ITAT Kolkata ruled that expenses cannot be disallowed under Section 40(a)(ia) based on assumptions if TDS is duly deducted and documented, setting aside additions exceeding ₹5 crore.
ITAT held that once investments were accepted in prior assessments, their sale proceeds cannot be treated as unexplained income. The ruling confirms that Section 68 cannot be invoked without fresh incriminating evidence.
An addition of ₹14,54,029/- was challenged on sundry creditor differences. The tribunal found total liabilities in the audited balance sheet matched the ITR. Key takeaway: Proper accounting of provisions ensures no unwarranted addition.
ITAT Kolkata quashed a reassessment order, holding that NFAC had no jurisdiction before the formal notification of Section 151A. The ₹2.14 crore addition was deleted, highlighting that faceless assessments cannot be retroactively enforced.
ITAT Kolkata ruled that belated filing of Form 10B is only a technical defect and cannot justify denial of charitable exemption. The Tribunal restored Section 11 benefits after confirming compliance in substance.
Tribunal observed failure to produce books of accounts and remitted matter to AO, emphasizing proper compliance and opportunity to present evidence.
The Tribunal condoned a 294-day delay and remanded the case to the Assessing Officer for AY 2017-18. Cash deposits of ₹49,80,700/- were initially treated as unexplained income under section 68. The ruling allows the assessee one more opportunity to present evidence, emphasizing procedural fairness.
ITAT held that late filing of Form 10B cannot automatically deny exemption when the delay is bona fide and curable. The matter was remanded for fresh examination after recognising that Form 10B is a procedural requirement.
ITAT confirmed Section 263 revision after finding that the AO wrongly allowed delayed PF/ESI contributions despite binding Supreme Court law. The reassessment was deemed erroneous and prejudicial to Revenue.
ITAT Kolkata held that an employee cannot be denied TDS credit if the employer fails to deposit deducted tax. Once TDS is deducted from salary, it is deemed paid, and the employee’s liability does not arise. The Tribunal directed full TDS credit and deletion of the demand.
