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.
Tribunal held that Section 69A covers unexplained money, not loans recorded in books. As all 14 lenders confirmed transactions with evidence, ₹1.86 crore addition was deleted.
ITAT Kolkata quashed the reopening for AY 2015-16, following the Supreme Court’s Rajeev Bansal ruling. The Tribunal held that the benefit of the extended limitation under TOLA was unavailable after 01.04.2021 for this assessment year.
ITAT Kolkata invalidated the assessment under Section 143(3), ruling that the foundational notice under Section 143(2) was void ab initio for failing to comply with the mandatory CBDT prescribed format. CBDT instructions issued under Section 119 are binding on the department.
ITAT Kolkata ruled that a charitable trust’s exemption under Section 11/10(23C) cannot be denied for technical lapse of belatedly filing Form 10B/10BB. Audit report was available when return was processed.
