The ITAT Kolkata has deleted the penalty in Prem Kumar Goutam vs. DCIT, ruling that the AO cannot demand a Profit and Loss Account for Section 44AD income. Get the details.
In the case of Bulu Ghosh vs. ITO, the ITAT Kolkata ruled that profit cannot be estimated without rejecting books of account. Read the full text of the order here.
ITAT Kolkata clarifies that cash credit addition under Section 68 of the Income Tax Act should be made for credits received during the relevant assessment year. Details of Shaktigarh Textile and Industries Ltd. vs. DCIT case.
Learn about ITAT Kolkata’s decision in Sushama Industries vs. ITO for AY 2011-12, where a 5% disallowance is made on profit element of bogus purchases. Details here.
Read about Babusona Mondal’s appeal against the AO’s addition under Section 69B. ITAT Kolkata rules that additions can’t be made based on conjectures without considering evidence.
Read about Amit Agarwal’s appeal against the disallowance of interest on unsecured loans. ITAT Kolkata rules that additions can’t be allowed if loans were for business purposes.
In the Prompt Barter Pvt. Ltd. vs. ITO case, ITAT Kolkata directs AO to remove the income tax addition due to non-consideration of evidences for identity and creditworthiness of investors.
ITAT Kolkata held that invocation of revisionary power u/s 263 of the Income Tax Act without pointing out the error committed by AO and without recording a finding regarding escapement of income is unsustainable in law.
ITAT Kolkata held that as per provisions of section 23(1)(c) the annual lettable value of the vacant property of unsold units/flats held as stock-in-trade by the assessee but remained vacant during the year is to be computed at Rs. NIL.
ITAT Kolkata held that as assessee has provided the explanation with documentary evidence and such documents have not been held as false either by AO during assessment proceedings or during penalty proceedings. Hence, penalty u/s. 271(1)(c) not leviable.
