ITAT Kolkata held that when date of agreement and date of registration are not same, then, stamp duty value on the date of agreement should be considered. Accordingly, since difference is less than 10%, hence addition u/s. 56(2)(vii) unjustified.
ITAT Kolkata held that allotment letter given by the developer to the assessee way back in 2010 would be construed as an agreement of purchase between the developer and the assessee. Thus, addition u/s. 56(2)(vii)(b) of the Income Tax Act not survived.
Assessee was a private limited company registered as a non-banking finance company (NBFC) with the RBI, engaged in providing loans, advances, and dealing in shares and securities.
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.
PCIT’s revisionary order under Section 263 was unjustified if PCIT failed to demonstrate how the original assessment was erroneous and prejudicial to the interest of revenue
ITAT Kolkata allows Nalanda Builders appeal on property sale valuation but upholds disallowance of short-term capital loss on share sales. Key details inside.
ITAT Kolkata ruled in favor of Narayani Laxmi Viniyog Pvt. Ltd., applying a 22% tax rate under Section 115BAA despite CPC’s 40% tax assessment for AY 2023-24.
ITAT Kolkata allows appeal, deletes Rs. 1,99,911 penalty imposed under Section 271(1)(c) of the Income Tax Act for commission income estimation dispute.
ITAT Kolkata quashes DCIT’s reassessment of Ganesh Steel for AY 2012-13 due to jurisdictional errors and invalid addition of bogus purchases under Section 69C.
The ITAT Kolkata quashed Section 263 proceedings against Nalanda Engicon, ruling that the prior approval under Section 153D was sufficient to invalidate the revision.
