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.
ITAT Kolkata remands case of Daroga Family Foundation to reconsider condonation of delay in filing Form-10B due to COVID-19. The delay caused denial of tax exemption.
ITAT Kolkata ruled that PCIT’s revision under section 263 was time-barred as it exceeded the limitation period, invalidating the assessment revision.
ITAT Kolkata held that additions u/s. 153A of the Income Tax Act could only be made on the basis of seized material found during the course of search. Thus, making additions in regular assessment without any incriminating material relating to said addition not justified.
ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 263 of the Income Tax Act. Thus, in absence of independent application of mind, invocation of revisionary provisions by CIT unsustainable.
ITAT Kolkata held that foreign allowance received by a non-resident outside India for services rendered outside India does not fall within the scope of total income under section 5(2) of the Income Tax Act.
ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the long-term capital gain (LTCG) earned from sale of unlisted shares.
