ITAT Kolkata deleted the Section 68 addition, holding that share application money already assessed in subscribers’ hands cannot be taxed again in the company’s hands.
ITAT Kolkata condoned appeal delay, set aside the CIT(A)’s order, and remanded the assessment for fresh adjudication after granting a fair hearing.
ITAT Kolkata held that reassessment based on incorrect factual assumptions and lack of verification was invalid and quashed the reopening.
ITAT held reassessment under Sections 147/148 invalid because it was based on a pre-1 April 2021 third-party search, requiring proceedings under Section 153C.
ITAT held that delayed filing of Form 67 is a procedural lapse and directed the AO to grant foreign tax credit claimed under Section 90.
ITAT ruled that genuine sale proceeds supported by books, bank records and purchaser details cannot be treated as unexplained cash credits.
ITAT Kolkata held that a loan received by a company that was not a shareholder of the lender could not be taxed as deemed dividend under Section 2(22)(e).
ITAT Kolkata held that the CIT(A) wrongly dismissed the appeal as time-barred despite evidence showing it was filed within limitation. The matter was restored for decision on merits through a speaking order.
ITAT held that CPC could not make adjustments under Section 143(1) without issuing the mandatory prior intimation. The order was quashed and the assessees appeal was allowed.
ITAT Kolkata held that an assessment is invalid where the mandatory notice under Section 143(2) is not issued by the Assessing Officer having jurisdiction. The Tribunal quashed the assessment without examining the merits of the additions.
