ITAT Kolkata

Assessment framed by non-jurisdictional officer is untenable

Amiya Gopal Dutta Vs DCIT (ITAT Kolkata)

ITAT Kolkata held that as per board’s instruction CBDT circular 1/2011 dated 31.01.2011, in the case of non-corporate assessee in non-metro cities, the ITR filed upto Rs. 15 lacs has to be assessed by ITO and therefore in the instant case the assessment is framed by the Assistant Commissioner of Income Tax in is void, ultra vires and nu...

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Valuation report from DVO necessary to arrive at fair market value on the date of conversion

DCIT Vs BHP (1981) Pvt. Ltd (ITAT Kolkata)

ITAT Kolkata held that income from sale transaction of impugned land property by applying provisions of section 45(2) of the Income Tax Act should be done after obtaining the pending valuation report from DVO to arrive at fair market value as on the date of conversion....

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CIT(A) should give specific notice if propose to enhance assessment of income

Techna Infrastructure Pvt. Limited Vs ACIT (ITAT Kolkata)

Techna Infrastructure Pvt. Limited Vs ACIT (ITAT Kolkata) ITAT held that in this case Since the ld. Assessing Officer has already decided the issue with regard to the applicability of rate of tax, no further dispute remains pending with the ld. CIT(Appeals). In case, ld. CIT(Appeals) wanted to change the colour of litigation or character ...

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ITAT deletes addition for transaction shown in Account of Assessee mistakenly by broker

Jyoti Swaroop Kashuka (HUF) Vs ITO (ITAT Kolkata)

Once the mistake is brought to fore and is in knowledge of the authority, it is incumbent upon the authority, who is possessed with all the powers, to take a deep dive into the matter to ascertain the correct facts and understand the mistake as well as see how the effect of mistake was mitigated....

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Addition based on non-appearance of directors of subscribing company untenable

ITO Vs KDG Projects Pvt. Ltd. (ITAT Kolkata)

ITAT Kolkata held that non-compliance to summons issued u/s 131 of the Act or non-appearance of the directors of the subscribing companies cannot be basis for making addition as the assessee has proved the identity, creditworthiness of the investors and genuineness of the transactions....

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Revised monetary appeal filing limits applies retrospectively to pending appeals

ITO Vs Pioneer Khadan Product Pvt. Ltd (ITAT Kolkata)

ITO Vs Pioneer Khadan Product Pvt. Ltd (ITAT Kolkata) On perusal of the Circular No. 17/2019 dated 08.08.2019 and the materials available on record, it reveals that this circular makes it very clear that the revised monetary limits shall apply retrospectively to pending appeals as well. Hon’ble apex court in Commissioner of Customs vs. ...

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Section 271(1)(c) Penalty not imposable if no addition to income

Swarnasathi Advisory Services Pvt. Limited Vs ITO (ITAT Kolkata)

Since additions have been deleted, the very foundation to visit assessee with penalty does not survive. Hence, no penalty is imposable upon assessee...

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Addition u/s 68 not permissible if proper due diligence of facts and documents have not been carried out

Urmila Properties Pvt. Ltd Vs ITO (ITAT Kolkata)

The ITAT on the issue of addition under Section 68 observed that in the impugned Assessment Order, the AO has passed the impugned Assessment Order in a hurried manner even without pointing out any defect or discrepancy in the evidences and details furnished by the assessee. Therefore, additions under Section 68 were ordered to be deleted....

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ITAT upheld addition for LTCG of accommodation/bogus entries through penny stock companies

Manish Goel Vs ITO (ITAT Kolkata)

Manish Goel Vs ITO (ITAT Kolkata) ITAT find that in the case of Swati Bajaj (supra), the facts before the Hon’ble Jurisdictional High Court, were that the assessee has claimed exempt income under section 10(38) of the Act at Rs.28,23,500/- from sale of equity shares of a listed company namely Surabhi Chemicals & Investment Limited. ...

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Reopening of assessment u/s 148 based on old information is invalid

DCIT Vs G.S. Atwal &

ITAT Kolkata held that original assessment was made under section 143(3)/147, i.e. scrutiny assessments. Further, there was no fresh information available with the revenue. Hence, reopening of assessments relying on the same information is invalid....

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