The Tribunal held that unsecured loans cannot be treated as unexplained when identity, creditworthiness, and genuineness are fully documented. Since the AO ignored evidence and relied only on non-appearance, the addition was deleted.
The ITAT found the assessee was not required to maintain books under Section 44AA. The recall led to cancellation of the Section 271AAB penalty for commodities trading income.
Tribunal ruled that appeals delayed beyond a reasonable period without valid reasons cannot be admitted for consideration under Section 263.
The Tribunal confirmed that unsecured loans of ₹1.77 crore were genuine, supported by account-payee cheques, NBFC registration, bank statements, and confirmations. AO’s additions were based on presumption and ignored documentary evidence, so the deletions were rightly upheld.
Mayurpankh Vincom Pvt. Ltd Vs ITO (ITAT Kolkata) Unexplained Cash Credits & Bogus Share Dealings — Kolkata ITAT Upholds 68 Additions in Mayurpankh Vincom Pvt Ltd Vs ITO; ITAT Upholds Section 68 Additions After Assessee Fails to Prove Identity and Creditworthiness; Additions Upheld as Assessee Fails to Establish Genuineness of Share Transactions; ITAT Confirms Section […]
The Tribunal refused to condone an extraordinary delay of 2,590 days, noting absence of evidence supporting the reasons cited for the delay. The appeal was dismissed in limine.
ITAT Kolkata held that an addition cannot be sustained solely on a survey statement under Section 133A. Proper verification of stock and business records is required before treating income as undisclosed.
ITAT Kolkata held that gifts received from a brother-in-law are exempt under Section 56(2)(vii), as the relationship qualifies as relative for tax purposes.
The ITAT Kolkata upheld the deletion of a ₹2.5 crore addition under Section 68, ruling that the assessee provided full documentary proof of the loan’s identity, creditworthiness, and genuineness. The Tribunal emphasized that once the primary onus is discharged, the AO must conduct an independent inquiry rather than relying on an unverified Investigation Wing report.
ITAT Kolkata held that investments in foreign life insurance policies were made from legitimate non-resident income and inherited sources. Addition of Rs. 1.08 crore under Black Money Act was deleted.
