ITAT Kolkata dismissed the appeal preferred by the revenue since tax effect is below the threshold specified by CBDT vide circular no. 5 of 2004 dated 15.03.2024 and also the case doesn’t fall under any exception as per CBDT circular.
ITAT Kolkata cancels ₹20,000 penalty imposed on SNG Microns by NFAC, citing lack of proper notice and communication as grounds for the decision.
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.
