Kolkata ITAT rules that delayed Form 67 filing isn’t fatal to FTC claim. FTC is a substantive right under Section 90; Rule 128’s timeline is directory, not mandatory.
ITAT Kolkata restricts disallowance of painting business expenses to 20%, ruling that entire disallowance for lack of vouchers was excessive given the ongoing business activity.
ITAT Kolkata deleted the ₹1.31 lakh unexplained cash addition during demonetisation, ruling the deposit was reasonably sourced from the assessee’s disclosed rental income received in cash.
The ITAT Kolkata restored a 464-day delayed appeal (AY 2017-18) to the AO for fresh adjudication but imposed a conditional ₹50,000 cost on the assessee for consistent non-cooperation.
ITAT Kolkata deletes Rs.8.5 lakh addition for cash gift against Abdus Sattar. Tribunal ruled that the donor’s capacity must be judged by his balance sheet, not just current income, reversing the CIT(A)’s finding.
ITAT Kolkata deletes Rs.50 lakh addition for excess stock found during survey, ruling the AO failed to point out defects or reject audited books. Assessee had already accounted for the stock and paid advance tax.
ITAT Kolkata partially allows appeal for Sukumar Solvent, slashing additions. Tribunal ruled only the 12% profit margin on excess stock is taxable and that TDS on freight is not required if PAN is provided by the transporter.
ITAT Kolkata deletes S. 270A penalty on St. Peters School for disallowed depreciation. Tribunal ruled the incorrect claim was a bona fide clerical error, not misreporting, citing the Reliance Petro and Price Water House SC judgments.
ITAT Kolkata deletes Rs.19.37 lakh disallowance of Service Tax against Space Out of Home. Tribunal found the AY 2018-19 portion was paid in time and the balance was pending appeal before the CGST authority.
ITAT Kolkata reduces Rs.31.78 lakh addition for excess stock found during a survey. Tribunal rules that since the stock was business income, only the profit element, fixed at 12%, is taxable.
