In present facts of the case, the Hon’ble Tribunal set aside Notice under Section 148 by making observation that the ld. Assessing Officer failed to pinpoint the failure at the end of the assessee to disclose all material facts fully and truly, which led the escapement of income from taxation.
ITAT Kolkata held that compensation paid out of sale proceeds to various parties is duly explained by the assessee with documentary evidences. Accordingly, addition towards compensation paid deleted.
Discover the key points from the Samridhi Stocks Pvt Ltd vs ITO case at ITAT Kolkata, where a late assessment reopening was invalidated.
Raigarh Jute & Textile Mills Ltd triumphs as ITAT Kolkata rules share trading loss genuine. Detailed analysis reveals weak circumstantial evidence.
Read the full text of the ITAT Kolkata order in the case of Parasnath Vinimay Pvt. Ltd. vs. CPC. The appeal discusses the income tax exemption on awards received for compulsory acquisition of agricultural land.
ITAT Kolkata held that as provisions of section 43CA of the Income Tax Act are introduced with effect from 1st April 2014, the said provisions are not applicable to ‘agreement to sell’ entered prior to 1st April 2014.
Reviewing Panchiram Nahata Vs ITO case, where ITAT ruled that notional interest income could not be estimated for making disallowances out of interest expenditure
Dive into ITAT’s landmark ruling in Akram Hossain Mullick vs DCIT where machinery repair costs for a petrol pump business are considered as revenue nature.
Explore an analysis of ITAT’s ruling against Timely Commercial P. Ltd for its failure to explain large share premium received, upholding an addition.
ITAT Kolkata held that non-resident Indian who has provided services as an employee outside India (i.e. in Morocco) is entitled to claim benefit of Article 15(1) of the India Morocco DTAA.
