ITAT Kolkata dismisses appeal of Amit Kumar Kajaria, who opted for the Vivad Se Vishwas Scheme 2024, with the option to revive the appeal if needed.
ITAT Kolkata quashes PCIT’s Section 263 revision, ruling that limited scrutiny cannot be expanded beyond its scope under the Income Tax Act.
ITAT Kolkata remands ₹12 lakh TDS disallowance case under Section 40(a)(ia) for reassessment, directing AO to verify interest payments and tax compliance.
Assessee also pointed out that the income from these credits was included in its accounts for the year and taxed accordingly. A claim for interest under section 244A for the short refund was also raised.
ITAT Kolkata condones delay in Form-10B filing for Manav Seva Trust, allowing exemption under Section 12A of the Income Tax Act. Case remanded to AO.
