The ITAT Kolkata held that delayed filing of Form No. 67 cannot deprive an assessee of Foreign Tax Credit under Section 90 and the India-UK DTAA. The Tribunal treated the delay as a procedural defect.
ITAT Kolkata set aside the penalty order under Section 271D after the assessee claimed inadequate opportunity of hearing during penalty proceedings. The matter was remanded for fresh adjudication and examination of supporting evidence.
ITAT Kolkata set aside the appellate order after observing inconsistencies between the findings of the CIT(A) and the assessment order. The Tribunal directed fresh adjudication with a reasoned speaking order and proper opportunity of hearing.
ITAT Kolkata held that entire bogus purchases must be added under Section 69C where the supplier was proved to be a paper entity and no evidence of actual delivery of goods existed. The ruling reiterates that bank payments and invoices alone cannot establish genuineness.
ITAT Kolkata held that presumptive taxation under Section 44AD was wrongly invoked where the assessee’s turnover exceeded ₹2 crore. The Tribunal clarified that statutory turnover limits must be strictly satisfied before applying presumptive profit provisions.
The Tribunal held that delay in filing the return due to pending probate proceedings was beyond the control of executors. It ruled that such delay constituted a bona fide explanation, leading to deletion of penalty under Section 270A.
The case examined whether transfer pricing adjustments could stand when an APA covered the relevant year. The Tribunal remanded the matter for reconsideration in line with the APA framework.
The Tribunal set aside additions to book profit after ruling that MAT provisions do not apply to banks established under a special statute. It emphasized that such entities are not companies under the Companies Act.
The Tribunal set aside the appellate order as the assessee sought another chance to prove the genuineness of expenses. It directed fresh assessment after proper opportunity of hearing.
The case examined whether purchases can be disallowed when supported by documents and sales are accepted. ITAT held that estimation without rejecting books or independent evidence is unsustainable.
